While monthly payment rates remain at historical highs the number of convenience users has sharply reversed after two years. As of May, only 40% of card account holders pay-off their balances in-full each month compared to 44% two years ago. Over the past decade the number of convenience credit card users or “30-day Wonders” has risen sharply from 29% to more than 40% according to CardData. The recent fall-off is most likely attributed to rising fuel costs and interest rising rates.
Source: CardData (www.carddata.com)