Average Credit Card Debt Per Person

According to the Federal Reserve, as of March 2010, about 98% of the whole consumer debt in the United States is credit card debt. In fact, the total revolving debt in the United States is $864.4 billion
 
    
With around 54 million households carrying a credit card debt, we are looking at an average debt of $16,007 per household. If we consider households without credit card debt, the average credit card debt per household is $7,394.

Average Credit Card Debt per Person in the US
Calculating from this Federal Reserve report, the average credit card debt per person (or should we say, per adult) in the United States is $3,752. With the number of credit card holders projected to increase in 2010, the US is looking at an approximately $5,100 in average credit card debt per person. However, this number is still estimated to reach around $6,500. When you look at credit card statements, the mean or average unpaid balance as of December, 2009 is $3,389 and 56% of consumers carried a balance like this for the past 12 months. This debt, however, is not only present in working Americans.

Average Credit Card Debt per Person in colleges and universities
College and university students have one of the highest credit card debts in record. The mean or average credit card debt per person in colleges and universities as of April 2009 increased to a whopping $3,173. The median is at $1,645. Also, 21% of students carrying credit cards had balances that range from $3,000 to $7,000, and 35% of these students do not pay their bills in full. After graduation, the credit card debt of an average post-grad is almost $20,000.

Average Credit Card Debt per Person in Debt-High States
As of December 2008, Alaska has the highest average credit card debt among all US states. We are talking about a $7,827 average credit card debt per person. This figure precedes $6,636 in Nevada, and $6,568 of average credit card debt per person in Tennessee.

Average Credit Card Debt per Person in Debt-Low States
At the other side of the spectrum are the states with the lowest recorded credit card debt at a given moment. The smartest-buyers among all 50 states include Iowa with an average credit card debt per person of $4,277, North Dakota with an average of $4,403, and finally, West Virginia holding an average credit card debt per person of $4,517.

Average Credit Card Debt per Person who seeks Credit Counseling
When do you know that you need advise on your financial life? According to a study of Georgetown University in 2002, the average person in the United States seeking credit counseling carried a balance on two cards. So, if your combined credit card debt is way above that of the average credit card debt per person, you know you’re in trouble. So, better fix your issues before they get worse.


  

Source: Credit Cards For People With Bad Credit Rating


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