Quiz: Are You in Debt Over Your Head?

Jan. 14 -- How do you know if you are in over your head with debt?

At nearly $2 trillion in total consumer debt, the average amount of debt per household is $18,700. In credit card debt alone, the average amount is about $7,000 per household, and for the 60 percent of credit card holders who do not pay off their balances each month, the average amount is closer to $12,000.

Are you one of the millions adding to the national consumer debt tab? Take this short quiz to determine if you are swimming in debt and are in need of a credit lifeline…

1. How many sleepless nights have you had because of your debt?

A) I sleep like a baby. B) Every month just around bill time.C) Warm milk just isn't cutting it. I am up almost every night.

2. How many credit cards do you have?

A) 0-2 B) 3-4 C) More than 4

3. On a monthly basis, how much of your total credit card bill do you pay?

A) Am I supposed to pay my credit card bills monthly? B) Pay it in full.C) Just the minimum baby!

4. Do you put off opening your credit card statements because you are afraid of what is inside?

A) No. Bring 'em on…B) Sometimes.C) Yes. I'm petrified.

5. Which of the following have you done to pay down your debt?

A) I declared bankruptcy.B) I sold personal items or borrowed from a friend or family member.C) My debt is under control.

6. What percentage of your after-tax salary goes to paying off your credit card debt?

A) 0 to 10 percentB) 10 to 25 percentC) More than 25 percent

7. Does your significant other know how much credit card debt you have?

A) Are you kidding? I would never tell him/her that!B) Yes. My life is an open book.C) Sometimes. It depends on the month.