Statistics on the average American's spending and debt are mind boggling to many. One of the wealthiest nations in the world also has the most accumulated debt per person. While it may be hard to imagine, there were approximately 176.8 million American credit cardholders in 2008. Additionally, the average credit card holder has 3.5 credit cards. Americans' tendency to spend beyond their means is creating a nation plagued by debt.
Credit Statistics
Credit card usage has reached astounding heights. According to reports gathered by researchers across America, including the US Census Bureau, the following statistics indicate how prevalent credit is within contemporary America:
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• 78 % of American households (about 91.1 million) had one or more credit cards at the end of 2008
• The average age at which a U.S. consumer under the age of 35 first adopted a credit card is 20.8 years
• 84% of the student population have credit cards
• Approximately 50% of college undergraduates had four or more in 2008
• 76 % of undergraduates have cards, and the average undergrad has $2,200 in credit debt. Additionally, they are expected to accumulate almost $20,000 in student debt
• On average, today's consumer has a total of 13 credit obligations on record at a credit bureau
While these statistics reveal the extent to which credit is used, they do not indicate how many users are at risk of debt.
Debt Statistics
The following statistics were gathered by researchers across the country. Unfortunately, they reveal how the average cardholder is teetering on the edge of bankruptcy.
• The average unpaid balance in December 2009 was $3,389
• The American household was in debt $8,329 by the end of 2008
• At the end of 2008, Americans' credit card debt reached $972.73 billion, up 1.12% from 2007
• In 2007, 14.7% of U.S. families had debt exceeding 40 percent of their income. This number has likely increased since the recession.
• Debt among cardholding young adults increased to $4,088 in 2008
• Total U.S. consumer debt (which includes credit card debt and noncredit-card debt but not mortgage debt) reached $2.56 trillion at the end of 2008, up from $2.52 trillion at the end of 2007
As indicated by the statistics, Americans are struggling to stay on top of their finances. If you are in danger of defaulting on a loan, you may want to consider filing for bankruptcy. Contact the West Palm Beach bankruptcy attorneys at the law office of Eric N. Klein to learn about how bankruptcy can help you and your family resolve unpaid debts.
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