Consumer Debt

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?

Related Articles

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• American bankruptcy institute
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