Filed under: Advice,Finance,Loans

With the economy spiraling out of control and millions unable to get jobs at a wage that can support their family, the debts on credit cards are becoming even more out of control than usual.

The typical American is carrying a balance of around $1000 on their credit card. Of this $1000, if only the minimum 2% payments monthly were made, and nothing else was charged to it, it would take 22 years plus an additional $2300 in interest in order to pay off the debt.

So how much is the average American credit card debt in the USA? The average debt in years 2007 and 2008 was nearly $8500. In 2010, a more and more people lose their jobs, the average debt is well on it’s way to the highest in history.