Card Debt Highest Ever, Survey Finds
WASHINGTON -- A new survey sponsored by the Center For American Progress, a think tank associated with Senator Hillary Clinton and the centrist wing of the Democratic Party, has sponsored a survey, which found U.S. households have their highest levels of credit card debt ever.
"Credit card debt has become more widespread," Christine Weller, senior economist for the Center wrote in the Pushing The Limit report. "A larger share of families (46.2% in 2004) than ever before carried credit card balances, up from 39.6% in 1989. Typical credit card debt has grown to its highest level on record. By 2004, the typical family with credit card debt owed $2,150 (in 2004 dollars), up 62.9% since 1989."
The survey also found credit card debt levels relative to income are highest among low-income families. Low-income families owed the equivalent of 9.5% of their income on credit cards, while middle-class families owed 5.2%, and high-income families owed 2.3%.