Iowa residents are among the nation’s most conservative credit card users, ranking 49th overall in WalletHub’s new report on the states with the most credit cards. The report sheds light on spending habits as many consider opening new credit lines during the holiday season. In the third quarter of 2024, Iowans opened an average of 1.13 new credit cards, a 5.3 percent decrease from the same period in 2023. However, the average number of credit cards owned by residents grew by 6.25 percent over the past year, reaching 4.46 cards per person. WalletHub’s findings suggest that while Iowans add fewer new credit cards, they may rely more on existing accounts. This cautious approach could mitigate overspending or missed payments as holiday spending ramps up. Iowa ranked behind only Wyoming as the state with the fewest credit cards. Alaskans, South Dakotans, and New Jersians had the most. Read the full report by following the link included below.
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