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"The Rise of Consumer Debt - Facts about credit cards and average American debt per household." (from visualeconomics.com):

http://www.visualeconomics.com/the-rise-of-consumer-debt/

"Consumer debt in the U.S. is growing with the increased use of credit cards by more households and with more credit cards per household than in past years. In 1968, the total credit card debt in the U.S. was less than $8 billion, adjusted for inflation. By 2009, Americans had a total credit card debt of $972.73 billion. U.S. households who have credit cards have a rising debt level that is projected to continue rising over the next few years. In 1995, American households that had credit cards had an average credit card debt of $5,800. That rate has risen steadily, and in 2008, American credit cardholding households had $10,679 in credit card debt.

The number of Americans and American households who own credit cards has grown rapidly over the last decade. There were 159 million credit cardholders in the U.S. in 2000. By 2006, there were 173 million credit cardholders in the U.S. There were 90.4 million U.S. households with cards in 2007. The number of Americans with credit cards is expected to grow to 181 million in 2010. Seventy-eight percent of American households, about 91.1 million households, had at least one credit card by the end of 2008.

Quick Facts About U.S. Credit Card Use

Credit card debt levels in the U.S. are higher than ever, and more Americans than ever own credit cards. The average American with a credit file is responsible for $16,635 in debt, excluding mortgages, according to consumer credit reporting company Experian. Approximately 51 percent of the U.S. population has at least two credit cards. Approximately 14 percent of the U.S. population has more than 10 credit cards. U.S. consumers have an average of four credit cards.

The Growing Number of Credit Card Transactions

More than 23 billion credit cards transactions were processed in the U.S. in 2007. More retail locations now accept credit cards. Where cash was once required for fast food and other small purchases, credit cards are now routinely used for everyday purchases.

With the number of credit cards in circulation growing and the number of transactions climbing steadily, the number of credit card transactions in the U.S. is projected to grow by 26 percent by 2011. The total U.S. consumer revolving debt fell to $963.5 billion in December 2008. About 98 percent of that debt was credit card debt."

Given these statistics, it is no wonder that almost 186,000 bankruptcies have been filed so far in 2010.

That's almost 4,000 every single day.

- Ed Smith, Publisher
The EHS Letter Manual