German news site n-tv.de reported an interesting collection of statistics around the debt level of the average American. According to their report, the average American holds 13 credit cards with a combined average debt of $8,565. In addition, there are $14,040 debt based on either car loans or educational loans, more than $10,000 on debt secured with equity in the house (home equity line of credit or HELOC), and about $84,911 of average mortgage debt.

As a result, the average savings rate is supposed to be $392 per year, historic lows since the 1930s. Where does that get you for your retirement? That won’t even get you your daily latte when you want to retire. And from a Californian point of view: an average mortgage of $85,000 will probably not get you more than a garage in the Bay Area. But then again, these are average numbers.