90% Of Households Think They Carry Average Or Below Average Amount Of Debt…

A CreditCards.com survey found that 90% of respondents thought their household had “average” or “less than average” amount of debt.

I equate it to sex surveys, which are notoriously inaccurate because people won’t own up to how they actually behave,’ says Farmer [CreditCards.com VP of Marketing]. ‘There’s a high level of denial.’ The other possibility: Ten percent of the population has huge revolving balances that skew the numbers higher…

…The survey based its number — $9,300 per household — on a figure published by CardWeb.com, which divides the outstanding revolving debt by the number of households with credit cards.

We think most of the respondents are either lying or are misinformed, part of the reason there’ such a debt problem to begin with. Either that, or the survey must have drawn its population entirely from Lake Woebegone.

Five Credit Card Traps to Avoid [Yahoo Finance]

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