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The average American household has 13 payment cards, including
credit cards, debit cards and store cards. There are 1.3
billion payment cards in circulation in the United States.
Americans made $1.1 Trillion worth of credit card purchases
in 1999.
Americans carry, on average, $5,800 in
credit card debt from month to month. If one were to make
only the minimum payment on that debt every month, it would
take 30 years to pay off - and include an additional $15,000
in interest.
According to the American Bankruptcy Institute,
302,829 people filed for bankruptcy in the first quarter
of 2000.
On average the typical credit card purchase is 12% higher
than by paying cash.
Over 40% of US families spend more than
they earn. (Federal Reserve).
96% of all Americans will retire financially
dependent on the government, family, or charity. (U.S. Dept.
of Health & Human Services)
Almost one out of every 100 households
in the United States will file for bankruptcy.
[compiled from www.cardweb.com]
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A 1992 Federal Reserve study showed that 43% of U.S. families
spent more than they earned.
According to the National Association
of Realtors the average homeowner stays in their home
for 7.1 years (1993 statistic). With an 8% mortgage, they
will sell their home still owing over 90% on their mortgage.
If they were to continue this trend they would NEVER pay
off a mortgage in their lifetime!
Only 2% of homes in America are paid
for!
On average, Americans can expect to receive
just 37% of the annual retirement income they will need
to live comfortably. [America's Retirement Crisis: The
Search For Solutions- Openheimer Funds Dist., Inc. 1993]
As of 1995 92% of U.S. family disposable
income is spent on paying debts, up from 65% in 1975.
[Federal Reserve]
For the year ending June 30, 1996, personal
bankruptcies totaled more than ONE MILLION for the first
time ever in a twelve month period. That is almost one
bankruptcy for every 100 U.S. households.
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On average, you will spend 12% more on a credit card purchase
than when using cash.
The average household has four credit cards
with balances around $4,800, up from two cards and $2340
in balances five years ago. [RAM Research, 1996]
Making the minimum payment on a $4,800
balance (average balance of U.S. cardholders) at the average
annual 17% interest rate, it would take you 39 years and
seven months to pay off. You would pay $10,818.63 in interest
alone, and a total of $15,619 for the privilege of charging
the $4,800!
Nearly half of all Americans (46%) have
less than $10,000 saved for their retirement. And 39% of
Americans are anxious about their ability to achieve their
desired retirement lifestyle. [Miles To Go: A Status Report
on Americans' Plans for Retirement-Public Agenda, 1997]
It can either be the golden years or the golden arches.
If you are making only minimum payments,
an $8,000 debt at a rate of 18% interest will take you over
25 years to repay and cost you over $24,000 in the long
run. |
