The above chart is a historical view of the growth in U.S. credit card debt per household. In March 2009, U.S. credit card debt per household was $8,475. This is off of the record high reached in September 2008, of $8,729. Americans haven’t always been addicted to plastic. In March 1969, the U.S. credit card debt per household was only $37.
Data Source:
U.S. Federal Reserve
U.S. Census Bureau
Data is seasonally adjusted
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As for the average american only owing $37 dollars in debt back in ‘67 so much has changed since then.
We are a different society than then. Nowadays we are heavily solicited to get into credit card debt. Bank and lending institutions are more aggressive about lending than back then.
Combine this with a society with rampant consumerism, is it any wonder why we’re this deep in debt.
Comment by Mark — January 28, 2010 @ 11:52 am
Very good post. That is scary! Americans are heading down a slippery slope of debt. We need to cut up the cards, buy only what we can afford, stay home more often and do free activities with our family, and stop “keeping up with the Jones’s”.
Comment by CeeCee — March 21, 2010 @ 11:10 am