Credit Card Confidence Increased in April
Credit Card Conidence Index Graph

Credit Card Confidence Increased in April

It seems as though a greater number of Americans were prepared to pay off their credit cards last month than they have been at any other point so far this year. The latest update to LendingTree’s monthly index shows credit card confidence once gain on the rise. During the month, 71% of those surveyed stated that they would definitely be able to pay off their credit card balance in full. This was not only up five points from March and seven points year over year, but also represents the third-highest confidence level ever recorded by the index, topped only by September and October of last year when the percentage reached 73 and 74 respectively. Meanwhile, only 15% said they were totally not confident about paying off their monthly balance in April. That ties a record low last seen in December of 2020.

Interestingly, while there’s still a gender gap in the index, as men are more likely to express credit card confidence than women, that gap shrunk in April. In fact, with 68% of women surveyed stating that they were totally confident in paying off their balance, the month marked a record high. What’s more, the figure represents a seven point increase from the month prior and a significant 11 point jump from this time last year. The seven-point differential (with 75% of men stating confidence) was also the smallest gap observed by the index.

While these latest figures may feel like a bit of deja vu following new highs last year that gave way to a drop off, LendingTree Chief Credit Analyst Matt Schulz suggests we’re unlikely to see a repeat of that. Schultz explained, “There’s no reason to expect cardholder confidence to fall sharply anytime soon. As the economy generally improves, there’s likely to be a sense of relief for many people just to be able to spend again like they did before the pandemic took hold.”

To Schultz’s point, long-term confidence was also on the rise. Of those surveyed, 44% said they expected to pay off their full credit card balance each and every month for at least the next six months. This also marks a record for the index and was up three points from the month prior.

Overall, April’s installment of LendingTree’s Credit Card Confidence Index shows a lot of hope as Americans look to overcome the financial effects of the pandemic. Even as questions arise about the larger economic recovery following last week’s weak jobs report, this survey would suggest that many consumers are getting a handle on their personal finances. Hopefully this is a trend that continues and brings this confidence index even higher.

Leave a Reply

The "Email" field is empty, you must enter some text to proceed.The text you entered in the "Email" field appears to be invalid, please edit it and try again
Get the Latest News Delivered to Your Inbox

A Guide to Building Credit and Increasing Your Credit Scores

When it comes to credit, there’s some good news. The average credit score in the United States has been steadily rising in recent years, coming in at 715 in 2023. That may be because, today, consumers not only have more ways to access their credit reports and scores than ever before but also because there are an increasing number of options that Americans have for building credit in the first...

2024 SoFi Checking and Savings Review

Ever since I started taking an interest in the FinTech sector, one company whose name I’ve seen pop up over and over again is SoFi. Lately it seems as though that theme has been sent into overdrive as the company has not only become a household name thanks to its stadium naming rights deal but also because of the company’s continued product expansions. The most interesting development in my mind...
Brim logo

Brim Financial Raises $85 Million as It Eyes Global Expansion

Toronto-based FinTech infrastructure startup Brim Financial has announced a new funding round. About the round: Brim has revealed an $85 million round. The Series C was led by EDC Investments while new investor Vistara Growth and returning investors White Owl Group, Epic Ventures, and Zions Bank also participated. To date, the company has now raised $110 million including a Series B in 2021. According to Brim, the latest funding will...
Chase Freedom Flex card

Chase Reveals Q2 2024 Freedom 5%(+) Bonus Categories

Chase has announced its bonus category picks for the second quarter of 2024 — including some interesting twists. About the categories: As April approaches, Chase has revealed what categories Freedom and Freedom Flex cardholders can earn bonuses on. From April 1st through June 30th, customers can earn 5% (or more) in three categories:, Hotels, and Restaurants. Similar to how Chase embraced a "New Year, New Me" theme last quarter,...
Rent Day

Bilt Announces Home Collection Deal for May 2024 Rent Day

For May's Rent Day, Bilt is offering a deal that will allow members to decrease their rent bill while also adding to their home decor. About the Home Collection offer: Bilt has crafted a unique Rent Day offer for May 2024. Through the 1st, when Bilt members redeem their points toward rent payments, they'll receive the same number of points to be used toward Bilt Home Collection items. To take...