Consumer Credit and Debt Statistics

  • Americans carry more than $2 trillion in consumer debt, which works out to be nearly $8,200 in debt for every man, woman and child that lives here in the US. (Source: Federal Reserve, 2008)
  • 30 percent of consumers report having no extra cash; making it impossible to escape the burden of living paycheck to paycheck. (Source: Harris Interactive, 2007)
  • Total U.S consumer credit card (revolving credit) debt was $937.5 billion in November 2007. (Source: Federal Reserve, 2008)
  • On average, 32 percent of students graduating from college have four or more credit cards. (Source: Insurance News Net, Nellie Mae)
  • Four in 10 Americans don’t have even one month’s worth of income in savings in case of an emergency. (Source: MSNBC, HSBC Bank, 2007)
  • About half of adults (49%) say they are concerned they have not paid enough attention to managing their finances as they should have and 48 percent are concerned they don't know enough about financial planning; 4 out of 10 American workers are not saving for retirement. (Source: The Harris Poll, 2007)
  • More than 20 percent of Americans think that winning the lottery is the most practical way for them to accumulate wealth. (Source: Consumer Federation of America, 2006)
  • U.S. consumer bankruptcy filings increased nearly 40 percent nationwide in 2007 from the previous year. Overall consumer filing totals for the 2007 calendar year (Jan. 1 – Dec. 31, 2007) reached 801,840 compared to the 573,203 filings recorded during the similar period in 2006. (Source: American Bankruptcy Institute (ABI), 2007)
  • More than 2.1 million Americans with home loans missed at least one payment last year. (Source: Mortgage Bankers Association, 2008)
  • According to a recent financial literacy survey by NFCC:
    • Less than half (49%) of Americans check their credit report regularly
    • Only 39% of Americans have and follow a budget
    • 29% of Americans do not know the interest rate on the credit card they use most often
    • Only 25% of survey respondents admit to seeking professional retirement planning