Average Amount of Credit Card Debt for Americans

We are frequently asked about the average amount of credit card debt carried by American consumers. I'm not sure why somebody would want or need to know this, aside from basic trivia. But the question is asked frequently enough to warrant a brief discussion. Emphasis on the word "brief."

The average amount of American credit card debt will vary based on whom you ask. When researching this article, I found a variety of averages given by many different sources. So instead of trying to put my own spin on the subject, I'll just cite some of the statistics I found during my research.

Credit Card Debt Statistics

According to a Nilsen report from April 2009, the average amount of credit card debt per American household was just over $8,000 (at the end of 2008). This statistic pertains to people who currently have an open credit card account, as well as those who do not.

When you only consider people with at least one card open, the average amount of credit card debt increases to more than $10,000. This is according to an article on CNNMoney.com.

The question is: Are the above statistics true, or have they been "selectively interpreted" to serve some kind of agenda? Here's something else to consider:

In an article on MSN, author Liz Pulliam Weston claims that these statistics are downright deceiving -- if not patently false. She points out that the majority of Americans have no credit card debt at all (citing a survey by the Federal Reserve). She goes on to say that "of the households that do owe money on credit cards, the median balance was $2,200 ... [and] only 8.3% of households owe $9,000 or more."

Like I said the numbers and statistics can be deceiving, because it varies based on whom you ask. It also varies based on the particular data being interpreted, and the manner in which it is interpreted. If there is some king of political agenda to be served, you can bet the data will be loosely interpreted at best.

Average Debt Doesn't Really Matter

Here's my advice. Stop worrying about the average credit card debt among American consumers, and start worrying about your own personal finances. It doesn't really matter where you fall in relation to national averages. It only matters how well you manage your own credit usage.

Having too much credit card debt can lower your credit score, which limits your chances of getting car loans, mortgages, and any other type of financing that requires a credit check.

Falling deep into debt also lowers your quality of life, by giving you one more thing to worry about. It's like falling into a financial sandpit -- every time you try to dig yourself out, the ground slides beneath you. The average amount of American debt means nothing to you, but the amount you are carrying means a lot. So manage it accordingly.

Related articles:

• Best Ways to Pay Off Debt
• College Students and Credit Card Debt

If you have any questions about managing your credit and/or debt, try using the search tool at the top of this page. There are more than 200 credit articles on this blog, so you're bound to find some helpful information.