The statistics are truly mind numbing and continue to get worse each and every year. At the current rate about 1% or one in a hundred families will be forced to declare bankruptcy at some point and over 90% of Americans’ disposable income is spent paying back debts.
Not a happy picture but as bleak as that sounds running won’t change it but knowledge may and so, let’s take a quick snapshot at a few of the current credit card debt statistics facing so many Americans today.
The American Consumer spends over 1 trillion (that’s a 1 with 12 zeros) per year on credit card purchases. Not a big deal in and of itself but the problem lies in that they end up carrying over and paying interest on about half that amount or $500 billion. This translates into a balance of between $5,000 and $8,000 per family, with about $1,000 per year going just to pay the interest.
That’s just the average – many people owe much, much more!
Excessive Debt Costs Everyone Money
Many American receive at least one new credit card offer in the mail every day. The money being spent to service the debt industry is truly immense. Billions are...
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