It's hard to conclude what one should term this as, poor planning or a holiday loom.
It has been still seen that an individual owns an average credit card debt of more than $4,200 at the end of 2010. This statistics is even more startling once you do the mathematics! When calculated the average credit card debt picture takes a monster shape.
With the annual interest rate of 14.73%, the average APR, it would take 8 years to pay off the dues with minimum payment made each month. What's more painstaking is this would lead one to more than $1,343 in interest charges over the 8 year span. With the average credit card debt mounting, the household savings rate has taken a deep plunge.
As long as we keep paying only the minimum payment & continue to charge, we'll never get out of this debt. Average credit card debt figures are pretty hard to find. That's because these information are not regularly collected on a nationwide basis, nor is it a part of a standard database which public can view.
But we were able to find little information specific to average credit card debt. Few appalling facts are mentioned below. Clients looking for the services of a counselor had an average credit card debt of $43,000 of which $20,000 was consumer debt and $8,500 was revolving debt. College students carried an average credit card debt of $552, while young adults in the same age brackets carried an average balance of $1,465 on their credit cards. Average credit card debt figures are less prominent among college students as data has shown that they have been paying off their dues faster than any other demographic group. The average credit card debt for a household was nearly $6,500 & pays nearly 14.29% of the income for consumer debt payments. The American household has an average credit card debt of $15000 with average cardholder possessing approx 4 cards. Another worrying fact is that on an average, an American gets their first credit card at 20! Credit Card Debt Projections As per the information from U.S.
Census Bureau, there were 173 million credit card holders in US in 2006, EMV TERMINAL with this projection to grow by 181 million by end of 2010. It has also been found that the Americans possess approximately 1.5 billion cards, with an average of about 9 credit cards issued per card holder. The average credit card debts accounts for one among every five consumers, which consists of 22%, for the year 2011.
Furthermore, 7% of consumers will still be repaying debts incurred over Christmas last year beyond June this year.
The Americans carries an average credit card debt of approx $886 billion, & this figure is expected to grow to a projected 1,177 billion dollars by 2010 end which works out to an average credit card debt of approximately $5,100 per cardholder.
This number is expected to augment to nearly $6,500 by early 2011.
With the average levels reaching heights, one can get stuck with problems pretty fast, if you are not careful. If the dues have become unmanageable you have abundant options to consider. Perform proper research on the possibilities.