• Today, 46% of all Americans carry a credit card balance from month to month.• Overall, Americans are carrying a grand total of $798 billion in credit card debt.
• If you were alive when Jesus was born and you spent a million dollars every single day since then, you still would not have spent $798 billion by now.
• Right now, there are more than 600 million active credit cards in the United States.
• For households that have credit card debt, the average amount of credit card debt is an astounding $15,799.
• If you can believe it, one out of every seven Americans has at least 10 credit cards.
• The average interest rate on a credit card that is carrying a balance is now up to 13.10 percent.
• According to the credit card calculator on the Federal Reserve website, if you have a $10,000 credit card balance and you are being charged a rate of 13.10 percent and you only make the minimum payment each time, it will take you 27 years to pay it off and you will end up paying back a total of $21,271.
• There is one credit card company out there, First Premier that charges interest rates of up to 49.9 percent. Amazingly, First Premier has 2.6 million customers.
Auto Loan Debt
• The length of auto loans in America just keeps getting longer and longer. If you can believe it, 45 percent of all new car loans being made today are for more than 6 years.
• Approximately 70 percent of all car purchases in the United States involve an auto loan.
• A subprime auto loan bubble is steadily building. Today, 45 percent of all auto loans are made to subprime borrowers. At some point that is going to be a massive problem. Read more....
Greed on both sides created this mess. Consumers could stop using credit cards but then they would suffer from envy of the Jones.
ReplyDeleteStop blaming the banks, they are no different than drug dealers.
credit cards=transaction fee's=feed the beasty that lobby's gov for more enactments to enable more guarantee's for the risky bets(taxpayer bailouts in case of trouble) and the enactments of QE's and twists and so much more...
ReplyDeletedon't feed the beasty's.
I noticed this commercial saying how all the shoppers shopped local on some saturday and it was good..and this bank card company supports such things and is "there" for you..lol, sure, generate more transaction fee's..who cares where anyone shops, just generate fee's and interest if carry a balance of course.
don't use plastic.
US debt really really have a huge amount and really really long year before they can pay it.But for sure those crisis can be solve and good luck to us government.
ReplyDelete