Consumer Debt In The USA

Consumer Debt Statistics
Some consumer debt statistics published on the Internet are misleading. A popular misconception is that on average, Americans have almost 3 credit cards, 4 retail credit cards, and 2 debit cards. That’s almost 9 cards per cardholder amounting to an average $8,000.00 of credit card debt per household.

Consumer Debt according to the US Federal Reserve
However, the last published statistics by the US Federal Reserve on family finances indicated something much different:

In reality, most Americans owe nothing to credit card companies.
Most households that carry balances owe $2,000 or less.
Only about 1 in 20 American households owes $8,000 or more on credit cards.
23.8% of American households have no credit cards at all -- no bank cards, no retail cards, nothing.
Another 31.2% of the households the Fed surveyed paid off their most recent credit card bills in full.
So together, the households that owed nothing on credit cards equaled 55% of the total.

If you're wondering why you pay such high credit card interest rates, read up on Interest Rates and the Federal Reserve.

Truth about Consumer Debt in America
According to the Federal Reserve, 43% of American families spend more than they earn. Other independent studies maintain that over-spending American families spend $1.22 for every dollar they earn.

Check out the median family income for your state.




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