Marqeta 2022 State of Credit Report: Cost of Living Worries Weigh Heavily on US Consumers, As New Lending Options Provide Important Financial Support For Many
Marqeta's 2022 State of Credit report reveals a growing burden on US consumers due to rising living costs and interest rates. The survey indicates that 44% of respondents struggled with minimum credit card payments, a significant increase from 30% in 2021. Over 67% relied on credit cards to manage expenses, with 43% increasing their usage of Buy Now, Pay Later services. Despite economic challenges, consumer engagement with credit options remains high, suggesting evolving financial behaviors among consumers.
- 67% of US consumers relied on credit cards to make ends meet.
- 43% increase in Buy Now, Pay Later service adoption among US consumers.
- 19% rise in consumers with multiple credit cards from 2021 to 2022.
- 68% of surveyed consumers focused on building their credit.
- 44% of consumers struggled with minimum credit card payments, up from 30% in 2021.
- 55% of consumers reported that rising living costs made repayments harder.
- 63% of surveyed consumers delayed major purchases due to inflation concerns.
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44% of US consumers surveyed reported struggling with their minimum credit card payments in 2022, up47% from Marqeta’s 2021 survey. - Two-thirds of US consumers surveyed said that they’d relied on credit cards to make ends meet in the last 12 months.
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The use of Buy Now, Pay Later services among US consumers surveyed rose
43% year-over-year, jumping from47% to67% .
Marqeta’s 2022 State of Credit report marks the second time the company has surveyed consumers globally about their credit preferences. The new survey found that an increasing number of US consumers surveyed reported struggling with their minimum credit card payments in 2022, rising from
“Our 2022 State of Credit report shows that consumers globally haven’t had a break, going from pandemic concerns into fears around rising inflation and the specter of looming interest rate increases. And it’s wearing on them,” said
Despite cost of living and interest rate fears, reported credit use among survey respondents remained high. The number of consumers surveyed globally with more than one credit card rose
With rapid growth in adoption rates during the pandemic, Buy Now, Pay Later services made another significant leap in Marqeta’s 2022 survey, showing off continued consumer fascination and engagement with this new lending vertical. More than two-thirds (
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Almost two-thirds of BNPL users surveyed (
64% ) said their BNPL use had increased in the last 12 months. - Forty-seven percent of people surveyed said they would be interested in accessing other financial services through their BNPL provider.
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Almost half (
49% ) of all consumers surveyed said that interest rate increases were making lower-cost BNPL interest rates more attractive, while46% of respondents said that they had used BNPL to make ends meet given cost of living concerns. -
More than 1-in-3 people (
35% ) surveyed said they now use BNPL more than credit cards.
“Our survey shows that the US consumer is by and large very aware of their credit options, with more of them reporting having multiple credit cards in 2022 and engaging with BNPL services in higher numbers ,” said Huber. “In a competitive and increasingly mature market, credit products need to be as personalized and modern as possible, because if today’s consumer isn’t engaged, they will move on to the next thing.”
About The 2022 State of Credit Report
Marqeta’s 2022 State of Credit survey was fielded by
To download the full report, please click here.
About
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to changing consumer preferences; increasing consumer adoption of certain digital payment methods, products, and solutions; which payment, banking, and financial services products and solutions may succeed; technological and market trends; Marqeta’s business; and Marqeta’s products and services. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: any factors creating issues with changes in domestic business, market, financial, political and legal conditions; the effect of and uncertainties related to the global COVID-19 pandemic on
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Media:
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FAQ
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