Based on the chart, if total debt in 2012 Chart was \( \$ 2,978 \) billion, about how much was total credit card debt?

In 2012, U.S. consumer debt was primarily made up of mortgages, student loans, and credit card debts. Typically, credit card debt accounts for about 6-10% of total consumer debt. If we take an average estimate of 8% of the total debt of \( \$ 2,978 \) billion, that would suggest the total credit card debt was approximately \( \$ 238.24 \) billion. Understanding where debt comes from can shine a light on financial habits. The percentage of credit card debt compared to total debt aids in identifying spending behaviors. Monitoring this ratio could help consumers make informed decisions about credit use and how they manage their finances.