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You Are Not Alone Credit Card Statistics
Do you have any idea just how
common credit cards are? Let’s take a look at a few statistics from the USA.
The average family carries a balance of between $5,000 and $8,000 on all
their credit cards, depending on which figures you believe. Over $1,000 per
family goes on interest every year. And that’s just the average – some people
owe much more! Overall, Americans spend over $1 trillion every year on their
credit cards, and owe more than $500 billion of it.
If debt continues at the current rate, then one family in a hundred will
be forced into bankruptcy. Over 90% of Americans’ disposable incomes are spent
paying back debts. Whatever happened to saving?
Debt Costs Everyone
Money.
Literally billions of dollars are being used up on expenses that are only
created because of the existence of the credit card industry. The weight of the
calculations, administration and marketing needed to support the industry is
immense – the average American gets at least one credit card offer in the mail
every day.
That’s before you take into account the burden bankruptcies put on the
court system, and the cost to the government of providing subsidised debt
counselling. You might also note that consumers with more debt have less to
spend – and when money isn’t flowing, it hurts the economy. There are very few
industries or people that aren’t hurt by debt, at least in the long run.
Debt is Much More Common Than It Used To Be.
It’s not so long ago that
being in even a little debt was considered to be absolutely terrible. When you
wanted something, you saved up for it, and bought it once you had enough money.
If you had bad credit, you couldn’t get a credit card at all. Go back fifty
years and consumer debt figures were absurdly low, the same way they are today
in most of the non-Western world.
In the West, though, the art of saving seems to be a lost one – almost
no-one is saving enough for their retirement, and banks are having to offer
ever-higher interest rates to get people to put money anywhere near a savings
account. We have an ‘I-want-it-now’ consumer culture, and we’re willing to pay
more than we can afford to fund our lifestyles.
Spending Isn’t To Blame.
Now that I’ve said that, don’t think that the reason you’re in debt is
that you haven’t spent your money cautiously enough. According to statistics, it
is very rare for people to get into debt because they spend their money
frivolously. Far more people get buried in debt because they lose their job, or
get sick – they take out credit cards to pay for basic expenses, and fall into
the interest trap. Their debt spirals out of control from just a few thousand
dollars borrowed to pay for essentials.
Most people have a reasonable sense of what they can afford, and won’t go
out and use credit cards to buy things that they wouldn’t usually be able to pay
for. The problem is simply a matter of people leaving their balances on credit
cards for too long, not realising just how high the interest really is.
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Credit Card News
Credit card issuers raising rates ahead of new law (Lincoln Journal Star)
WASHINGTON — Credit card companies are raising interest rates and fees seven months before new rules go into effect that will limit their ability do so, much to the irritation of Congress and consumer advocates.
Read more...Credit card rewards to become less rewarding (Sabah Daily Express)
NEW YORK: Even as credit card companies rush to raise rates and fees before a reform law takes effect in February, they are moving to reduce one thing-rewards.
Read more...Banks Keep Hiking Rates As Credit Card Law Looms (The Memphis Daily News)
NEW YORK (AP) – Credit card reform may be looming in the headlines, but for now the fine print is still hitting consumers hard.Banks keep raising mini....
Read more...Council considers fees for credit, debit card transactions (The Rowlett Lakeshore Times)
The city of Rowlett is looking to raise thousands of dollars by adding or raising credit and debit card processing fees for various services. The council discussed the changes at a work session Tuesday before its regular council meeting.
Read more...Simon Read: Why wait to write off credit card cheques? (Independent)
A government crackdown on unsolicited credit card cheques has long been overdue. The cheques have seemingly indiscriminately been junk-mailed to millions of credit card holders in recent years simply to encourage them to overspend and boost banks’ profits. According to figures from uSwitch, 280 million of the cheques were sent out to 14 million people last year alone. And the 3.2 million of ...
Read more...Colleges adding fees for paying by credit card (Chicago Sun-Times)
Credit cards are universally accepted at businesses around the world -- at no additional cost to consumers. But a growing number of public and private universities are making it costlier for students to pay tuition with credit cards. That could drive up college costs by hundreds or thousands of dollars for students -- especially those unable to immediately pay off the balances. Schools in ...
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