This is an unbelievable statistic.



Fool.com: Scorched by Consumer Debt [Motley Fool Take] October 9, 2003: "As of August, total consumer debt levels stood at $1.956 trillion, or $18,600 per American household. These numbers do not include mortgages, which are considered separately from consumer debt. This number breaks down into two components: (1) non-revolving (includes automobile loans) and all other loans not involving revolving credit (such as payments for mobile homes and trailers), and (2) revolving debt, primarily composed of credit card and merchant card balances. 



Non-revolving debt comprises 62% of all consumer debt, or $11,500 per household. That leaves $7,100 per family in revolving (mostly credit card) debt, 29% higher than in 1998. This reverses a trend from 2001 where credit card debt slightly declined. These numbers include, for the first time, debt taken on to finance education, though the past numbers have been adjusted to reflect debt held by such groups as the Student Loan Corporation (NYSE: STU)."