Credit card debt statistics
As far as credit card debt statistics are concerned, in the U.S, the debt levels of people have been soaring since the 1980s. This was the period when the usage of credit cards greatly increased. Credit cards companies started making use of direct mails, advertisements and other commercial tactics to sell their products to consumers.
As per the credit card debt statistics, it was during the 1980s that consumers started moving towards the use of credit cards and away from checks and cash. With the arrival of the information age, the number of people who started using credit cards surpassed those who were using cash and checks in a single year. The use of debit cards has also grown to a large scale.
Statistics related to credit card debt show that on an average an American consumer owes about $9,000 in credit card debt. Such people make use of the money of the credit card companies to make their purchases which is just borrowed by consumers with the promise of paying it back. In the US the average interest rate owed on credit cards is about 14%.
Credit cards are simply viewed as “easy money.” Statistics also indicate that the tendency among people to spend the cash of others is more than their own. New data has also indicated that Americans have started paying even less of their debts than ever before. The rate of savings for Americans is also in the negative, at about -0.05%.