The Wealth of Few, the Debts of Many

The top 1% of Americans earn an average of $16.4 million every year. How much of the average credit card debt or the national debt could this wealth eliminate?

the debt of many and the wealth of few

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Average Credit Card Debt

  • 2012 Projected Credit Card Debt: $870 billion
  • 2012 Projected Number of Credit Card Holders: 191 million
  • Average Credit Card Debt per Credit Card Holder: $4,554.97

National Debt

  • The national debt is $16,283,161,895,179.85
    • The public holds $11,453,560,734,889.31 of this debt
    • Intragovernmental holdings are responsible for $4,829,601,160,290.54 of this debt

Doing the Math

  • At an average credit card debt of $4,554.97, the top 1% average wealth could pay off 3,600 credit cards.
  • The average "one percenter" could pay less than 1% of the national debt.
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This entry was posted on Thursday, March 28th, 2013 at 8:40 am and is filed under Economic News: How Are We Doing?. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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