A Look Back At the US Consumer Credit Situation
With the Fed set to release its November consumer credit report at 3 p.m. EST, now is a great time to take a look back at some related facts and statistics regarding the country's ongoing debt debacle.As we all know far too well by now, overall cost of living is increasing and spreading the salaries and wages of middle to lower class Americans thinner than ever.
In addition, Americans are increasingly relying on credit at just about any interest rate to maintain their current lifestyles and/or stay in their homes and feed their families.
The following is a list of some eye-opening facts regarding the ongoing US consumer credit crunch:
The average interest rate across all existing credit card accounts was 13.46 percent as of May 2007 (Source: Federal Reserve);
There were 984 million bank-issued Visa and MasterCard credit card and debit card accounts in the U.S in 2006 (Source: Visa USA, MasterCard International);
Nearly one in every three consumer purchases in the United States is made with a payment card—including credit, debit, and prepaid products. (Source: Visa USA);
At least one in 10 consumers have more than 10 credit cards in their wallets. However, the overall average number of credit cards per consumer is four. (Source: Experian's "National Score Index");
One in six families with credit cards pays only the minimum due every month. (Sources: American Bankers Association, Federal Reserve);
The median U.S. household income is currently $43,200 and the typical family's credit card balance is now almost 5 percent of their annual income. (Source: Federal Reserve);
Approximately 14 percent of Americans use 50 percent or more of their available credit, and this group carries an average of 6.6 credit cards (Source: Center for Media Research).
Labels: Consumer Credit, Fed, Federal Reserve and Consumer Credit, Revolving Consumer Credit, Revolving Consumer Debt
posted by "Staff" at
8:33 AM
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