12 Feb 2024 5:08 pm
The numbers are much higher for higher income households.Sumela » 12 Feb 2024, 5:44 pm » wrote: ↑ I found some websites that indicate the AVERAGE US citizen
credit card debt is around $7,000. Thats insane.
https://www.investmentnews.com/industry ... ebt-247701
A new anonymized analysis of self-reported financial data of Planswell users found that those with incomes above $75,000 saw a far larger increase in average credit card debt than those earning less, mostly likely due to the differing level of credit availability.
For the sub-$75K group there was a 6% increase year-over-year in average credit card debt, while three higher income bands ($75,000-100,000; $100K-150K; and above $150K) saw increases between 12% and 16%.
“The percentage of credit card debt relative to income is a striking indicator of the challenges individuals face in managing their financial obligations,” said Eric Arnold, CEO of Planswell. “These worrying trends call for a comprehensive approach to address both the root causes and consequences of mounting credit card debt for all Americans.
” Regardless of income, the analysis reveals an overall 16% increase in credit card balances.
“The surge in average credit card balances further exacerbates the financial burden on individuals and families,” expressed Arnold. “This heightened reliance on credit may indicate a coping mechanism for immediate financial needs, but it also poses risks to long-term financial health.”
Nothing like making payments all year long and ending up deeper in the hole!