Did You Know That Most Americans Carry No Credit Card Debt?
2012 APR 20 - (VerticalNews.com) -- Recent headlines and sound bites might have you thinking otherwise, but analysis of credit card usage data indicate that the clear majority of Americans do not hold credit card debt. In fact, according to the Federal Reserve, more than a quarter of Americans have no credit cards at all. Among cardholders, only half carry a balance (roughly 37% of the population). That leaves 63% of the population credit card debt free.
"If you feel compelled to overspend on credit cards because your friends are doing it, you should get new friends," adds Karen Carlson, Director of Education and Creative Programs at InCharge Debt Solutions. "Headlines that tout average credit card debts of $10,000-$20,000 are really talking about average debt levels for people who carry debt, not the general population."
"The real story here is that the $780+ billion in credit card debt is spread out over a smaller group of people," adds Carlson. "If you carry credit card debt, you put yourself at much higher risk for bankruptcy, foreclosure, divorce and other negative situations, including the inability to retire in later years."
Keywords: InCharge Debt Solutions.
This article was prepared by VerticalNews Economics editors from staff and other reports. Copyright 2012, VerticalNews Economics via VerticalNews.com.