Consumer Payment Card News

Financial Edge

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A new survey reveals that the average credit card debt of low- and middle-income indebted households in the U.S. is now $9,827. More than 1 out of 3 households reported using credit cards to cover basic living expenses, on average for 5 out of the last 12 months and are now on the financial edge. The Demos research also found that the average interest rate paid on a familiesâ card with the highest balance was 14.8% with close to 1 in 4 indebted households paying more than 20% interest on their card. Other findings: in the past five years credit card indebted homeowners used an average of $14,344 in home equity to pay down credit card debt and the majority of credit card indebted households cited using tax refunds toward debt reduction and nearly half of respondents cited working extra hours or taking on an extra job in order to get out of debt. For more information visit: “http://www.demos.org”:http://www.demos.org

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