Myvesta Survey Shows Average Credit Card Debt Up 14.5 Percent

ROCKVILLE, MD – According to the annual Credit Card Survey conducted by Myvesta, a nonprofit consumer education organization, the average amount of credit card debt carried by individuals has risen 14.5 percent. The average American is now carrying $2,627 in credit card debt, up from $2,294 in 2003. Individuals are also carrying more credit cards in their wallets. Americans are now carrying an average of 2.9 credit cards, up from 2.3 in 2003.

“Credit cards have become an integral part of many Americans’ daily lives and are fast becoming the most popular way to make purchases,” said Myvesta Spokesperson Jim Tehan. “When people are pulling out the plastic to make everyday purchases such as hamburgers and groceries, it’s no surprise that the average amount of debt has gone up.”

Other results from the Myvesta Credit Card Survey include:

• Males have an average of $2,742 of credit card debt spread out over 2.5 cards; females average $2,522 of credit card debt on 3.3 cards.

• Married individuals have an average of $3,288 of credit card debt; non- married individuals have an average of $1,785 of credit card debt.

• Individuals in the South are carrying the most credit card debt with an average of $2,977. People in the Northeast are carrying the smallest balances with an average of $1,918 of credit card debt. Individuals in the Midwest have an average of $2,682 on their cards and those in the West carry an average balance of $2,538.

“As Americans have become more dependant on credit for everyday purchases, they have increasingly been relying on the equity in their homes to pay off that debt,” Tehan said. “But while turning to home equity can provide temporary relief, eventually the equity will dry up and the debts will need to be paid off. If you find yourself charging everyday purchases and relying on debt to make ends meet, act quickly before the situation gets out of control.”

Myvesta(SM) is dedicated to helping people create healthy financial lives. The organization provides a wide range of materials to inspire and inform people so that they can break down their barriers to financial and personal success. For more information visit Myvesta.org online.