I was looking over some debt statistics and i was surprised at what i found.
- Over 40% of US families spend more than they earn.
- Only 2% of homes in America are paid for.
- Nearly 1 in every 35 households in the United States will file for bankruptcy.
- 96%of all Americans will be financially dependent on the government, family, or charity at retirement.
- Over 1.5 trillion dollars worth of purchases annually is made using credit cards.
- Americans carry, on average, $8400 in credit card debt.
- The average U.S household pays $950 in interest each year.
- More than four out of ten young consumers between the ages of 18 and 21 who surf the Web now own a credit card, and 65% of these young consumers used the Web to apply for a credit card.
- In September 2008 credit card debt hit an all-time high of $975 billion.
Credit cards debt distribution statistics around the U.S as of August 2009.
- Highest state average credit card debt:
- Alaska at $7,665
- Tennessee at $7,054
- Nevada at $6,517.
- Lowest state average credit card debt:
- Iowa at $4,247
- North Dakota at $4,417
- South Dakota at $4,633
- The steepest increases in average credit card debt over the previous quarter:
- District of Columbia +6.3%
- Tennessee +2.7%
- Alaska +2.5%
- The largest drop in average credit card debt over the previous quarter:
- Hawaii -2.7%
- Utah -2.6%
- Nevada -2.4%
This leaves you to think about this question – Are we out of control on personal spending in America?
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These stats are scary! Yes, I would say personal spending is out of control!
Personal spending is out of control. We are the most marketed to generation of humans in the history of mankind. Period. From birth large banks/ corporations have spoon fed us to believe that we “need” credit to be successful, and that debt is a “tool” . It takes serious discipline and self control to overcome this influence.
I was raised a Christian, but recently the wisdom of handling finances in a biblical way has been made crystal clear. I don’t know why but I always seemed to ignore the scripture at Romans 15:8 – “Do not you people be owing anybody a single thing, accept to love one another. “
@Lakita , @ alcoholic millionaire – I Totally agree with you our generation is getting out of control. I have to wonder how our grandchildren will say of us.