The purpose of this page is to give you credit card debt facts that will show you just how bad debt really is. The numbers do not support the thought that you have to use credit to have anything. They do support the fact that credit adds unnecessary burdens to your life.
Credit card “shocking”debt facts
A $10,000 credit card balance will take 37 years to pay off at minimum monthly payments and an 18% interest rate for a total of $24,230 paid.
A $500 credit card balance will take 8 years to pay off at minimum monthly payments and an 18% interest rate for a total of $930 paid.
The typical college graduate student has six credit cards and owes more than $15,000.
The average American household has a credit card debt of $8,400.
Average credit card debt among people who have at least one credit card is $9,205. This is three times what it was in 1990.
The typical American family pays $1,200 in credit card interest each year.
The average family has 14.7 cards including bank credit cards, gasoline cards, store cards, debit cards and ATM cards.
Consumer debt, which includes credit cards and car loans, averages $7,296 per person.
A typical credit card purchase ends up costing 112 percent more than the equivalent purchase made with cash.
40 percent of American families spend more than they earn.
Credit card rates vary widely depending on your credit history from 5.5% to 23.99%.
The cost of credit cards is not just in the interest. You can easily incur other fees such as an annual fee, purchase late fees, cash advance fees, and purchase over limit fees. In one year the credit card industry collects $43 billion in credit card fees.
Some 1.6 million U.S. households filed for bankruptcy in 2003. That is 1 of every 73 households.
70% of Americans live paycheck to paycheck.
Foreclosures have increased 200% since 1980.
In 2001 there were 600,000 homes foreclosed on.
In 2001 there were 1,500,000 consumer bankruptcies.
Americans owe about $6.7 trillion dollars in household debt.
These are just a few credit card debt facts that show how dangerous it is to live in debt. Climb out of this hole and take control of your financial future.
Read the full article on MarketWatch.com