MachiLaw.com Articles

Credit Card Debt: High But Falling

Daily Finance reports that American consumers currently owe $856.5 billion on their credit cards, but consumer credit card debt in the U.S. has been edging down in recent years after peaking in July 2008 at $1 trillion. As of July 2013, the average indebted household in the U.S. carries credit card debt of $15,325, although that figure is somewhat skewed by a small number of extraordinarily debt-stricken families and couples.  Credit card debt has been falling since the height of the global financial crisis as debtors pay off balances, and credit card companies have been writing off seriously delinquent debts. That peak of credit card debt coincided with soaring unemployment and personal bankruptcies.  The average credit card balance pales in comparison with average mortgage debt ($147,924) and average student loan debt ($32,041).