Dr. Strangecard or: How I Learned to Stop Worrying and Love the Plastic
The average interest rate for standard bank credit cards topped 19% in March 2007, compared to 16.5% in 2003.
- 43% of freshman owned a credit card, compared with 74% for 4th and 5th year students.
- 41% of cardholders carried a balance from month to month, and the median amount was $1,000.
- Approximately 25% of cardholders used their credit card to pay for tuition.
- In 1968, consumers’ total credit debt was $8 billion (in current dollars). Now the total exceeds $880 billion.
(SOURCE: Federal Reserve Bank)
- There has been a 23% increase over the past 5 years in the number of credit cardholders who use cards that accumulate points for merchandise and/or airline tickets.
(SOURCE: Vertis)
- The U.S. federal government has incurred $59.1 trillion in liabilities, or roughly $516,000 per U.S. household. (Not a credit card debt statistic, per se, but interesting nonetheless.)
(SOURCE: Dennis Cauchon, USA Today)
- More than four out of ten young consumers between the ages of 18 and 21 who surf the Web now own a credit card, and 65% of these young consumers used the Web to apply for a credit card.
(SOURCE: Forrester Research)
- At least one in ten consumers have more than 10 credit cards in their wallets. However the overall average number of credit cards per consumer is 4.
(SOURCE: Experian's "National Score Index")
- 29% of low and middle income households with credit card debt reported that medical expenses contributed to their current balances.
- U.S. consumers racked up an estimated $51 billion worth of fast food on their personal credit and debit cards in 2006, compared to $33.2 billion one-year ago.
- Approximately half of all credit card holders pay only their minimum monthly payments.
(SOURCE: Experian-Gallup Personal Credit Index survey)
- According to the Federal Reserve Bank, 40% of American families spend more than they earn.
- 23.8% of American households have no credit cards at all -- no bank cards, no retail cards, nothing. 31.2% of the households. paid off their most recent credit card bills in full.
- Only one household in 50 carry more than $20,000 in credit card debt. However, that "one in 50 households" figure represents more than 2 million American homes.
(SOURCE: Liz Pulliam Weston, www.asklizweston.com)