Christian Debt Recovery

Credit Card Debt Statistics America

May 3rd, 2008 |

Author: Gavin

Debt Statistics

Below are some debt statistics that you may find interesting to read.

* Almost one out of every 100 households in the United States will file for bankruptcy.
* Out of all card holders within the U.S., 51% are females
* 43% of U.S. families spend more than they earn.
* Only 2% of homes in America are paid for 92% of U.S. family disposable income is spent on paying debts.
* Making minimum payments on a credit card with a $4,800 balance, at 17% interest would take 39 years and seven months to pay off. Paying $10,818.63 in interest alone, and a total of $15,619 for the privilege of charging the $4,800.
* Approximately 46% of all Americans have less than $10,000 saved for retirement. 39% of Americans are concerned about their ability to achieve their desired retirement lifestyle.
* An $8,000 debt at 18% interest will take over 25 years to repay and cost over $24,000 in the long run.
* The average American household has 13 charge cards. There are 1.3 billion payment cards in circulation in the United States.
* Americans made $1.1 Trillion worth of credit card purchases in 1999.
* Americans carry, on average, $5,800 in credit card debt from month to month. If one were to make only the minimum payment on that debt every month, it would take 30 years to pay off – and include an additional $15,000 in interest.
* According to the American Bankruptcy Institute, 391,873 people filed for bankruptcy in the third quarter of 2002.
* On average the typical credit card purchase is 112% higher than if using cash.
* 96% of all Americans will retire financially dependent on the government, family, or charity

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About the Author

Writing financial and debt consolidation articles for over 10 yrs. Been in the credit counseling biz for as long as well