Overall Personal Debt Statistics of US Consumers
This article is going to take a look at some of the personal debt statistics for people living in the United States. The purpose for this is so that you can compare your personal debt statistics relate to the average. These personal debt statistics were taken from a variety of sources and this article should only be used as reference material only. Hopefully it can provide an insight into your debt situation.
Looking at the Big Picture for Personal Debt Statistics
Most of America is carrying some kind of debt and this article is going to look at some of the personal debt statistics for those people. If you have debt this should give you a good idea as to where your personal debt statistics sit with the rest of America.
Personal debt in the US currently totals $2.46 trillion dollars, which is up from 2006. Not too bad when you consider that there are over 300 million people currently in the US. That works out to each person carrying about $8,200 in overall personal debt.
Of that $2.46 trillion 904 billion is revolving debt. That number is not so good. If you look at that compared to the average household income, it means that the typical family’s credit card debt is roughly 5 percent of their annual income with and average balance of $2,200.
Even worse is that around eight percent of households owe more than $9,000 in credit card debt. Luckily one quarter of US households have no credit cards and around 30 percent pay them off in full each month. That is good because it means more than half of the houses in the US have their revolving debt fully under control.
But on the flip side almost half do not. In addition the average home has 13 different credit lines from banks. These include car loans, mortgages, second mortgages as well as credit cards and other loans. Of the thirteen nine are likely to be credit cards.
The good thing when looking at this is that most consumers today are paying their bills on time, and most people have not been later than 60 days if they have been late. The other good thing that shows up in American’s personal debt statistics is that most people are only using around 30% of the available credit. This shows fiscal responsibility that people are not taking on debt loads they can not handle.
