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?
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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
- 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.