How We Really Use Our Credit Cards
You decide to participate in a government survey regarding your debt and credit card usage. Will you answer the survey questions honestly, or will you shade some of your answers when you're not proud of the truthful response?
Researchers at the Federal Reserve decided to compare credit card data from different sources to answer that question.
The Fed periodically gathers credit card usage data through the Survey of Consumer Payment Choice (SCPC), as well as the Survey of Consumer Finances (SCF) – both self-reported surveys. Survey data was compared with credit card usage data from the credit reporting agency Equifax to see how accurately survey results matched the agency's data.
Merged data from Equifax and SCPC showed that 44% of Americans hold revolving credit card debt – in other ...
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