Credit Card Debt Statistics
Don't Be Part of Them

Our list of credit card debt statistics clearly shows average consumer credit card debt is huge. In our product driven economy it seems most consumers are simply overloaded with credit card balances so large they have no chance to clear them on a monthly basis.

Consider the credit card facts listed here. These are the top 15 card issuers with outstanding debt based on numbers from midyear 2009. The numbers are simply staggering.

• Chase - Over 165 billion dollars, that's 165,000,000,000, now that is a bunch of debt.
• Bank of America - Over 150 billon dollars.
• Citibank - Over 100 billion dollars.
• American Express - Almost 80 billion dollars.
• Capitol One - Over 55 billions dollars.
• Discover - Nearly 50 billion dollars.
• Wells Fargo - 31 billion dollars.
• HSBC - 26 billion dollars.
• U.S. Bank - 20 billion dollars.
• USAA Savings - Nearly 13 billion dollars.
• Barclays - Almost 11 billion dollars.
• Target - Nearly 8 billion dollars.
• GE Money - A little over 7 billion dollars.
• PNC Bank - 5 billion dollars.
• First Nebraska - Over 4 billion dollars.

Add all those numbers up and you are approaching a trillion dollars, yes, that's right a trillion. No question about it, that is a lot of credit card debt.

More Credit Card Debt Statistics You Should Know

The truth is that the average American household carries total credit card debt in excess of $15,000 and with median credit card interest rates running in the mid-teens that leaves the average family liable for over $2000 in interest payments alone every year.

That is not even taking into account that some credit card rates can approach 30% interest. Don't think that can't happen to you. I made one late payment on a credit card and my interest rate skyrocketed. It was blind luck that I happened to notice the change while checking the balance online.

Given these scary facts, you should be be fully aware that keeping your credit card balance at or near zero at the end of each payment period is extremely important to your personal financial wellbeing.

Not All Debt is Bad

Believe it or not, in some circumstances, having some long-term low-interest debt can actually be a good thing. This is how you develop a good credit rating. Two good examples of the proper use of debt would be for things like a home or education.

Borrowing money and taking a loan for a home mortgage or college education is a good use of debt. Just make sure you only borrow as much as needed, no more, and stay within your ability to repay the loans in a timely fashion. Beyond home mortgage loans and student loans, the majority of revolving debt just is not a good idea.