AVERAGE CREDIT CARD DEBT INCREASES ALMOST 50%
October 14, 2003
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PRNewswire/ — Americans experiencing financial troubles have been seeing their situations deteriorate over the past year.
According to a Myvesta.org internal survey of clients in financial crisis, the average amount of credit card and unsecured debt has risen almost 50 percent in 2003 and mortgage debt is up almost 25 percent over the same period. The average credit card and unsecured debt rose from $52,210 in 2002 to $77,036 in 2003 and mortgage debt rose from an average of $168,129 in 2002 to $207,958 in 2003.
“It hasn’t been a great financial year for many American families,” said Steve Rhode, president and co-founder of Myvesta.org, a nonprofit financial crisis center. “Low interest rates have tempted many people into mortgages too large for them to handle. Individuals have been turning to credit cards as a way to make ends meet in this lousy economy.”
