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. |
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