Folks loosely throw around the data point of average American having $6.2k of credit card debt.
What’s the median? What % of income is $6.2k? Does this include business credit debt?
Digging into the data suggests the median # is about 50% of $6.2k. This makes me think business loans are included in that figure causing an increased average.
Further, average credit debt rises with average income.
I hypothesize that the current credit model isn’t nearly as broken as these numbers suggest.
Folks loosely throw around the data point of average American having $6.2k of credit card debt.
What’s the median? What % of income is $6.2k? Does this include business credit debt?
Digging into the data suggests the median # is about 50% of $6.2k. This makes me think business loans are included in that figure causing an increased average.
Further, average credit debt rises with average income.
I hypothesize that the current credit model isn’t nearly as broken as these numbers suggest.