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Accept the way things are in life. Only then will you be able to accept these points on credit card. credit card can be considered to be part and parcel of life.
You Are Not Alone Credit Card Statistics
Do you have any idea just how
common credit cards are? Lets 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 thats 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.
Thats 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 isnt flowing, it hurts the economy. There are very few
industries or people that arent hurt by debt, at least in the long run.
Debt is Much More Common Than It Used To Be.
Its 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 couldnt 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 were willing to pay
more than we can afford to fund our lifestyles.
Spending Isnt To Blame.
Now that Ive said that, dont think that the reason youre in debt is
that you havent 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 wont go
out and use credit cards to buy things that they wouldnt 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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