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Credit Card Debt Truths
Many sources, including the government, the media, and even bank officials, have claimed that the American people have a lot of credit card debt. There are many rumors going around saying that Americans owe thousands of dollars each in credit card debt. They usually will give statistics with their claims to help back the claims up. However the truth about Americans credit card debt is often skewed and hidden. The only way to see the truth is to break down the numbers.

You may have heard the statistic that the average American has more than $8,000 in credit card debt. While this statistic is true, it only holds true if you're considering every American in the country. Most statistics don't include every American, only those that have credit cards.




Thus our image of the average American family with a house and kids is skewed as not all of these "average" Americans have credit card debt. The problem is when they mention the word average in their statistics we are lead to believe that it's this type of family that we often think of when in fact they actually use the mean of the people who have credit card debt.

The truth is that most American households don't have debt. In fact only about 1 in 20 American households have $8,000 or more in debt. This means that the majority of American families have paid off their credit cards or don't have credit cards. Out of the remaining households, most of them only owe $2,000 or less. An average can't tell you how much the average American owes as it's a skewed number.

You may be curious why this is. In reality it's very simple. It's due to how they came up with their number for the average American's debt. They took the outstanding credit card debt that is owed which is $750 billion and divided it by the number of American households that have a minimum of 1 credit card. This is approximately 84 million households.




Thus they arrived at $8,000 per household.

However this number is very deceiving as they didn't even factor in the number of Americans that don't have credit cards. By doing this they eliminated 23.8% of American households in their calculations. This is a huge factor if you're trying to get the average American credit card debt for all Americans. Another 31.2% of American households pay off their bills as soon as they get them. Thus altogether 55% of all American households owe no credit card debt.

Out of the 45% 29% have $1,000 or more in credit card debt, 21% of households owe $2000 or more, 4% owe $10,000 or more, and 1% owe $21,000 or more. These numbers show that 26% of the American people carry all of the debt that is owed for debt that is $2,000 or more.




American households owe very little to credit card companies. Most of the households that due have credit card debt have less than $1,000. The truth is that most of the American people are not in credit card debt and nowhere near the rumored numbers..
Author Resource:- Graham McKenzie is the content coordinator for a leading website that offers for bad debt consolidation advice and guidance.
Credit Card Debt, Credit Card Debt Consolidation, Get Out of ~~~

Credit card debt consolidation service to help you get out of credit card debt! . ~~ . ~~ . ~~ . ~~

• credit-card-debt-america.com

The truth about credit card debt - MSN Money

~~~ contend that the average American owes more than $8,000 on cards. Their statistics show that the average debt per American household with at least one credit ~~~ . ~~ . ~~ . ~~ . ~~

• moneycentral.msn.com/content/Banking/creditcardsmarts/P...

Credit card statistics, industry facts, debt statistics

Debt. In 2004, of those with credit cards, 84 percent of African-American households carried credit card debt compared with 54 percent of white households. Get a list of cards you are more likely to qualify for based on your credit profile. ~~ . ~~ . ~~ . ~~

• creditcards.com/credit-card-news/credit-card...

Declining American Credit Card Debt Totals

For more than thirty years, the credit card debt bill for all

• totaldebtrelief.net/blog.php?view=Declining+American...

How does your debt compare? - MSN Money

A snapshot of American debt shows a troubling picture. See how your mortgage statements, credit card balances and payment practices compare with other Americans' bills. economy?We decided to look at the most recent numbers and take a snapshot of household debt in the United States, circa 2004. ~~ Bernard puppy. ~~ Personal bankruptcies have doubled in the past decade.It's not clear exactly where the debt trend will take U.S. ~~ But it is clear that both are sailing in uncharted waters.Don't let retirementsneak up on you. ~~

• moneycentral.msn.com/content/SavingandDebt/P70581.asp

Average American Credit Card Debt | Average Credit Card Debt ~~~

Average American credit card debt and other debt statistics give you a real picture of what is happening with debt in America today. . ~~ . ~~ . ~~ . ~~

• controlcreditcarddebt.com/average-american-credit...

Credit Card Debt Elimination and Facts About Debt In America ~~~

Offers Credit Card Debt Elimination And Facts About Debt In America about debt consolidation and credit card debt . ~~ . ~~ . ~~ . ~~

• spendonlife.com/content/CreditCardDebtEliminationAnd...

American Consumer Credit Counseling

Non-profit Credit counseling, debt consolidation and credit card help through financial education and debt management plans. Non profit credit counseling since 1991. Once you have enrolled in our debt management program, we will consolidate your payments and disburse funds to your creditors on your behalf.Debt ConsolidationAs part of our debt management program, our credit counseling specialists will assist you in effective debt consolidation. ~~ Credit card debt consolidation under a debt management plan provides you with one easy payment. ~~ ACCC on Credit Cards and College Costs.ACCC comments on Americans Managing Credit Card Debt BetterCredit Card DebtHomeowners and RefinancingTRUSTe helps consumers and businesses identify trustworthy online organizations through its Web Privacy Seal, Email Privacy Seal and Trusted Download Programs. ~~ . ~~

• consumercredit.com

American Credit Card Debt Grows a Mere 1.2%

In September, consumers somewhat resumed their reliance on credit card debt, which increased a mere 1.2%. Although up from August's rise of only .4%, it still ~~~

• useconomy.about.com/b/2008/11/11/american-credit-card...

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