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Average American Credit Card Debt Drops Almost 30 Percent

Friday 5 December 2003 15:07 CET | News

According to the annual Credit Card Survey by Myvesta.org, a nonprofit consumer education organization, the average amount of credit card debt carried by individuals has dropped by 29.4 percent.

The average American is now carrying $2,294 in credit card debt, down from $3,250 in 2002. Individuals wallets also have lightened up slightly over the past year with Americans now carrying an average of 2.3 credit cards, down from 2.5 in 2002. According to Myvesta.orgs Holiday Spending Survey, the average American plans on shelling out $835 this year for holiday gifts. Other results from the Myvesta.org Credit Card Survey include: - Males have an average of $2,877 of credit card debt; females have an average of $1,733. - People aged 18-24 have an average of $1,208 of credit card debt. Those in the 25-34 age bracket average $2,245; people 35-44 average $3,846; people 45-54 average $2,655; people 55-64 average $1,612 and those aged 65 and older have an average of $1,214 of credit card debt. - People in the Northeast carry the largest credit card balances with an average of $3,527 each. Those in the Midwest have the smallest average balances with $1,712. Individuals in the South have an average of $1,929 on their cards and those in the West carry an average balance of $2,524. Myvesta is dedicated to helping people create healthy financial lives. The organization provides a wide range of materials to inspire and inform people so that they can break down their barriers to financial and personal success. For more information visit Myvesta.org online.


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Categories: Payments & Commerce | Payments General
Countries: World
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