The average credit card debt in the US is growing larger every year.
It is a problem that is creating serious financial issues not just in the credit market but in other markets as well.
Increasing debt in the US also has an effect on things like mortgages, bankruptcy, foreclosures, and car and school loans.
As the average US consumer's debt balances grow, more people are turning to things like debt consolidation and other more drastic means of fixing their credit and getting back their financial lives.
If you think that credit card debt in the US is not as bad as it may look, you may want to check out these numbers.
US Credit Card Debt - The Facts Let us take a look at some of the numbers that are appearing when dealing with credit.
The average credit card currently has a balance of around $1000.
On this $1000, if only the minimum 2% payments monthly are made it would take 22 years plus an additional $2300 in interest in order to pay the debt off.
The average American household is looking at almost $9,000 in credit card debt.
However, the average debt among those who have at least one card is over $9000.
Since 1990 the average credit debt has tripled in size.
If you are wondering, the average American spends more than $1200 a year in just interest payments alone.
That is more than most mortgage payments and rents for a single month.
If you are worried about making the mortgage, this may give you pause for thought.
On average, the interest rate for credit cards is 18.
9% and it is going up.
Some cards have introduction rates of as high as 23% and as much as 30% for those with damaged credit.
50% of Americans would never tell a friend how much they owe in credit card debt, 23% have reached their credit limit, 13% are late 30 days on payments within the last 12 months, and 11% admit their cards when into collections.
This is becoming a serious problem that is having an effect on a variety of different industries including real estate, the mortgage industry, the auto industry, banking, savings, and the stock market.
It is a problem that is creating serious financial issues not just in the credit market but in other markets as well.
Increasing debt in the US also has an effect on things like mortgages, bankruptcy, foreclosures, and car and school loans.
As the average US consumer's debt balances grow, more people are turning to things like debt consolidation and other more drastic means of fixing their credit and getting back their financial lives.
If you think that credit card debt in the US is not as bad as it may look, you may want to check out these numbers.
US Credit Card Debt - The Facts Let us take a look at some of the numbers that are appearing when dealing with credit.
The average credit card currently has a balance of around $1000.
On this $1000, if only the minimum 2% payments monthly are made it would take 22 years plus an additional $2300 in interest in order to pay the debt off.
The average American household is looking at almost $9,000 in credit card debt.
However, the average debt among those who have at least one card is over $9000.
Since 1990 the average credit debt has tripled in size.
If you are wondering, the average American spends more than $1200 a year in just interest payments alone.
That is more than most mortgage payments and rents for a single month.
If you are worried about making the mortgage, this may give you pause for thought.
On average, the interest rate for credit cards is 18.
9% and it is going up.
Some cards have introduction rates of as high as 23% and as much as 30% for those with damaged credit.
50% of Americans would never tell a friend how much they owe in credit card debt, 23% have reached their credit limit, 13% are late 30 days on payments within the last 12 months, and 11% admit their cards when into collections.
This is becoming a serious problem that is having an effect on a variety of different industries including real estate, the mortgage industry, the auto industry, banking, savings, and the stock market.
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