Question

Credit-Card Debt. For households with at least one credit card, the average U.S. creditcard debt per household was $9312 in 2004 . This was $6346 more than the average creditcard debt in 1990. (Source: CardWeb.com) What was the average credit-card debt per household in 1990 ?

Answer 1

The average credit-card debt per household in 1990 was $2,966, calculated by subtracting the increase in debt from 1990 to 2004 from the average debt in 2004.

Step-by-step explanation:

The average credit-card debt per household in 1990 can be calculated by subtracting the increase in debt from the 2004 average debt. The question states that in 2004, the average credit-card debt was $9,312, and this was $6,346 more than the average credit-card debt in 1990. Therefore, to find the average credit-card debt in 1990, we subtract $6,346 from $9,312.

1990 Average Credit-Card Debt = 2004 Average Credit-Card Debt - Increase
1990 Average Credit-Card Debt = $9,312 - $6,346
1990 Average Credit-Card Debt = $2,966

Thus, the average credit-card debt per household in 1990 was $2,966.

To find the average credit-card debt per household in 1990, we subtract the additional debt of $6346 from the average credit-card debt per household in 2004.

The average credit-card debt per household in 1990 was $9312 - $6346 = $2966.