Report

2022 State of credit

The new reality of credit: have attitudes to credit changed, has the BNPL boom lasted and what’s making consumers tick

In our second annual State of Credit Report, Marqeta surveyed 4,000 consumers globally – including 2,000 in the United States – to learn how consumers are engaging with an evolving range of credit options in a changing economic landscape. The results show that US consumers are feeling the impact of the increased cost of living, as new lending options provide an important source of financial support for many.
  • 44% of US consumers surveyed reported struggling with their minimum credit card payments in 2022, up 47% 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.
  • The use of Buy Now, Pay Later services among US consumers surveyed rose 43% year-over-year, jumping from 47% to 67%.
The rising cost of living weighs heavily on US consumers
According to the survey, the percentage of consumers struggling with their minimum credit card payments has increased, rising from 30% of respondents in 2021 to 44% in 2022. Alongside this increase, consumers also indicated that concerns around the cost of living and inflation are impacting their spending, with 63% of those surveyed reporting that these factors had caused them to delay a major purchase.

 

Amidst economic anxieties, use of consumer credit is growing
The number of consumers surveyed globally with more than one credit card rose 19% in 2022 (from 52% to 62%). Indicating an interest in improved credit experiences, 42% of US consumers surveyed planned to apply for a new credit card in the next 12 months, with 39% reporting having stopped using a card in that same period. Unsurprisingly, alongside increased credit use, US consumers had a laser focus on their credit score, and 68% of those surveyed said they were focused on building their credit, with 60% citing concerns about the impact on their credit score of applying for new cards.

 

Buy Now, Pay Later services continue to engage consumers
With rapid growth in adoption rates during the pandemic, Buy Now, Pay Later (BNPL) services made another significant leap in Marqeta’s 2022 survey. More than two-thirds (67%) of US consumers surveyed in 2022 said that they had used a BNPL service, up from 44% in 2021. Amongst existing BNPL users surveyed, 64% reported that their use of the lending option had increased in the past 12 months.

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