Just curious - what's the average level of personal credit card debt out there?
I only have a few thousand on credit cards - aside from my mortgage I'm relatively debt free - how about everyone else? Would also be interested in national statistics if anyone has it.
Answers
312 points
mjrenn answered one year ago …
I use 2 cards-American Express & Visa. I have no debt. Without exception, I pay the lot of every month.
Read more from mjrenn
2183 points
ChaosNantuko answered one year ago …
completely debtless... though at 17, thats not much of an acomplishment.
Read more from ChaosNantuko2775 points
Oldman answered one year ago …
Same here. But worldwide (particularly in N. Europe, Britain, Spain, Ireland, France) it's about $2.3 trillion, witth the U.S. @ about 40% of that...currntly increasing at about 8-10%/ann. A large component is the 23-40 yr age group with new families, new mortgage payments, new job searches...and this hasn't changed much as far as demographics in the last 25 tears.
By the way, the so-called "negative savings rate" only applies to post-tax (non IRA, 401K, 403B, 457, and other, gov't mandated or tax sheltered accounts, including private deferred annuities) So the U.S.' so-called negative savings is offset by $12 Trillion in sheltered accounts, which also funds market activity.
237 points
josephconlin answered one year ago …
I fit the 23-40 age group with small children, mortgage payments, job searches, etc that Oldman referenced. Due to some health issues and bad insurance issues that have now been resolved, I currently carry tens of thousands in credit card debt.
I know it's killing me, and I have a plan to reduce it that has reduced my credit card debt by over 4% in 2008. Sometimes life is that way - I'm just glad I have a decent financial background to help me work my way out of it.
