Credit card companies have taken credit cards for granted for years.
In fact, a recent study found that Americans are taking on an average of $3,600 in personal loans each month.
And while personal loans have become more common in recent years, the average credit card debt has remained relatively stable at $1,800.
However, there are some notable exceptions.
For instance, Americans now own more credit cards than they used to.
A study released by the Consumer Financial Protection Bureau found that in 2016, Americans had the most credit cards of any age group.
In contrast, credit card interest rates increased for every decade from 1950 to 2008.
And since 2008, interest rates have been falling for all credit cards except mortgages.
But what does that mean?
The average American debt is now less than $1 million.
The median credit card balance is $1.24 million.
And for the first time in history, Americans have more debt than income.
This chart from the Pew Research Center shows that the debt level for people in the middle class has fallen from $16,500 to $13,700 since 2005.
While this is a pretty significant decline, there is one major exception.
In 2015, Americans held on to $7,700 more than they did in 2008.
But that’s because the median personal loan amount has increased by $1 a month since 2015.
The reason for this is because credit cards have become a more common form of financing.
In 2017, Americans used credit cards to pay down their debt at an average rate of 9.9% (vs. 7.1% in 2008).
The average interest rate for a 10-year credit card is 3.25%.
And while consumers have more credit than ever before, interest costs are rising.
According to a study by CreditCards.com, interest on a 10 year credit card fell to 4.24% in 2017.
Meanwhile, interest payments on a 25-year loan are up 4.2% from $1 in 2016.
That means consumers now owe more money than ever.
It’s also important to note that consumers are more likely to take on a home loan than a credit card.
A Pew Research study from last year found that the average consumer loan balance in 2017 was $4,872, up from $3 the year before.
But in 2016 the average personal loan was $1; the average mortgage was $300; and the average interest on that loan was 2.33%.
As for mortgage interest, the interest rate has increased from 6.3% in 2016 to 7.2%.
As long as the interest rates on your personal loans remain the same, the balance is unlikely to change.
However: if your credit card payments do go down, the debt may rise.
As long the debt stays the same or your credit goes down, you may need to take out more debt to cover your shortfall.
The chart below shows how your debt and credit have changed over time.
The data was collected from Experian’s Consumer Financial Reports and Credit Score Report.
Source: Experian/Credit Score Report The following chart from CreditCARD shows how the average monthly payments for credit cards are changing over time, according to the Consumer Finance Protection Bureau.
Note: The data is collected from the most recent reporting period.