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Plastic Is King: Credit Card Debt In America

credit sesame Plastic Is King Credit Card Debt in America Our economy is largely based upon debt, and the debt held by individual consumers plays a significant role in this economy. What follows is a dissection of consumer debt, showing how much we owe, who owns our debt, and America's favorite credit cards. Consumer Debt Breakdown: $2,423,000,000,000 total outstanding consumer debt in the U.S. (as of August, 2010). Revolving Debt What is revolving debt? $822.4 billion Usually refers to credit card debt and typically has a variable interest rate, an open-ended term and payments that are based on a Non-Revolving Debt $1,600.7 billion percentage of the balance. What is non-revolving debt? Consists of loans for education, automobiles, boats but doesn't Consisting Of: include real-estate-related loans such as mortgages and home equity lines. $10,423.37 $18,642.81 Average total debt per american over 18 Average total debt per american household $3,537.84 $6,885.97 $6,327.63 $12,315.95 Non-Revolving Revolving Revolving Non-Revolving Who Is Holding Our Debt? Total debt: $2.43 trillion Revolving debt: $822,4 billion Commercial banks hold the majority of America's consumer debt. Non-revolving debt: 25% 50% 75% 100% $1,600.7 billion Commercial banks Finance companies Credit unions Savings institutions Nonfinancial business Pools of securitized assets Percentage breakout Average Credit Card Debt by State: Alaska held the highest debt the end of the first quarter of 2010, averaging $7,135 per person. This puts it almost 30% over the national average. By contrast, lowa incurred the lowest average debt at $3,872 per person. National average credit card debt: $5,165 $6,500 - $7,499 $5,500 - $6,499 $4,500 - $5,499 $3,500 - $4,499 *In first quarter of 2010; based on 27 million randomly sampled credit files. Average Credit Card Debt by Demographic: Nationwide, debt peaks with 50 to 59-year-olds, who hold the highest average debt at $20,157. The 70-and-over age group holds the lowest average debt with just $6,500. $5K $10K $15K $20K $25K 18 to 29 30 to 39 40 to 49 50 to 59 60 to 69 70+ How Much The Average American Pays in APR: APR (Annual By Type of Credit Card Percentage Rate) The annual rate of interest National Low Cash Balance you will pay on your debt. Average Interest Back Transfer Business 14.69% 11.93% 12.70% 12.83% 13.05% October 2010 May 2010 14.38% 12.11% 12.57% 12.75% 12.96% Instant Bad Reward Airline Student Approval Credit 14.29% 14.45% 14.49% 16.49% 24.64% October 2010 May 2010 14.47% 14.43% 13.77% 18.41% 20.32% Credit Card Circulation by Brand: 400 M il.. Total credit cards in circulation: 576.4 million 300 M Total debit cards in 200 M circulation: 507 million 100 M Visa Visa Debit MasterCard MasterCard American Discover Debit Express | | | |

Plastic Is King: Credit Card Debt In America

shared by aleks on May 23
The debt held by U.S. consumers plays an important role in today’s economy. In fact, a huge portion of the economic growth factor, or GDP, relies heavily on consumer debt. This infographic dissects ...


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