Americans’ Savings Behavior and Credit Card Tips [Infographic]

Recently, BillShrink released an infographic about savings and credit card payoff trend based on their user data as a litmus test for Americans’ behavior. How much are Americans putting away in their savings? Based on their study, average savings has declined from $62,093 in 2009 to $33,552 in 2011. Also, planned monthly savings dropped from $537 to $495. Apparently, some of the money are being diverted to debt payment, which got more attention than savings throughout 2010.

Credit Card Savings Tips

Additionally, BillShrink offers the following credit card savings tips:

• Never carry a balance – Avoid costly interest rates by paying off your balance each month.
• Select the right credit card – A rewards card can be great if you pay off your balance but costly if you wind up in debt. Make sure you select the credit card that best fits your needs and spending habits.
• Avoid impulse purchases – Get in the habit of asking, “Do I really need this?” before making a purchase to avoid unnecessary debt.
• Maintain good credit – Good credit can save you thousands of dollars when it comes time to get a loan. Keep your credit score in good condition by making all your payments on time.
• Pay off your debt – To avoid unnecessary interest, pay off the card with the highest rate first. If it becomes too much to handle, reach out to the creditors or consider consolidation to make it more manageable.
• Pay more than the minimum – Paying more than your minimum payment each month can help you get out of debt faster and avoid extra interest.

Check out their infographic below and click on the image to visit their site.

Source: BillShrink