People with financial problems increased their debts by 61 percent last year and have more than $52,000 in credit card debt on average, according to a new study by the national financial counseling center Myvesta. The debts of the organization's average client skyrocketed from $162,847 last year to $262,825 this year, including mortgages, car loans, credit card bills and other debts. Myvesta's typical client pays $1,039 a month in credit card bills, $1,440 on a mortgage and $719 on a car loan. "People assume it's the credit cards that get people in trouble," said Myvesta President Steve Rhode. "We're seeing more and more people push their finances to the edge with bigger mortgages and other types of debt than ever before."
btw, a careful reading of the offensive article would seem to indicate that more information is needed as to what is truly classified as credit card debt. some of what we formerly called "other debt" i think is now being rolled into credit card debt.
for example...you buy $10000 worth of furniture from Ethan Allan on a "6 month zero interest" plan and part of how they secure that debt is by issuing a new "Ethan Allan" mastercard or visa...
i'm not so sure the $50,000 is necessarily out of line if it includes "home depot", "best buy" , "sears", "nordstrom", "target" etc.
not to mention the ever increasing credit limits.
lot's of high ticket items were/are being marketed as "seller financed" when in reality it is the seller "selling" yet another credit card. that would have been considered "revolving credit".
without question revolving credit is the fastest growing segment (and most lucrative for credit managment co's)
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