- Credit card debt is an example of unsecured consumer debt, accessed through credit cards.
- The median credit card debt per household with credit card debt: $16,007
- Debt accumulates and increases via interest and penalties when the consumer does not pay the company for the money he or she has spent.
- Total U.S. consumer debt: $2.42 trillion (June 2010).
- When a consumer has been late on a payment, it is possible that other creditors, even creditors the consumer was not late in paying, may increase the interest rates the consumer is paying. This practice is called universal default.
- 80% of consumers currently own a debit card, compared to 78% who own a credit card and 17% who own a prepaid card.
- Of the college students with cards, about 65% pay their bills in full every month, which is higher than the general adult population.
- The first widely accepted plastic charge card was issued in 1958 by American Express.
- 58% of Hispanics have not used a credit card in the past month.
- The median credit card debt in America is $3,000 and number of cards held is two.
- In 2004, of those with credit cards, 84% of African-American households carried credit card debt compared with 54% of white households.
- 42% of Hispanics don't like the idea of being in debt.
- The average college graduate has nearly $20,000 in debt.
- From 1989 to 2004, the percentage of cardholders incurring fees due to late payments of 60 days or more increased from 4.8% to 8.0%.
- 74% of monthly college spending is with cash and debit cards. Only 7% is with credit cards.
- Young Americans now have the second highest rate of bankruptcy, just after those aged 35 to 44.
- If a customer files for bankruptcy, the credit card companies are required to forgive all or much of the debt, unless such discharge of debt is successfully challenged by one or more creditors, or blocked by a bankruptcy judge on legal grounds irrespective of creditors' challenges.
- 26% of Americans, or more than 58 million adults, admit to not paying all of their bills on time.
- Miami residents are the biggest overspenders, one study says.
- Some credit card companies made lobbying efforts at the federal level to tighten American bankruptcy law, making it harder to have credit card debts canceled.
- 19% of Asian-Americans reported not having a credit card.
- Women were 26% more likely to be victims of identity fraud than men.
Credit card debt facts
