Four Shocking Facts About US Credit Card Use

Reducing or properly managing credit card debt is, as you know, one of the most important steps in becoming a successful postconsumer. However, for many of us, we don’t understand just how out-of-control credit card use can get. To that end, here are four shocking facts about credit card use in the United States, compliments of the Lancaster Gazette, that can help put just how big the problem is (or can become when left unchecked) into perspective.

The population of the United States is approximately three hundred million people, but, among them, Americans hold more than six hundred and nine million credit cards. When you take into account that the three hundred million number includes a large number of individuals under the age of eighteen, that means that the average American has more than three credit cards to his or her name.

Revolving debt (debt which may either decrease or increase in any given month) in the U.S. economy is estimated to be eight hundred billion dollars. How much of that is attributable to credit cards? Ninety-eight percent.

Nationally, after penalty rates and teaser rates are removed, the average interest rate on a credit card is fourteen percent.

Nationally, of the over six hundred million credit cards in play, the default rate for users is thirteen percent.

When you think about credit card rates, debt and activity on individual levels, the impact doesn’t seem too bad. However, when you take those numbers and look at them as a whole of American activity, you can see how irresponsible credit card use has led to a financial disaster state. Be a good, responsible person (and postconsumer) and wean yourself off of your credit cards as much as possible to ensure that you’re not contributing to the credit card problem! You’ll be happier living within your means, we promise!

Do you have another credit card fact you’d like to share that we missed? Like us on Facebook and tell us about it.