American consumers are improving at paying off their credit-card balances, but experts say a new array of diverse products have complicated the financial goal-setting process.
More consumers, young and old, are paying on student loans every month and there is concern that the convenience of mobile payments will lead to even more undisciplined use of credit.
Paying Your Credit Card Balance In Full, The Data
- In the past six years, consistent full monthly payoffs of credit cards have increased from 41% to 52%
- People who made only minimum payments dropped from 40% to 32%, according to the 2015 National Financial Capability Study (NFCS).
Data on Expensive Behaviors: Late Fees, Over Limit Fees, Cash Advances
Nearly 40% of consumers still engage in expensive” credit-card behaviors, such as making only the minimum payment, paying late fees, paying over-the-limit fees or using the card for cash advances.
Student Loan Debt Data
The problems with credit card use pales in comparison to student loan issues, according to the study, which was conducted by the FINRA Investor Education Foundation. The survey says that 54% of adult consumers with student loans accepted them without first estimating the monthly payments, 48% are concerned they can’t pay off the loan and 37% were late with payments in the last year.
Meanwhile, the 22% point-of-sale payments by mobile devices such as smart-phones should grow exponentially in the coming years, but experts caution against consumers being lulled into false security during the growth of an increasingly more common cash-less” society. Continue reading Student Loan and Credit Card Debt Statistics From The NFCS