Re:Credit-Card Debt Nears $1 Trillion as Banks Push Plastic
by LeifCarrotson on Friday May 20, 2016 @03:17PM
(#11740640)
Those numbers are averages. They have a minimum of zero (credit cards don't report positive balances), but their maximum can be large.
The right, most informative conclusion about one $10k balance and 9 $0 balances is that "almost everyone in this group carries no balances, but one carries unmanageable debt", not "the average credit card debt is a manageable but significant $1000".
Statistics guarantees they are guaranteed to be high, not low. Medians and top/bottom percentiles would be more informative.
The right, most informative conclusion about one $10k balance and 9 $0 balances is that "almost everyone in this group carries no balances, but one carries unmanageable debt", not "the average credit card debt is a manageable but significant $1000".
Statistics guarantees they are guaranteed to be high, not low. Medians and top/bottom percentiles would be more informative.