Saturday, June 28, 2008

More about debt

  • About 43% of American families spend more than they earn each year.
  • Average households carry some $8,000 in credit card debt. (2004)
  • Personal bankruptcies have doubled in the past decade.
  • Revolving Credit debt is up 167% (1990 to 2004) (From MSN Money)

78% of Baby Boomers have mortgage debt, 59% have credit card debt, and 56% have car payments. (Dave Ramsey)

According to information gathered by the US Census bureau, there were approximately 164 million credit card holders in the United States in 2003 and that number is projected to grow to 176 million Americans by 2008. These people hold 1.5 billion cards - an average of nearly nine credit cards each.

Americans charged approximately $1,735 billion dollars to their credit cards in 2003 - that's just over $10,500 in charges. This is just revolving debt -- not mortgages, school loan or cars.

The US Census bureau also tells us that Americans carried approximately $786 billion in credit card debt and that number is expected to grow to $965 billion by the year 2008. This works out to nearly $4,800 in credit card debt per card (not household) and that number is expected to increase to nearly $5,500 by 2008. This is debt carried, not charged.

That's a lot of debt.

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