All About The Credit Card Debt Statistics

I just read some statistics about personal credit card debt today that quite frankly blew my mind

. There have been 3 items which stuck out hugely to me. The first one was that the average personal credit card debt in the US is $15,788. The second one could be that the average person in the America has 3.5 credit cards. Thirdly and most shocking point was that the average rate of interest was 14.99%. Seriously!

There are obvious reasons for all of this. The first major reason is that currently unemployment numbers are still very high. The less people work, the more of the chance that they are going to be piling up the credit card debt. This is also true because there has been a reduction in the number of hours for those people that are employed. So they are simply taking home less money. While they are taking home less money they most likely are still spending the same that they were when they were making more. Where's the outlet? Credit Cards.

I really believe that the number of credit cards the typical consumer has along with the amount of credit debt that they have got on these cards could be contributed to just how simple it really is for individuals to obtain credit cards. Banks spend a lot of money on marketing the lifestyle that you could live whenever you purchase items using credit cards. They make it look exciting to invest money. So there's been a pretty picture painted with how spending on credit cards can be.

So, once the pretty picture of credit card debt is painted. Then they mail bomb anyone with their credit pulled recently. The banks are actually allowed to buy credit information and can target those people who might have either recently applied for a loan or another credit card. They then send out credit card offers to those people with predicatively a much higher response rate as they are already in the game. (This data by the way is the same reason you get a bunch of phone calls and mailers when you apply for a mortgage loan. It's called Trigger data, because it is triggered when you get your credit pulled.)

So while someone may have all sorts of cash on one credit card. They'll receive an even better offer on a new credit card. This is often contributed to the average number of cards being almost 4. These come in the mail and enrolling takes hardly any effort. Personally I opted in for a Citi card the other day and was shocked at how fast I was approved. A lot more shocking part was how quickly I acquired the card. That card arrived in less than five days.

The biggest issue with personal credit card debt in the US though is ours, "keep with the Jones's" lifestyle. It has been engraved into the fabric of our society that we have to have as nice of things as our neighbors. So you see this at all times. We certainly have a culture that is based throughout the collection of material possession. This mindset plays straight into the advertising of the creditors. The credit card firms make it easy to spend the money.

The final outcome to tap into this is scary. The entire U.S. personal debt is $2.45 trillion, since March 2010. Americans have an overabundance debt than any country in the world. It's no surprise that more and more people are searching for credit card debt relief like Indiana debt relief or Virginia debt relief. People get in over their heads and realize they may need Debt Settlement to help them get Debt Relief and let them know how to eliminate credit card debt. Therefore, control your urges to spend and steer clear of being like the average American with almost $16,000 credit card debt.

by: Amanda Stuart

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