Home motor trade Consumers have made card payments in the past 90 days

Consumers have made card payments in the past 90 days

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Credit cards are the most common credit products used by US consumers.

In fact, 62% of consumers have made credit card payments in the past 90 days, according to “The New Reality Check,” a collaboration between PYMNTS and LendingClub based on a survey of 2,326 US consumers.

Get the report: The new reality check

This is followed by car loans, mortgage loans (refinancing) and personal loans. The shares of consumers who made payments on these in the past 90 days are 27%, 16%, and 12%, respectively.

graph, credit payments

Among consumers struggling to live payday to paycheque, credit products that are particularly popular include credit cards, auto loans, personal loans, and buy now, pay later (BNPL). The shares of these consumers who have made these payments in the last 90 days are 48%, 24%, 19% and 12% respectively.

For those living paycheck to paycheque but comfortably, the top four credit products are credit cards, car loans, mortgages (refinance) and personal loans, with 60%, 31 %, 16% and 13%, respectively, saying they made these payments in the past 90 days.

graph, consumer credit payments

Some different credit products are commonly used by consumers at different income levels.

Among those earning less than $50,000 in annual income, the most popular credit products are credit cards, auto loans, personal loans, and mortgages (refinance). The shares of these consumers who made payments on these products in the last 90 days are 47%, 17%, 9% and 8%.

For consumers earning more than $250,000 in annual income, the most popular credit products are credit cards, car loans, mortgages (refinance) and mortgages (first purchase), with 73%, 27 %, 22% and 15%, respectively, saying they made these payments in the last 90 days.

graph, income and consumer credit disbursements

Credit products are a cash flow management tool for paycheck-to-paycheck consumers, especially those with higher incomes, PYMNTS found.

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NEW PYMNTS DATA: THE CUSTOM PURCHASING EXPERIENCE STUDY – MAY 2022

About: PYMNTS’ survey of 2,094 consumers for The Tailored Shopping Experience report, a collaboration with Elastic Path, shows where merchants are succeeding and where they need to up their game to deliver a personalized shopping experience.