Brother Bill passes along a link to this site which lists the following fascinating facts about the debt incurred by individual Americans:
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.
Roughly 24% of personal expenditures in the United States are made using bank credit cards, retail cards, and debit cards.
In the first quarter of 2002, total credit debt was $660 billion. Total credit card debt was approximately $60 billion.
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.
On average, the typical credit card purchase is 112% higher than if using cash.
More than 40% of American families spend more than they earn. (Federal Reserve).
As of 1995, 92% of American family disposable income is spent on paying debts, up from 65% in 1975.
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.
The first step on the road to recovery from credit card addiction is to hold one's credit cards in one hand and a pair of scissors in the other....
