Owe More Than $10,000 On Your Credit Card,

10,000 non-mortgage debt. If you happen to be among these people, you may want to reconsider the way you are paying it off, because ironically crossing the 10K credit debt mark can be very beneficial for you. 10,000 you are considered to be a customer worthy for negotiation. It means that you will most likely be eligible for a debt settlement program, which will help you reduce your debt significantly.

Credit card companies dont do this because they want to help you out. The reason for these programs is that when you owe thousands of dollars to your credit card company, which are mostly interest anyway, you are a major risk for them. They are aware that if your financial situation is getting worse, likely you will file for bankruptcy, which will make it much worse for them.

It is much better for credit card companies to offer you some sort of debt settlement plan and reduce your credit card debt by 50% than watch you getting deeper in debt and declare yourself bankrupt. Many companies will agree to lower your interest rate, but if things go well, you can wipe your debt off by 40-50 percent instantly.

There is no doubt that debt settlement can help you get rid of a huge portion of your debt. 10,000 dont get tempted to take more credit just so you can qualify for debt reduction programs. 10,000 mark yet, it is better to go the other direction and focus on paying it off as soon as possible.

During the course of our study on average credit card debt, we observed some significant differences among different demographics and regions. The most prominent differences exist among peoples of different race, age, gender, and state of residence. In the following sections we explore these differences to see how average credit card debt varies among the population. Don't miss out on the latest credit card trends. Stay up to date.

Average credit card debt varied widely by state or region. 6,910 - this is 23% more than Colorado, which is the next state carrying the highest average credit card debt. 3,885 in credit card debt, which is almost half as much as the rest of the nation. To see the average credit card debt throughout the nation, use the interactive map below. Hover over a state in order to display its average. Light blue states have lower debt, while dark blue states have higher levels of credit card debt.

9,096. Some of our surveys have shown that this group tends to be among the largest credit card spenders - likely due to the budgets they are operating with. Recent studies have shown this age cohort (commonly referred to as “Baby Boomers”) controls the largest portion of America’s disposable income.

Millennials and individuals over 74 years old held the least credit card debt. These two groups are also among the least likely to have a credit card, which can serve as a potential explanation behind the trend we are seeing here. The greater the household income the higher the credit card debt.

11,200 in credit card debt -- nearly four times as much as households making the least. However, as a percentage of income, those on the lower end of the spectrum carry more debt. Male householders carried significantly more credit card debt than their female counterparts. Various reports seem to indicate that women prefer the use of debit cards to credit cards. 7,942 in debt - the highest amount of any racial group. 6,172, which is 20% lower than the nationwide mean. Debt arising from credit card use represents less than half of the total average unsecured debt held by Americans.

21,281, and credit cards accounted for just 36% of that figure. For a clearer picture of America's indebtedness, it is critical to look at total outstanding debts - arising from both credit cards and other sources. Every month, the Federal Reserve releases statistics regarding total outstanding debts in America - these are referred as “revolving” and “non-revolving” credit.

Non-revolving credit refers to loans individuals are paying off over time, while revolving credit refers to an ongoing line of credit extended to a consumer, which they pay off and continually receive. For example, a mortgage is an example of non-revolving credit, since an individual with one will be slowly paying down the debt. Revolving credit is predominantly comprised of credit cards, which users pay down each month, and are immediately given a new line of credit upon payment. 823.7 billion is owed due to credit extended by these companies.



Average credit card debt is closely tied to the total outstanding revolving debt. The above graph presents a single anomaly which occurred in 2005. During that time there was a severe drop in average credit card debt, despite total outstanding revolving debt continuing to rise. This outlier was likely due to the spike in bankruptcy filings in the United States around that time. A law went into effect at the end of 2005 which made it more difficult for individuals to declare bankruptcy.