In today's financial landscape, credit plays a crucial role in the spending habits and lifestyles of consumers. With 68% actively holding credit cards, they are the most popular credit product among consumers, particularly among higher-income individuals who also tend to utilize mortgages and other credit offerings. The demand for new credit products remains strong, with over half of consumers expressing interest in expanding their credit options. A significant portion of consumers, 61%, use credit out of necessity, and 20% would struggle to make essential purchases without their preferred credit options. Monthly spending on credit cards and store cards averages a substantial $2,721, highlighting the integral role of credit in financial management. The December 2024 eBook titled "Consumer Credit — 10 Impact Statements" delves into ten key insights about the consumer credit economy, revealing how income and demographics influence credit access, spending trends, and the broader implications for consumers, lenders, and policymakers.
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