The typical consumer has access to approximately $19,000 on all credit cards combined. More than half of all people with credit cards are using less than 30 percent of their total credit card limit. Just over one in seven is using 80 percent or more of their credit card limit.
The national average balance-to-limit ratio is 35.3%. This means that on average, a person owes or uses 35.3% of their available credit limit on revolving accounts.
- Regions with highest balance-to-limit ratio: Mountain – 37.8%; West South Central – 37.5%
- Region with lowest balance-to-limit ratio: New England – 33.1%
New England is the region with the lowest balance-to-limit ratio and the highest average credit score. It is interesting to note that they are also one of the regions with the highest average debt per person. These numbers indicate that the high amount of debt compared to the national average has to do with large lines of credit that are extended to people with high credit scores. The high dollar amount of debt is a small percentage of their credit line, which explains the low balance-to-limit ratio.
(Source: Experian National Score Index, June 2011)