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

Peter S. Yoo
Additional contact information
Peter S. Yoo: https://carlsonschool.umn.edu/person/peter-yoo

Review, 1997, issue Mar, 3-13

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.

Keywords: Debt; Credit cards (search for similar items in EconPapers)
Date: 1997
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
https://files.stlouisfed.org/files/htdocs/publications/review/97/03/9703py.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fedlrv:y:1997:i:mar:p:3-13

Access Statistics for this article

Review is currently edited by Juan M. Sanchez

More articles in Review from Federal Reserve Bank of St. Louis Contact information at EDIRC.
Bibliographic data for series maintained by Scott St. Louis ().