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altyfc
Joined: 29 Dec 2004
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Location: Aardvarkland
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 Posted: Mon Jun 26, 2006 8:56 pm Post subject: Average credit card debt |
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Credit cards in the UK are 40 years old today!
Average CC debt here is apparently £1772... is this higher or lower than you'd expect?
Aaron
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iFinancialAdviser
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| Posted: Mon Jun 26, 2006 10:26 pm Post subject: Re: Average credit card debt |
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| altyfc wrote: |
Credit cards in the UK are 40 years old today!
Average CC debt here is apparently £1772... is this higher or lower than you'd expect?
Aaron |
Much lower. Average credit card debt in US is close to USD 10k. As I read your posts in this forum, I was thinking that average credit card debt in UK is quite bad, and it's around the equivalent of several thousand USD, but £1772 is really nothing.
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altyfc
Joined: 29 Dec 2004
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iFinancialAdviser
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| Posted: Mon Jun 26, 2006 10:35 pm Post subject: |
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From what I understand, UK offers generous social programs, so that might be one of reasons.
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altyfc
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iFinancialAdviser
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| Posted: Tue Jun 27, 2006 12:02 am Post subject: |
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NHS is definitely one of programs. Education is another; UK university tuition is no comparison to US one. Child support is another? (not many UK tax payers are happy about it though apparently.)
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altyfc
Joined: 29 Dec 2004
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| Posted: Tue Jun 27, 2006 6:39 am Post subject: |
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No, you're right about that last point. On the one hand, you have those who are trying hard to earn a living and delaying having family until they are financially secure, and on the other we have those who have large families regardless of their financial status and sponge off the workers. I guess it happens the world over, though.
Aaron
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24Hours
Joined: 11 Aug 2006
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| Posted: Sun Aug 13, 2006 8:14 pm Post subject: |
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In America, as of 2004:
Total consumer credit: $1.7 trillion.
Credit card debt carried by the average American: $8,562.
Total finance charges Americans paid in 2001: $50 billion.
Percent of U.S. households deemed credit worthy by the lending industry: 78%.
Number of credit card holders who declared bankruptcy last year: 1.3 million.
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24Hours
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| Posted: Tue Oct 10, 2006 10:45 am Post subject: |
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I think the average credit card debt is around 5K in America.
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