American Consumption Revealed

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The statistics of the average American spends a long and mind boggling to many. One of the richest nation in the world has accumulated the highest debt per person. Although it is May be difficult to imagine, there were about 176.8 million U.S. credit cards in 2008. In addition, the average credit card holder credit card 3.5. Americans' tendency to spend beyond their means to create a nation plagued by debt.

Credit Statistics

credit card usage has reached amazing heights. According to reports gathered by researchers across America, including the U.S. Census Bureau, the following statistics show how prevalent credit in contemporary America:

• 78% of American households (91.1 million) had one or more credit cards at the end of 2008

• The average age at which American consumers younger than 35 years was first adopted by the credit card is 20.8 years

• 84% of the student population have credit cards

• Approximately 50% of college students had four or more in 2008

• 76% of students have the card, and the average undergrad has $ 2,200 in credit debt. In addition, they are expected to accumulate nearly $ 20,000 in student debt

• On average, today's consumer has a total of 13 credit obligations on record at the credit bureau

While these statistics reveal the extent to which the loan will be used, they do not show how many users are at risk of debt.

debt statistics

The following statistics were gathered by researchers across the country. Unfortunately, they discover that the average card is teetering on the brink of bankruptcy.

• The average unpaid balance in December 2009 was $ 3,389

• American household is in debt $ 8,329 by end 2008

• At the end of 2008, Americans' credit card debt reached $ 972.73 billion, which was 1.12% in 2007

• In 2007, 14.7% of U.S. families is long more than 40 percent of their income. This number has likely increased since the recession.

• Debt cardholding among young people increased to $ 4,088 in 2008

• The total U.S. consumer debt (which includes credit card debt and noncredit-card debt but not mortgage debt) reached $ 2.56 trillion at the end of 2008, compared to $ 2.52 trillion at the end of 2007

As indicated by statistics, Americans are struggling to stay on top of your finances. If you are in danger of defaulting on the loan, you May want to consider filing for bankrot.West Palm Beach bankruptcy lawyers at the law office of Eric N. Klein to find out how bankruptcy can help you and your family resolve unpaid debts.