How many people default on credit card debt yearly?

Answer There is about $905.6 billion in outstanding credit card debt, according to data released in July 2009 by the Federal Reserve. Delinquencies longer than 30 days account for 5.5 percent of all credi... Read More »

Top Q&A For: How many people default on credit card debt yearly

How many people are sued over credit card debt yearly?

At least 4.5 million debt collection lawsuits were filed in the United States in 2008. That figure is an average since not all states keep this statistic.SourceBoston Globe

What does it mean to default on credit card debt?

To default on credit card debt is to fail to comply with a contractual agreement to repay a loan. This occurs when an individual or an entity misses or avoids a payment.Source:Investopedia DefaultB... Read More »

Why are people in so much credit card debt?

People are in credit card debt for a variety of reasons. Once credit card debt builds up it becomes very difficult to pay off. Some people contact consumer credit counseling as way to receive debt ... Read More »

How many people in America have credit card debt?

The Federal Reserve Survey of Consumer Finances specified that 46.2 percent of Americans have credit card debt, about 1.4 million people. This government survey, released in February 2009, is updat... Read More »