Debt Statistics





 

Latest News & Figures for Debt Statistics

This section includes the most current debt statistics and news available.

          –  U.S. consumers owe a total of $856.8 billion dollars on their credit cards, as of December 2013.

          –  As of October 2013 credit card debt rose by 6.1%.

          –  Total U.S. debt is now at $3.07 trillion dollars, which is a five-year high.

           –  “Bankruptcy cases filed in federal courts for fiscal year 2013—the 12-month period ending September 30, 2013—totaled 1,107,699, down 12 percent from the 1,261,140 bankruptcy cases filed in FY 2012″.  This is a five-year low.  That is great news!

         –  As of December 2013, student loan debt was higher than 1.1 trillion dollars.

sources: About.com & United States Courts 12/09/2013

Non Revolving Credit

After communicating with the Federal Reserve and then examining their reports, Golden Financial Services prepared a summary of debt statistics.  These statistics include credit card debt statistics.  This information is current as of 2013.

Who is the Federal Reserve?

The Federal Reserve is the central banking system in the United States that basically oversees and supervises the banks.

The following debt statistics include all types of loans, excluding mortgage, real estate and home equity loans.

What is revolving credit?

From Wikipedia, “revolving credit is a type of credit that does not have a fixed number of payments, in contrast to installment credit.”

In the United States (U.S.), approximately 90% of revolving credit is made up from credit cards.

We encourage people and business owners, to share and use our statistics.

What is non-revolving credit?

Non-revolving credit includes student loans, secured loans, boats, cars, RVs and basically any other secured loans aside from mortgages, home equity and real estate loans.

Debt Statistics – Revolving and Non-Revolving Credit

Credit Card Debt Statistics

Total U.S. Debt Statistics

Total Estimated Debt in the United StatesThese figures include credit cards, student loans, personal loans, secured loans, boat loans and car loans. 

These numbers do not include real estate and mortgage loans.

2008 – Roughly 2.5 trillion dollars or $2,548,900,000,000.

2009 – Roughly 2.4 trillion dollars or $2,438,700,000,000.

2010 – Roughly 2.5 trillion dollars or $2,541,600,000,000.

2011 – Roughly 2.6 trillion dollars or $2,627,400,000,000.

2012 – Over 2.7 trillion dollars or $2,779,200,000,000.

2013As of 2013 the total debt in this country has risen to roughly $2,789,000,000,000. 

Summary

According to the Federal Reserve, “in January, consumer credit increased at a seasonally adjusted annual rate of 7 percent.  Revolving credit was little changed, while non-revolving credit increased 10 percent”.

The increase in the amount of student loan debt in this country is a contributing factor to why we have such a high level of total debt, as of 2013.

Student Loan Debt Statistics

-          Currently there is more than 1 trillion dollars in student loan debt circulating throughout the U.S.

Outstanding Revolving Credit Statistics

Total Estimated Revolving CreditThese figures include credit cards and loans issued by banks, credit unions, depository institutions and finance companies.

2008 – Roughly 1 trillion dollars or $1,010,300,000,000.

2009 – Roughly 921 billion dollars or $921,900,000,000.

2010 – Roughly 846 billion dollars or $846,700,000,000.

2011 – Roughly 847 billion dollars or $847,000,000,000.

2012 – Roughly 850 billion dollars or $850,800,000,000.

2013 – Roughly 831 billion dollars or $831,000,000,000.   

Summary

These figures illustrate that the total revolving credit in the United States, was at its highest in 2008.

Total U.S. Credit Card Debt Statistics

Total Credit Card Debt in the U.S.

Total Credit Card Debt in the U.S.

Total Estimated Credit Card Debt in the U.S.These estimates are based on the reports provided by the Federal Reserve.

2008 – Roughly 909 billion dollars or $909,270,000,000. 

2009Roughly 828 billion dollars or $828,900,000,000.

2010 – Roughly 762 billion dollars or $762,030,000,000.

2011 – Roughly 762.5 billion dollars or $762,570,000,000.

2012 – Roughly 765.7 billion dollars or $765,720,000,000.

2013 – Roughly 748 billion dollars or $748,170,000,000

Summary

The total credit card debt in the U.S. is currently at an all-time low since 2008, according to these estimates.   Banks are lending less money and have strict policies in place ensuring that credit is not issued to unqualified borrowers.      

Here at Golden Financial Services we do our best to maintain current information and statistics.

Browse the rest of our website to learn about the most effective credit card relief programs on the market.  To receive updates on our newest pages, publications, news and tools, then sign up for our blog here.

If you have any statistics that you would like for us to add to this page then please comment with the information below. 

Additional Debt Statistics Including Credit Card Debt

Debt per Household

-  The average credit card debt per home is $15,799

-  The average total debt per home is $54,000

-  Percent of households where the total debt payments are higher than 40% of their net income is 14.7%

Sources: Federal Reserve, Join Economic Committee, Sallie Mae, TransUnion and Statistic Brain

Popular Credit Card Debt Statistics

-  3.5 credit cards is the average number of cards held by a U.S. consumer

-  Between 12%-13% is the average APR on a credit card

-  2.93% of card holders are delinquent by 30 days or more

-  Per consumer the average combined card limit is $19,000

-  40% of card holders have a balance that is less than $1,000

-  On Average 13.9% of a person’s disposable income goes towards paying on credit card bills

-  Over 600.9 million credit cards are held by U.S. consumers

-  Close to 80% of consumers own a credit card

-  51% of the U.S. population have at least 2 credit cards

-  NH and NJ have the largest number of consumers with 10 or more credit cards

-  Small business owners rely on credit cards for financing more than any other method

-  Penalty fees from credit cards = to approximately $22.5  billion (this number reflects after the Credit CARD Act took effect)

-  The U.S. average default rate as of 2012 stood at 28.6% (up from 27.9% 2 years earlier)

-  In a survey conducted 36% of participants said they didn’t know the interest rate on the credit card they use most often

-  60 day delinquency rate = 4.27%

-  Number of cardholders 60 or more days late on payments was equal to approximately 4.50% as of 2010

College Debt Statistics

-  For an undergraduate college student the average credit card debt carried is $3,173

-  20% of 18 to 24 year-olds have “debt hardships”

-  The average debt that a college graduate has is $20,000

-  41% of college students have at least 1 credit card (Around 50% of undergraduates have 4 or more credit cards)

-  65% of students with credit cards pay their bills in full every month (students that don’t pay their credit card balances in full carry an average balance of $452 per credit card)

-  Only 7 percent of monthly college spending is with credit cards, while the rest is through cash or debit cards

-  84% of undergraduates indicated they needed more financial education and debt management advice, while the majority of students also indicated that they wished they received more financial education in high school

Sources Include:  CreditCards.com, R.K Hammer, Federal Reserve, Join Economic Committee, Sallie Mae, TransUnion, Ny Times, Eperian, Census Bureau, FINRA Investor Education Foundation, Fitch Ratings and Statistic Brain

 

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