Plastic Is King: Credit Card Debt In America

credit sesame www.creditsesame.com 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 census.gov | creditcards.com | transunion.com | federalreserve.gov | dailyfinance.com