Credit card companies like to gloss over several things when you are applying for the card, whether in person or using online. However here are some credit card debt facts that might be helpful in determining where you currently fall the type of with credit cards or what you may expect. If you are wondering why credit debt is such a major issue then you may be surprised to know that via conventional mail alone you will find more than 5 billion pieces mailed each year asking for people to apply with regard to credit cards. It is no wonder there are more and more people with cards, nor why so most of them have problems dealing with their bank card debts. With about 4 out of each and every 1000 of those mailings resulting within someone applying and being accepted for any card, you can see how those numbers can still rise. With a population of not really nearly 5 billion, you might wonder why the amount is so high. Actually, most card holders have multiple cards using the averag
e being seven cards in complete. Not all of those are charge cards as mixed into that number tend to be store and gas cards. Still, an average joe has over $9000 in credit greeting card debt and about 80% of households have a minumum of one card. Since the average payment for credit card debt from month to month is only about 16 percent from the total balances outstanding for the 30 days, this includes those lucky few who pay all their balance monthly, the debt stays as well as grows. You can see how easily this works for the credit card issuers with the average interest rates associated with 13. 4%, even paying the 16% a month won't reduce that by much. That complete, according to US government figures is about $800 billion, with some 80% of this on bank cards and the rest on individual store or gas credit cards.
Allen Williams is a expert educator, speaker and writer. Visit http: //www. BetterCreditKnowHow. com for more informative articles that will help you manage your personal finances. Your cash problems stop here: http: //www. bettercreditknowhow. com/articles/Credit-Facts/Credit-Card-Debt-Facts. html
View this post on my blog: http://creditcard.valuegov.com/credit-card-debt-facts/
e being seven cards in complete. Not all of those are charge cards as mixed into that number tend to be store and gas cards. Still, an average joe has over $9000 in credit greeting card debt and about 80% of households have a minumum of one card. Since the average payment for credit card debt from month to month is only about 16 percent from the total balances outstanding for the 30 days, this includes those lucky few who pay all their balance monthly, the debt stays as well as grows. You can see how easily this works for the credit card issuers with the average interest rates associated with 13. 4%, even paying the 16% a month won't reduce that by much. That complete, according to US government figures is about $800 billion, with some 80% of this on bank cards and the rest on individual store or gas credit cards.
Allen Williams is a expert educator, speaker and writer. Visit http: //www. BetterCreditKnowHow. com for more informative articles that will help you manage your personal finances. Your cash problems stop here: http: //www. bettercreditknowhow. com/articles/Credit-Facts/Credit-Card-Debt-Facts. html
View this post on my blog: http://creditcard.valuegov.com/credit-card-debt-facts/
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