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Credit Card Debt in the U.S. and Total Debt Statistics Released for 2013

by

Ruth AdornoGolden Financial Services

is a leading debt relief company in America and has been since 2004.

Golden Financial Services verified the accuracy of the following debt statistics for 2013 with the Federal Reserve. A few of these numbers are surprising.

As of 2013 the total debt in the U.S. is roughly $2,789,000,000,000. This number represents the trillion-dollar range. This does not include mortgage or real estate debt.

Back in 2008, the total debt in the U.S. was at roughly 2.5 trillion dollars. Over the last five years these numbers fluctuated. They went down and then back up. Currently we have more total debt in the U.S. including revolving and non-revolving credit, than we have had since 2008.

In the U.S. there is less credit card debt in 2013, compared to the last five years. This is surprising news. Currently we have an estimated total of roughly 748 billion dollars of credit card debt in the U.S.

According to Paul Paquin the CEO at Golden Financial Services, \”the reason that we have less credit card debt in the U.S. now is because of the fact that banks have stricter lending policies than they have had over the last five years.

The banks are making it harder for consumers to get approved for credit cards. The banks approve applicants for credit cards based on their credit report and score. The banks are carefully evaluating a consumer s credit report ensuring that only qualified borrowers get approved for credit cards and unsecured personal loans.\”

This is a contributing factor to why we have less credit card debt in 2013, than what we had in 2008. In 2008 the total credit card debt in the U.S. was at roughly 909 billion dollars.

Many people are probably asking right about now, \”so why is the total U.S. debt higher now if credit card debt is at a low?\”

The answer could have something to do with the fact that as of 2013 student loan debt is at an all-time high. The student loan debt in this country is higher than 1 trillion dollars as of 2013.

This is higher than the total credit card debt in the country as of 2013. Obviously this is a contributing factor to why the total U.S. debt in this country as of 2013, is at a five-year high.

To view the debt statistics including total credit card debt in the U.S. consumers can visit the following page.

Total Debt Statistics in the U.S

On this page consumers can see a comprehensive summary of the total debt statistics in the U.S, including an infographic illustration.

Ruth Adorno has specialized in

debt negotiation, debt settlement and debt relief options

since 2005.Ruth maintains the

Debt Relief Blog

at Golden Financial Services where consumers can follow her and read more of her valuable writing.

Article Source:

ArticleRich.com