U.S. spenders are trying to lower their debt burdens, but credit card debt continues to dog them. A study by MagnifyMoney shows that Americans have on average $15,191 in card debt and are lacking in financial literacy.
Additionally, 35 percent U.S. consumers have overdrawn their accounts this past year -- an average of 2.5 times. The most common reasons are forgetfulness and financial straits. The average fees for overdraft and Non Sufficient Funds are $225 annually. Americans also are lacking in savings.
With more than 75 percent of U.S. consumers paying 15 percent interest or higher, they could reduce their credit card debt through a balance transfer from one account into another. This allows a customer to enjoy a zero percent interest rate for a short period of time.
The April 2014 survey, which included 1,435 U.S. adults, also found that total consumer debt in the United States is approaching $17 trillion. That includes about $13.3 trillion in mortgage debt, $1.2 trillion in student loans, $860 billion in credit card debt, and $110 billion in auto loan debt.