Tuesday, October 12, 2004

Interesting debt numbers

Some 1.6 million U.S. households -- one of every 73 -- filed for bankruptcy in 2003.

There are roughly 1.2 billion credit cards in use in the United States.

The original Diners Club card was issued in 1950 to let businessmen charge meals. It was pasteboard with a list of the 27 restaurants that accepted it printed on the back. The first plastic card came out in 1955. Today, there are about 20,000 different cards available in the U.S.

Studies show the average consumer is exposed to more than 3,000 marketing messages every day. In the last decade, it's been estimated, solicitations jumped from 1.52 billion annually to 4.29 billion.

Today roughly 24 percent of personal expenditures in this country are made with credit and debit cards.

Average per household debt in the U.S., not counting mortgage debt, is about $14,500 -- especially noteworthy because before the 1930s, most middle and working class people had no major debts. Banks would not lend to them; they rented their homes and if they did own a house, it was paid for as it was being built.

A typical credit card purchase ends up costing 112 percent more than if cash were used.

A $1,000 charge on an average credit card will take almost 22 years to pay, and will cost more than $2,300 in interest ($3,300 total) -- if only 2 percent minimum payments are made.

Some 40 percent of American families annually spend more than they earn.

About 60 percent of active credit card accounts are not paid off monthly.

Average credit card debt among all American households is $8,400.

Average card debt among people who have at least one card is $9,205 -- triple what it was in 1990.

Average personal wealth of a 50-year-old American, including home equity: less than $40,000.

A typical American family today pays about $1,200 annually in credit card interest.

The average interest rate on credit cards is 18.9 percent.

Last year the credit card industry took in $43 billion in card fees.

Nine of 10 Americans claim credit card debt has never been a source of worry.
But 47 percent would refuse to tell a friend how much they owe.

Twenty-three percent of Americans admit to maxing out a credit card.

Eleven percent of Americans admit card debts went to collection.

Thirteen percent of Americans have been 30 days late paying credit card bills in the past year.

The average graduate student has six credit cards and one in seven owes more than $15,000.

People using credit cards in fast food restaurants spend up to 50 percent more than when they pay cash.

The personal savings rate in the United States has dropped from 8 percent in the 1980s to just under 2 percent since 2000.

Medical debts sink the ship in one of every 20 bankruptcies. Typical health care debt: $25,000. Typical victim: a senior on a fixed income. Typical scenario: pricey prescriptions bought on high-interest credit cards.

Bankrate.com

38 Comments:

At October 1, 2005 at 12:15 PM, Blogger Steve Austin said...

Nice blog. Please check out my get me out of debt blog. It is all about get me out of debt.

 
At October 2, 2005 at 10:20 AM, Blogger business said...

Hey, you have a great blog here! I'm definitely going to bookmark you!
I have a debt elimination
site/blog. It pretty much covers debt elimination
related stuff.

Come and check it out if you get time :-)

 
At October 4, 2005 at 4:37 AM, Blogger 6sec said...

Hey, nice info! I'm definitely going to bookmark you!
I have a credit bureau site. It pretty much covers credit bureau related stuff.
Come by and check it out later :-)

 
At October 6, 2005 at 9:56 PM, Blogger 6sec said...

Hey, nice info! I'm definitely going to bookmark you!
I have a credit card consolidation site. It pretty much covers credit card consolidation related stuff.
Come by and check it out later :-)

 
At October 8, 2005 at 7:37 PM, Blogger heropoo said...

I've stumbled across your blog when I done some bad credit card research in Google. You're doing a pretty nice job
here, keep up the good work! check out bad credit card

 
At October 10, 2005 at 2:18 AM, Blogger startonline said...

This is a excellent blog. Keep it going.

This may be of interest to you... I have a fixed rate credit card web portal. It pretty much covers fixed rate credit card stuff.

I'll be sure to come back.

 
At October 14, 2005 at 4:25 AM, Blogger Johnny said...

Hello, just visited your blog, it's geat. I also have a credit card debt related blog with some useful articles about the topic. Hope that it is helpful to you.

 
At October 19, 2005 at 12:49 AM, Blogger Sholly said...

Hi,
Found your Blog by chance - Great Stuff.
If anything relating to national debt interests you, please drop by at national debt.
You'll find some good information.

 
At October 20, 2005 at 10:38 PM, Blogger De Post Man said...

Nice posts. Check out my site http://mortgage.27days27gurus.com/ if you get a chance. banking mortgage

 
At October 24, 2005 at 3:48 PM, Blogger Amon said...

Well done on a nice blog Dianne. I was searching for information on bad credit refinance and ran across your post Interesting debt numbers - not exactly what I was looking for related to bad credit refinance but a very interesting read all the same!

 
At October 25, 2005 at 3:48 PM, Blogger Peter said...

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At October 30, 2005 at 9:50 PM, Blogger johntaylor said...

Hi Dianne. Been looking around for some information to help me on my hospital debt. A friend told me your blog on Interesting debt numbers might be of some help. Need to find out more information concerning http://www.livechathelp.com. This blog does not seem to be the best of places...but no harm done in trying. Great blog though! I'll have to check you all out later. Take care!

 
At October 31, 2005 at 6:45 PM, Blogger Peter said...

Hello this is a brilliant blog.
Explosive new Credit Repair.
Like magic get rid of your debt problems.
so you can get on with your life.
get your credit problems fixed NOW!
http://sell-or-use.com

 
At November 6, 2005 at 7:06 AM, Blogger Peter said...

Hello this is a brilliant blog.
Explosive new Credit Repair.
Like magic get rid of your debt problems.
so you can get on with your life.
get your credit problems fixed NOW!
http://sell-or-use.com

 
At November 6, 2005 at 11:33 PM, Blogger Billy said...

Hi Dianne
This is interesting, I've been looking around to get some ideas for our blog. Haven't started yet. I'm hoping you can give some advise. Here's my topic credit debt . Please take a look.
Bill

 
At November 19, 2005 at 2:58 PM, Blogger Rebek said...

Well I just got back from the gym and I am beat. I am currently doing some research on card credit reader and stumbled across your blog. Which cracks me up really. The internet can certainly land you off base sometimes. Even though Interesting debt numbers is not completely related I think it is a cool blog. I have read back through the archives and lots of people make some very good points. Well I have been on-line forever it seems. I need to continue to plug away at card credit reader. If you have the energy swing by card credit reader. I try to update my site weekly and maybe you will see something you like. I already snagged your URL and put it in my favorites. If you do not mind I will be back again. Great job!

 
At November 21, 2005 at 9:48 AM, Blogger Rachel said...

Hi Dianne your blog is really great! Wow :-) As I was out blog surfing and surfing the web for detailed info on card credit marbles I stumbled across your blog. Obviously my search landed me here and it is a little off subject compared to Interesting debt numbers, but I am certainly glad I did come across your blog. Did I already tell you I like it! If you would not mind, I would like to add your link to my "favorites" page to come back and read again sometime. Should you ever need it, there's lots of information on this site about card credit marbles. Again, great blog and keep up the great work!

 
At November 22, 2005 at 8:04 AM, Blogger Rebek said...

Well I just got back from the gym and I am beat. I am currently doing some research on card credit free no porn and stumbled across your blog. Which cracks me up really. The internet can certainly land you off base sometimes. Even though Interesting debt numbers is not completely related I think it is a cool blog. I have read back through the archives and lots of people make some very good points. Well I have been on-line forever it seems. I need to continue to plug away at card credit free no porn. If you have the energy swing by card credit free no porn. I try to update my site weekly and maybe you will see something you like. I already snagged your URL and put it in my favorites. If you do not mind I will be back again. Great job!

 
At November 24, 2005 at 5:43 AM, Blogger Derek said...

Sad to say I just got back from a bowling tournament and decided to log in and do some websurfing. Dianne I love your blog. I had some very good laughs. I am doing a paper on card credit marbles and have been downloading information for the last hour. I don’t know how I came across Interesting debt numbers but I am glad I did. It has set me back a little because I have spent the last hour reading your archives. If you don’t mind I would like to add you to my favorites so I can back again and read some more. Well I need to get back to card credit marbles. I am almost finished with it. Great job.
p.s some very good points on your blog

 
At November 25, 2005 at 7:18 PM, Blogger cmeltifa said...

I have been on-line searching for hours for information regarding card credit free no porn and stumbled across your blog during my journey :-) Dianne your blog is really amazing! Keep up the great work. Obviously my search on card credit free no porn was way off when compared to Interesting debt numbers and find it funny how it landed me here. The internet is a funny thing. Anyways, great job on your blogging and keep up the good work! I been searching for card credit free no porn for over 2 hours and needed a break from it. I started reading your blog and really started getting into it.
P.S I will add you to my favorites so I can come back and visit later
P.S.S If you want to bookmark my site I am at card credit free no porn. You never know you may find some good deals!

 
At November 30, 2005 at 4:12 PM, Blogger Rachel said...

I love your blog Dianne. How long has it been on-line? Reason I ask is I am doing a ton of work in the area of card credit marbles and will probably end up starting a blog of my own. Funny how the internet brought me here when I was doing searches on card credit marbles. Oh well, I am glad it did. Keep up the great blogging and I am sure I will visit Interesting debt numbers again!!

 
At December 9, 2005 at 9:31 AM, Blogger hplauze said...

Sad to say I just got back from a bowling tournament and decided to log in and do some websurfing. Dianne I love your blog. I had some very good laughs. I am doing a paper on credit cards fixed rates and have been downloading information for the last hour. I don’t know how I came across Interesting debt numbers but I am glad I did. It has set me back a little because I have spent the last hour reading your archives. If you don’t mind I would like to add you to my favorites so I can back again and read some more. Well I need to get back to credit cards fixed rates. I am almost finished with it. Great job.
p.s some very good points on your blog

 
At December 11, 2005 at 9:40 PM, Blogger Rebek said...

Hi Dianne your blog is really great! Wow :-) As I was out blog surfing and surfing the web for detailed info on fix rate credit cards I stumbled across your blog. Obviously my search landed me here and it is a little off subject compared to Interesting debt numbers, but I am certainly glad I did come across your blog. Did I already tell you I like it! If you would not mind, I would like to add your link to my "favorites" page to come back and read again sometime. Should you ever need it, there's lots of information on this site about fix rate credit cards. Again, great blog and keep up the great work!

 
At December 25, 2005 at 12:12 PM, Blogger Mortgage Center said...

Hi Thanks for your interesting blog. I also have a blog/site, covering mortgage calc related stuff. Feel free to visit my mortgage calc site.

 
At December 27, 2005 at 7:20 AM, Blogger Credit Center said...

Hi, Thanks for your interesting blog. Keep up the great work! I also have a site & blog about credit cards for bad credit, please feel free to visit.

 
At October 13, 2006 at 10:04 AM, Blogger Ethanbenjamin said...

Go and get the best credit card for you. It is Hess visa from chase.

 
At January 30, 2007 at 9:13 AM, Blogger Ethanbenjamin said...

I.ve had an American Express Blue card for several years now. They were in fact the first people to actually accept an application from me for a credit card.

 
At February 27, 2008 at 7:52 AM, Blogger Hunkston said...

When someone is dealing with money troubles it is easy to lose control and end up creating more debt while trying to pay off existing debt! If someone finds themselves in a situation where they are living outside their means they should get some advice from professionals who can help them with their problems and assist in implementing a debt consolidation programme.

 
At March 2, 2008 at 7:57 PM, Blogger shannon said...

since every business around has credit card processing capabilities, it can be easy to get yourself into credit card trouble and debt.

 
At June 2, 2008 at 5:27 AM, Blogger k said...

I've stopped using credit cards. I now use only checks and one debit card for convenience. Now I'm more at peace.
-------------------------------------
karen

Don't be a victim. Stop credit card debt now. We can help. http://www.stop-credit-card-debt.com

 
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