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Some positive news from the annual Credit Card Survey conducted by Myvesta (a nonprofit consumer education organization) finding that the average amount of credit card debt carried by individuals has declined by 11.4% over the last year. According to their latest survey, the average American has $2,328 in credit card debt, down from $2,627 in 2004. Individuals also haven’t added any new credit cards to their wallets in the past year. Americans still hold an average of 2.9 cards each, the same as in 2004. The survey was conducted in early November 2005 before the holiday shopping season.
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Some other results from the survey:
· The average US male has $2,369 of credit card debt spread out over 2.8 cards
· The average US female has $2,289 of credit card debt spread out over 3.1 cards
· Individuals who are married have an average of $2,625 of credit card debt
· Individuals who are not married have an average of $1,744 of credit card debt
· Individuals living in the Western states have the most credit card debt with an average of $2,547. People in the Midwest have the smallest credit card balances with an average of $1,972 on their cards. Individuals in the South have an average of $2,465 on their cards and those in the Northeast carry an average balance of $2,199.
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Some other results from the survey:
· The average US male has $2,369 of credit card debt spread out over 2.8 cards
· The average US female has $2,289 of credit card debt spread out over 3.1 cards
· Individuals who are married have an average of $2,625 of credit card debt
· Individuals who are not married have an average of $1,744 of credit card debt
· Individuals living in the Western states have the most credit card debt with an average of $2,547. People in the Midwest have the smallest credit card balances with an average of $1,972 on their cards. Individuals in the South have an average of $2,465 on their cards and those in the Northeast carry an average balance of $2,199.
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