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November 22, 2004 08:59 PM

Card Debt


Excerpt: Over the past 10 years the average revolving bank credit card balance per carded American household has more than doubled from $2,942 to $7,519. Compared to 1980, when 55% of American households had bank credit cards, average balances have grown fourteen times.

　 　

While 185 million Americans have at least one credit card, only 144 million consumers have at least one bank credit card. Over the past 10 years the average revolving bank credit card balance per carded American household has more than doubled from $2,942 to $7,519. Compared to 1980, when 55% of American households had bank credit cards, average balances have grown fourteen times. Today 79 million households, or 75%, have at least one general-purpose bank credit card.

Bank Credit Card Annual Revolving Balances Per Carded Households*
(VISA, MasterCard, Discover, American Express)

YEAR TOTAL
1980 $518
1981 542
1982 588
1983 719
1984 952
1985 1209
1986 1370
1987 1622
1988 1899
1989 2222
1990 2549
1991 2694
1992 2848
1993 2942
1994 3813
1995 4587
1996 5218
1997 5495
1998 5557
1999 5709
2000 6549
2001 6948
2002 7462
2003 7519

* excludes balances paid-off before interest accrues; also excludes
commercial cards, debit cards and private label credit cards

SOURCE: CardData (www.carddata.com).

READ FULL STORY ...





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Read all 26 posts in the same category of Credit/Credit Card:

Capital One Sued Over 'Deceptive' Ads - Jan 01, 2005
Frequent-Flier Cards Delay Fee Collection - Dec 27, 2004
It Pays To Surf For Auto Loans Online - Dec 27, 2004
Perishable Credit Card Numbers Take The Fear Out Of Web Shopping - Dec 27, 2004
American Express, Citi Ink Deal - Dec 26, 2004
Citigroup Says It Will Issue American Express Cards - Dec 17, 2004
MBNA Pitches Rival Visa Card - Dec 14, 2004
Credit Card Loyalty Put to the Switch Test - Dec 09, 2004
Credit Cards Offer Safety In Buying Online - Dec 06, 2004
How to Deal With Your Debts - Dec 04, 2004
FACTA & Your Credit - Dec 03, 2004
Warning On Internet Loans - Dec 02, 2004
High Court Sets Truth In Lending Limit - Dec 02, 2004
Free Credit Reports May Reveal Surprises - Dec 01, 2004
Free Credit Reports Coming, With Pitches - Nov 30, 2004
Teens Need To Embrace Identity Protection - Nov 30, 2004
What to Do About Your Credit - Nov 29, 2004
A Generation Weighed Down By Debt - Nov 28, 2004
7 Ways to Improve Your Credit Score - Nov 25, 2004
Free Credit Report Details Announced - Nov 25, 2004
One Late Payment Can Hit Finances Hard - Nov 25, 2004
Free Credit Reports Are On The Way - Nov 23, 2004
Soaring Interest Compounds Credit Card Pain for Millions - Nov 20, 2004
Gas Cutter - Nov 02, 2004
Payment Rates - Nov 02, 2004