Credit Card Statistics - The Road To More & More Debt
May 30, 2008
It’s no secret that the issue of debt is a bigger problem for Americans today than ever before. For the first time in our nation’s history, the savings rate in this country is negative. We are spending more money than we are earning. The problem is becoming more widespread as consumers take greater spending liberties with credit cards. In fact, the family with at least 1 credit card in the house has over $9000 in credit card debt.
Nearly one in three purchases in the US is made with plastic now, leading many to speculate that we may eventually complete all transactions electronically. Credit cards can be a useful tool, but their abuse can lead to misery for the cardholder. There are several reasons why credit card debt is a growing problem:
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