|Paid Minimum on Credit Cards|
|HS or Less||50%|
|College or More||37%|
The vast majority of military respondents (91%) have at least one credit card, and a third (33%) reported having four or more cards. Nearly half (49%) of all military respondents with credit cards say they always pay their cards in full. However, many engage in credit card usage habits that result in either interest charges or fees, such as paying the minimum payment.
By only paying the minimum amount due each month on a credit card, consumers are increasing their borrowing costs. This practice can also negatively impact their credit score and result in a long-term drain on their finances and borrowing ability.