While mentioning credit card debt statistics, it is noticed that during 1980s, consumers started switching from cash and checks into credit cards. As the computer starts gaining its popularity, credit cards virtually begins to replace cash. The credit card companies began to start marketing on credit card.
As the problem of using credit cards grows, Debit card started its operation to make up the gap. Credit card debt statistics show that the average American consumer owes around $9,000 in credit card debt. Some people mistake of thinking that they are using their own money while purchasing through credit cards. The average interest rate paid by the credit card holders in the US is about 14%.
In America over $1,000 per family goes on interest every year and some people owe much more than that. Americans spend over $1 trillion every year on their credit cards, and have credit card debt more than $500 billion. If this thing continues, one family in a hundred will be compelled into bankruptcy.
From credit card debt statistics collected from America, it is seen that:
About 25% adults in the United States have credit problems.
Average credit card debt of Americans is $8400 per household.
In United States, almost 24% of personal expenditure are made by credit cards, retail cards and debit cards. In the first quarter of 2002, total credit debt was $660 billion and total credit card debt was nearly $60 billion. About 185 million American consumers have at least one credit card and among them 1.3 million credit card holders announced bankruptcy.
In the year 2002, Americans pay off an average of 18.9% interest rate on credit cards.
Credit card debt statistics as obtained from Federal Reserve Bank show that the total credit card debt exceeds $880 billion.
Some credit card debt statistics show that people get into credit card debt as because most of the time they spend money casually. Some other reasons can be when people lose their job, or fall sick, they immerse in debt.
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