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Consumer Debt Statistics

Consumer Debt Checkup Personal debt is a major problem in the U.S.—particularly following the economic downturn when many Americans turned to using credit and/or payday loans to cover their monthly expenses when their households were hit by reduced income and unemployment. While certain indications show an upturn in the national economy, Americans as consumers are still facing serious problems with debt.

How do you stack up when it comes to your debt? Once you see where you stand, give us a call at 1-800-320-9929 so we can discuss options to help you pay down debt and improve your financial situation. You can also have your debt evaluated using our Free Debt Analysis.

Credit Card Debt Statistics

Credit card debt represents a big portion of our total national debt. It is also a major source of financial hardship for many Americans who struggle to pay their bills each month.

  • Total U.S. revolving debt as of May, 2011: $798.3 billion
    • 98% of that is made up of consumer credit card debt
  • Average credit card debt per household: $6600
    • However, if you count only households that use credit cards: $15,799
  • The average consumer has an average of 3.5 credit cards
    • This number has been greatly reduced during the economic downturn; prior to 2008, Americans averaged 5.5 credit cards
  • There are 178.6 million credit cardholders in the U.S.
  • The average age to get a first credit card is now 20.8 years
  • Average credit card APR (interest rate) as of November, 2011: 12.36%

So what does this mean? Let’s say you have exactly the average credit card debt of $6600. You manage to get a balance transfer to a new credit card without any balance transfer fees at 12% interest—just below the national APR average right now. If you paid only the minimum payment which will start around $132, it will take you over 23 years to pay back your debt and you will pay $6144.87 in interest. At this rate, America is going to be in debt for a long time!

Rather than facing the daily hassle of your big credit card debts for the next several decades, beat the debt statistics and start reducing your debt now. With a debt management program you can get an interest rate around 6%-10% and most people are completely debt-free in 3-5 years. Call us to start a free debt analysis with your own personal credit counselor at 1-800-320-9929.

General Consumer Debt Statistics

Credit card debt is only part of the picture when it comes to consumer debt in America. Total consumer debt in the U.S. is at $2.43 trillion as of May 2011. Not surprisingly, this has caused serious economic fallout for many Americans.

  • Total bankruptcy filings reached 1.4 million in 2009
  • Total consumer debt per household now averages $16,046 (down from $35,245 prior to the economic downturn in 2008)
    • Total debt per household with credit cards still averages $54,000 (also down from $93,850 in 2008)
  • Young Americans (age 25-34) have the second highest rate of bankruptcy after Americans 35-44, meaning the younger you are the tougher your financial situation seems to be.
  • The average college student graduates with $20,000 of debt
  • Nearly 1 in 5 Americans aged 18-24 qualify themselves as being in “debt hardship”
  • 26% of Americans admit to not paying their bills on time
  • Prior to the economic downturn, 14.7% of American families held debt exceeding 40% of their household income

Given the tough state of the economy Americans are now struggling to get their finances back on track. Particularly for families with credit card debt this can be a difficult journey. In many cases, you could take the next 20-30 years to pay back what you owe right now alone—and that’s if you don’t buy anything else on credit!

Instead of struggling for the next few decades to overcome your debt, there are solutions that can help you get out of debt in as little as 36 months. Take a Free Debt Analysis now to find out where you stand or call 1-800-320-9929 to speak with a professional credit counselor who can help you find the right solution to your debt problem today.

Sources:
Creditcards.com Credit Card Statistics, Industry Facts, Debt Statistics
Federalreserve.gov Consumer Credit G.19

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