Average Credit Card Debt

Posted by How To Get Out Of Debt on September 18, 2010 under Credit Card Debt Settlement | Be the First to Comment

Average Credit Card Debt

There is an annual increase of the average credit card debt in US and severe financial
issues occurring in both the credit industry and other markets has been attributed to
this increase. The debt increase has affected things such as mortgages, bankruptcy,
car loans, school loans, foreclosures among many other things. As debt balances of
US consumers grow, most of them are opting for alternatives such as credit card debt
consolidation including other drastic means to fix their credit in order to get back to
normal financial lives. Most of these however, aren’t aware of credit card debt relief
options offered by the government which are probably some of the best credit card
offers. If you’ve been dismissing this situation in the US as false and not realistic, check
out on these facts.

On average, a current credit card has approximately $1000 as balance. On this amount,
if only 2 per cent are made as monthly payments which represent the minimum charge,
the card holder would take not less than 20 years paying an additional interest of $2300

to settle the debt. It is estimated that the average household in the United States of
America has close to $9000 as credit card dues/debt. Reports have indicated that
there has been a triple increase in credit debt since the year 1990. This should not
surprise you because an average US citizen spends over $1200 annually in terms of
interest payment. This is far much mortgage payments as well as rents in a month.
Those who have been worried of mortgage payments now have food for thought.

This credit crisis has affected many other sectors such as the banking , stock market,
real estate, auto industry, mortgage industry just to mention but a few and the condition
seems to be worsening. Consumers have to delve into research to know how they can
curb the problem.