What Is the Statistics For an Average Credit Card Debt?

Author: stephennack

Author: stephennack

Nowadays, debt management is becoming a must for most families. We have to realize this fact.

Many consumers have severely cut back on spending as their earnings outlooks have become cloudier. As recently as 2008, studies showed the average cardholder has 7.6 cards. Unfortunately, even though the spending has stopped, the debt accumulated in the last few years still has to be paid off.

You probably wouldnt believe this but 39% of student loan borrowers now graduate with unmanageable levels of debt, meaning that their monthly payments are more than 8% of their monthly incomes. Most people believe that the average American credit card debt is in excess of $5000. The average credit card debt in America is actually far less than many news channels and analysts mention.Using government debt data the corresponding research has shown that the average American adult is carrying $4,013 in card debt and the average American family is carrying from $7000 to $10000 in such debt just on their cards. Revolving debt is mainly debt from cards, although related revolving consumer debt such as home equity lines of credit are included as well.

The vast majority of cards are bank credit cards. Of families with cards, 96.1% have a bank issued card. 56.7% have one issued by a store, such as Macys. Only 11.9% have a gas credit card.

In fact about 25% of the US population has no cards at all. About one third of all the US population that had credit cards paid off their complete card bills.

As for me, I have never had a card myself. I believe that once you have got used to it it is hard to stop using it and then it can lead you deep into the debts. But some people have already got used to it and cant imagine their lives without credit cardsAbout the Author:

Whatever you do, don't wait until it's too late. The earlier you consider a how does debt consolidation work program the more options will be available for you. A Debt Management plan may be just what you need. Debt counselors have the knowledge and they are willing to do their best to help you.

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