Question
Based on the chart, if total debt in 2012 Chart
was
billion, about how much was
total credit card debt?
was
total credit card debt?
Ask by Bowen King. in the United States
Mar 15,2025
Upstudy AI Solution
Tutor-Verified Answer
Answer
The total credit card debt was approximately $328 billion.
Solution

Sign in to Unlock Answers for Free!
A Learning Platform Trusted by Millions of Real Students and Teachers.

Answered by UpStudy AI and reviewed by a Professional Tutor
Like
The Deep Dive
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
billion, that would suggest the total credit card debt was approximately
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.