My Blue Chimp

Many of us begin our credit downslide the day we become old enough to have a credit card, racking up debt before we even know what we’re doing. And credit card companies bury their policies in so much legalese and financial-speak that may of us never learn what these cards really are and how they work. Here are some facts you really need to know, courtesy of MyBlueChimp.com's debt settlement wizards:

Delinquencies, late payments

In the last 12 months, 15 percent of American adults, or nearly 34 million people, have been late making a credit card payment and 8 percent (18 million people) have missed a payment entirely. (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
26 percent of Americans, or more than 58 million adults, admit to not paying all of their bills on time. Among African-Americans, this number is at 51 percent. (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
Penalty fees from credit cards will add up to about $20.5 billion in 2009, according to R. K. Hammer, a consultant to the credit card industry. (Source: New York Times, September 2009)
Only eight percent of cards with penalty rate conditions offered to restore the original rate terms when payments are made on-time, usually after 12 months. (Source: Pew Safe Credit Cards Project, March 2009)
72 percent of cards included offers of low promotional rates which issuers could revoke after a single late payment. (Source: Pew Safe Credit Cards Project, March 2009)
From 1989 to 2004, the percentage of cardholders incurring fees due to late payments of 60 days or more increased from 4.8 percent to 8.0 percent. (Source: Demos.org, "Borrowing To Make Ends Meet," November 2007)
One-fourth of the students surveyed in US PIRG's 2008 Campus Credit Card Trap report said that they have paid a late fee, and 15 percent have paid an "over the limit" fee. (Source: U.S. PIRG, "Campus Credit Card Trap")
When finances are tight, 59 percent of people would pay their credit card bills last. A majority -- 52 percent -- would pay the mortgage first and 38 percent say they would pay for utilities before paying other obligations. (Source: CreditCards.com survey, December 2008)
The ratio of credit card borrowers delinquent on one or more of their credit cards is 1.19 percent. (Source: TransUnion, June 2008)
Delinquency was highest in Nevada (1.74 percent), followed closely by Mississippi (1.53 percent) and Florida (1.51 percent). The lowest credit card loan delinquency rates were found in North Dakota (0.67 percent), Utah (0.75 percent) and South Dakota (0.79 percent). (Source: TransUnion, June 2008)
On average, today's consumers are paying their bills on time, with less than half of all consumers have ever been reported as 30 or more days late on a payment. Only three out of 10 have ever been 60 or more days overdue on any credit obligation. Seventy-seven percent of all consumers have never had a loan or account that was 90+ days overdue, and fewer than 20 percent have ever had a loan or account closed by the lender due to default . (Source: myfico.com)
The average late fee was found to have dropped to $25.90, down from $28 in 2007. Consumer Action reported that late fees reached up to $39 per incident. (Source: Consumer Action credit card survey, July 2008)

Bankruptcy

Personal bankruptcies surged to more than 1 million filings in the United States in 2008, the most since a rewrite of bankruptcy laws took effect in 2005. (Source: American Bankruptcy Institute, January 2009)
For the second straight year, Tennessee had the distinction of having the overall highest per capita rate of filings, with 7.65 filings per 1,000 residents. Alaska retained its title as the land of the fewest personal bankruptcies -- only 877 were filed all year. That works out to a rate of 1.28 per 1,000 (Source: Automated Access to Court Electronic Records or AACER, January 2009)
Young Americans now have the second highest rate of bankruptcy, just after those aged 35 to 44. The rate among 25- to 34-year-olds increased between 1991 and 2001, indicating that this generation is more likely to file bankruptcy as young adults than were young boomers at the same age. (Source: "Generation Broke: Growth of Debt Among Young Americans")
Memphis, Tenn., consumers have suffered the most bankruptcies. (Source: Men's Health magazine's personal debt survey, July 2008)
Yonkers, N.Y., has suffered the fewest bankruptcies. (Source: Men's Health magazine's personal debt survey, July 2008)

Total charges and transactions

There were 26.5 billion U.S. credit card transactions in 2008, totalling $2.1 trillion. That's up from 21 billion transactions totalling $1.4 trillion in 2003. (Source: Nilson Report, December 2009)
There were 34 billion U.S. debit card transactions in 2008, totalling $1.33 trillion. That's way up from 16.1 billion transactions totalling $583 billion in 2003. (Source: Nilson Report, December 2009)
There were 5 billion U.S. prepaid card transactions in 2008, totalling $153 billion. That's way up from 2.5 billion transactions totalling $69 billion in 2003. (Source: Nilson Report, December 2009)
Today, credit cards are responsible for more than $2.5 trillion in transactions a year and are accepted at more than 24 million locations in more than 200 countries and territories. (Source: American Bankers Association, March 2009)
It is estimated that there are 10,000 payment card transactions made every second around the world. (Source: American Bankers Association, March 2009)
Between 1989 and 2006, the nation's total credit card charges increased from about $69 billion a year to more than $1.8 trillion. (Source: Demos.org, April 2008)

Causes of debt

"As household wealth has declined in the downturn, more American families are facing financial distress due to high debt burdens. In 2007, before the recession began, 14.7 percent of U.S. families had debt exceeding 40 percent of their income." (Source: U.S. Congress' Joint Economic Committee, "Vicious Cycle: How Unfair Credit Card Company Practices Are Squeezing Consumers and Undermining the Recovery," May 2009)
As of March 2009, U.S. revolving consumer debt, made up almost entirely of credit card debt, was about $950 Billion. In the fourth quarter of 2008, 13.9 percent of consumer disposable income went to service this debt. (Source: U.S. Congress' Joint Economic Committee, "Vicious Cycle: How Unfair Credit Card Company Practices Are Squeezing Consumers and Undermining the Recovery," May 2009)
In 2007, credit card balances made up 3.5 percent of the total debt for all U.S. families, including those with and without credit card debt. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
The average credit card indebted young adult household now spends nearly 24 percent of its income on debt payments, four percentage points more, on average, than young adults did in 1992. (Source: "Generation Broke: Growth of Debt Among Young Americans")
Approximately 29 percent of low- and middle-income households with credit card debt reported that medical expenses contributed to their current balances. (Source: Demos.org, January 2007)
U.S. consumers racked up an estimated $51 billion worth of fast food on their personal credit and debit cards in 2006, compared to $33.2 billion one year earlier. (Source: CardData.com)

Payment trends

26 percent of Americans, or more than 58 million adults, admit to not paying all of their bills on time. Among African-Americans, this number is at 51 percent. (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
The average credit card-indebted family in 2004 allocated 21 percent of its income to servicing monthly debt compared to the 13 percent dedicated to debt payments among all households. (Source: Demos.org, "Borrowing To Make Ends Meet," November 2007)
58 percent of Hispanics have not used a credit card in the past 30 days. (Source: Experian Consumer Research study, November 2008)
31 percent of Hispanics typically pay cash for their purchases. (Source: Experian Consumer Research study, November 2008)
When finances are tight, 59 percent of people would pay their credit card bills last. A majority -- 52 percent -- would pay the mortgage first and 38 percent say they would pay for utilities before paying other obligations. (Source: CreditCards.com survey, December 2008)
41 percent of college students have a credit card. Of the students with cards, about 65 percent pay their bills in full every month, which is higher than the general adult population. (Source: Student Monitor annual financial services study, 2008)
55 percent of credit card users keep a balance on their credit card, up 2 percent from 2007. (Source: ComScore, September 2008)
27 percent of U.S. families had no credit cards in 2007. (Source: Federal Reserve Board Survey of Consumer Finances, February 2009)
One in six families with credit cards pays only the minimum due every month. (Source: Experian national score index study, February 2007)
Of every $100 spent by consumers, nearly $40 is in a form other than cash or check. (Source: Visa USA internal statistics, 4th quarter 2006)
Nearly one in every three consumer purchases in the United States is made with a payment card, including credit, debit and prepaid products. (Source: Visa USA internal statistics, 4th quarter 2006)
28 percent of those surveyed say their ability to pay off their credit card balance has become more difficult. (Source: Javelin Strategy & Research, "Credit Card Issuer Profitability in a Difficult Economy," July 2008)

Debit cards

There were 34 billion U.S. debit card transactions in 2008, totalling $1.33 trillion. That's way up from 16.1 billion transactions totalling $583 billion in 2003. (Source: Nilson Report, December 2009)
In 2008, Visa had $817.8 billion in U.S. debit card purchase volume. That's up from $305 billion in 2003. (Source: Nilson Report, December 2009)
In 2008, Visa had 21 billion U.S. debit card purchase transactions. That's up from 7.8 billion in 2003. (Source: Nilson Report, December 2009)
In 2008, MasterCard had $308.7 billion in U.S. debit card purchase volume. That's up from $81 billion in 2003. (Source: Nilson Report, December 2009)
In 2008, MasterCard had 7.5 billion U.S. debit card purchase transactions. That's up from 1.95 billion in 2003. (Source: Nilson Report, December 2009)
As of June 30, 2009, there were 352 million Visa debit cards in circulation in the United States. There were 941 million in circulation worldwide. (Source: Visa.com)
"In less than 15 years, debit card transactions in the United States grew from 1 percent of noncash transactions to more than 50 percent." (Source: Tower Group, August 2009)
In 2008, 72 percent of consumers indicated they used a debit card in the past year. In 2007, that number was 65 percent. (Source: Javelin, "Credit Card Spending Declines" study, March 2009)
Debit card usage grew from 2007 to 2008, with 66 percent of consumers indicating they used a debit card in the month preceding the September 2008 survey, compared to 57 percent of consumers in 2007. (Source: Javelin, "Credit Card Spending Declines" study, March 2009)
Only 47 percent of Americans over 65 said they had used a debit card in the month before the September 2008 survey, 19 points lower than any other age group. (Source: Javelin, "Credit Card Spending Declines" study, March 2009)
76 percent of Americans aged 25 to 34 indicated they had used a debit card in the month preceding the September 2008 survey. 63 percent of that age group said that had used a credit card in the same period. (Source: Javelin, "Credit Card Spending Declines" study, March 2009)
71 percent of Americans aged 18 to 24 said that they had used a debit card in the month preceding the September 2008 survey. Just 51 percent of that same age group indicated they had used a credit card in the same period. (Source: Javelin, "Credit Card Spending Declines" study, March 2009)
Top 10 U.S. general purpose debit card issuers (Note: 2007 ranking in parentheses) 1. Bank of America - $224.59 (1); 2. Wells Fargo - $167.30 (2); 3. Chase V/MC - $135.96 (5); 4. U.S. Bank - $34.78 (6); 5. PNC - $30.11 (18); 6. Regions Bank - $22.60 (7); 7. USAA (1) - $21.55 (11); 8. SunTrust - $21.12 (8); 9. TD Bank - $20.59 (29); 10. Citi - $20.22 (9) (Source: Nilson Report, April 2009)
As of December 31, 2008, there were 126 million MasterCard debit cards in circulation in the United States. (Source: MasterCard.com)
74 percent of monthly college spending is with cash and debit cards. Only 7 percent is with credit cards. (Source: Student Monitor annual financial services study, 2008)
Debit card usage has decreased from 55 percent in 2003 to 48 percent in 2007. (Source: Vertis, Customer Focus financial study, May 2007)

Prepaid cards

There were 5 billion U.S. prepaid card transactions in 2008, totalling $153 billion. That's way up from 2.5 billion transactions totalling $69 billion in 2003. (Source: Nilson Report, December 2009)
Based on purchase volume, H&R Block was the top issuer of prepaid cards in the U.S. The company had $7.71 billion in purchase volume on its prepaid cards in 2008. MetaBank ($3.52 billion) and Chase ($3.30 billion) were second and third, respectively, though their combined totals were less than that of H&R Block. (Source: Nilson Report, July 2009)
The total amount loaded for prepaid cards in 2008 (including both open-loop cards -- which are general purpose cards that carry the American Express, Discover, MasterCard or Visa logo and can be used wherever those cards are accepted -- and closed-loop cards -- which can only be used in specific places) was $247.7 billion, a $27.8 billion increase over the $220.27 billion load in 2007. That's an increase of 12.4 percent.
(Source: Mercator Advisory Group, "6th Annual Network Branded Prepaid Market Assessment," September 2009)
Open-loop gift cards (general purpose cards that carry the American Express, Discover, MasterCard or Visa logo and can be used wherever those cards are accepted) continue to grow in popularity. $60.42 billion was loaded on to open-loop prepaid cards in 2008, a 54.3 percent increase from 2007.
(Source: Mercator Advisory Group, "6th Annual Network Branded Prepaid Market Assessment," September 2009)

Interest rates/ APRs

93 percent of cards allowed the issuer to raise any interest rate at any time by changing the account agreement. (Source: Pew Safe Credit Cards Project, March 2009)
Only eight percent of cards with penalty rate conditions offered to restore the original rate terms when payments are made on-time, usually after 12 months. (Source: Pew Safe Credit Cards Project, March 2009)
72 percent of cards included offers of low promotional rates which issuers could revoke after a single late payment. (Source: Pew Safe Credit Cards Project, March 2009)
For families having any bank-type cards, the median number of such cards remained at 2; the median credit limit on all such cards rose 21.4 percent, to $18,000, and the median interest rate on the card with the largest balance (or on the newest card, if no outstanding balances existed) rose 1.0 percentage point, to 12.5 percent. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
Among 41 credit cards Consumer Action looked at from 20 banks, the average interest rate for purchases was 13.54 percent. That's a drop of nearly a full point from the 2007 survey results. Interest rates on purchases ranged from 6 percent to 22.75 percent, with the 12 fixed rate credit cards averaging an interest rate of 11.82 percent and the 29 variable rate credit cards averaging 11.82 percent. (Source: Consumer Action credit card survey, July 2008)
77 percent of surveyed credit card issuers (17 of 22) answered “Yes” to the question “Can you increase my APR or change my terms ‘any time for any reason’?” This includes all Top Ten issuers – even Citibank, which pledges not to change a customer’s terms before the card’s expiration date. (Source: Consumer Action credit card survey, July 2008)

Fees

Penalty fees from credit cards will add up to about $20.5 billion in 2009, according to R. K. Hammer, a consultant to the credit card industry. (Source: New York Times, September 2009)
In the first 3 months of 2009, 27 percent of card offers carried an annual fee, up from 18% in 2008, according to the financial research firm Tower Group. (Source: ConsumerReports.org Money Blog, August 2009)
92 percent of cards included a fee for exceeding the credit limit, including 100 percent of all student cards. The amount of the overlimit fee is $39 on most accounts. (Source: Pew Safe Credit Cards Project, March 2009)
64 percent of respondents said having "no annual fee" was an important reason why they chose the credit card they did the last time they got a new card. (Source: Aite Group survey, January 2008)
Thirty-five of the 41 credit cards (85 percent of those surveyed) did not charge an annual fee. That marked a larger number of credit cards with no annual fee than in 2007, when 72 percent had no annual fee. The cost of those fees ranged from $18 to $79, for an average annual fee of $43.50. That average fee is down more than a dollar from 2007's number. (Source: Consumer Action credit card survey, July 2008)
The average late fee was found to have dropped to $25.90, down from $28 in 2007. Consumer Action reported that late fees reached up to $39 per incident. (Source: Consumer Action credit card survey, July 2008)
One-fourth of the students surveyed in US PIRG's 2008 Campus Credit Card Trap report said that they have paid a late fee, and 15 percent have paid an "over the limit" fee. (Source: U.S. PIRG, "Campus Credit Card Trap")
95 percent of surveyed issuers have over-limit fees. The average over-limit fee, among institutions with over-limit fees, is $29.13. (Source: Consumer Action credit card survey, July 2008.)
Foreign transaction fees of 3 percent are charged on all purchases made in another currency by Bank of America, Chase, Citi, Digital FCU, HSBC Bank, Town North Bank, U.S. Bank and Wells Fargo. The 3 percent fee is the highest found by Consumer Action this year. Only Capital One (and Arkansas National Bank which went out of business following the survey) does not charge foreign currency transaction fees. (Source: Consumer Action credit card survey, July 2008)

Credit scores

From Q3 2008 to Q1 2009, the average TransUnion credit score fell 6 points to 651, the credit bureau says. Scores fell even further in the some economically challenged states: California fell 10 points and Arizona, 11. (Source: USAToday.com, April 2009)
The U.S. average VantageScore® is 769. The average score rises to 837 when looking solely at the over-60 population. (Source: Experian marketing insight snapshot, March 2009)
Nearly two-thirds of American adults (64 percent) -- or 144 million people -- have not ordered a copy of their credit report in the past year; this grows to nearly three-quarters (72 percent) among Hispanic Americans. (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
More than one-third of American adults (37 percent) admit that they do not know their credit score. (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
Only 2 percent of undergraduates had no credit history. (Source: Sallie Mae, "How Undergraduate Students Use Credit Cards," April 2009)
On average, today's consumer has a total of 13 credit obligations on record at a credit bureau. These include credit cards (such as department store charge cards, gas cards, and bank cards) and installment loans (auto loans, mortgage loans, student loans, etc.). Not included are savings and checking accounts (typically not reported to a credit bureau). Of these 13 credit obligations, nine are likely to be credit cards and four are likely to be installment loans. (Source: myfico.com)
The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for some time. In fact, one out of four consumers had credit histories of 20 years or longer. Only one in 20 consumers had credit histories shorter than two years. (Source: myfico.com)
The average consumer has had only one credit inquiry on his or her accounts within the past year. Fewer than 6 percent had four or more inquiries resulting from a search for new credit. (Source: myfico.com)
Corpus Christi, Texas, residents have America's worst credit scores. (Source: Men's Health magazine's personal debt survey, July 2008)
Sioux Falls, S.D., boasts America's best credit scores. (Source: Men's Health magazine's personal debt survey, July 2008)

Credit limits and usage

In 2007, 97 percent of consumers indicated they used a credit card in the past year. In 2008, that number plummeted to 72 percent. (Source: Javelin, "Credit Card Spending Declines" study, March 2009)
Credit card usage fell dramatically from 2007 to 2008, with only 64 percent of consumers indicating they used a credit card in the month preceding the September 2008 survey, compared to 87 percent of consumers in 2007 — a 23 percentage point decline. (Source: Javelin, "Credit Card Spending Declines" study, March 2009)
80 percent of Americans 65 or older indicated they used a credit card in the month preceding the September 2008 survey. That's 13 points higher than any other age group. They also used debit cards far less than other age groups. Only 47 percent of those over 65 said they had used a debit card in the month before the survey, 19 points lower than any other age group. (Source: Javelin, "Credit Card Spending Declines" study, March 2009)
63 percent of Americans aged 25 to 34 indicated they had used a credit card in the month preceding the September 2008 survey. (Source: Javelin, "Credit Card Spending Declines" study, March 2009)
Just 51 percent of Americans aged 18 to 24 indicated they had used a credit card in the month preceding the September 2008 survey. 71 percent of that age group said that they had used a debit card in the same period. (Source: Javelin, "Credit Card Spending Declines" study, March 2009)
92 percent of cards included a fee for exceeding the credit limit, including 100 percent of all student cards. The amount of the overlimit fee is $39 on most accounts. (Source: Pew Safe Credit Cards Project, March 2009)
For families having any bank-type cards, the median number of such cards remained at 2; the median credit limit on all such cards rose 21.4 percent, to $18,000, and the median interest rate on the card with the largest balance (or on the newest card, if no outstanding balances existed) rose 1.0 percentage point, to 12.5 percent. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
58 percent of Hispanics have not used a credit card in the past 30 days. (Source: Experian Consumer Research study, November 2008)
31 percent of Hispanics typically pay cash for their purchases. (Source: Experian Consumer Research study, November 2008)
More than 23 billion credit cards transactions were processed in the United States in 2007, and they are projected to grow by 26 percent over the next five years. (Source: Nilson Report)
55 percent of credit card users keep a balance on their credit card, up 2 percent from 2007. (Source: ComScore, September 2008)
Approximately 14 percent of Americans use 50 percent or more of their available credit. (Source: Experian National Score Index Study, February 2007)
At about 17 percent each, Alaska and Hawaii have the largest concentration of consumers who use 50 percent or more of their available credit. (Source: Experian National Score Index Study, February 2007)
Residents of Jackson, Miss., use the highest percentage of their credit limit. (Source: Men's Health magazine's personal debt survey, July 2008)
Lincoln, Neb., residents use the lowest percentage of their credit limit. (Source: Men's Health magazine's personal debt survey, July 2008)
95 percent of surveyed issuers have over-limit fees. The average over-limit fee, among institutions with over-limit fees, is $29.13. (Source: Consumer Action credit card survey, July 2008.)
37 percent of consumers say they are using their credit cards less. (Source: Javelin Strategy & Research, "Credit Card Issuer Profitability in a Difficult Economy," July 2008)

Debt totals

There were 26.5 billion credit card transactions in 2008, totalling $2.1 trillion. That's up from 21 billion transactions totalling $1.4 trillion in 2003. (Source: Nilson Report, December 2009)
At the end of 2008, Americans' credit card debt reached $972.73 billion, up 1.12% from 2007. That number includes both general purpose credit cards and private label credit cards that aren't owned by a bank. (Source: Nilson Report, April 2009)
Average credit card debt per household -- regardless of whether they have a credit card or not -- was $8,329 at the end of 2008. (Source: Nilson Report, April 2009)
The average outstanding credit card debt for households that have a credit card was $10,679 at the end of 2008. One year earlier, that average was $10,637. (Source: Nilson Report, April 2009)
The average balance per open credit card -- including both retail and bank cards -- was $1,157 at the end of 2008. That's up from $1,033 at the end of 2006, a growth of nearly 11 percent in two years. (Source: Experian marketing insight snapshot, March 2009)
As of March 2009, U.S. revolving consumer debt, made up almost entirely of credit card debt, was about $950 Billion. In the fourth quarter of 2008, 13.9 percent of consumer disposable income went to service this debt. (Source: U.S. Congress' Joint Economic Committee, "Vicious Cycle: How Unfair Credit Card Company Practices Are Squeezing Consumers and Undermining the Recovery," May 2009)
"As household wealth has declined in the downturn, more American families are facing financial distress due to high debt burdens. In 2007, before the recession began, 14.7 percent of U.S. families had debt exceeding 40 percent of their income." (Source: U.S. Congress' Joint Economic Committee, "Vicious Cycle: How Unfair Credit Card Company Practices Are Squeezing Consumers and Undermining the Recovery," May 2009)
In 2007, the average balance for those carrying a balance rose 30.4 percent, to $7,300. Meanwhile, the median balance -- meaning half owe more and half owe less -- for those carrying a balance rose 25.0 percent, to $3,000. These increases followed slower changes over the preceding three years, when the median increased 9.1 percent and the average climbed 16.7 percent. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
In the fourth quarter of 2008, consumers over 60 had an average balance of $763 per open bankcard or retail accounts. A year before, that balance was $746. The year before that, it was $735 -- meaning the average has jumped about 4 percent in 2 years. (Source: Experian marketing insight snapshot, March 2009)
In 2007, credit card balances made up 3.5 percent of the total debt for all U.S. families, including those with and without credit card debt. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
In 2007, fewer than half of U.S. families (46.1 percent) held credit card debt. That's virtually unchanged from 2004's 46.2 percent number. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
Undergraduates are carrying record-high credit card balances. The average (mean) balance grew to $3,173, the highest in the years the study has been conducted. Median debt grew from 2004’s $946 to $1,645. Twenty-one percent of undergraduates had balances of between $3,000 and $7,000, also up from the last study. (Source: Sallie Mae, "How Undergraduate Students Use Credit Cards," April 2009)
Balances on bank cards accounted for 87.1 percent of outstanding credit card balances in 2007, up from 84.9 percent in 2004. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
Of the 73.0 percent of families with credit cards in 2007, only 60.3 percent had a balance at the time of the interview; in 2004, 74.9 percent had cards, and 58.0 percent of these families had an outstanding balance on them. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
"Total bankcard debt per bankcard borrower" is $5,710. This was alternately described as the total balance of bank-issued credit cards per consumer. (Source: TransUnion, December 2008)
The average American with a credit file is responsible for $16,635 in debt, excluding mortgages, according to Experian. (Source: U.S. News and World Report, "The End of Credit Card Consumerism," August 2008)
76 percent of undergraduates have credit cards, and the average undergrad has $2,200 in credit card debt. Additionally, they will amass almost $20,000 in student debt. (Source: Nellie Mae, "Undergraduate Students and Credit Cards in 2004: An Analysis of Usage Rates and Trends.")
Average credit card debt among indebted young adults increased by 55 percent between 1992 and 2001, to $4,088. (Source: "Generation Broke: Growth of Debt Among Young Americans")
The average credit card indebted young adult household now spends nearly 24 percent of its income on debt payments, four percentage points more, on average, than young adults did in 1992. (Source: "Generation Broke: Growth of Debt Among Young Americans")
Among the 35 percent of college students with credit cards that do not pay their balances in full every month, the average balance is $452. This is down 19 percent from 2007. Moreover, this balance is approximately one-third the size of the average balance for active nonstudent young adult accounts and one-fourth the size of active accounts for older adults. (Source: Student Monitor annual financial services study, 2008)
Total U.S. consumer debt (which includes credit card debt and noncredit-card debt but not mortgage debt) reached $2.56 trillion at the end of 2008, up from $2.52 trillion at the end of 2007. (Source: Federal Reserve's G.19 report, February 2009)
Total U.S. consumer revolving debt fell to $963.5 billion in December 2008. About 98 percent of that debt was credit card debt. (Source: Federal Reserve's G.19 report, February 2009)
As of 2007, the majority of U.S. households had no credit card debt. (Source: Federal Reserve Board survey of consumer finances, February 2009)
When you take a snapshot of how much an individual bank cardholder has in debt on a given day, and ignore whether that debt will be paid off in the grace period, Alaska is the state whose cardholders have the highest debt: $7,827. Alaska is followed by Nevada at $6,636 and Tennessee at $6,568. At the other end of the scale, the states whose citizens carry the lowest card debt at a given moment are Iowa ($4,277), North Dakota ($4,403) and West Virginia ($4,517). (Source: TransUnion, December 2008)
About 40 percent of credit cardholders carry a balance of less than $1,000. About 15 percent are far less conservative in their use of credit cards and have total card balances in excess of $10,000. When you look at the total of all credit obligations combined (except mortgage loans), 48 percent of consumers carry less than $5,000 of debt. This includes all credit cards, lines of credit and loans -- everything but mortgages. Nearly 37 percent carry more than $10,000 of nonmortgage debt as reported to the credit bureaus. (Source: myfico.com)
The typical consumer has access to approximately $19,000 on all credit cards combined. More than half of all people with credit cards are using less than 30 percent of their total credit card limit. Just over one in seven is using 80 percent or more of their credit card limit. (Source: myfico.com)
The average college graduate has nearly $20,000 in debt; average credit card debt has increased 47 percent between 1989 and 2004 for 25-to 34-year-olds and 11 percent for 18-to 24-year-olds. Nearly one in five 18-to 24-year-olds is in "debt hardship," up from 12 percent in 1989. (Source: Demos.org, "The Economic State of Young America," May 2008)
More than 90 percent of survey respondents believe they had the same amount -- or less -- debt as the average American. (Source: CreditCards.com survey, June 2007)
Miami residents are the biggest overspenders, one study says. The 50 largest U.S. metropolitan areas were ranked in terms of percent of median yearly household income owed to credit card companies and Miami residents owed 22.61 percent. Tampa (17.1 percent) and Los Angeles (16.81 percent) came in second and third, respectively. (Source: Forbes.com, Equifax and US Census Bureau, April 2009)
Anchorage, Alaska, has the highest credit card debt. (Source: Men's Health magazine's personal debt survey, July 2008)
Lincoln, Neb., has the lowest credit card debt. (Source: Men's Health magazine's personal debt survey, July 2008)
28 percent of those surveyed say their ability to pay off their credit card balance has become more difficult. (Source: Javelin Strategy & Research, "Credit Card Issuer Profitability in a Difficult Economy," July 2008)

ID theft

The number of U.S. identity fraud victims increased 22 percent in 2008 to 9.9 million adults. However, the total annual fraud amount jumped just 7 percent to $48 billion. The report said this is because "consumers and businesses are detecting and resolving fraud more quickly." (Source: Javelin Strategy & Research, February 2009 study.)
Women were 26 percent more likely to be victims of identity fraud than men in 2008. (Source: Javelin Strategy & Research, February 2009 study.)
71 percent of fraud incidents "began occurring in less than one week from when the data was first stolen, up from 33 percent in 2005." (Source: Javelin Strategy & Research, February 2009 study.)
"Lost or stolen wallets, checkbooks and credit and debit cards" made up 43 percent of all ID theft incidents in which the "method of access" was known. (Source: Javelin Strategy & Research, February 2009 study.)
Credit and debit card fraud is the No. 1 fear of Americans in the midst of the global financial crisis. Concern about fraud supersedes that of terrorism, computer and health viruses and personal safety. (Source: Unisys Security Index: United States, March 2009)
Arizona leads the nation in identity theft complaints per 100,000 people. In 2008, the state had 149 complaints about ID theft per 100,000 people. California (139.1), Florida (133.3), Texas (130.3) and Nevada (126.0) rounded out the top five. (Source: Federal Trade Commission, February 2009 survey)
South Dakota has the fewest identity theft complaints per 100,000 people in the nation. In 2008, the state had 33.8 complaints about ID theft per 100,000 people. North Dakota (35.7), Iowa (44.9), Montana (46.5) and Wyoming (46.9) rounded out the bottom five. (Source: Federal Trade Commission, February 2009 survey)
Brownsville-Harlingen, Texas, is the metropolitan area with the largest number of ID theft complaints per 100,000 people. In 2008, the area had 366.8 complaints per 100,000 people. Napa, Calif., was second with 351.3. (Source: Federal Trade Commission, February 2009 survey)
In 2005, older consumers were significantly less likely to be victims of the frauds covered in the survey. While 15.4 percent of those who were between 35 and 44 years of age were victims of one or more of the frauds in the survey, the rate falls by to 11.0 percent for those between 55 and 64 and to 10.4 percent for those between 65 and 74. Of those who were at least 75 years of age, only 5.6 percent were victims. (Source: Federal Trade Commission survey, October 2007)
Hispanics were 50 percent more likely than nonHispanic whites to have been a victim of fraud in 2005, with 18.0 percent of Hispanics estimated to have been a victim of one or more frauds. (Source: Federal Trade Commission survey, October 2007)
Statistics on identity theft vary widely, because some say any credit card fraud is identity theft, while others define it as a more systemic adoption of someone else's identity.

Perceptions, tendencies

41 percent of U.S. adults, or more than 92 million people living in America, gave themselves a grade of C, D, or F on their knowledge of personal finance. (Source: National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
Forty-seven percent of respondents said they see a microwave as a necessity, down from 68 percent in 2006. While 52 percent now see TV as a necessity, down from 64 percent in 2006. The car dropped slightly in the necessity list, with 88 percent of Americans seeing it as indispensable, compared to 91 percent in 2006. (Source: Pew Research Center, April 2009)
Credit and debit card fraud is the No. 1 fear of Americans in the midst of the global financial crisis. Concern about fraud supersedes that of terrorism, computer and health viruses and personal safety. (Source: Unisys Security Index: United States, March 2009)
An estimated 88 percent of consumers surveyed admitted to immediately shredding or simply throwing out credit card offers they receive in the mail. (Source: CreditCards.com survey, June 2007)
Almost three in four surveyed say they don't bother reading the terms and conditions of their own credit cards. (Source: CreditCards.com survey, June 2007).
More than 90 percent of survey respondents believe they had the same amount -- or less -- debt as the average American. (Source: CreditCards.com survey, June 2007)
Only 50 percent of consumers survey are satisfied with their primary credit card. (Source: CreditCards.com Survey, June 2007)
Low interest rate is by far the most important factor when choosing a new credit card, cited by 58 percent of respondents. (Source: CreditCards.com survey, June 2007)

Information obtained from creditcards.com