Monday, January 28, 2008

Statistics

I found some interesting information:

It is estimated that, on average, 20% of Americans have “maxed out” their credit cards.

About 25% of adults in the United States have a history of credit problems.

Americans’ average credit card debt is $8400 per household.

Approximately 185 million American consumers have at least one credit card.

Of those 185 million consumers with credit cards, 1.3 million credit card holders declared bankruptcy in 2002.

Americans pay, on average, an 18.9% interest rate on credit cards.

The average household pays $83.33 in credit card interest per month.

More than 40% of American families spend more than they earn. (Federal Reserve).

An $8,000 debt, at a rate of 18% interest, will take over 25 years to pay off and cost more than $24,000 in the long run.

Mike and I can proudly say that (as of this month) we are no longer a part of these statistics. We are out of credit card debt, and will never own a credit card again. EVER!!!! We are going out next month to celebrate the freedom. *insert huge smilie face here*

1 comment:

Tate Family said...

So proud of you guys!! :)