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February 2007 hearings by a U.S. Senate panel highlighted problems within the credit card industry and the crisis of spiraling consumer debt in America. Today, the average household carries $9,000 in credit card debt. And approximately 14% of the U.S. population possesses more than 10 credit cards, with more than 14% claiming to use at least 50% of their available credit limit, according to a National Score Index study.
As a rule, you shouldn't be devoting more than 20% of your net monthly income to paying off credit cards and other non-mortgage debt.
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