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NFCC Poll Reveals One in Five Could Not Maintain Current Lifestyle without Credit Cards
Wednesday, September 17, 2014 6:10 AM

The ability to put away the plastic and successfully live on a cash basis is an indicator of financial stability, as it proves a person's lifestyle is in line with their income. However, the recent National Foundation for Credit Counseling online poll revealed that one in five people could not make ends meet without the use of credit. Another 22 percent of respondents said that if asked to live on a cash basis they would have to make significant lifestyle changes.

To illustrate the damage that can result from the overuse of credit, consider that in 2013 the average consumer who sought financial counseling from an NFCC member agency had between five and six credit cards with a total unsecured debt equal to half of their annual household income.