![]() (To learn about the wisdom of that strategy, keep your eyes out for more info in a future post.) But 73% pay their balances every month, like this guy: Some are deliberately doing it to build up their credit score. Over there, 24% say they carry a balance month to month. We ran an informal poll on Twitter to see what people are saying online. Data shows the best savers tend to be previous month balance payers, followed by full balance payers.Ĭonversely, people who carry balances are more likely to have personal loans (not mortgages), but those who use over 50% of their credit card limit are less likely to do that, which suggests that they cannot qualify for or haven’t considered a personal loans to consolidate debt. ![]() Plus, they tend to save more and invest more than people who carry balances month to month. People who pay their balance tend to be more educated and have higher incomes. More women and married couples carry balances versus those who pay their balances off, and the data shows people who reported living with children are more likely to carry high balances. Some more trends we can see have to do with lifestyle and background. They check into Mint more often, which could help them to keep track of their spending and stay on top of due dates. In general, people who pay their balances off regularly tend to pay less for their credit cards, which they use for regular spending. ![]() What’s even more interesting is that certain other characteristics line up with credit card payment behavior. The trend is clear: 35% of active Minters carry credit card balances from month to month, while the remaining 65% pay their previous month’s balance in full, or even their entire balance every time they pay.ĭoes this sound familiar? These numbers line up with national ones – as of 2014, about 34% of American households carried at least some credit card debt. Looking at so many Mint users, a clear division in credit card payment behavior emerged. The first thing we looked at was credit card usage. Can you see yourself in the numbers? Each month we will look at a different topic and show you what Minters are like, gleaning the info from the data. Over the next few months we will be sharing this information with you, and we want to tell your stories. It tells us so much about how people using Mint spend and save, and how Mint can be useful to people with wildly different financial lifestyles. Our analytics wizards looked at different characteristics and behaviors, and we found the data fascinating. With the vantage of time and numbers, we are now able to identify trends in the ways you use Mint. Data and analytics can tell us a lot about people – what can it tell us about you? Find out how you can tell your story in a future post!ĭid you know Mint has been around for ten years? Over this decade, we’ve grown to include over 20 million users!
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