For a variety of reasons, average household and national debt is on the rise. Growing unemployment rates and staggering income wages can't keep up with the rising living, medical, transportation, and food costs.
It appears that millennials and people over the age of 74 typically have the least amount of credit card debt. ValuePenguin predicts this is because these demographics are least likely to own a credit card.
Credit card debt is skyrocketing with significant student loan, personal, and auto costs. According to a Survey of Consumer Finances by the U.S. Federal Reserve, as of May 2016, the average U.S. household (everyone included), had $5,700 in credit card debt. The average for balance-carrying households had $16,048 in credit card debt. In 2010, the average balance carrying household had only $15,024. In 2011, things took a slight dip to $14,915. When it comes to how many people have credit card debt, Americans have 52% more debt today than they did a decade ago.
Looking at nationwide debt, the numbers grow much larger. ValuePenguin states that as of May 2016, the total outstanding U.S. consumer debt was $3.4 trillion. The total revolving debt was $929 billion.
As far as improvement goes, the future isn't looking bright. According to Fixthedebt, the nation's debt load is predicted to increase by almost $8 trillion across the next decade. In fact, compared to other countries, the United States takes the cake for having the most debt.
As one can see, Alaska is an outlier on the list. This could be because of Alaska's higher living costs and geographic location. On average, the Northeast and West Coast have the highest credit card debt. It is not hard to see that credit card debt is definitely on the rise.
We conducted an independent survey of visitors to BestCompany.com to determine just how much debt our visitors our dealing with. Not surprisingly, preliminary results from our survey adhered to a Bell curve, with the majority of the 135 individuals polled reporting debt between $25,000 and $50,000.
On average only 35% of credit card holders pay their full monthly balance, and 38.1% of all households carry some kind of credit card debt.
Below is a list of each state's average credit card debt:
|State||Avg. Credit Card Debt||State||Avg. Credit Card Debt|
|District of Columbia||$6,580||North Dakota||$4,932|