A Lifetime of Debt: The Financial Journey of the Average American

LIFE Of Debt TIME The Financial Journey of The Average American: LIFETIME Of Debt The Department Store Card The first payment-based debt for the average American gets incurred while still in high school. DEBT STOP ALIFETIME Of Debt Target is in the top 10 Interest rates on department store cards can be as staggering as 33% Over 173 issuers of credit cards Million The Next Credit Card Americans own at least one credit card DEBT The average rate for standard bank credit cards is around 19% 84% of college students have credit cards. Half of all college graduates have 4 or more credit cards STOP Med School graduates leave school with an average of $113K in debt The average graduate student has $8,600 owing on his/her credit cards ALIFETIME OL Debe Only 2% of undergrads have no credit history The First Credit Card Doctoral students The average undergrad has $3,200 in credit card debt amass another $29,000 DEBT On average, master's degree students take on STOP an additional DEBT $17,000 in student loans ALIFETIME Of Debt The Undergraduate 3/4 of American households STOP have multiple credit cards STOP Student Loan The average student amasses over $20,000 in student debt toward LIFE TIME Of Debe DEBT his/her first degree The Auto Loan LIFETIME Of Debt DEBT The Graduate Student Loan STOP The average auto loan is $30,738, a 40% rise in the last 10 years This is double the loan The average auto loan interest rate varies between term of a typical auto loan 25 years ago Most auto loans are over 6 years in length 7% and 9% LIFETIME O4 Debt The Mortgage LIFE TIME Of Debt DEBT The Second or Third Auto Loan STOP The average home mortgage costs around $240,000 After 30 years of making payments, a homeowner with a $240,000 mortgage loan willl have paid over $580,000 on his/her house. DEBT STOP LIFETIME Of Debt More Credit Cards Two-thirds of all American households own 2 or more automobiles. MostAmericans use The average balance per household in America By age 60, the average American has 5 or more DEBT STOP loans to finance with credit card debt is every vehicle they drive credit cards $10,637 ALIFETIME Debt Sources: http://wwwu.creditcards.com/credit-card-news credit-card-industry-facts-personal-debt-statistics-1276.php http://wwwww.bcsalliance.com/creditcards_f.html http://wwww.amsa.com/policy/resources/stats.cfm http://wwmonlinedebtzero.com/Statistics http://wwwww.nenser.com/story/15276/americans-drive-cycle-of-auto-debt.html http://wwww.autospies.com/news/Study-Finds-Americans-Own-2-28- Vehicles-Per-Household-26437/ The Refinance The median credit limit on family credit cards in America is $18,000 DEBT http://wwww.freddiemac.com/news/archives/rates/2009/1 qupb09.html STOP Refinancing a mortgage is often an attempt to On average, about half of refinances result in a higher overall loan amount. LIFE TIME Of Debt The End consolidate overwhelming debt from a variety of sources The average American has a total of 13 credit Over a lifetime, the average American will pay over $600,000 in interest obligations right now The logo LIFE is a registered trademark of Milton Bradley, a subsidiary of Hasbro. It is used in this infographic for for the purposes of satire and parody. CreditLoan.com is in no way affiliated with Hasbro or Milton Bradley. COPYRIGHT 2009 CREDITLOAN.COM