If you are in debt you’re not alone. Almost half of American families carry some amount of credit card debt. Here’s a breakdown of who else is in debt.
Who is in debt?
It’s not just you. Almost half of American families carry some amount of credit card debt, meaning one in two households may be carrying debt. The Survey of Consumer Finances by the Federal Reserve depicted the impact of debt among various categories, including income percentile, age, and profession, in 2019 and over the previous 20 years.
The Coronavirus Pandemic may have impacted many Americans’ financial situations even further in 2020. The Harris Poll found that 42% of adults surveyed said that their household financial situation has gotten worse during the Pandemic.
Take a look at the graphs below to see it’s not just you when it comes to being in debt.
Debt by Income
While it’s true that those with higher incomes are more likely to carry a higher debt balance, income level does not have as large of an impact when it comes to the percentages. At least 50% of those surveyed in each income level carry a debt balance of some sort.
Keep in mind that this graph does not depict the Pandemic’s impact on income vs debt in 2020. According to the Harris Poll survey, 63% of those who feel their household’s financial situation has worsened since the start of the Pandemic blame it on losing their job or part of their household income.
Debt by Age
Credit card debt can be a burden at any age, even more so over the last few years. In fact, until age 74, the percent of those in debt vary only about 5 percent. The percentage of those in debt over age 75 are not far behind as they creep closer to the 50 percent mark.
Debt by Profession
When it comes down to percentages in debt, no profession is above any other. Only Americans who are retired or are otherwise not working are significantly less likely to have debt. Even so, more than 50% of those surveyed in each of these professions, including those retired or otherwise not working, carry some sort of debt.
Help with Debt
You’re not alone being in debt and you don’t need to be alone getting out of debt. The average American family carries $6,270 in credit card debt, which could take years to pay off if you choose only to make minimum payments. While taking any step toward paying off debt can be helpful, you may want to get started by reading the ClearOne Advantage free Debt Relief Guide, which provides strategies to get out of debt.
However, if you are one of those many Americans who carries debt and is struggling to pay it off, it may be time to be more proactive and talk to someone who helps people in debt every day. A ClearOne Advantage Certified Debt Specialist may be able to help you get out of debt faster and cheaper than doing it on your own.
Our Certified Debt Specialists are standing by at 866-481-1597 to help you explore your debt relief options and work out a solution that fits your budget. Contact us today and get a free savings estimate.