How may Americans are totally out of debt?

Question

Nicholesta - Isn't the average credit card debit misleading? I use a credit card but pay it off every month. Wouldn't my average balance during the month be listed as my debt?

" The median U.S. household income is currently $43,200 and the typical family's credit card balance is now almost 5 percent of their annual income." That's $2160.00

ML - that sounds like debt to me.

Answer 1

I have no way of answering accurately. The best I can tell you is that the US consumer debt at the last quarter of this year was 2.46 trillion dollars and increasing relatively slowly. The median balance of credit card holders is 2200 dollars. Its probably safe to say most infants are not in debt as well as many children and teens. Most households have some form of debt but the number of Americans seeking credit cards is decreasing. We may not learn quickly but we can be taught.

Retrograde: I understand what you mean but the people who compile this data promise that they don't count it that way. The people who pay their credit cards in full each month are counted separately. The 2200 dollar number is the accounts that are being charged interest fees.

Answer 2

The $2160. average credit card balance I think is for each card and a lot of people have several cards.
You do have to explain your definition of dept.
--If you can sell your house for more then you owe then is it not an investment.
---If you have $50. deducted each payday to go into your savings account that is not dept
--To many people feel dept (credit cards, consolidation loans etc) are a way of life

--Your situation is dept ----you are putting it on credit and paying later --the same as most people. I do the same because of air miles but it is dept

The majority of people that use credit cards have not had a 0 balance since they started and will not again until after their estate is settled.
To get to your original question less then 3% are out of dept.
The high income owners usually just have a higher limit on their cards

Answer 3

Americans are in debt, just on credit cards alone, at a record amount of 915 billion dollars.

Some are predicting that the next economic crisis will be due to the mounting defaults and delinquencies on credit card debt.

Falling housing prices, which can prevent refinancing, and high gas costs, often purchased with credit cards, are contributing to the problem.

Answer 4

Not many I'm afraid. Business of Finance in this country is owned by Elites. They finance any thing from a war to your automobile. Americans are primed to be in debt. Even the government encourage debt, by making interest tax deductible.

Best Regards.

Answer 5

What about the National Debt that every man woman and child in the USA would have to pay $30,000.00 to complete payoff................... The INTREST ALONE on our Natl Debt is thirty four thousand dollars a SECOND so no American is out of Debt......

Answer 6

Since I don't consider a mortgage on a home that's worth at least twice the mortgage balance to be a debt -- I would be one.

Answer 7

Most of the people who are out of debt are older, still healthy, and not very mobile. It is much more difficult to be debt free while raising a family.

Answer 8

Actually, the average American is in good shape, but the news media can't sell that as a good story. Most of the people that are in bad shape dug their own holes abusing credit. My father used to say if you can't pay cash for something you can't afford it.

Answer 9

Probably only the thousands of homeless. Not me, that's for sure. But just a mortgage and car payment, that's it.

Answer 10

a lot but I'm 13 and i probably know more about this election then most adult Americans

Rudy Giuliani rocks!!!