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I sadly think those numbers are low-balled. But also, everyone complies their stats differently. I have 10 credit cards. I find it strange the average is barely

I sadly think those numbers are low-balled. But also, everyone complies their stats differently. I have 10 credit cards. I find it strange the average is barely 2. Most people I know hold ~5 but only use 1-2. But I also think the average debt per household is higher too. Since your numbers are 'per us adult'. Regardless, I think US citizens are carrying way too much debt and...one day, this musical chairs dance will come to a stop. :/

LeifCarrotson 10y ago
Those numbers are averages. They have a minimum of zero (credit cards don't report positive balances), but their maximum can be large. The right, most informative conclusion about one $10k balance and 9 $0 balances is that "almost everyone in this group carries no balances, but one carries unmanageable debt", not "the average credit card debt is a manageable but significant $1000". Statistics guarantees they are guaranteed to be high, not low. Medians and top/bottom percentiles would be more informative.
unchocked 10y ago
FWIW, I don't think you or I actually know that many average people. While we've got a pile of no-fee cards with high limits, many people get by with high-interest, low limit cards that have fees attached. Below that there are a lot of people who have to rely on prepaid Visa cards to participate in the cashless economy. Source: have moved a _lot_ of credit cards through SEM.
- heimatau 10y ago
  I agree based on my post but...I've also read many 'stats' about this issue of US personal debt and have seen various figures range to what the OP wrote to adding a ZERO to each figure. 2.24 >> 22.4 cards. 7,000 debt >> 70,000 debt. Etc. The stats on this topic are just all over the place. Not only do I think 'you nor I' would know the averages, I don't think anyone really has a clue except maybe the FBI/Fed/CIA, if they ever looked into the matter. One thing I think we can all agree on is that American's are deep into debt and it's not looking good. :/

LeifCarrotson 10y ago

Those numbers are averages. They have a minimum of zero (credit cards don't report positive balances), but their maximum can be large. The right, most informative conclusion about one $10k balance and 9 $0 balances is that "almost everyone in this group carries no balances, but one carries unmanageable debt", not "the average credit card debt is a manageable but significant $1000". Statistics guarantees they are guaranteed to be high, not low. Medians and top/bottom percentiles would be more informative.

unchocked 10y ago

FWIW, I don't think you or I actually know that many average people. While we've got a pile of no-fee cards with high limits, many people get by with high-interest, low limit cards that have fees attached. Below that there are a lot of people who have to rely on prepaid Visa cards to participate in the cashless economy. Source: have moved a _lot_ of credit cards through SEM.

heimatau 10y ago
I agree based on my post but...I've also read many 'stats' about this issue of US personal debt and have seen various figures range to what the OP wrote to adding a ZERO to each figure. 2.24 >> 22.4 cards. 7,000 debt >> 70,000 debt. Etc. The stats on this topic are just all over the place. Not only do I think 'you nor I' would know the averages, I don't think anyone really has a clue except maybe the FBI/Fed/CIA, if they ever looked into the matter. One thing I think we can all agree on is that American's are deep into debt and it's not looking good. :/