Credit Card Debt Facts
Allen Williams
Credit card companies like to gloss over a lot of things when you are applying for a credit card, whether in person or applying online. However here are some credit card debt facts about credit cards that you will find helpful in determining where you currently fall among those with credit cards or what you can expect.
If you are wondering why credit card debt is such a major issue then you might be surprised to know that via conventional mail alone there are more than 5 billion pieces mailed every year asking for people to apply for credit cards. I don't even need to see your email inbox to guess at the massive number of email promotions you are receiving. It is no wonder there are so many people with credit cards, nor why so many of them have problems dealing with their credit card debts. With about 4 out of every 1000 of those mailings resulting in someone applying and being accepted for a credit card, you can see how those numbers can continue to rise and why credit card companies can afford to continue to advertise for more.
With a population of only about 301,000,000 in the United States - not nearly 5 billion - you might wonder why the number is so staggerinly high. Actually as you might have guessed, the average person doesn't have only one credit card. In fact, most card holders have multiple cards with the average being seven cards in total. Not all of those are bank or major credit company cards though as mixed into that number are individual store and gas cards. Still, the average person has over $9000 in credit card debt and about 80% of households have at least one card.
That total, according to US goverment figures, is around $800 billion, with some 80% of that on bank cards and the remainder on individual store or gas cards.
Since the average payment for credit card debt on a monthly basis is only about 16 percent of the total balances outstanding for the month, this includes those lucky few who pay all of their balance monthly, the debt stays and grows. You can see how easily this works for the credit card companies with the average interest rates of 13.4%, even paying the 16% a month is not going to reduce that by much, and it is a long, slow haul over a hard, dirt road on that particular path to financial freedom.
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