The average credit card debt in US is growing larger every year. It is a problem that is creating serious financial issues not just in the credit card market but in other markets as well. Increasing credit card debt in the US also has an effect on things like mortgages, bankruptcy, foreclosures, and car and school loans. As the average US credit card debt grows, more people are turning to things like debt consolidation and other more drastic means of fixing their credit and getting back their financial lives. If you think the average, credit card debt in US is not as bad as it may look. You may want to take a look at these numbers.

US Credit Card Debt - The Facts

Let us take a look at some of the numbers that are appearing when dealing with credit. The average credit card currently has a balance of around $1000. On this $1000, if only the minimum 2% payments monthly are made it would take 22 years plus an additional $2300 in interest in order to pay the debt off.

The average American household is looking at almost $9,000 in credit card debt. However, the average credit debt among those who have at least one card is over $9000. Since 1990 the average credit debt has tripled in size.

If you are wondering, what you spend in interest or even if you have not worried about until now, the average American spends more than $1200 a year in just interest payments alone. That is more than most mortgage payments and rents for a single month. Worried about making the mortgage, this may give you pause for thought.

On average, the interest rate for credit cards is 18.9% and it is going up. Some cards have introduction rates of as high as 23% and as much as 30% for those with damaged credit. 50% of Americans would never tell a friend how much they own in credit card debt, 23% have reached their credit limit, 13% are late 30 days on payments within the last 12 months, and 11% admit their cards when into collections.

For more credit card information please visit Reduce Credit Card Debt.

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