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• In research for my upcoming book, been looking at statistics on credit card debt

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• Why credit card debt is not just an income or age issue

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• 3 ways to avoid credit card debt

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• Why I don't own a credit card

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• Quote of the lesson from Mark Cuban

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In doing some research for my upcoming book, on how debt free people think, I\u2019ve been doing a lot of research lately on debt statistics. Recently I did some research on credit card debt and the recent surveys and statistics coming out in regards to credit cards and their usage are quite startling.

• Gallup found in 2014 that 71% of Americans own at least one credit card [1]

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• As of March 2016 38.1% of households that have a credit card have a balance at the end of each month with an average debt of $16,000 [2]

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• Among all US households the average credit card debt as of 2016 is $6,184.16 [3]

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• Among those who carry a credit card balance the average household will pay $1,292 in interest [4]

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• Total Outstanding US Credit Card is $762 billion[5]

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• Credit card ownership by Age:
  Age Range\xa0\xa0\xa0 Percent that own a credit card
  18-24\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0 67%
  25-34\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0 83%
  35-49\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0 76%
  50+\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0 78%

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• 56% of Undergraduate students owned a credit card in 2016

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• Credit Card Debt by Age as of 2016
  Age Range\xa0\xa0\xa0 Average Credit Card Debt
  18-34\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0 $5,808
  35-44\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0 $8,235
  45-54\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0 $9,096
  55-64\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0 $8,158
  65+\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0 $6,351

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• Average Credit Card Debt by Income as of 2016
  Income Range\xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0 Average Credit Card Debt
  < $25,000\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0 $3,000
  $25,000 to $44,999\xa0\xa0\xa0 $3,900
  $45,000 to $69,999\xa0\xa0\xa0 $4,900
  $70,000 to $114,999\xa0\xa0$5,800
  $115,000 to $159,999 $8,300
  $160,000+\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0 $11,200

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• Average annual credit card interest cost by household income in 2016
  Annual Income Range\xa0\xa0\xa0 Average annual interest paid
  Less than $21,432\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0 $677.43
  $21,432-$41,186\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0 $839.60
  $41,187-$68,212\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0 $1,135.91
  $68,213-$112,262\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0 $1,303.76
  $112,263-$157,479\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0 $1,882.85
  More than $157,490\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0 $2,515.05

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• Annual credit interest paid by employment status in 2016
  Employment Status\xa0\xa0\xa0 \xa0\xa0\xa0 Average annual interest paid
  Employee\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0 $1,210.58
  Self-employed\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0 $1,630.84
  Retired\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0 $1,321.84
  Other, not working\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0\xa0 $1,554.57

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• Average Credit Card Debt by Gender
  Gender\xa0\xa0\xa0 \xa0\xa0\xa0 Average Credit Card Debt
  Male\xa0\xa0\xa0 \xa0\xa0\xa0 \xa0\xa0\xa0 $7,407
  Female\xa0\xa0\xa0 \xa0\xa0\xa0 $5,245

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What does this information tells us? What I noticed was that credit card debt isn\u2019t just a thing for those who don\u2019t make a lot of money or are young. There are people in their 50\u2019s and 60\u2019s and those make well over six figures that have credit card debt.

The fact that we as a nation have $762 Billion in credit card debt is absurd. So today\u2019s show I share ways to avoid credit card debt in the first place. On the surface they might seem basic, but a lot of times when it comes to personal finance, basic is usually the best answ