Monthly Credit Card Confidence Index reveals sharp drop in consumers' confidence about their finances, mirroring rising concerns about a possible recession
CHARLOTTE, N.C., Aug. 22, 2019 /PRNewswire/ -- Americans are paying their credit card statement balances in full less often and feeling less confident about doing so in the future than at any time in the past year, with women struggling the most, according to the Credit Card Confidence Index, a monthly report by CompareCards.com which measures cardholders' views on their financial health. August marked the second straight drop in consumers' confidence in their ability to pay their monthly statement in full.
"We're starting to see signs that the nation's $1 trillion credit card debt is finally taking a toll on cardholders' confidence. This isn't a full-blown crisis, by any stretch, but it doesn't seem to be a one-month blip either," said Matt Schulz, Chief Industry Analyst at CompareCards. "With fewer people paying their statement balances in full and cardholder confidence dipping to yearly lows, this is clearly something that bears watching."
- Women are three times as likely as men to say they're 'not at all' confident in paying their card statement balance in full this month. Women are also more likely to say they never paid their bills in full once in the past six months than to say they did so every time.
- 21% of cardholders said they never once paid their cards' monthly statement balance in full during the past six months. That's the fourth straight monthly increase and the second highest percentage in the past year.
- Just 30% of cardholders said they always paid their cards' monthly statement balance in full over the past six months, the smallest number in the past year.
- For the second straight month, consumers' confidence in their ability to pay this month's credit card bill remains at its lowest point over the past year. Just 40% of cardholders are "very confident" they can pay their credit card monthly statement in full this month.
"It's clear from our data that Americans feel less confident about paying their credit card bills today than they did just a few months ago, and that's especially true for women. The gender gap we see is stark and particularly troubling," Schulz continued. "Women are three times as likely as men to say they're 'not at all' confident in paying their card statement balance in full this month. They're also three times as likely as men to say they failed to pay their statement balance in full even a single time in the past six months. That's just not how it should be."
To view the full report, visit https://www.comparecards.com/blog/study-women-credit-card-balance/.
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CompareCards' mission is to help people make smarter, more informed, healthier financial decisions based on deeper knowledge of financial offers. Each month, over 2.9 million visitors come to CompareCards' website to independently compare credit cards side-by-side and choose a credit card based on interest rate, reward benefit, cost savings, and other factors that are important to each person. CompareCards provides easy-to-use, objective tools and educational resources that help people do everything from making credit card comparisons to managing their credit health. For more information, please visit www.comparecards.com.
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