How Significant a Problem is Credit Card Debt in America?
Hardly a day goes by that I don't hear pundits and media folk worrying about how overleveraged consumers are with debt including credit card debt. Thus, these people, argue, expect only a muted economic recovery.
A new study of Americans use of credit cards covering the period from 1989 through 2007 by the non-profit and non-partisan American Institute for Economic Research (AIER) provides some revealing insights as to the true nature of American's credit card burdens.
"Data show that the majority of Americans are not struggling with persistent credit card debt," said AIER Economist and Research Fellow, Polina Vlasenko, Ph.D. Vlasenko's review found the following:
In summary, Vlasenko says, "As is often the case, the reality is often less extreme and dire than we are led to believe. Sure, some families and individuals are drowning in credit card debt. And some misuse their credit cards. But the vast majority of Americans appear to manage their credit wisely."
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