HENDERSON, Ky (WEHT) – Kentucky is among the states with the least amount of credit card ownership, according to a recent study.
According to the study by WalletHub, across the Tri-State, Kentucky had the ninth fewest credit cards while Indiana ranked 18th fewest while Illinois was ranked 19th fewest.
- Kentucky
- Number of Credit Cards Rank – 37th
- Increase in Number of Credit Cards Rank – 44th
- Indiana
- Number of Credit Cards Rank – 36th
- Increase in Number of Credit Cards Rank – 25th
- Illinois
- Number of Credit Cards Rank – 33rd
- Increase in Number of Credit Cards Rank – 27th
To determine the list where credit card ownership is increasing the most, WalletHub analyzed consumer-finance data across four key metrics. These metrics include the average number of cards owned per person, average number of new cards opened per person in the third quarter of 2023 and the percent change in both numbers for the third quarter of 2022.
According to WalletHub, the average American has more than four open credit cards that varies from person to person.
Experts say having multiple cards can help boost your credit score, but at the same time, lead to temptation to overspend.
Some tips WalletHub also provided for how to manage credit cards responsibly include:
- Never opening a card to spend beyond your means
- Waiting at least six months between applications
- Asking for credit limit increases
- Use different credit cards for different things
- Setting up automatic payments
Full a full list of rankings, click here.
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