average amount americans have in credit card debt
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The Average American Is in Credit Card Debt, No Matter the Economy As Bloomberg Business notes, this is number has grown $100 billion since 2011, but it’s still less than the $1.02 trillion Americans owed in 2008 before the financial crisis occurred. On average, an American between the ages of 18 and 65 has $4,717 of credit card debt. According to CreditCards.com, the average credit card’s interest rate is 15%. At the minimum payment of $189, it’ll take 10 years and a month to pay off that $4,717. The total payments would amount to $22,869. That’s a $18,155 cost for a very small loan.
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Demographics of Debt The 2012 Demos study also found changes from 2008 to 2012 regarding age groups with credit card debt. It found that older Americans on average have the highest credit card debt: people aged 65 or older typically carry $9,300 on their cards, less than a 6 percent reduction from 2008. Demos suggested the high balances were likely because the recession reduced savings and forced those in or near retirement to cut back.
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Demographics of Debt Those aged 25 to 34 showed the best improvements and cut their credit card debt in half. People in this age group had an average debt of less than $5,200 in 2012, compared with more than $10,400 four years earlier.
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The Average Debt by Age The Average Debt for Those 55-64 Between the ages of 55 and 64, many Americans start to think about retirement. But among heads of household who have debt and are in this age bracket, average debt levels stand at $131,900.
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Average American Debt â How do You Stack Up? Total Debt. The average American has a total debt of $36,714.69. For a family of two it would be $73,429.38. Mortgage Debt. The average American has mortgage debt of $26,434.58 ($52,869.15 per family). This is a good example of the problems that occur when dividing by the total population and using averages is tricky. Approximately 68% of people in America own homes (or have titles to homes that they pay mortgages on).
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- 1 Average mortgage debt: $147,591. 2  Average outstanding student loan balance: $31,646. 3  Average auto loan debt: $30,738.  Only 59 percent of Americans have at least $500 in a savings account saved.
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- Credit cards. Household credit card debt, at $747 billion in 2016's third quarter, remains below where it was at the start of the Great Recession. In December 2007, Americans had $839 billion in credit card debt.
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Average Credit Card Debt in America: 2017 Facts & Figures In 2011, the average total unsecured debt was $21,281, and credit cards accounted for just 36% of that figure. For a clearer picture of America's indebtedness, it is critical to look at total outstanding debts - arising from both credit cards and other sources.
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Demographics of Debt Individuals with annual salaries of less than $35,000 reduced their debt by 30 percent from 2008 to 2012. People in this category now have $5,400 in credit card debt. People in the next bracket up, making $35,000 to $49,999 annually, reduced their debt as well.
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Average Credit Card Debt in America: 2017 Facts & Figures North and South Dakota, and Nebraska were among other states which came in with low average credit card debt per household – the three held an average of $4,182. To see the average credit card debt throughout the nation, use the interactive map below. Hover over a state in order to display its average. Light blue states have lower debt, while dark blue states have higher levels of credit card debt.
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Americans in Debt 1 The average credit card holder has at least three cards. 2  On average, each household with a credit card carries more than $15,000 in credit card debt.  Total U.S. consumer debt is at $11.4 trillion. That includes mortgages, auto loans, credit cards and student loans.
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Americans in Debt: How Do You Compare? The majority of debt remains in mortgages, with Americans holding $8 trillion of mortgage debt as of October 2012. This was more than 70 percent of the total consumer debt. The next largest sector of debt is student loans, coming in at $1 trillion.
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- The cost of debt: The average household with credit card debt pays a total of $1,292 in credit card interest per year. This could increase to $1,309 after the Federal Reserve voted on a rate hike of a quarter of a percentage point.
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Americans in Debt: How Do You Compare? Debt-free Americans are a dying breed. We may not have as much debt as we used to, but collectively, we are still very much in the red. The average American now has $47,000 in debt, down from a peak of $53,000 in 2008. So if you have less than that, or if you have more but can keep up with monthly payments, you’re probably doing better than your neighbors.
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- New Jersey. Average credit card debt: $8,406.60. It would take 11 years to pay off if only the minimum payment is made each month. U.S. average: $6,304.26. Hawaii. Average credit card debt: $8,319.39. It would take 10.9 years to pay off if only the minimum payment is made each month.
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American Family Financial Statistics Average American family savings account balance: $4,220: Percent of American families who have no savings at all: 24.3 %: Average American household debt: $117,951: Average American family home value: $165,000: Average amount owed on home mortgage: $96,500: Average American household annual income: $43,750: Average credit card debt: $2,650: Percent of American adults who do not have a bank account: 7.7 %
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How Much Credit Card Debt Does the Average American Have? According to Gallup, the average credit card debt was $3,848 in 2008, though it was $3,426 in 2006 — lower than 2014. A larger share of adults reported not having any credit cards or balances they didn’t pay in full that year, so perhaps Americans have become less reliant on credit.
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The Average American's Credit Card Debt May Shock You Even scarier, consider that based on the average interest rate and a minimum payment of 1.5% of the balance, it would take nearly 14 years for the typical indebted household to pay off its existing credit card debt, at a staggering cost of more than $40,200.
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The Most Debt-Free States in America High credit card balances can be expensive. With a 16% interest rate, a $4,000 balance will cost a consumer roughly $640 a year in interest. If the consumer pays only the minimum payment each month, it can take 20 years to pay off, and cost nearly $4,800 in interest.
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- 1 More than 160 million Americans have credit cards. 2  The average credit card holder has at least three cards. 3  On average, each household with a credit card carries more than $15,000 in credit card debt.  Total U.S. consumer debt is at $11.4 trillion. That includes mortgages, auto loans, credit cards and student loans.
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Credit card debt Credit card debt is said to be higher in industrialized countries. The average U.S. college graduate begins his or her post-college days with more than $2,000 in credit card debt. The median credit card debt in the U.S. is $3,000 and number of cards held is two. Relieving credit card debt. Account holders can request a reduction in their annual percentage rate (APR). A survey conducted by the U.S. Public Interest Research Group in March 2002 found that among its fifty participants, including people of all credit backgrounds, who contacted their credit card issuers, 56 percent received a lower APR.
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- Currently, the average credit card debt per U.S. household is $15,270, and in total, Americans owe $856.9 billion in credit card debt, based on American Household Credit Card Debt Statistics as of January 2014.
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5 Things Keeping Americans From Financial Freedom We won the war against Britain, but the fight for financial independence is an ongoing battle. With mortgages, credit card balances and student loans, the average American household carries $203,163 of debt. By Jennifer Calonia. + More. Fourth of July serves as a reminder of how the nation's founding fathers fought to earn America's independence from Great Britain.
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Definitions &Translations Conic definition, Also, conical. having the form of, resembling, or pertaining to a cone. See more.
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A Look at the Shocking Student Loan Debt Statistics for 2018 You’ve probably heard the statistics: Americans owe over $1.48 trillion in student loan debt, spread out among about 44 million borrowers. That’s about $620 billion more than the total U.S. credit card debt. In fact, the average Class of 2016 graduate has $37,172 in student loan debt, up six percent from last year.
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Average American Debt â How do You Stack Up? The average American has student loan debt of $2,937.18 ($5,874.35 per family). Other Debt The average American has other debts totaling $1,101.44 ($2,202.88 per family).
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- Fact 1: Most Americans (55%) owe nothing to credit card companies. Fact 2: Only 1 out of 20 Americans carries too much credit card debt. Fact 3: About 25% of Americans do not have a single credit card at all.
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The Average American's Credit Score -- and How to Maximize Yours Only 57% of Americans have no delinquencies affecting their credit score, and the average person's latest delinquency was 17 months ago. Furthermore, the average American carries a total non-mortgage balance of $8,611 and uses 15% of their available credit on revolving credit lines like credit cards.