Debt Consolidation InformationAmericans are in debt. You are not alone. However, many of your fellow New York State residents are using debt consolidation to begin the recovery from debt. How much in debt are Americans? Read below.
- The average American household has 13 payment cards, including credit cards, debt cards and store cards. There are 1.3 BILLION payment cards in circulation in the United States. There are only 270 million people in the United States.
- Americans carry, on average, $5,800 in credit card debt from month to month. If one were to make only the minimum payment on that debt every month, it would take 30 years to pay off - and include an additional $15,000 in interest.
- On average the typical credit card purchase is 112% higher than if using cash.
Over 40% of US families spend more than they earn. (Federal Reserve).
- 96% of all Americans will retire financially dependent on the government, family, or charity. (U.S. Dept. of Health & Human Services)
- As of 1995 92% of U.S. family disposable income is spent on paying debts, up from 65% in 1975. [Federal Reserve]
Credit Card Information (American Bankers Association)
For more information on debt visit our Glossary.
Credit Card debt is a big problem in American. Begin your road to recovery from debt with our Free Consultation.