Beginning 2018: This Is the Average Household Debt

Home | Our Blog | Beginning 2018: This Is the Average Household Debt

February 7, 2018 | By RGR Marketing Blog

Americans Are Racking Up Credit Card Debt at a Record Pace

Credit card debt has plagued American households ever since the plastic card was first introduced by Diner’s Club. By the mid-point of 2017, consumer credit card debt reached a terrible new threshold with Americans owing $1 trillion on their credit cards. Making matters worse is the fact that many households are having trouble paying their credit card debt down, and this trend will result in even more dire circumstances in 2018.

If you own a debt settlement company, then you should expect business to pick up in 2018 because consumer debt is only going to get higher. In fact, according to TransUnion, the average consumer will see his or her credit card debt climb by at least 1% this year. This means the average household will carry a credit card debt of approximately $15,810.

Why Is Credit Card Debt Skyrocketing?

One of the major reasons why credit card debt has increased for five years in a row is that the cost of essentials like food, utilities, and housing, are rising far faster than American income levels. Today’s households often must rely on credit cards to pay for things they need, including expenses like medical bills.

This winds up leaving less money for saving, and a vicious cycle forms that can be extremely difficult for the consumer to break out of.

Another reason why credit card debt is rising is that consumers are currently in the habit of buying things they want (but don’t need) on credit that they wouldn’t be able to afford otherwise.

Credit Cards Are Getting Easier for People With Bad to Good Credit to Get

At one time, a consumer couldn’t get approved for a credit card unless he or she already had very good to excellent credit. But, these days there are a lot of predatory credit card companies that sell their products to people with bad to good credit. This means more people than ever have access to credit cards.

In fact, according to MarketWatch, more than 171 million consumers had access to credit cards in the first quarter of 2017. This was the highest number since 2005, when 162.5 million people had access to credit.

Household Debt Is Overwhelming and It’s Shaping the Economy

Since the 2008 real estate crash and the following recession, the housing market steadied, and American households have gained more control over their housing debt. However, with home prices rising by 6.17% over the last year, new homeowners could be starting out ensconced in debt.

Now, trouble is popping up in other areas besides credit card and cost of living debt. American households are now grappling with paying off $1.4 trillion in student loans, as well.

In 2017, more than 4 million people in the U.S. defaulted on their student loans. Research is also showing that automobile debt is growing and along with it, repossessions. Today, the average debt per capita owed on cars is $4,340, which is up from last year by 6.63%.

Credit Counseling and Debt Settlement Expected to Climb in 2018

With households carrying more debt than at any time in our history, missed payments are going to happen. And unfortunately, when a payment goes delinquent or unpaid, expensive fees and penalties make catching up on the account harder and harder.

As a result, 2018 is expected to see a sharp increase in households struggling to maintain their credit obligations with many choosing alternative ways to pay down their debt through services like credit counseling and debt settlement. Keeping this in mind when marketing your business in 2018 will help you increase your clientele and your profit potential.

If you’re looking to build your business now, before 2018 gets going, we want to hear from you. You can buy high quality debt settlement leads from RGR Marketing today, and boost your business’s bottom line in a hurry.

Start making more
money today!

Get Started

Popular

Recent

Contact Us

Get started with free* leads.

Call us at 310-540-8900

Don’t take our word for it—find out for yourself how good our leads are and what a difference working with us can make.
Call us at 310-540-8900 or fill out the form below and we’ll tell you how you can get high quality leads for free*.

I authorize ReallyGreatRate, Inc. to communicate with me via email.
* Get up to 10% free leads on your first order!

Americans Are Racking Up Credit Card Debt at a Record Pace

Why Is Credit Card Debt Skyrocketing?

Credit Cards Are Getting Easier for People With Bad to Good Credit to Get

Household Debt Is Overwhelming and It’s Shaping the Economy

Credit Counseling and Debt Settlement Expected to Climb in 2018

Start making more
money today!

Search Categories

Latest from Twitter

Contact Us

Americans Are Racking Up Credit Card Debt at a Record Pace

Why Is Credit Card Debt Skyrocketing?

Credit Cards Are Getting Easier for People With Bad to Good Credit to Get

Household Debt Is Overwhelming and It’s Shaping the Economy

Credit Counseling and Debt Settlement Expected to Climb in 2018

Start making more money today!

Search Categories

Tags

Tag Cloud

Latest from Twitter

Contact Us

Let’s connect on social media

Let's talk

Mortgage

Solar

Home Improvement

Start making more
money today!