Debt’s are like chains, ties, ropes, and fetters. It is as though they restrict movement…the movement of our lives…our freedom. One common form of debt is credit card debt.
There are many interesting credit card debt facts on the internet. However, in this essay I would like to post the important credit card debt facts, how it compares with other forms of private debt, and how credit card debt has changed in the last few years (focusing mainly on American credit card debt).
According to Nerd Wallet, credit card debt has increased more than 7% in the past year and almost 37% in the past five years.
Interestingly, the statistics for the average credit card debt by gender has the men deeper in debt:
According to The Ascent, Millennials have the lowest average credit card debt. This site also said that the average couple doesn’t reveal debt until 10 months into the relationship and that almost a quarter of men and women have hidden debt or lied about it to a partner!
According to Debt.org, more than 189 million Americans have credit cards and the average credit card holder has at least four cards! According to a live population counter there are about 330, 644, 071 (I say about because it is changing quite fast and I could literally watch as the number went higher, and higher, and higher). Therefore, about half of Americans have a credit card!
Alright, now it is time for the comparison of credit card debt vs. other forms of private debt.
As you can see from the image above (from Nerd Wallet) about debt, credit card debt, though still high, does not even make one trillion. In comparison to either auto loans or student loans it is fairly small. In comparison to mortgage debts (does anyone else find that name even a little bit interesting?) it is incredibly small!
(For reference: “Mort” in French means “death” and the word finishes with “gage”. Death gauge?)
An interesting fact on American debt (found on the Foundation for Economic Education website): By 2025, the cost of servicing our national debt will exceed the cost of our military spending!
Key Figures Behind America’s Consumer Debt
I found the: Until debt tear us apart image here: