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Use of credit in the U.S. 2021, by education level and type of credit

Published by

Fernando de Querol Cumbrera,

Feb 8, 2023

In 2021, there was a correlation between education level and usage of credit cards and personal loans in the United States. As the education level of respondents increased, the usage of credit cards and personal loans also increased. Other nonbank types of credit, such as payday loans or rent-to-own services, were used more frequently by respondents with lower education levels.

Share of people who have used credit in the United States in 2021, by education level and type of credit

table column chart

Characteristic	No high school diploma	High school diploma	Some college	College degree
Credit card	36.5%	59.5%	71.6%	85.7%
Bank personal loan	4.1%	6.7%	8.3%	9.3%
Nonbank personal loan	2.3%	2.5%	3.4%	2.6%
Other credit*	7.8%	5.9%	5.2%	2.3%

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Details: United States; FDIC; Bureau of Labor Statistics; June 2021; 44,524 households; 15 years and older; Usage of credit in the past 12 months

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Sources

FDIC; Bureau of Labor Statistics

Survey by

FDIC; Bureau of Labor Statistics

Published by

FDIC

Source link

National Survey of Unbanked and Underbanked Households, page 68

Release date

November 2022

Citation formats

Region

United States

Survey time period

June 2021

Number of respondents

44,524 households

Age group

15 years and older

Special properties

Usage of credit in the past 12 months

Supplementary notes

*The category other credit includes: rent-to-own service or payday, pawn shops, tax refund anticipation, and auto title loans.

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