Credit Card Debt Statistics

American credit card debt has risen 41% since the year 2000. Many depend on plastic to pay for medical emergencies, cover household expenses after an unexpected job loss, or to stay afloat while trying to avoid foreclosure. Latest credit card debt statistics show that we collectively owe nearly $1 trillion to our credit card companies.

The 2009 Forbes Study

Forbes recently took a closer look at the credit card debt of the 50 largest cities in the US. We've formatted their findings for the top 20 most indebted cities into an easy to read chart and graph, below. Here, you'll see which cities owe the largest percentage of their paychecks to their creditors, and the average credit card debt and household income for each.

The 2009 Demos Survey

Another recent credit card study by national research center Demos reveals how low and middle class families accumulate debt. The study found the following interesting statistics:

• Average debt of low- and middle-class American families is $9,827.
• American families reported holding credit card debt for 5.1 years on average. 
• 75% use credit cards as their "emergency fund," using it for car and home repairs, job loss, or tuition expenses.
• Over 30% use credit for daily living expenses, such as rent, mortgage payment, groceries, and utilities.
• Out-of-pocket medical expenses represent $2,194 of credit card debt, on average.
• The average interest rate on a credit card with the highest balance is 14.8%.
• 25% of households surveyed pay more than 20% interest on the credit card debt.