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6 The State of American Finances

The following chart shows a 12-month snapshot of consumer revolving debt.

12-Month Snapshot of Consumer Revolving Debt

Total Debt Revolving Debt Non-Revolving Debt
May 2014 $3,193,191.84 $873,135.07 $2,320,056.77
June 2014 $3,211,754.93 $875,772.80 $2,335,982.12
July 2014 $3,233,162.27 $880,332.42 $2,352,829.85
August 2014 $3,249,336.09 $881,418.61 $2,367,917.48
September 2014 $3,267,454.41 $883,433.21 $2,384,021.20
October 2014 $3,284,100.23 $884,818.76 $2,399,281.47
November 2014 $3,300,523,94 $886,063.63 $2,414,460.31
December 2014 $3,317,215.08 $889,976.12 $2,427,238.97
January 2015 $3,327,518.82 $888,328.56 $2,439,190.26
February 2015 $3,342,399.54 $885,972.59 $2,456,426.96
March 2015 $3,363,479.22 $890,879.39 $2,472,599.84
April 2015 $3,384,876.28 $899,422.65 $2,485,453.63
May 2015 $3,400,962.65 $901,007.55 $2,499,955.10

Source: National Center for Children in Poverty, Basic Facts about Low-Income Children: Children 12 through 17 Years, 2013

Revolving Debt (credit card debt)

  • In 2015, the average household credit card balance was about $7,200.
  • In 2015, the average household credit card debt was $15,609.
  • As of March 2015, the average annual percentage rate, or APR, for fixed-rate credit cards was 13.02 percent.
  • In July 2015, the APR for variable-rate credit cards was 15.75 percent.

Non-Revolving (i.e. mortgage loan, auto loan, etc.)

  • The average mortgage debt in 2013 was $147,591.
  • The average auto loan debt in 2013 was $30,738.
  • The average student loan in 2015 is projected to be about $35,000.

Source: United States Federal Reserve

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