What Americans owe on their credit cards
What do Americans owe on their credit cards? A huge aggregate amount that constitutes a ticking time bomb that could further devastate the economy. Here are the details, from Consumeraffairs.com:
Average bankcard borrower debt, defined as the aggregate balance on all bank-issued credit cards for an individual bankcard borrower, inched upward nationally 0.82 percent to $5,776 from the previous quarter’s $5,729, and 4.09 percent compared to the first quarter of 2008. The highest state average bankcard debt remains in Alaska at $7,476, followed by Tennessee at $6,869 and Nevada at $6,677.
This is per individual bankcard borrower. For the average debt of a married couple, then, double the average amount.
The same site reports that the number of consumers who are three or more months behind on their credit card payments is up 11 percent over the same period from 2008.
“U.S. credit card defaults rose to record highs in May, with a steep deterioration of Bank of America Corp’s lending portfolio, in another sign that consumers remain under severe stress.”
http://www.reuters.com/article/newsOne/idUSTRE55E5GQ20090615