I'd wager to bet that most of you have at least one credit card in your wallet.

However, according to recent research from WalletHub, Montanans aren't huge fans of them.

The Diversity of Credit Card Usage

The average American seems to juggle more than four credit cards, as per WalletHub's data.

However, the ideal number of manageable cards varies, contingent upon individual spending habits and regional disparities.

While wielding multiple cards can positively impact credit scores if used judiciously, it can equally pave the way for reckless overspending.

Related Reading: New Study Shows Montanans Have Great Credit Ratings

Tracking Credit Card Surge Across States

WalletHub delved into the upsurge of credit card ownership across different states by analyzing the latest consumer-finance data through four crucial metrics.

These metrics gauged the average number of cards held per person, the rate of new card acquisitions per person during Q3 2023, and the percentage shift in these figures compared to Q3 2022.

Methodology: Assessing Card Ownership Trends

The analysis was based on two dimensions:

  1. Number of Cards
  2. Increase in Credit Card Numbers

This comparison relied on a comprehensive evaluation utilizing four relevant metrics, each weighed on a 100-point scale.

The metrics included:

  • Metric 1: Average number of cards owned per person
  • Metric 2: Average number of new cards opened per person in Q3 2023
  • Metric 3: Percentage change in average cards owned from Q3 2022
  • Metric 4: Percentage change in average new card acquisitions from Q3 2022

Calculating State Rankings

WalletHub calculated a weighted average across all metrics for each state to derive state rankings.

These weighted averages served as the basis for determining each state's overall score, facilitating a rank-ordered depiction of the credit card landscape across the sampled states.

Source: WalletHub

Causes of Credit Card Debt

Credit Card debt in America sits at a record $986 billion. And 35% of American adults carry some kind of credit card balance. Developing good financial habits, such as budgeting, saving, and understanding credit card terms, can help prevent or manage credit card debt effectively. It's important to note that each individual's situation is unique, and a combination of these factors or other personal circumstances can contribute to credit card debt. Here are some of those factors

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