Average American Credit Card Debt

Average American Credit Card Debt

"That's one small step for man, one giant leap for mankind." - Neil Armstrong

Of course, Neil Armstrong was talking about walking on the moon. But if you get rid of your debt, that's one small step for you, but it's a step towards eradicating American debt.

Average American Credit Card Debt Statistics

• Americans bought $2 trillion worth of stuff on credit in 2004
• Average American credit card debtin America now stands at $800 billion
• Average American credit card debt for families who have it is $12,000
• Average American credit card debt for people living below the poverty level doubled by the mid 1990s
• The average credit card balance for senior citizens went up 89% from 1992 to 2001
• Average American credit card debtper person is over $7,000
• Over 55 million Americans need debt help

Solutions to Debt

When you consider these statistics, it's pretty clear that the need for American debt solutions is greater than it's ever been. Programs like debt consolidation, debt consolidation mortgages, debt settlement, debt consolidation loans and student loan debt consolidation were designed to give American consumers an alternative to bankruptcy. No longer do you have to struggle to get rid of your debt.

To learn which American debt solution is right for you, you'll have to contact a debt management company. And there are plenty of debt management companies out there to choose from. Just do an Internet search on and see for yourself. But don't just choose the first company that pops up. You need to do some research, just as you would with any important financial decision. Make sure the companies you are most interested in are nationally certified and accredited. Make sure they have a physical street address, not just a post office box. Make sure your creditors are willing to work with them. And make sure they are ready and willing to answer any questions you have.

Once you've chosen a company, a debt management professional will go over your finances with you so they know which debt management program will work best for you. Sometimes more than one program will work. At that point, you choose which one you prefer. (Your debt management professional will explain how they work.)

Take your small step today towards American debt reduction. It may not be like walking on the moon, but it's a huge step towards your financial freedom.

About Us | Contact Us | Site Map | What's New | View as RSS | View as RSS