Sobering Statistics on American Debt
Many Americans are drowning in debt, which is becoming more apparent everyday with all the foreclosures.
Many American families live from paycheck-to-paycheck and if there is a hiccup financially, such as losing jobs, things easily come falling down.
For many Americans to live their desired lifestyle, they must have access to credit cards and loans. In many American households, the house, the cars, the furniture, the big screen TV are all purchased on credit. We have become a society that even for families with dual incomes; the family must live on credit to attain their desired lifestyle.
Consider the following sobering statistics:
- The Federal Reserve Board reported that the size of total U.S. consumer debt grew from $824 billion in 1990 to nearly $2.2 trillion in 2005, almost five times in size.
- Experian reported that in 2008 the average American had $16,635 in debt, not considering mortgages.
- ComScore reported that in 2008 55% of Americans maintained a running balance on their credit card accounts.
- Visa and MasterCard reported that in 2006 there were 984 million bank-issued Visa and MasterCard credit and debit card accounts in the U.S.
- Mail Monitor, a credit card direct mail tracking service, reported that almost 4.2 billion credit card offers were made to U.S. households in 2008.
- CardTrak.com reported (via an online poll) that the average rate for bank credit cards interest 19% in March 2007, up from 16.5% in 2003.
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