Household Debt has Grown 152% - Credit Card Debt is Up 75%

A big shift has occurred in the levels of debt carried by US households, the government and businesses. In the past 10 years:

• Household debt has grown 152%
• Household credit card debt has grown by 75%
• Business debt has grown by 110%
• Government debt has grown by 72%

I had recently tracked these Federal Reserve consumer debt numbers for a reporter. They're even more shocking when put in comparison to government and business debts, as the Nilson Report, a credit card industry journal, did in their latest issue:

Keep in mind that these numbers don't consider inflation (2.2% a year on average).

If you are part of the growing household debt statistic, take action! It is an ideal time to get out of debt. Use your tax refund and economic stimulus check for a jump start. Negotiate reduced interest rates with your banks. Sign up for a free financial tracking program like Mint.com. Or consider getting professional debt help.

Are you working on reducing your debts? Share your questions or tips in the comments section below.

Emily Davidson – A former TransUnion insider and a member of Credit.com's expert team. Emily writes about credit reports, credit cards, loans and personal finance as the CreditBloggers.com editor.