Ranking US adults' credit usage in 2024

Key stat: Two-thirds (66%) of US adults have used a credit card within the last 12 months, the most popular method of credit usage, according to an April 2024 survey from NerdWallet conducted by The Harris Poll.

Beyond the chart:

• Among consumers who have used a credit card in the past year, 16% used them for necessities because they didn’t have the money to pay for these expenses outright, per NerdWallet.
• 84% of consumers consider inflation to be one of their top three financial concerns, up five percentage points YoY and the highest level in two years, per a TransUnion survey.
• Continued concern for the economy may cause consumers to rely more heavily on credit cards and buy now, pay later (BNPL) services in the future.
• Credit card debt in the US totaled $1.12 trillion in Q1 2024, up 13.1% YoY, per the Federal Reserve Bank of New York.

Use this chart:

• Adjust credit card marketing strategies to boost new credit card openings.
• Illustrate growth potential for BNPL services.
• Highlight the untapped potential of consumers who don’t use any credit products.

More like this:

• Credit cards are the most popular payment method in the US
• Gen Zers are managing their debts just fine
• Young consumers have gravitated toward alternative lending solutions
• Cash-back rewards drive consumers to open new credit cards

Methodology: Data is from the May 2024 NerdWallet report titled "2024 State of Consumer Credit Report" conducted by The Harris Poll. 2,061 US adults ages 18 and older were surveyed online during April 2-4, 2024.