Is Every Credit Report Taking a Hit From High Debt!

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An estimated 46 million Americans have high debt that may be causing their credit scores to be lower than they realize. A new study by *Experian Consumer DirectSM found that 16% of the U.S. population use at least 50% of their available credit. Those consumers have an average credit score of 631 compared to the national average of 678. A score of 631 would be near the bottom of prime/off-prime. Consumers in that category pay more for loans and perhaps insurance. With Credit Report Debt Ratios being a big concern Experian also noted these additional findings:

• Approximately 46% of the U.S. population have at least two credit cards, and approximately 10% of the U.S. population have more than 10 credit cards.

• U.S. consumers who use at least 50% of their available credit carry an average of 4.6 credit cards.

"Credit cards are a convenient way for consumers to purchase items now and pay them off over time," said Charles Chung, vice president of consulting and analytics for Experian. "However, if mismanaged, credit cards can get consumers into an unmanageable financial situation that can have a negative effect on their credit rating and as a result, future credit will come at a higher price or they may even be denied credit."

*The complete study can be found at Experian Credit Reports.

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