Average Household Credit Card Debt
Different Definitions Of Average
What is the average household credit card debt for Americans living in the US? Well, it depends on who you ask. There are several figures being quoted and all of them are said to come from reliable sources. So which one is correct?
Is Household Debt Going Down?
A lot of surveys indicate that the average household credit card debt is $8,000.00 which is less than the $8,300.00 it was in 2002, the last time a full and credible survey was taken. However, some surveys are confusing in that they do not distinguish whether the survey was adjusted for households that did not carry any credit card debt. It makes a big difference whether or not the figures are so modified for if not, the number is meaningless.
Being Alarmist Versus Being Cautious
Why are these figures cited anyway? They are quoted in an attempt to sound a false alarm that Americans are drowning in credit card debt. Further, these same doomsayers seek to make money off of getting you into credit counseling services and buying books and other products and services you do not need. Sure, there are people who are having difficulty managing their credit card debt. The amount of such debt being carried by people who file bankruptcy has tripled in recent years. As shocking as that figure is, it does not signal that the average USA household is in trouble.
Not Everyone Agrees
Another full survey is scheduled for 2009 and already figures are being passed around of around $9,000.00 though I saw one source which put the figure over $10,000.00. However, a government study indicated that some 30% of USA households have no credit cards at all and another significant percentage do not carry any credit card debt because they pay their full balances each month.
Thus, before sense can be made out of this bewildering concept, a stable and acceptable definition needs to be promulgated, Such definition needs to state clearly whether all USA households are considered are just those with credit cards and if the latter, whether those who pay their balances at the end of the month are included.
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