|
Author: Janet Williams Article source: http://www.topadvice.biz/. Used with author's permission.
In the new millennium plastic money or credit cards has rendered a new zing factor to your pocket. This has not only made you economically more flexible but subsequently added glamour to your financial image as well. No more bulging out hip pockets with excess of liquid cash. Instead, the slimmer your pocket; the smarter you look. But behind all these inviting attributes of credit cards there seems to be a trap laid out for people who are impulsive and careless.
The usage of credit cards have been on the highest spree this decade and along with the usage, the debt rates has also somersaulted sky high. Majority of the citizens of the U.S. owe thousands of dollars as credit card bills. While gross dollar volume on bank credit cards has increased 2.5 times since 1994, the average transaction has increased about 16% over the past decade. The average transaction on a general purpose credit card, carrying the VISA, MasterCard, American Express, or Discover brand, is now approaching $102, compared to $87 in 1994.
23rd Dec. 2004 is termed as Black Thursday and is poised to be a voluminous day in credit card usage in 2004. On this day Americans have used credit and debit cards to pay for nearly $12 billion. This computes to an average of more than $8 million per minute; however it could easily top $20 million per minute during peak hours.
In the present era credit card debt carried by an average American is about $8,562 (Approx.). The total U.S. credit card debt in the first quarter of 2002 was approximately $60 billion (Approx.). Total finance charges Americans paid in 2001is $50 billion (Approx.).
Recently, the New York Times examined how the use of credit has taken off dramatically in the United States since 1990. While the number of people holding charge cards grew about 75 percent. This went up from 82 million in 1990 to 144 million in 2003 and the amount they charged during that period grew by a much larger percentage. It is approximately 350 percent, from $338 billion to $1.5 trillion.
Nellie Mae, the nation's largest maker of student loans says that the average undergraduate student has $2,200 in credit card debt. That figure jumps to $5,800 for graduate students. David Sandor, a vice president at Visa USA, says that only 54 percent of college students pay off their credit card balances every month.
The average credit card interest rate is around 18.9%. Approximately half of all credit card holders pay only their minimum monthly requirements. There are a total of 1.2 billion credit and retail cards in North America. The number of credit card holders who declared bankruptcy last year was a huge 1.3 million.
Credit cards have undoubtedly given us better mileage in handling our finance; it has made us mobile and flexible in cash handling. But it is extremely important to make proper utilization of this plastic money. There lies a big black trench of debts if you use it recklessly. These slim plastic cards can often be the cause of bulk debts if one is impulsive or unwise.
For better insight in this topic please view:
http://www.debtconsolidationcare.com/card-starter.html
http://www.debtconsolidationcare.com/card-counseling.html Janet Williams is a contributing
writer to http://www.debtconsolidationcare.com/
And is currently working on a special section in the site called do it yourself where you can eliminate your debts and become debt free...
sarah@debtconsolidationcare.com
Valentine Gifts From The Heart
One of my fondest childhood memories is of my mother helping me make a Valentine's box to take to school. We pulled out white paste, an old shoebox, scraps of d...
How to Avoid Losing Money to Affiliate URL Thieves!
If you are promoting your affiliate URL on the web then you are in danger of losing sales to affiliate URL thieves. In fact over 40% of your affiliate commissio...
Fat, Fat Go Away
The Atkins Diet has become the new craze for slimmer. Yet that diet can cause dehydration and acidity causing high toxic levels within the body, and over time, ...
Bad Credit Mortgage - Got Bad Credit? Get 100% Financing!
Here is the good news: 100% financing is no longer the privilege of those with perfect credit. In fact, there are specialty mortgage programs designed specifi...
How to Make Sure You Become a Profitable Trader
There are 9 steps to help become consistently profitable in trading. Follow these steps regardless of what markets you trade.
Auto Insurance Basics
Most people only think that insurance is something they need so they can get their registration and tag so they can drive. It is something that they need becaus...
The Procrastinating Perfectionist
Are you a procrastinating perfectionist? Do you wait around for the perfect opportunity to come along only to find out there exists no perfect opportunity?
Owning Your Category Online - Is Our Website Broken?
"Owning your business category online
is more than just a few keywords...
Is your website broken?"
Beat the Online Casinos and Make Money Every Time
Wouldn't it be nice to make a bundle of money quickly from online casinos, with minimal effort, at home in your pajamas? Of course it would. I for one would lov...
Secured Loans - UK Overview
Secured loans have become very popular with those that own property, and this type of finance deal offers affordability and excellent value for money. Secured l...
Parenting Styles - Overcoming Your Differences
This article is for parents who differ in their ideas about how to discipline and raise their children. Practical suggestions are made to overcome your differe...
Emu Oil: Wonder Cure or Snake Oil?
Is there anything that Emu Oil can't do?
Your Virgin Bushwalk
Isn't it time you stepped out of the concrete jungle and into a wilder world, the world of the African bushveld?
MORAL ARMOR Condemns Home and Business Seizure Law
The Author of Moral Armor condemns the ruling of the Supreme Court and equates it with the CIA's role in Vietnam, claiming the same people intend to incite war ...
Online UK Florist Saves the Day
Here it is Thursday afternoon, and Evelyn sees no break in her hectic schedule for the weekend. She has a presentation due on Monday morning and a meeting on Sa...
Piano Lessons for Homeschool Families
Want to create an exciting musical adventure for your children at home? Want to help your kids achieve their musical dreams? It's easy and fun with the right ...
Billing Woes For Telcos
Quite many telecom companies still have in place archaic billing systems, these software applications were bought off-the-shelf and are complex beyond imaginati...
Individualized Positive Affirmations for Improving Self-Esteem
Positive self-esteem is very important if not crucial to our happiness and well being as a human being. Having positive self-esteem can make the difference in ...
Create Your Path to Success - Achieve Key Goals
What is the secret to realizing your goals? There are key steps that can ensure one's success in achieving goals. In this article, we walk the path together s...
Fall Foliage Scenic Drive – Rhode Island Coast
This Rhode Island scenic drive is delightful any season of the year, but with fall foliage the added splash of color deepens the experience and appreciation of ...
Guide to Home Fitness Equipments
Are you bugged of waking up early in chilly mornings? Have you been tired of roaming around in the very monotonous park? Are brisk walks and jogging entailing n...
Story Telling As A Tool For Trainers
Story telling as a tool for trainers - Imagery at its best ............................................ Once upon a time…………."Yeah right, don't tell us a story,...
Using Ad Agencies and Designers
Advertising and promoting your business is expensive, so it's important...
Fixed Rate Mortgage Loans - Understanding The Basics
Here is some information to help you understand the basics of a fixed rate loan.
|
Print this page