Credit Card Debt Statistics

Did you know that one out of twenty households owe upwards of $8,000 in credit card debt? What is the reason for this high level of debt that seems to be plaguing individuals and households? There is very little education that comes when one receives their first credit card. Unfortunately, there are more people who don't understand the wise use of credit when it comes to credit cards and loans ? the majority of people don't even understand how the credit score is calculated. The majority of customers owe under $2,000.00 to credit card debt, the result of strict saving and budgeting tactics. Other customers owe nothing to credit card debt. In fact, the median amount that households are in debt lie just over $1,900.00.

There are two patterns of people who repay their credit card bills each month. 60% of credit card customers repay their credit card debt in full, 40% of customers repay the minimum payment, maybe a little more each month. These customers who fail to repay the entire balance of the credit card are referred to by credit card companies as "revolvers".

The popular financial website, Bankrate has released some interesting statistics over the past few months. These statistics are as follows:

· 66% of Americans believe that debt is often the result of unfortunate circumstances and not that of overspending
· 60% of Americans believe that debt is the result of overspending and bad financial decisions
· An astonishing 91% of people believe that debt can be controlled through vigorous savings and budgeting techniques being implemented
· 72% of people that debt is impossible to avoid as it is a part of daily life
· 64% of people are worried about the debt that they have racked up ? women have shown to be more concerned about the debt than men in relationships

There are nearly twenty-four percent of households that do not rely on the use of credit cards. These consumers do not believe in the use of credit and go without credit cards, debit cards or consumer credit cards from retail giants.

31% of credit card holders have recently repaid their credit card debt, leaving nothing owing as they have repaid these credit cards in full.

Unfortunately, those customers who owe the most towards credit cards, over amounts of $10,000.00 dollars all have incomes under $50,000.00. 13% of these people have incomes which are under $30,000. Facing debt with low income can be overwhelming and can lead to bankruptcy. Bankruptcy has been on the rise since our economy has been in an uproar.