Here are some interesting figures I had put together a few years back. Interesting figures to say the least. I thought I would repost them.
Did you know…?
- The average APR for standard and gold credit cards is over 13% according to bankrate.com.
- The average APR for all credit card holders is nearly 17%.
- If you’re one day late on any payment to any creditor, you could be subject to a default rate as high as 29.99% on your credit card accounts. (bankrate.com)
- About 1 in 3 credit card holders makes only than the minimum monthly payment and still carries a balance from month to month.
- About 1 in 3 credit card holders makes more than the monthly minimum payment but still carries a balance from month to month.
- Just 1 in 3 credit card holders pays off their entire credit card balance every month.
- Over half of Americans have at least one credit card whose balance they do not pay in full every month.
- The average American household pays around $1,100 every year just in interest.
- There is more than $700,000,000,000 (seven hundred billion dollars) in credit card debt in the United States.
- The average outstanding credit card balance is over $3,800 per credit card holder and around $7,000 per household.
- The average undergraduate college student has $3,000 in credit card debt and an additional $17,000 in student loan debt when he or she graduates. (Progress Index, Aug. 19th, 2003)
- The average credit card debt as a percentage of household income is 8.0%.
- Four out of ten Americans (40%) admit to living beyond their means. (US Treasury)
- Nearly 20% of Americans pay their monthly bills late. (US Treasury)
- Personal bankruptcies in the U.S. between 200 and 2003 increased 32.7% to a record 1,650,042. (US Bankruptcy Court)
- Potential employers, landlords, lenders, and even automobile insurance companies often look at an individual’s credit report before deciding to offer them services.
- Payments are applied toward the lowest interest-bearing portion of credit card balances first, meaning high-interest portions such as cash advances are last to be paid off and generate the highest interest charges for the cardholder.
- A grace period means you have between 20 and 30 days to pay off your credit card balance without being charged interest. However, as soon as you carry a balance from one month to the next, interest starts accruing immediately on all subsequent purchases until your balance is again $0.
Do You Have Questions About Credit Cards, Debt, Interest or Money?
Comment below and we’ll respond quickly!
We regularly review our articles and blog posts for new comments and make it a priority to respond quickly.
If you need more information on improving financial behaviors related to credit cards, debt, interest, and money or have any other questions about improving your personal finances, please feel free to comment below and we’ll answer as right away!