Credit card debt effects millions of Americans, and plenty of others across the globe. Since I’m a big fan of researching facts, and knowing them, I thought it would be interesting to share what I’ve found over the months of researching these tips. Yes, these should be eye opening, but it should also be motivation for you to get out of debt.
- Over 5 billion (yes, billion with a B) are mailed each year to households nationwide)
- Out of those 5 billion offers, only 0.4% are accepted. It makes you wonder how much those credit card companies accept!
- The average American holds 7 credit cards.
- The average household is in about $9,300 in debt.
- The lower income households are $8,600 in debt.
- The total debt in the US reached about $650 billion in the early 200s on credit cards alone, as well as $100 billion on store credit cards. This equates to close to $800 billion!
- The average credit card interest rate is 14%.
- 80% of America has at least 1 credit card.
- The most credit cards in circulation goes as follows: Chase (119 million), Citi (92 million), Bank of America (80 million), Discover (48 million), and AMEX (46 million).
- In 2006 alone, there were over 980 million Visa, and MasterCard credit cards accounts opened.
- Worldwide, there are over 1 billion Visa cards.
- 84% of college students have a credit card.
- 2% of undergraduates had no credit history.
- The average balance per open credit card is about $1,157.
- 26% of America is not paying their bills on time.
- When it comes to revolving debt, America had $54 billion in 1980. Today, we have over $750 billion!
- 40% of student loan borrowers graduate with unmanageable levels of debt.
The facts go on, and on, and if you’re interested in more debt facts on credit cards, you can check out some of the sources where I got the information.
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