It is an uncomfortable feeling knowing that we owe a given sum of money to a person, a bank, or a company. Unfortunately, very few of us are able to get through life without debt touching our lives. It is nearly impossible not to accrue some debt in pursuit of higher education, an automobile, or a home. The worst kind of debt? Credit card debt. For most people, the single greatest impediment to attaining wealth and financial freedom.
This week’s SavvyPoll asks, “How much do you believe the average American household owes in credit card debt?”
A. $4,000 – $5,999
B. $6,000 – $7,999
C. $8,000 – $9,999
D. Greater than $10,000
Prior to getting to the poll results, a few things to keep in mind. First, this is strictly a look at credit card debt and not all consumer debt (which would include things such as payday loans) and long-term secured debt (e.g mortgages). Second, as discussed here, different organizations have different definitions of what constitutes credit card debt and apply different metrics.
The true objective of this poll was not to definitively identify the average credit card debt for American households. Instead, like the SavvyQuizzes, the real desire is to get readers to think more about the topic and encourage more research; encourage a change in behavior if applicable. Without further ado, the results, which include the answer as well as the percentage for each answer chosen by SavvyReaders:
Source: CardHub Credit Card Debt study, 2013