When it comes to credit cards, you want to have enough for purchases and emergencies — as well as the possibility of theft or loss of one — but not so many that it affects your credit score or tempts you to unbridled debt.
So how many do Connecticut and New York state residents have, compared with the rest of the United States?
Upgraded Points has released a new report looking at credit card ownership in the United States that places Connecticut in the top 10 of cardholders and New York, top 15.
In Connecticut, 7.8% of cardholders hold nine or more, 2% have 13 plus, 1% have 20 or more. On average, residents have 2.7 cards for a score of 726.
New York came in at 13th, with 6.8% of all cardholders in the state carrying nine or more cards; 2.4% having at least 13; and 0.9 having 20 or more for a score of 721. New York also has an average of 2.7 credit cards per person.
The top 15 credit card-holding states in order are Louisiana, Nevada, Florida, Texas, Georgia, Mississippi, Connecticut, South Carolina, New Jersey, Missouri, Pennsylvania, Washington, New York, Maryland and Illinois.
Nationally, the majority of cardholders, approximately 69%, hold between two and eight cards. Conversely, only 26% manage with just one, while 6% possess nine or more.
Compared with all cardholders, those with at least nine cards are more likely to spend in excess of their earnings (31.6% versus 18.2%) and more likely to have major difficulty covering their bills (14.5% versus 7.5%). Cardholders with nine or more cards are approximately 1.5 times more likely to experience anxiety regarding their financial situation and twice as likely to perceive themselves as burdened by excessive debt.
Notably, 10.8% of males and 9.4% of females aged 18 to 24 hold nine or more credit cards, exceeding the national rate of 6%. In contrast, less than 4% of adults aged 55 and up hold nine-plus cards.
