Recent Credit Card Statistics

Using credit cards has had a truly dramatic effect on the American way of living since they were first introduced in the mid-20th Century. Their convenience and ease of use, however, is offset by our continual dependence on them and by the relative ease by which they can enable us to overspend. Here are just a few recent statistics about credit card use in the United States.

Here are some important US averages you should know about:

Average Credit Card Interest rate - 18.9%
Balance held - $7000
Number of credit cards per household - 10
Late fee - $29.00

Some other facts which should be a concern to every American:

* Each year, credit card companies solicit each person an average of seven times for a new credit card.

* More than 40% of total US households actually have difficulties paying the "minimum monthly payment" that their credit card companies require.

* Last year, Americans paid out more than $60 billion in interest alone. This does not include penalties, over the limit charges or late fees.

Did you know…

If you took the $350 monthly payment you make to one of your credit cards and instead of paying your credit card down, invested it at 10%, you would have $1 million in 33 years? Sounds like a while off, granted, but it does show how credit card payments can rob you of real retirement savings.

Contact us for a free, confidential consultation here.

We take your privacy extremely seriously. Read our privacy policy here.