Many parents fear the combination of college students and credit cards, but do college students actually use credit recklessly? The following statistics shed light on this issue, including average student credit card balance, payment habits, credit usage by grade level, and comparisons between credit and debit card usage. Understanding student credit card usage is crucial, as using a credit card is the most efficient way for young individuals to build their credit history and boost their credit score. Good credit plays a vital role in the "real world," impacting loan eligibility, apartment rentals, car leases, and job prospects.

The average U.S. household has around five credit card accounts and $10,848 in credit card debt, according to the latest WalletHub data, but the situation varies widely by state. People in some areas of the country are relying on credit cards a lot more than others. Some are using credit responsibly, while others are abusing their access to credit.

To help people better understand the credit card market, WalletHub tracks interest rates, rewards and fees across credit segments, highlighting the most important trends in our quarterly landscape reports. Below, you can check out our latest findings, including a breakdown of how rates are reacting to the Federal Reserve’s latest moves.

What Are Credit Card Interest Rates?

Credit card interest rates tell you how much it will cost to borrow money from a credit card company, by carrying a balance from month to month. For example, if your interest rate is 20% and you carry a $500 balance, you would owe roughly $100 in interest after a year.

The average credit card interest rate is 22.87% for new offers and 21.59% for existing accounts, according to WalletHub’s Credit Card Landscape Report. The average interest rate among new credit card offers has increased by nearly two percentage points since 2010.

Currently, credit card interest rates range from 5.75% to 36% for new applicants. The average interest rate among credit card offers is 22.87%, as of April 2024, 0.28% lower than the prior month.

Many businesses adopted a work-from-home structure during the height of the COVID-19 pandemic in order to stay afloat, and plenty of workplaces have kept this structure in place. In fact, between October 2023 and January 2024, over 21% of workers able to work from home did so for five or more days a week, while over 67% did so at least one day.

While many businesses have embraced work-from-home positions, people who are allowed to work from home may not always have the best environment for doing so. The best work-from-home conditions include low costs, reasonable comfort, a high level of security and a lack of distractions.

The best car insurance companies in Wyoming are The General, Direct Auto, and National General, based on user ratings on WalletHub. Drivers in Wyoming can save up to $935 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Wisconsin are The General, Direct Auto, and Acuity Insurance, based on user ratings on WalletHub. Drivers in Wisconsin can save up to $1,597 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in West Virginia are The General, Direct Auto, and PURE Insurance, based on user ratings on WalletHub. Drivers in West Virginia can save up to $1,415 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Washington are The General, Direct Auto, and National General, based on user ratings on WalletHub. Drivers in Washington can save up to $2,815 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Virginia are Rockingham Insurance, Elephant Insurance, and The General, based on user ratings on WalletHub. Drivers in Virginia can save up to $2,346 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Vermont are The General, Direct Auto, and PURE Insurance, based on user ratings on WalletHub. Drivers in Vermont can save up to $963 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Utah are Bear River Mutual, The General, and GAINSCO, based on user ratings on WalletHub. Drivers in Utah can save up to $4,729 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Texas are The General, GAINSCO, and Direct Auto, based on user ratings on WalletHub. Drivers in Texas can save up to $2,265 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Tennessee are The General, GAINSCO, and Direct Auto, based on user ratings on WalletHub. Drivers in Tennessee can save up to $1,416 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in South Dakota are The General, Direct Auto, and National General, based on user ratings on WalletHub. Drivers in South Dakota can save up to $810 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in South Carolina are The General, GAINSCO, and Direct Auto, based on user ratings on WalletHub. Drivers in South Carolina can save up to $2,911 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Rhode Island are The General, Direct Auto, and PURE Insurance, based on user ratings on WalletHub. Drivers in Rhode Island can save up to $4,615 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Pennsylvania are The General, Direct Auto, and National General, based on user ratings on WalletHub. Drivers in Pennsylvania can save up to $3,570 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Oregon are The General, Direct Auto, and National General, based on user ratings on WalletHub. Drivers in Oregon can save up to $2,103 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Oklahoma are The General, Direct Auto, and Farm Bureau Financial Services, based on user ratings on WalletHub. Drivers in Oklahoma can save up to $1,903 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Ohio are The General, GAINSCO, and Direct Auto, based on user ratings on WalletHub. Drivers in Ohio can save up to $1,343 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in North Dakota are The General, Direct Auto, and PURE Insurance, based on user ratings on WalletHub. Drivers in North Dakota can save up to $1,274 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in North Carolina are The General, Direct Auto, and National General, based on user ratings on WalletHub. Drivers in North Carolina can save up to $1,463 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in New York are The General, PURE Insurance, and National General, based on user ratings on WalletHub. Drivers in New York can save up to $12,183 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in New Mexico are The General, GAINSCO, and Direct Auto, based on user ratings on WalletHub. Drivers in New Mexico can save up to $2,548 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in New Jersey are The General, Direct Auto and PURE Insurance, based on user ratings on WalletHub. Drivers in New Jersey can save up to $5,303 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in New Hampshire are The General, PURE Insurance, and National General, based on user ratings on WalletHub. Drivers in New Hampshire can save up to $2,717 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Nevada are The General, Direct Auto, and National General, based on user ratings on WalletHub. Drivers in Nevada can save up to $3,469 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Nebraska are The General, Direct Auto, and Farm Bureau Financial Services, based on user ratings on WalletHub. Drivers in Nebraska can save up to $2,021 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Montana are The General, Direct Auto, and PURE Insurance, based on user ratings on WalletHub. Drivers in Montana can save up to $2,232 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Missouri are The General, Direct Auto, and National General, based on user ratings on WalletHub. Drivers in Missouri can save up to $2,398 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Mississippi are The General, Direct Auto, and PURE Insurance, based on user ratings on WalletHub. Drivers in Mississippi can save up to $1,533 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Minnesota are The General, Direct Auto, and Farm Bureau Financial Services, based on user ratings on WalletHub. Drivers in Minnesota can save up to $2,386 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Michigan are PURE Insurance, National General, and Esurance, based on user ratings on WalletHub. Drivers in Michigan can save up to $4,856 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Massachusetts are The General, PURE Insurance, and Plymouth Rock, based on user ratings on WalletHub. Drivers in Massachusetts can save up to $1,852 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Maryland are The General, Direct Auto, and National General, based on user ratings on WalletHub. Drivers in Maryland can save up to $3,356 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Maine are The General, Direct Auto, and National General, based on user ratings on WalletHub. Drivers in Maine can save up to $1,358 per year just by comparing quotes and picking one of the best insurers in the state.

The best car insurance companies in Louisiana are The General, Direct Auto, and Louisiana Farm Bureaul, based on user ratings on WalletHub. Drivers in Louisiana can save up to $5,476 per year just by comparing quotes and picking one of the best insurers in the state.