I was looking over some debt statistics and i was surprised at what i found.
- Over 40% of US families spend more than they earn.
- Only 2% of homes in America are paid for.
- Nearly 1 in every 35 households in the United States will file for bankruptcy.
- 96%of all Americans will be financially dependent on the government, family, or charity at retirement.
- Over 1.5 trillion dollars worth of purchases annually is made using credit cards.
- Americans carry, on average, $8400 in credit card debt.
- The average U.S household pays $950 in interest each year.
- More than four out of ten young consumers between the ages of 18 and 21 who surf the Web now own a credit card, and 65% of these young consumers used the Web to apply for a credit card.
- In September 2008 credit card debt hit an all-time high of $975 billion.
Credit cards debt distribution statistics around the U.S as of August 2009.
- Highest state average credit card debt:
- Alaska at $7,665
- Tennessee at $7,054
- Nevada at $6,517.
- Lowest state average credit card debt:
- Iowa at $4,247
- North Dakota at $4,417
- South Dakota at $4,633
- The steepest increases in average credit card debt over the previous quarter:
- District of Columbia +6.3%
- Tennessee +2.7%
- Alaska +2.5%
- The largest drop in average credit card debt over the previous quarter:
- Hawaii -2.7%
- Utah -2.6%
- Nevada -2.4%
This leaves you to think about this question – Are we out of control on personal spending in America?