4 ms·
I take issue with that $15,000 number. According to: http://www.indexcreditcards.com/creditcarddebt/ http://www.indexcreditcards.com/creditcarddebt/ revolving
by hugh3 15y ago
I take issue with that $15,000 number. According to:
http://www.indexcreditcards.com/creditcarddebt/ http://www.indexcreditcards.com/creditcarddebt/
revolving consumer debt (of which credit card debt is a large but strict subset) was only $7400 per household in November 2010 and I doubt it's doubled since then.
Indeed, http://www.federalreserve.gov/releases/g19/Current/ http://www.federalreserve.gov/releases/g19/Current/ suggests it has gone down somewhat since then.
Still crazy high, of course. I can imagine how an emergency situation might cause someone to have to spend more money on a credit card than they have in their savings account. I can't imagine how the average person manages to get into that situation, though.
- jmaygarden 15y agoI worked at a credit counseling service in high school (circa 1995), and numbers in that range would not surprise me at all. This is a navy town, and I couldn't count the number of young enlisted sailors that would come in with wife, kids and over $50k in unsecured credit card debt. Also, it mostly wasn't on normal credit cards. They would typically have a card for a dozen or more different retailers (e.g. Sears, Express, Limited, Target, etc.) all maxed out.