Credit Card Debt Percentage

The total credit card debt in the US amounts to hundreds of billions of dollars.
 
    
The UK is not far-off when it comes to credit card debts. In fact, creditaction.org reports that as of November 2009, $2.85 billion were spent though credit cards per day in the UK. In Australia, on the other hand, credit and charge card spending amounted to $19.189 billion as of October 2009. The following is a report of the latest trends in credit card debt and in the aforementioned countries.

Credit Card Debt Percentage in the US
As of January 2010, the total revolving debt in the United States is $ 867.6 billion. This is According to the Federal Reserve. 98% of this amount is the credit card debt percentage. This translates to $850.248 billion of credit card debt, which is accumulated by more than 500 million credit cards in circulation in the US. From 2007 to 2008, the total credit card debt percentage went up by 1.12%. This was a total of $972.73 billion of American credit card debt.

When distributed, this credit card debt percentage is equal to $16,007 of credit card debt per household (with a credit card debt). Way back 2007, 3.5% of the total debt of the average American family was the debts due to credit cards.

Credit Card Debt Percentage in the UK
The national outstanding credit card balance in the UK as of December 2009 was $87.5 billion. By February 2010, the total credit card debt increased to $94.38. This is a credit card debt percentage increase of around 7.29%. This debt is distributed in over 60 million credit cards in circulation in the country, which is slightly bigger than the actual population. Of this number, 69% carried an outstanding balance. Research company PricewaterhouseCoopers also reports that the average credit card debt has increased by 5% in 2010 and for the first time in history, has gone beyond $1,500.

Credit Card Debt Percentage in Australia
According to the Reserve Bank of Australia, the average credit card debt per cardholder as of November 2009 was $3,196. This amount was a large increase from the previous year, which recorded an average credit card debt of $3,143 per cardholder. This numbers showed that the credit card debt percentage of the average Australian increased by 1.7% in one year and 5.8% in five years.

As of December 2009, the outstanding national credit and charge card balance in Australia was $46.912 billion. The good news is, this amount declined to $46.152 billion in January 2010, which translates to a 1.6% total decrease.

As credit card debt percentage figures rise and fall in these three countries, we are given a glimpse of the real situation of their economies.


  

Source: Credit Cards For People With Bad Credit Rating


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