The average American household with at least one credit card has over $9,300 in credit card debt, according to CardWeb.com.
She claims that the average is skewed by a small % of households with very high credit card debt.
However, her concern is that this statistc gives false comfort to those people who think they're only "average" for having $9,300 in credit card debt.
In fact, they could be on the road to financial ruin.
According to Federal Reserve's 2004 Survey of Consumer Finances:
Most American households don't have any credit card debt.
- About a quarter of household, or 25% have no credit cards.
- Additional 30% or so pay off their balances every month.
- Of those households that do owe money on credit cards, the median balance was $2,200.
- Only 8.3% of households owe more than $9,000 on their credit cards.
For a group of 100 American households
55 households don't have any credit card debts.
25 households don't have credit cards at all.
30 households pay off their credit cards balances every month.
45 households do carry balance on their credit cards.
22.5 households have balances less than $2,200, and 22.5 households have balances higher than $2,200.
8.3 households carry balances higher than $9,000.
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