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Consumer Debt Statistics |
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Consumer Credit Problems? Free Debt Consolidation Quote!
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immediate help with credit card bills call Think you're the only one with credit problems? At times it may feel that way, but consider the following: In the U.S., there are approximately 185 million credit card holders with an average of 8 credit cards per user. In 2003, the average balance per family ran about $9,340.00, up from $8940.00 in 2002. Interest rates range from 18-25%. Now add installment and other non-revolving credit (mortgages, cars, personal loans and other long term obligations) to the picture, and the average family owes around $85,000.
At any given time there are approximately 40-60 million people who are either just on the brink of losing control of their finances, or have already crossed that threshold. In the year 2003 alone, the total number of bankruptcies reached a record of more than 1.66 million petitioners, up 5.23%% from the previous year. Credit cards were a factor in 1.3 million of these filings, a staggering 87%. And bankruptcy filings continue to be at near record pace. In the first quarter of 2004 bankruptcy petitions reached 393,348, down .05% from 395,129 for the first quarter of fiscal year 2003.
Each year, millions find themselves unable to cope with current financial obligations and join the ranks of this less than august group. As a part of this group finds a way to resolve their credit problems and graduates to debt freedom, the newly indebted move in to take their place. In many cases, some never leave and become permanent members of this pool of the chronically credit challenged.
Now, knowing you have company, and lots of it, may make you feel better, but it still doesn't solve your problem: Owing more than you can comfortably afford to repay. What can you do if you find yourself caught in the revolving credit card trap and unable to manage your finances? Perhaps the following can help: Pay more than the minimum each month. Credit card issuers love it when you make only the minimum payment because its mostly interest you're paying. By making the minimum it can take years to zero out your account because only a small fraction of your remittance goes to principal. Negotiate with your credit card company. Competition for card holders is fierce. If you have a good track record with your current issuer, more than likely they will offer a concession on rates and terms. Set up a budget. Sounds so simple doesn't it? Yet, many overlook this most basic concept. It's as easy as 1-2-3. List your monthly income and total up your monthly expenses. Now live within those those parameters. Get rid of all but one card. Why carry a dozen credit cards when you need only one: either Visa or MasterCard. They are accepted at virtually all retail establishments. Having just one account makes life so much easier. Click on the link below. Our program offers the #1 recommended way to escape the debt trap through proven money management principles. Click Here and receive your free consultation today. Other Credit Card & Debt Statistics Average balance per credit card as of April 2004: $2947.00 Total credit card debt as of March 2004, 755.8 billion Total consumer debt as of March 2004, 2.0225 trillion National debt as of May 9, 2004, 7.134 trillion or $24,656.86 per man, woman and child. Total combined national debt and consumer debt, 37 trillion or $128,560 per man, woman and child. (This figure includes the sum of all debt at the federal, state, local, international, private households, business and domestic financial sectors, including federal debt to trust funds - but excludes the huge un-funded contingent liabilities of social security, government pensions and medicare)
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The following sources were used to compile this report: BankRate.com, CardWeb.com, Grandfather Economic Report, Drowning In Debt, Credit Forecast, Federal Judicary, Card Marketing, Financial Freedom, Ed Hall's Home Page. CNN Money Federal Reserve Gallup Organization |
