Average CC debt over $4200 per adult in America

For just about anything you want to get off your chest about credit cards.
3 posts
User avatar
Mogul of Pineapples
Centurion Member
Centurion Member
 
Posts: 1271
Joined: Sun Jun 01, 2008 11:32 pm
Location: Smogland

Average CC debt over $4200 per adult in America

Postby Mogul of Pineapples » Sat Jul 19, 2008 11:17 pm

What is the average credit card debt per person in America? The Fed says that the average revolving credit debt (aka credit cards) in the U.S. is $975.2 billion. If you divide that our it's $4,200 per citizen... 19% increase in two years. If you do it by the households in this country it's around $8,200... 13% increase. But then they say 25% of households don't even have credit cards so that would mean it's over $11,000 per household with credit cards.

I think this number is deceiving though since those numbers reported to the fed include all credit card debt - including that which is paid off in full every month.

So it's hard to tell how much real debt people have but it is safe to say credit card use is going up.
Disclosure: I am a moderator/paid staff of this site, which does have advertising relationships with some credit cards that are discussed and linked to. Regardless, anything I say is my honest opinion.

Current Cards:
American Express: Blue Cash, Simply Cash Bank of America: WorldPoints Platinum Plus Chase: Amazon, British Airways, Cash Plus Rewards, Freedom, Ink Cash Citi: Thank You Premier, Dividend Platinum Select Discover: More
Primary Everyday Card: American Express Blue Cash
Primary Travel Card: Chase Sapphire Preferred


magyar1045
Centurion Member
Centurion Member
 
Posts: 158
Joined: Thu May 29, 2008 4:05 pm
Location: California

Postby magyar1045 » Sun Jul 20, 2008 8:51 am

Will soon become more as more and more consumers pull out their credit cards to pay for every day needs like food and gas. Trying to make timely house payments to avoid foreclosures definitely bites into peoples' budgets considering the rise in food and gas prices.

AnthonyBarone
Centurion Member
Centurion Member
 
Posts: 123
Joined: Thu Apr 17, 2008 2:04 pm
Location: White Plains, NY

Postby AnthonyBarone » Sun Jul 20, 2008 4:21 pm

Not just gas and food but heating bills too. Up here in the east even last winter I knew people paying more for heating gas than their rent or mortgage.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests