Statics on Credit Card Debts

How often have you read newspaper articles on the worrisome condition of the American people and the huge credit card debts they are holding? While it is true that there are far too many people who have allowed the use to credit cards to accumulate more debts then they can comfortably pay off, not nearly as many people are holding credit card debts as the press would like you to think. There are even people who do not use credit cards at all preferring instead to pay for everything they buy with cash. This keeps them from spending more than they have.

The facts show that almost twenty four percent of Americans do not have credit cards of any kind. Thirty one percent have a zero balance on their credit cards. This means that without investigating any further you can see that fifty five percent of Americans have no credit card debts. It is the ones who do that the reports seem to focus on more The problem is that those who do have credit card debts are often in the thirteen percent who make less than thirty thousand dollars a year and so find it harder to pay off overwhelming debt. Their disposable income is too low. Thirty six percent of those who owe large credit card debts, anything over ten thousand dollars, have incomes that do not exceed fifty thousand dollars. Again this makes for a difficult repayment. Only twenty nine percent of credit card holders owe more than one thousand dollars. The percentages get lower as the debt gets higher. By the time you are looking at more than ten thousand dollars of debt only four percent of Americans are in debt that high while a mere one percent are in debt over twenty thousand dollars.

Over time people are getting smarter about their credit card debts and working to negotiate payments, consolidate debt and finally to cut up their credit cards so that they do not find themselves in such difficult positions again.