Average Credit Card Debt is rising
With the average credit card debt per household in the Western world today being around $14,000, it is becoming increasingly necessary for people to obtain credit card debt relief. Ninety percent of Americans carry debt and the average credit card debt is now well over $10,000 and is expected to grow at least 10% each year in the years ahead. In the UK, the average credit card debt is more than 4,500 pounds and rising, so it is truly a problem for the entire western world.
It is estimated that:
- Approximately 20% of Americans have maxed out their credit cards.
- The typical credit card purchase is around 112% higher than if
using cash.
- On average, 42% of Americans' income goes to paying interest.
- The average American spends about 10% more than he or she makes each
month, primarily due to an overuse of credit card spending.
- The average household pays over five hundred dollars a year in interest on
credit cards alone.
- approximately 45% of college students are in credit card debt, the average
debt being more than $3,000.
With the average credit card debt of American households rising every year, there is really only one basic course of action we need to take, and that is to make a plan to pay it off as quickly as possible.