The Average American Has This Many Credit Cards

The Average American Has This Many Credit Cards

There are many benefits to using credit cards that make them an appealing alternative to cash. Not only do credit cards offer built-in protection on your purchases, but most offer rewards that give you cash back on the things you're buying.

The problem with credit cards, however, is that Americans tend to abuse them. Case in point: U.S. credit card debt reached a record high of $1.0217 trillion earlier this year, with the average household carrying roughly $16,000 in credit card balances. And while that's not necessarily a symptom of having too many credit cards, it does stand to reason that the more cards we amass, the greater the opportunity we have to overspend.

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Source: Fool.com