Which Americans hold the most credit cards?

Cardholders with more than nine cards are more likely to spend more than they earn and have trouble paying their bills. Image source: Upgrade Points

Tracking balances, card limits, and billing cycles across multiple cards can be challenging. If cardholders can't keep up with how much they spend on each card, fees and interest rates can quickly add up and add to their debt load. Additionally, the process of opening multiple accounts requires a rigorous credit check, which may adversely affect an applicant's credit score and may result in lower interest rates in the future.

Additionally, increased availability of credit may encourage individuals to overspend. Compared with all cardholders, cardholders with at least nine cards are more likely to exceed their income (31.6% vs. 18.2%) and more likely to have significant difficulty paying their bills (14.5% vs. 7.5% ). These challenges often heighten people’s sense of financial vulnerability. According to the same FINRA survey, cardholders with nine or more credit cards are about 1.5 times more likely to feel anxious about their financial situation, while cardholders who believe they have too much debt are about 1.5 times more likely to feel anxious about their financial situation. Twice that of ordinary cardholders.

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