U.S. consumers are carrying fewer credit cards than they were three years ago, while New Yorkers tote more plastic in their wallets than residents of any other state, according to new data Experian PLC released this month.
Consumers overall carry an average of 3.08 credit cards, down 26% from 4.14 cards in 2007, Experian says. The average balance on U.S. cardholders’ cards also declined 4% during the last three years, to $5,843 from $6,080 in 2007.
Costa Mesa, Calif.-based Experian North America, a division of the Dublin, Ireland-based credit bureau Experian PLC, gathered its latest information during June from its database of thousands of U.S. consumers’ credit files nationwide. Credit card accounts analyzed include bankcards and private-label retail accounts.
Individually, New York metropolitan area consumers have the most credit card accounts in the U.S., while residents of Phoenix have the fewest.
Each New York consumer has on average of 3.77 credit card accounts with an average aggregate balance of $5,713. Pittsburgh ranks second with an average of 3.6 accounts and an average balance of $5,989, followed by Boston with 3.49 card accounts and a $6,152 average balance, the firm says.
Among the top 20 U.S. cities ranked by average number of credit card accounts per person, Phoenix residents have the fewest credit cards, with 2.78 average accounts per person and an average balance of $6,058. Portland, Ore., has second-fewest with 2.83 average accounts and a $6,045 average balance, followed by Tampa, Fla., with 2.94 average accounts and balances averaging $6,066, Experian says.
Atlanta consumers have the highest average account balance, at $6,753, followed by Columbus, Ohio, at $6,734 and Minneapolis at $6,610.
