Credit Card Debt Statistics

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In the United States of America, the use of credit card is always increased. So, it is reasonable if the credit card debt is also increased. It can be seen from credit card debt statistics that we will discuss in this article.

The Total of Credit Card Debt in US

Based on credit card debt statistic, totally it is more than 830 billion dollars. It is based on the data in the end of last year. In this year, the amount of credit card debt is predicted to increase again. Besides credit card debt statistics, we can also see other data of non-housing debt balance. The student loan reaches 1.38 trillion dollars, auto loan hits 1.22 trillion dollars, and others reach 0.39 trillion dollars.

Credit Card Debt Statistics by Income and Employment

Credit card debt statistics show that people who have highest income with more than 150,000 dollars per year have to pay the credit card balance every moth in full. But they still make minimum payment at 38 percent of the time. On the other side, people who earn less than 50,000 dollars annually will pay around 50 percent of the time. Then, cardholders who earn less than 25,000 in a year are the least to pay credit card debt in full.

Credit Card Debt Statistics by Age and Gender

According to US credit card debt statistics, consumers within 35 and 65 years old carry the most debt on credit card. However, the highest credit card debt is on those who are 45 to 54 years old. In relation to the gender, the data shows that women become the more frequent debt holders. However, men have an average of revolving debt ratio at 29.9 percent whereas women are 3.7 percent. Still according to credit card debt statistics, women also usually have better credit score.

Credit Card Debt Statistics by Region

Credit card debt, surprisingly, is also affected by region. Based on the credit card debt average statistics, we can see that Lowa and Minnesota become the regions with highest credit score averagely. On the contrary, the South becomes the region with lowest credit score.

Getting Rid of Credit Card Debt

After paying attention to credit card debt statistics above, we can conclude that it is important to find the solution to get rid of the debt. One of the best ways is to lower interest rate. In this case, you need to negotiate with the issuer. However, sometimes it does not succeed. So, you have to find another solution. If that does not succeed, you can make a balance transfer to a credit card that offers 0% APR.

If you are interested in it, you can consider the following recommendations. One of them is discover it with 18 months of balance transfer offer. Besides that, there is also Wells Fargo Platinum Visa Card. Then, you can also consider Chase Freedom Unlimited. And there are some other good options to choose. Hope these credit card debt statistics give you good images about the statistics of credit card debts found in the US.