Most Americans don't like having credit card debt – but a new survey says over half of U.S. citizens never carry cash, and instead rely on credit and debit cards for everyday transactions and purchases.
A survey of more than 2,300 American adults by UK-based Vouchercloud.net found 57 percent of respondents saying they never carried cash, compared to 17 percent who sometimes did and 10 percent who made sure they always had cash with them.
The respondents were allowed multiple answers when asked about why they didn't carry cash. Sixty-five percent said they stayed cash-free due to concerns over safety and theft, while 53 percent were worried about losing their wallets and/or its contents – and 44 percent found cards more convenient to use than cash.
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Matthew Wood, product director at Vouchercloud, warned the growing phenomenon of using payment cards rather than case can become a dangerous trend for many consumers.
“It’s much harder to keep up with what you’re spending as you don’t see the money leave your hands,” he said in a press statement, “and, because it’s just a little piece of plastic, it doesn’t feel like a real exchange. It’s easy to get carried away.”
Last month, NerdWallet reported the average U.S. household credit card debt currently stands at $15,191. It also finds credit card debit is the third largest source of U.S. household indebtedness, with American consumers owing $11.68 trillion (that is indeed trillion, with a T) in debt, a figure up 3.7 percent from 2013.:
And according to a recent online poll by the National Foundation for Credit Counseling, Americans find their credit card debt more embarassing than admitting their credit score, their weight or their age.
For the record, the top three U.S. credit card issuers are American Express AXP , Chase JPM and Bank of America BAC.
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