Recession and revolving debt explained in Stick Men

Americans spent themselves into the recession...? Maybe, average credit card debt per American is now $8333 per person.

Living within one's means used to be a value shared by most Americans... that got pushed away after WWII and easy credit. Keeping up with the Jones' might be why the US still hasn't pulled out of the recession. It also might be the grotesque pay that executives of failed companies were and still are being paid...

2.47 trillion revolving credit card debt divided by 300 million = 8 233.33333

This site says more or less the same thing. They cite that only about 160M Americans have credit cards so those who do would hold nearly $17K in personal debt on average.

Category:

News & Politics

Tags:

• recession
• credit
• stick_men