Losing the Ghost of Credit Past

February 2007

Bad Debt

The bad debt costs the average U.S. family more than $500 annually through higher consumer prices.

Source: National Retailers Federation, Retailers: Attach Bankruptcy Reform to Ag Bill, January 28, 2004

Average Debt

Average credit card debt per U.S. Household rose from $2,985.00 in 1990 to $8,562.00 in 2002.

Source: Keenan, Charles. "Financial Literacy: How It Adds Up to Good Business." Community Banker March 2004, p. 36

Young Adult Debt

Credit card debt among young adults between the ages of 25 and 34 has increased 55%, while credit card debt among the youngest adults, between 18 and 24, has skyrocketed 104% since 1982.

Source: "GenX Debt." CardWeb.com 27 October 2004. 23 September 2005.

Grad Student Debt

The average credit card debt among graduate students who carry cards is $7,831 per student, a significant increase of 59% over 1998

Source: Nellie Mae, Credit Card Usage among Graduate Students, May 2004

Losing the Ghost of Credit Past

January 2007

Well Informed

Only a quarter of Americans feel very well informed about managing household finances.

Source: Collins, Larry. "Financial Literacy: What Are We Going to Do About It? No Shortage of Public, Private Programs." Massachusetts Banker First Quarter (2004). 29 October 2004

Disposable Income

From 1992-2000, disposable personal income rose 47 percent, but personal spending climbed by 61 percent. At the same time, the overall personal savings rate fell from 8.7 percent of disposable income in 1992 to zero in 2000.

Source: Berry, John M. "The Wealthy and the Wealth Effect." Washington Post National Weekly Edition, 21-27 May 2001.

Good Role Models

Fewer than half of respondents feel they are a good role model for their children regarding saving and spending.

Credit Card Discussions

More than 70% of parents say they have spoken with their teens about credit and using credit cards wisely, while less than 44% of the teenaged children of those respondents say their parents have talked to them about credit cards.

Home Ownership

June 2006

Grad Student Debt

The average credit card debt among graduate students who carry cards is $7,831 per student, a significant increase of 59% over 1998

Source: Nellie Mae, Credit Card Usage among Graduate Students, May 2004

Consumer Bankruptcy

Consumer bankruptcy filings in 2003 hit a record of nearly 1.7 million, or an average of nearly one in every seven households over the past decade. The bad debt costs the average U.S. family more than $500 annually through higher consumer prices.

Source: National Retailers Federation, Retailers: Attach Bankruptcy Reform to Ag Bill, January 28, 2004

Milestones

May 2006

Average Debt

Average credit card debt per U.S. Household rose from $2,985.00 in 1990 to $8,562.00 in 2002.

Source: Keenan, Charles. "Financial Literacy: How It Adds Up to Good Business." Community Banker March 2004, p. 36

Young Adult Debt

Credit card debt among young adults between the ages of 25 and 34 has increased 55%, while credit card debt among the youngest adults, between 18 and 24, has skyrocketed 104% since 1982.

Source: "GenX Debt." CardWeb.com 27 October 2004. 23 September 2005.

Financial Literacy Month

April 2006

Consumer Bankruptcy

Consumer bankruptcy filings in 2003 hit a record of nearly 1.7 million or an average of nearly one in every seven households over the past decade.

Source: National Retailers Federation, Retailers: Attach Bankruptcy Reform to Ag Bill, January 28, 2004

Bad Debt

The bad debt costs the average U.S. family more than $500 annually through higher consumer prices.

Source: National Retailers Federation, Retailers: Attach Bankruptcy Reform to Ag Bill, January 28, 2004

Fair Share

March 2006

Household Retirement Savings

In a 2003 survey, the median reported value of all household retirement savings was only $40,000, and 25% of those surveyed had no retirement account at all.

Source: Merrill Lynch, Retirement Preparedness Survey, August 2003.

Saved Enough?

Only 47% of Americans are either somewhat or very confident that they will have saved enough for retirement.

Source: Merrill Lynch, Retirement Preparedness Survey, August 2003

 
 
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