Charging up a mountain of debt: accounting for the growth of credit card debt

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Charging up a mountain of debt: accounting for the growth of credit card debt

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Peter S. Yoo

Abstract

Total U.S. credit card debt has almost doubled since 1988. Little is apparent from the aggregate data, however, about the composition of credit card debt growth. In this article, Peter S. Yoo separates household data into two categories: changes in the number of households with credit cards, and changes in average credit card debt for increased total credit card debt. Moreover, he finds that the principal contributors to the increase are households with above-average incomes rather than low-income households.

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Publisher Info
Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (1997)
Issue (Month): Mar ()
Pages: 3-13
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Handle: RePEc:fip:fedlrv:y:1997:i:mar:p:3-13

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Keywords: Debt ; Credit cards;

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

Robert B. Avery & Gregory E. Elliehausen, 1986. "Financial characteristics of high-income families," Federal Reserve Bulletin, Board of Governors of the Federal Reserve System (U.S.), issue Mar, pages 163-177.
Rochelle L. Antoniewicz, 1996. "A comparison of the household sector from the Flow of Funds Accounts and the Survey of Consumer Finances," Finance and Economics Discussion Series 96-26, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]

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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Lucia Dunn & Tufan Ekici & Paul J. Lavrakas & Jeffery A. Stec, 2004. "An Index to Track Credit Card Debt and Predict Consumption," Working Papers 04-04, Ohio State University, Department of Economics. [Downloadable!]
Peter S. Yoo, 1998. "Still charging: the growth of credit card debt between 1992 and 1995," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 19-27. [Downloadable!]
Sandra E. Black & Donald P. Morgan, 1999. "Meet the new borrowers," Current Issues in Economics and Finance, Federal Reserve Bank of New York, issue Feb. [Downloadable!]
Lucia Dunn & TaeHyung Kim, 1999. "Empirical Investigation of Credit Card Default," Working Papers 99-13, Ohio State University, Department of Economics. [Downloadable!]

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