Average Credit Card Debt Statistics: March 2018

The average credit card debt in America is $5,331 per person, but there's more to this figure than meets the eye. We break it down in shocking detail.

We love our credit cards in America. But unfortunately, credit card debt is a major problem.

Facts and Figures at a Glance

Average credit card debt statistics you should not ignore:

The average credit card debt is $5,331.

69% of people have some...

Read more

Date: 2018-03-22 21:28:28
Website: creditdonkey.com

Related topics : average household credit card debt 2016 / average household credit card debt federal reserve / facts about credit card debt in america / average credit card debt in america 2018 / average credit card debt per person

Paying Down Debt: Snowball vs Avalanche Debt Management

The average amount owed by American households with credit card debt in 2016.

Sources: Federal Reserve, U.S. Census Bureau

SNOWBALL APPROACH

Start with the smallest balance first, pay it off, and work your way up to the largest balance.

PRO

Extinguishing one small debt can help you build momentum toward larger debts and give you a psychological lift.

CON

Focusing on the size of the balance rather than the interest rate could mean paying more in interest than the avalanche approach.

AVALANCHE APPROACH

Start with the highest-interest debt, then work your way down to lower-interest debt.

PRO

Prioritizing high-interest...

Read more

Date: 2018-03-22 18:03:25
Website: https://bettermoneyhabits.bankofamerica.com

Related topics : high interest credit card debt / average household credit card debt federal reserve / credit card debt default interest / no interest credit card debt / average household credit card debt 2016

How to Pay Off Credit Card Debt for Good - The Dough Roller

Advertising Disclosure

DoughRoller receives compensation from some companies issuing financial products, like credit cards and bank accounts, that appear on this site. Unless a post is clearly marked "Sponsored", however, products mentioned in editorial articles and reviews are based on the author's subjective assessment of their value to readers, not compensation. Compensation may impact how and...

Read more


Website: https://www.doughroller.net

4 Different Rules of Thumb For How Much House You Can ...

CNN Money says 2.5 times:

The rule of thumb is to aim for a home that costs about two-and-a-half times your gross annual salary. If you have significant credit card debt or other financial obligations like alimony or even an expensive hobby, then you may need to set your sights lower.

The now-defunct Washington Mutual Bank suggested up to 4-5 times:

As a broad generalization, most people can...

Read more


Website: http://www.mymoneyblog.com

Credit card debt statistics – Compiled by HoffmanBrinker.com

The largest drop in average credit card debt over the previous quarter:

Hawaii -2.7%

Utah -2.6%

Nevada -2.4%(source: www.cardtrak.com , August 2009)

Charge-off rates in January 2009were 40% higher than a year ago at 7.5% and were expected to approach 9% during the second half of 2009.(source: Credit Card Delinquencies Climb To Record Levels While Loan Write-Offs Soar )

The average American...

Read more


Website: http://www.hoffmanbrinker.com

Debt Slavery: 30 Facts About Debt In America That Will ...

The following are 30 facts about debt in America that will absolutely blow your mind....

Credit Card Debt

#1 Today,� 46% of all Americans carry a credit card balance from month to month.

#2 Overall, Americans are carrying a grand total of� $798 billion in credit card debt.

#3 If you were alive when Jesus was born and you spent a million dollars�every single day since then, you still would...

Read more


Website: https://www.infowars.com

pay down debt - ZING Blog by Quicken Loans

Debt Consolidation refinance choices

Credit cards are convenient things. They mean we don't have to carry cash around, and if we don't have the cash for an important expense right now, we can put it on the card and pay it off over time if we have to.

Unfortunately, credit cards also make it easier to get into debt. Even if you're being careful, one big expense can put you in a tough spot. The...

Read more


Website: https://www.quickenloans.com

7 Ways to Tackle Credit Card Debt in the New Year - ZING ...

Credit Card Debt Debt Personal Finance

According to the� Federal Reserve , the average American household has roughly $16,425 in credit card debt. While that's a frightening number for many, some experts are paying closer attention to how many of those households are actually paying their bill each month.

A new report released by the Fed in November showed that� 4.6% of all credit card debt...

Read more


Website: https://www.quickenloans.com

Debt Counseling: The Good, Bad & Ugly - CBS News

Email

As long as there have been credit cards, there have been people with credit problems. There are lots of companies out there willing to help get these problems under control, but they come with some strings attached. Personal financial advisor Ray Martin visits The Early Show on Wednesday to share his advice for anyone seeking credit or debt counseling.

Consider this:

Lending institutions...

Read more


Website: https://www.cbsnews.com

Consolidate Debt | Tips to Consolidating Debt and Credit

Consolidating debt can help your financial situation.

Understand your financial situation and define your goals.

Shop around for the best debt consolidation provider before consolidating credit.

4.7

(39�Votes)

Tackling and Consolidating Debt and Credit

There is no one-size-fits-all approach to consolidating debt. However, there are some very important steps to take to find the best debt...

Read more


Website: https://www.bills.com

Consumer Credit & Payment Statistics | Consumer Finance ...

Payment Cards Center

Consumer Credit & Payment Statistics

The Payment Cards Center (PCC) Consumer Statistics page provides updated statistics related to consumer credit and consumer payments. The PCC compiles statistics that are relevant to researchers, reporters, and others interested in consumer credit and payments on a quarterly basis. The statistics are divided into two sections: 1) Consumer...

Read more


Website: https://philadelphiafed.org

Related topics : federal reserve outstanding credit card debt / consumer protection credit card debt / consumer credit card debt / average household credit card debt federal reserve / credit card debt payment

10 Best Debt Consolidation of 2018 - Consumers Advocate

Debt consolidation is a debt refinance method used to consolidate unsecured debt like student loans and credit cards into�a single monthly installment. There are different ways to consolidate debt, the most typical one being an unsecured debt consolidation loan usually offered through major banks or debt consolidation companies. Other loan options are home equity lines of credit, credit card...

Read more


Website: https://www.consumersadvocate.org

Unsecured Debt – Types and Solutions

Credit card debt is the most pervasive type of unsecured debt, and it's on the rise again. Americans topped $1 trillion on their cards at the start of 2017, the highest it's been since the Great Recession in 2008. It is a revolving line of credit , meaning you can continue to borrow each month and carry balances over. As with other loans and debts, it's best to pay more than the minimum payment...

Read more


Website: https://www.debt.org

FRB: FEDS Notes: How Much Student Debt is Out There?

, Simona Hannon, and Karen Pence

As is widely known, student loan debt has expanded significantly over the past decade or so and stands at historically high levels. But how much in total do students owe? Somewhat confusingly, the Federal Reserve System produces three sets of statistics on student loans. Every quarter, total student loans are reported on the Federal Reserve Board's Consumer Credit...

Read more

Date: 2015-08-07 16:34:40
Website: https://www.federalreserve.gov

5 Things Most People Don't Grasp About U.S. Debt - Money

Donald Trump recently told Fortune that "if I had a choice of taking over debt free or having $19 trillion -- which by the way is going up to $21 trillion very soon because of the omnibus budget, which is a disaster. If I had my choice I'll take no debt every time."

While he suggested earlier that it would be possible to pay off the entire national debt in about eight years in part by...

Read more


Website: http://time.com

Debt Collection from India - Superior Debt Relief - Debt ...

State: *

Debt Collection Done From India Appeals to U.S. Agencies

GURGAON, India In a glass tower on the outskirts of New Delhi, dozens of young Indians are on the telephone, calling Americas out of work, forgetful and debt-stricken and asking for cash.

Are you sure thats all you can afford? one operator in a row of cubicles asks politely. Well, how do you take care of your everyday expenses?...

Read more


Website: https://www.superiordebtrelief.com

Young Student Loan Borrowers Retreat from Housing and Auto ...

Student loans have soared in popularity over the past decade, with the aggregate student loan balance, as measured in the FRBNY Consumer Credit Panel , reaching $966�billion at the end of�2012. Student debt now exceeds aggregate auto loan, credit card, and home-equity debt balances--making student loans the second largest debt of U.S. households, following mortgages. Student loans provide...

Read more


Website: http://libertystreeteconomics.newyorkfed.org

Related topics : debt repayment student loan / student credit card debt / student credit card debt statistics / credit card debt loan / loan for credit card debt

5 facts about U.S. student loans | Pew Research Center

Americans owed more than $1.3 trillion in student loans at the end of June, more than two and a half times what they owed a decade earlier. The increase has come as historically high shares of young adults in the United States go to college and the cost of higher education increases.

Here are five facts about student loans in America, based on a Pew Research Center analysis of recently released...

Read more


Website: http://www.pewresearch.org

Related topics : debt repayment student loan / paying off student loan debt / debt help loan student / facts about credit card debt and college students / college student credit card debt statistics 2012