Credit Card Debt Statistics

Credit Card Debt - 380 million 1 U.S households are credit cardholders possessing an average 3.5 credit cards and carrying an average balance of

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 380 million 1 U.S. households are credit cardholders, possessing an average 3.5 credit cards, and carrying an average balance of $1,157. Managing that debt load – which totaled $8xx billion as of [date] - is a challenge for many consumers. While 67.39% of credit cardholders, the so-called convenience users, pay of their balance in full each month, 32.61% incur interest costs each month when they pay less than the full balance due – for a total of $xxx billion in 2010 (or 2011). Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, “N The average credit cardholder has 3.5 credit cards. Including both cardholders and non-cardholders, the average consumer has 2.7 cards each. (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010) The average balance per open credit card -- including both retail and bank cards -- was $1,157 at the end of 2008. That's up from $1,033 at the end of 2006, a growth of nearly 11 percent in two years. (Source: 2008....
View Full Document

This note was uploaded on 07/26/2011 for the course MRKT 23232 taught by Professor Sakibury during the Spring '11 term at Harvard.

Page1 / 2

Credit Card Debt - 380 million 1 U.S households are credit cardholders possessing an average 3.5 credit cards and carrying an average balance of

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online