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.
