Consumer Credit Up 7% in January

Each month, the Federal Reserve reports statistics on consumer credit. Reports are usually a month behind, so this March reports on January statistics. About US Economy reports an annual increase of 7% on revolving credit:

The total was $947 billion, or $3,238 of credit card debt per person, or $8,094 per household (assuming an average of 2.5 persons per household, or 117 million households).

Keep in mind the per person and per household numbers are averages. Some households will have no credit card debt at all while others have tens of thousands in credit card debt.

Being a statistic is never a good thing, but if you work at it, you can pay off your debt. Here are some resources to help you:

• Do You Have Too Much Debt?
• 66 Ways to Get Money For Debt
• 10 Signs of Credit Card Debt