The average credit card debt per person has increased over the past decade. In 2009, the average debt hovered around $4,100 per person. The average income per person is just under $28,000, according to a US Census. In other words, the average person carries about 1.5% of his or her income in credit card debt each year.
It is important to remember that credit card debt is only one portion of the debt an average person has. Student loans, car loans and mortgage loans typically make up much more than a person's credit card debt does in a given year. This means the average person in the United States is likely carrying too much debt relative to income and assets.
How Much Debt is Too Much Debt
Debt is relative, and a person with high income and assets can carry more debt than others. However, credit card debt is considered wasteful because of high interest rates. It is also not typically going toward the ownership of a valuable asset that will add to a person’s net worth. If you have more than $10,00 in credit card debt, or if your credit card debt is more than 10% of your income, you should consider ways to minimize the debt through negotiation.