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Re:Credit-Card Debt Nears $1 Trillion as Banks Push Plastic by xhrpost on Friday May 20, 2016 @01:59PM (#11740011)
Median is $2,300 which brings this into perspective a bit more.

http://www.valuepenguin.com/average-credit-card-debt

Re:Credit-Card Debt Nears $1 Trillion as Banks Push Plastic by conception on Friday May 20, 2016 @02:12PM (#11740118)
Thanks for this. Was about to go nuts about how useless an average is on this sort of thing.
Re:Credit-Card Debt Nears $1 Trillion as Banks Push Plastic by nostrebored on Friday May 20, 2016 @02:44PM (#11740408)
Well the median is an average so...

And honestly both averages should be presented together, paints a terrifying picture

Re:Credit-Card Debt Nears $1 Trillion as Banks Push Plastic by theandrewbailey on Friday May 20, 2016 @03:11PM (#11740596)
Median is the middle value of all values in a sequence. Average is the sum of all numbers in a sequence, divided by the count of values.

Take [0,2,100]: average is 34, but median is 2.

Re:Credit-Card Debt Nears $1 Trillion as Banks Push Plastic by trentmb on Friday May 20, 2016 @03:35PM (#11740784)
nostrebored is just pointing out that the median and arithmetic mean are both averages.
Re:Credit-Card Debt Nears $1 Trillion as Banks Push Plastic by nostrebored on Friday May 20, 2016 @04:01PM (#11740997)
I'm being needlessly pedantic, but yeah.
Re:Credit-Card Debt Nears $1 Trillion as Banks Push Plastic by ArkyBeagle on Friday May 20, 2016 @11:05PM (#11743001)
Median != mean. Usually, "average" is expected value, or mean.
Re:Credit-Card Debt Nears $1 Trillion as Banks Push Plastic by LeifCarrotson on Friday May 20, 2016 @03:23PM (#11740680)
You're thinking of the mean.
Re:Credit-Card Debt Nears $1 Trillion as Banks Push Plastic by gnaritas on Friday May 20, 2016 @03:41PM (#11740839)
Both median and mean are averages.
Re:Credit-Card Debt Nears $1 Trillion as Banks Push Plastic by gcr on Friday May 20, 2016 @04:10PM (#11741087)
The median of a list of numbers is the value that minimizes the sum of absolute differences to each value, sum([abs(median - x) for x in list])

The average of a list of numbers is the value that minimizes the sum of squared difference to each value, sum([squared(mean - x) for x in list])

They're both summary statistics in that they're single numbers used to describe a dataset, but a median is not a "kind of average." The mean is the mean and nothing else.

Re:Credit-Card Debt Nears $1 Trillion as Banks Push Plastic by gnaritas on Friday May 20, 2016 @04:15PM (#11741121)
Incorrect, median, mean, and mode are all types of averages. Usually when people say average they mean the mean, but they're all different kinds of averages trying to identify the central tendency.

"Average: a number expressing the central or typical value in a set of data, in particular the mode, median, or (most commonly) the mean, which is calculated by dividing the sum of the values in the set by their number." -- Google

Re:Credit-Card Debt Nears $1 Trillion as Banks Push Plastic by dragonwriter on Friday May 20, 2016 @04:20PM (#11741146)
> Incorrect, median, mean, and mode are all types of averages.

There's a bunch of means (arithmetic, geometric, and harmonic, for instance), and they are all (as well as median and mode) averages.

Though, usually when people say "mean" without further specifics they mean the "arithmetic mean", and usually when they say "average" without further specifics they also mean "arithmetic mean" (though "median" is also fairly common, and "mode" isn't that uncommon.)