You have read articles about credit card debt. They are usually written to get you to wonder how well you are doing. So, you click the headline.
The main problem with these stories is that the credit card debt figure used is the average, not the median.
Median means half the population has more and half has less. It is a far more relevant figure than average.
The average figure is always much higher than the median figure because a few people are really big losers.
The median figures are not that bad. The state with the highest median credit card debt is Alaska. The figure is a little over $4,100. Next on the list is the District of Columbia. It is about $3,200.
No other state is as high as $3,000. Indiana is at the bottom at about $2,200.
The list of winners and losers is here: https://www.garynorth.com/snip/1394.htm
Most families can pay off their credit card debt within a year or two if they cut back on spending.
I have a site on this: www.DeliveranceFromDebt.com
Sadly, they won't cut their spending. They prefer to spend more than they earn.
They are like Congress.
I strongly recommend not having any credit card debt that you do not pay off at the end of the month. If you do this, you will be way ahead of the game throughout your life.
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