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Consumer Debt Statistics

The June 2010 Consumer Credit report issued by the Federal Reserve notes that consumer credit experienced a 3 ¼ percent annualized decrease during second quarter 2010. Non-revolving credit was relatively unchanged, while revolving credit experienced a 9 ½ percent annual rate decrease. Total consumer credit stands at 2.4 trillion dollars.

As of that report, the average interest rate that commercial banks were offering for a 48-month new car loan was 6.26 percent. Finance companies offered new car loans that averaged 4.02 percent and matured in 63.1 months. Personal loans granted by commercial banks for a 24-month period averaged an 11 percent interest rate.

Credit card debt, student loans, auto loans, and loans for trailers or boats comprise the consumer credit figure. As of June, the loan to value ratio for a new car loan was 87 percent, meaning that consumers placed down payments of 13 percent, on average. The average amount financed was $27,980, which is just slightly more than was financed during each of April and May.

Credit cards are accepted at over 24 million locations throughout 200 countries and territories. According to one report, the credit card charges within the U.S. rose from $69 billion per year to over $1.8 trillion per year between 1989 and 2006. In March 2009, the American Bankers Association estimated that every second, ten thousand payment card transactions are made around the world.

Seventy eight percent of U.S. consumers own at least one credit card, 80 percent own a debit card, and 17 percent own a prepaid card. As of January 2010, approximately 69 percent of U.S. consumers had used their credit cards in the prior month and approximately 73 percent had used one in the past year. At that time, approximately 56 percent of consumers had carried at least one unpaid balance in the prior 12 months.

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3. Countries And Governments With The Most Debt
4. College Debt: Debt Statistics For College Graduates
5. How Inflation Affects Consumer Debt
6. 17 Debt Statistics That Prove We’ve Made Our Children Slaves
7. An Overview of Consumer Credit Counseling
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10. Beware of These Debt Free Scams

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