Myvesta News Release

ROCKVILLE, Md. — While the number of credit cards carried by the average American adult has remained constant over the last year, the amount of debt charged on those cards has risen 35 percent. According to the annual Credit Card Survey by Myvesta, a financial health center, the average American individual has a total balance of $3,250 on 2.5 cards, up from $2,411 last year.

"With the average holiday shopper planning to spend $722 this year, that debt may reach the $4,000 mark if people haven't been planning and saving for their purchases," said Steve Rhode, president and co-founder of Myvesta.

Rhode warns that if those purchases do end up on credit cards, even those with the best of intentions of paying them off may still end up contributing to their revolving debt. "Even though many people say they will pay off their holiday debt in a few months, in reality it usually takes six months to a year for holiday gifts to be paid off. By that time you're right back where you started with another holiday season right around the corner. The key is to start planning and saving for next year right now," Rhode said.

Other results from the Myvesta Credit Card Survey include:

• Males have an average of $3,932 of credit card debt; females have an average of $2,584.
• Married individuals carry an average of $4,436 on their cards; singles carry an average of $1,651.
• People aged 18-24 have an average of $849 of credit card debt. Those in the 25-34 age bracket average $3,110; people 35-44 average $3011; people 45-54 average $5,276; people 55-64 average $6,911 and those aged 65 and older have an average of $433 of credit card debt.
• People in the Midwest carry the largest balances on their cards with an average of $5,140 each. Those in the West carry the smallest average balances with $2,077. Individuals in the South have an average of $2,795 on their cards and those in the Northeast carry an average of $3,333 on their credit cards.

For information on making the most of your holiday season, read the Myvesta publication "How to Survive the Holidays Without Going Broke or Insane." It is available to download online at Myvesta.org.

# # #

Myvesta^SM is dedicated to helping people create healthy financial lives. The organization provides a wide range of materials to inspire and inform people so that they can break down their barriers to financial and personal success. For more information visit Myvesta.org online.