Average Credit Card Debt - How Do You Compare?
The average credit card debt is staggering and it’s implications are felt throughout our daily lives. According to a April 2009 Nilson Report, 78% of American households have a credit card. It is important to point out that according to the same report, Americans’ held a combined credit card debt of $972.73 billion. How does your debt stack up to the average?
Taking a look some statistics, the average credit card balance per card was $1,157 at the close of 2008 (according to Experian, March 2009). Moreover, the average outstanding card debt for households amounted to an impressive $10,679 by the end of 2008. Another way to look at this type of debt is to consider the average balance for people carrying a balance, which was $7300 in 2007. Keep in mind that this is an average and averages can be significantly skewed by those numbers at either end of the spectrum. Other ways to look at average credit card debt statistics involve the mean, which you can find online as well.
There are a lot of figures out there and ways to look at the debt statistics, but what does it mean for you? Even if your debt is below that of the various national averages, you should not be content. Credit card debt is an extremely expensive and wasteful proposition. Unless you have an emergency going on in your life, reducing and eventually eliminating credit card debt should be your primary financial objective. There are several fundamental ways to adjust your lifestyle and spending habits so as to free yourself from debt. Stay tuned for more information on average credit card debt and how to take care of your financial well being.
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For more average credit card debt information and content, check out our other articles. (Published: July 2009 – Image: www.nurido.at/news/)
