Photo Credit: Daniel Acker/Bloomberg
A 2016 Bankrate study revealed that 67% of people under the age of 30 do not have a credit card, which is an interesting statistic in light of the fintech boom and amid the lack of trust that banks have following the financial crisis.
However, credit card debt is still rising and American consumers have nearly $1 trillion in debt, according to the Federal Reserve and in addition to this, the average American has a credit card balance of $6,375, which is up by 3% from 2017, as found by Experian.
While 43% of Americans have had a credit card balance for over two years on average, in the UK credit card debt hit 72.1 billion in June 2018, which was 2,650 per household. Alongsid…
Read the full article at: https://www.forbes.com/sites/madhvimavadiya/2018/10/12/how-fintech-companies-are-helping-the-failing-credit-card-sector/