Christian Debt Recovery

National Debt Holders

October 20th, 2007 |

Author: Gavin

The Average American Credit Card Debt is $9,000? What a Lie!

Have you heard? The average American credit card debt is $9,000.

How much do you owe? Just $5,000? That’s $4,000 or 44% less than the average.

Congratulation, you’re so much better off than the millions of average Americans out there.

Or, are you?

Let’s see. Millions of Americans owe tens of hundreds of thousand dollars in credit card. So, it must be alright for you to be in debt too. And, the balance you carry is well below the national average. So you’re doing pretty good, right?

Before we come to a conclusion, let’s look at a couple of things.

1. What does Average mean?

Ask anyone with some training in math, they will tell you what “average American credit card debt” is. Take the total credit card debt in the United States, divide it by the total number of credit card holders, and there you have it. The average: a figure used to represent the many outstanding card balances.

The question is: Is the average amount truly representative?

Let’s say there are only 10 card holders. Each carries a card balance of $2,000 except one with $72,000. That will give you an average balance of $9,000. Would you say that the figure represents the debt level of the 10 persons? $2,000 seems closer to the reality, don’t you think?

We are talking about 10 card holders here only. With millions of card holders in the US, can $9,000 or any other quoted figure really represent the wide range of debt balances?

Now, are you still sure that the $5,000 you owe is well below the American “average”?

2. Are you Mr. Average?

Mr. Average American has $9,000 in credit card debt. If he earns $50,000 a month, he is well able to afford the debt. If he earns $1,000 a month, then he is over extending his limit.

But does it matter what Mr. Average owes or how much he earns? You’re not Mr. Average. You are you. Do you have $9,000 in debt? Do you earn $50,000 or $$1,000 a month?

The point is, your situation is different from Mr. Average. So what makes you think that you’re fine when your debt is in line with or below the average. When you earn $1,000 a month, a debt balance of $5,000, which is well below the $9,000 average, can still spell trouble.

The next time you start comparing yourself against the “average American credit card debt”, stop. Forget about the average. It’s not some magic number you must achieve to be fine. Analyze your own situation. Then decide for yourself whether your finances are really under control.

If you must make a compari
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