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Using government debt data and census data, IndexCreditCards.com has determined that the average American adult is carrying $3,560 in revolving debt and the average American household is carrying $7,271 in revolving debt.

CLEVELAND (PRWEB) January 11, 2005 – Using government debt data and census data, IndexCreditCards.com has determined that the average American adult is carrying $3,560 in revolving debt and the average American household is carrying $7,271 in revolving debt. Revolving debt is mainly debt from credit cards, although certain other open-end lines of credit may be included as well.

Data released earlier this week from the Federal Reserve Board estimates that revolving consumer debt in the United States totals $799.1 billion. Using census data from 2004 and 2005, IndexCreditCards.com estimates the adult (18 and over) population of the U.S. at 224,444,930 and the total number of households at 109,902,090. Dividing the total revolving debt by the population/household figures gives the resulting debt averages.

“Those are scary numbers,” says Justin McHenry, Research Director for IndexCreditCards.com, “especially when you consider that the credit scoring company Fair Issac says that 40 percent of credit card holders carry a balance below $1,000. That means there are many, many people with debt far above these averages, people whose credit card debt has gotten out of control.”

About IndexCreditCards.com
IndexCreditCards.com offers credit card news, research, and perhaps the most comprehensive index of credit cards available on the Internet today, with a master listing of over 600 credit cards as well as categorized lists based on interest rates, reward programs, business credit cards, student credit cards and credit cards for those with poor credit histories.

Information provided in this release may be reproduced free of charge, provided credit is given to http://www.IndexCreditCards.com.

CONTACT: Justin McHenry, 216.221.0312

WEBSITE: http://www.IndexCreditCards.com




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Yes, low APR credit cards are on the rise. Many credit cards are competing for your business to give you the best and lowest rates available today. There are so many credit cards from you to choose from that they are doing all kinds of things to get your attention including lowering their interest rate and giving you no annual fees.

Why is this happening? Because there are so many credit card companies. They all want your business and this is an attractive incentive to get you to apply and own one of their credit cards. If you choose a low APR credit card over one with 19.99 percent you are sure to go with the lower APR.

The only problem is that sometime these 0% and low APR credit cards are only promotional ways to get you to apply and then later your interest rate will rise. Many credit card companies have low APR credit cards for a certain amount of time such as 3 months, 6 months and some up to one year. You will have to compare to find out which one keeps the lower APR after the promotional period to ensure you are getting the best deal around.

No matter what the reason low APR credit cards are here to stay as long as the companies are competing for your business. Just remember to compare everything they offer besides the lower interest rate. You may find that several credit card companies are now offering other wonderful incentives for you to apply with them such as reward programs.

No matter which company you choose, you will enjoy the low APR credit cards even if it is only for a limited time. You will be able to save money on your purchases because you will not have to pay any interest until the promotional period is over. Just be sure your balance is very low when the interest rate kicks in and you will be fine.