When it comes to credit card debt, less is better. And with the average amount of debt climbing higher, being average is no good.
According to our friends at Cash Money Life, The Federal Reserve states that the average credit card debt is $7,150, while CreditCards.com reports a higher average at $15,956.
In addition, according to a 2010 report by the Federal Reserve Bank of Boston, the average American has 3.5 credit cards, another easy way to rack up more debt.
Check out our own discussion on whether to use a credit card or a debit card to make purchases.Related