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Jaw Dropping Debt Stats (Average Debt in America!)

What’s the average debt in America?? You won’t believe how much American’s owe! The horrifying average debt numbers had me twitching and dancing ALL over the place! If you think you’re alone in the struggle with debt, then tune in for current debt stats and trends with credit cards, student loans, and auto loans.
 

Watch my reaction dance video to the terrifying debt stats in American below or click here.

Average debt in America

 
Credit card debt’s the worst kind of debt with high interest! According to The Federal Reserve, credit card debt increased 10.1% in February 2021 to $974 billion (in revolving, unpaid debt). The scary part is 52% of Americans, aren’t able to pay their balance in full. NerdWallet reported the average credit card debt per household is $7,149.
 
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What’s the cost of credit card debt? 

 
Even with a low-interest rate pandemic economy, the average credit card interest rate is still 15.91%. Assuming someone has the average credit card debt of $7,149 with 15.91% interest, by paying only the minimum payment, it’ll take over 30 years to pay off the debt with $12,839 going to interest.
 

NerdWallet also reported more than a quarter of credit card users pay late fees, (which add up to three billion spent in fees!). Delinquent credit cards, users 90 days or more late, have increased by 22% over the last four years. 

If you think making more money is your solution to paying off credit card debt, you’re wrong! On average, the higher the household income, the higher credit card debt is (even for people who make almost $300,000 a year).

Credit card debt by income level 

Median Income

$16,290

$35,630

$59,050

$95,700

$151,700

$290,160

Credit Card Debt

$3,830

$4,650

$4,910

$6,990

$9,780

$12,600

% with Debt

30.5%

45.6%

55%

56.8%

45.9%

32.2%

It isn’t what you make, it’s what you do with what you have now!

In addition to credit card debt, car and student loan debt has escalated.

According to The Federal Reserve, Americans owe $1.37 trillion in auto loans, with an average balance of $28,035. Student loans take the lead with $1.56 trillion in outstanding debt and an average balance of $57,520.

You can get out of debt in 36 months or less!

What’s holding you back from paying off debt? Is it procrastination, overwhelm, or maybe you don’t know where to start? Head to the blog here and let me know in the comments!

If you aren’t making the progress you want with money, click here to find out three money mistakes you can’t afford to make and how to (finally!) get the results you want with money. No matter where you are now, you can become debt-free. Crazy money mistakes you made in your twenties don’t need to haunt you forever. With a little education and a solid plan you can turn things around! When you click here, you can also schedule a 15-minute free money coaching call with me.  If you have friends, family or coworkers who also geek out on personal finance, then invite them to get my free class by sharing the link here!

As always, you only live once, be smart with your money now!

Carly

P.S. Do you like watching reels and fun money dances? Then head to your favorite social media platform to like and follow Best Money Class Ever online! We’re on TikTok, Instagram, Pinterest, and Facebook! Come say hi online.

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Carly Best Money Class Ever

Hi! I'm Carly

Here you’ll learn how to pay off debt, invest (confidently!), and stress less about money!

I’m a Finance grad and creator of Best Money Class Ever, a 4-week live virtual personal finance class.  I paid off $35,000 of debt and saved $100,000 by age 26. You can pay off debt and build savings too!

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