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Financial Literacy

Financial Literacy

Home Financial Literacy Credit and Debit OMG! We Owe HOW Much?

OMG! We Owe HOW Much?

• The money Americans owe on our credit cards is staggering (so mind-boggling that Mark the accountant can’t stand up straight as he walks) at over $800 billion. Credits card debt is the third largest type of consumer debt, after car loans and student loans.

• Think about it. There are 312 million people in the U.S. right now, that works out to be about $2,500 in credit card debt for each and every man, woman, and child in America.

• ‘Course, not everybody has a balance on their card, so just look at the households (a group of people living in the same house sharing money, food, blood, etc.) that have a balance on their cards. Each of these households owes an average $14,500.

According to NerdWalletMarch 2012
Total revolving debt$803.6 billion
Number of U.S. households118,666,137
Average credit card debt per household$6,772
% of households with a credit card balance46.70%
Average credit card debt per indebted household$14,517

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