In February of this year the US government and census data determined that that the average adult in the US has $3,752 in revolving credit card debt. This is truly a decline from July of 2009, when the average credit card debt per adult was estimated at $4,013. The entire personal credit card debt of the average entire household in the United States is $7,394 down from $7,861. Obviously the US consumers have really wised up to their personal credit card debt spending ways.

There was clearly another intriguing facts published by the Federal reserve board as well. In the recent surveys, it states that 75% of Americans have one or more credit cards. This is actually surprising since it suggested that 25% of household do not have any credit cards of any kind at all.

This information is actually very encouraging for my overall perception of the spending habit of Americans. What this data suggests is that there is a nice percentage of the population that is fully aware of how costly having credit cards can be. I would be curious to see how this 25% that does not have any credit cards at all breaks down demographic wise. Basically I hope that the 25% does not just account for people who are under the age of 18 and simply can’t get a credit card yet.

I would really like to consider though that the current economic depression is in fact teaching useful lessons to people who spent in great amounts during the economic boom but they are now low on cash and so are searching for methods on how to eliminate credit card debt. The raging economy prior to the start of the recession was too easy to get money with. I had several friends who were mortgage brokers who could get someone approved for a loan that was a „no doc“ loan. What this signifies in simple English is that one didn’t need any type of documentation to obtain the loan. One of my closest friend told me that he was able to approved a guy with his driver license ID.

People spent and spent, but now there is no more money to spend and jobs are much tighter then they have ever been. Companies are cutting back which has resulted in less people having jobs or even just if they have jobs they might not be getting the hours that they once had. The people that were already loaded with credit card debt prior to the recession were sent looking for Credit card debt settlement like Indiana debt relief or Virginia debt relief.

The final outcome that I draw from the evident lowering in the total amount of revolving debt is this. There was clearly an increase in credit debt at the time the economy took a quick turn south. This was simply because some of us don’t have jobs and have no choice but to rely on credit cards. The improvement could be based on the economy slowly improving in conjunction with the reduction of consumer spending on their personal credit cards.

Learn more about Virginia debt relief. Stop by Greg Robert’s site where you can find out all about the ways on how to eliminate credit card debt online.