WHITING, Ind., June 27, 2012 /PRNewswire/ -- Between APRs, balance transfers and minimum payments, it can be challenging to keep credit card lingo straight. One important credit card term that many U.S. adults reveal they don't have a grasp on is "credit score." A new survey from coupon site CouponCabin.com finds that nearly half (47 percent) of U.S. adults don't know what their credit score is. Young U.S. adults ages 18-34 (60 percent) are significantly more likely to not know what their credit scores than those ages 35 and up (42 percent). This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from June 7th – 11th, 2012, among 2,215 U.S. adults ages 18 and older.
While credit score knowledge is lacking among consumers, many are mindful of how much debt they're carrying on their plastic. The majority (90 percent) of those with credit card debt said they are aware of how much total credit card debt the have. One-in-ten (10 percent) said they didn't know how much credit card debt they had.
When it comes to credit card debt amounts, many U.S. adults report they are keeping their debt in check, as nearly four-in-ten (38 percent) report they have less than $1,000 in debt. On the flip side, 21 percent report they $5,001 or more in credit card debt.
When asked to estimate how much debt they have across all their credit cards, U.S. adults who know how much credit card debt they have said the following:
- $1,000 or less – 38 percent
- $1,001 - $2,000 – 10 percent
- $2,001 - $5,000 – 11 percent
- $5,001 - $10,000 – 9 percent
- $10,001 or more – 12 percent
"While some credit card users report they are keeping their debt in check, others struggle with high interest payments and looming deadlines," said Jackie Warrick, President and Chief Savings Officer at CouponCabin.com. "In fact, more than one-third of people we surveyed said they are concerned about how long it will take to pay off their cards. Keep your swiping in check and always have a grasp on the number of cards you have and how you're using them."
Most U.S. adults report they have wallets full of credit cards. More than half (56 percent) said they have two or more credit cards, while 35 percent said they have three or more. Seven percent said they have six or more credit cards.
Those credit cards are swiped often for everyday purchases instead of cash, as nearly half (47 percent) said they always or often use credit cards to buy everyday items like food, gas and personal items.
This survey was conducted online within the United States by Harris Interactive on behalf of CouponCabin from June 7th – 11th, 2012, among 2,215 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore, no estimate of theoretical sampling error can be calculated. For complete survey methodology, including weighting variables, please contact: Allison Nawoj, [email protected].
CouponCabin.com is a leading online destination for coupons including online coupon codes, printables, grocery coupons and more. Shoppers have saved nearly $250 million since 2003 and with the largest selection of coupons guaranteed to work, CouponCabin is the best place to start searching for savings. The average user saves $19 in just 80 seconds on the site. With customized email newsletters, browser savings alerts, new coupon alerts and more, shoppers will never miss out on a great deal with CouponCabin. For more information, please visit http://www.CouponCabin.com.