Top 10 Facts About Credit Card Debt

The facts stated below are not meant to scare all the credit card holders in United States but they are true. Many Americans are suffering from the effects of the global economy crisis. It is in fact a reminder to everyone to manage their finances in a smarter way.

• There are 80% of American households holding at least one card currently. According to a rough calculation, there are about 1.2 billion of credit cards in use in United States
• In average, each cardholder owns at least 3 bank credit cards, not including petrol cards yet
• 78% of undergraduate students have at least one card
• The growth of credit card loans has been faster than any other type of consumer loans
• According to Consumer Federation of America, the average debt amount for each household has exceeded USD 10, 000. It shows that Americans owe more in card debt rather than for education
• According to our Federal Reserve, the total credit card debt allocated by the citizens has reached the amount of USD 665 billion
• About 60% of cardholders carry their debts from month to month
• Each month, the payment made by the cardholders is only 16% of their overall outstanding balances
• According to the research done among all the banks, the average interest rate for credit cards in United States is 13.4%
• In normal circumstances, a cardholder needs almost 22 years to clear a USD1,000 charge on the credit card and he or she needs to pay additional USD2,300 in interest

After going through the 10 facts, as a credit card user, do you see the urgency to get rid of your debt?
Using credit card can lead to serious debt if you are not able to control your spending habits. If you are looking for constructive methods of credit card debt settlement, visit http://CreditCardDebtSolver.com