US Consumer Debt

American Household Credit Card Debt Statistics: July 2015. by Tim Chen
The average US household credit card debt stands at $15,863, counting only those households carrying debt. Based on an analysis of Federal Reserve statistics and other government data, the average household owes $7,400 on their cards; looking only at indebted households, the average outstanding balance rises to $15,863. Here are statistics, trends, studies and methodology behind the average U.S. household debt.

Current as of July 2015

U.S. household consumer debt profile:

• Average credit card debt: $15,863
• Average mortgage debt: $156,584
• Average student loan debt: $33,090

In total, American consumers owe:

• $11.86 trillion in debt
• An increase of 1.9% from last year
• $901. billion in credit card debt
• $8.17 trillion in mortgages
• $1.21 trillion in student loans
• An increase of 8.5% from last year

Deep dive: credit card debt

Credit card debt is the third largest source of household indebtedness. Only the mortgage and student loan debt markets are larger. Here are the latest credit card debt statistics from the Federal Reserve:

	Total Credit Card Debt	Average Household Credit Card Debt	Average Indebted Household Debt
May 2015	$901. billion	$7,400	$15,863
Change from April	0.18%	0.11%	0.11%
Change from May 2014	3.19%	2.37%	2.37%
Change from April, annualized	2.11%	1.31%	1.31%

 

What lower credit card debt means for the economy

What does this mean? Credit card debt is holding fairly steady – but whether or not that’s a good thing is up for debate. On the one hand, higher consumer spending puts the economy on a positive track. Higher spending leads to more jobs and higher incomes, which in turn lead to higher spending. However, if wages and employment are improving at this sluggish pace, this might well be an indication that families are borrowing to make ends meet rather than a reflection of a well-founded increase in consumer confidence.

http://www.nerdwallet.com/blog/credit-card-data/average-credit-card-debt-household/

Our Debt? - Spending drives the economy, but thrift matters. By Jason Hull Oct. 12, 2012 | 8:00 a.m. EDT It’s no secret that consumers are saddled with debt. Combined, in the United States, individuals owe more than $12.6 trillion dollars. Since approximately 24 percent of households are debt free, and there are around 114 million households in the U.S., the average household is saddled with…Sit down. Approximately $145,000 in debt! http://money.usnews.com/money/blogs/the-smarter-mutual-fund-investor/2012/10/12/what-would-happen-if-we-all-paid-off-our-debt

There are the 25% high earners with household incomes over $100,000 a year. 50% of US household incomes are less than $55,000 a year http://money.cnn.com/calculator/pf/income-rank/

Comments

·        There are several economies in the US. PDF] Real Mean and Median Income, Families and Individuals, 1947 ...

http://www.russellsage.org/sites/all/files/chartbook/Income%20and%20Earnings.pdf –The high credit card debt may come from high earners. The expansion of student loan debt is due to another Obama-scam.

I expect that at least 25% of US households are debt free. I encourage everyone to join this group as soon as possible.

Norb Leahy, Dunwoody GA Tea Party Leader