Qualify us
we do not Qualify you! ™
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Some interesting Credit Card facts
There are over 1.2 billion credit cards in use in the United States.
At least 37 percent of all personal spending is paid for by using credit and debit cards.
The average US consumer, not including mortgage debt, is about $14,500 in the hole.
A typical Credit Card purchase will end up costing you 112% more than if cash were used.
About 40% of all American Families spend more than they make each year.
About 60% of active credit card accounts are not paid off monthly.
The typical American Family spends about $1,560 annually in credit card interest.
The average credit card interest rate is currently 14.37 % and has been increasing since the beginning of 2006 when it was 12.82%.
Last year, credit card companies made over $43 billion in card fees alone. I WOW.?kind of like writing that one out $43,000,000,000.00
About 70% of all gas purchases are done by credit card. A year ago, when gas prices averaged $1.87, banks involved in credit card processing made about $12.5 million a day on fees. Now, with prices averaging $2.75 nationally, the credit card companies are raking in $18.4 million a day.
That is $183 million more a month, or nearly $2.2 billion dollars on an annual basis in extra money paid to the nation’s banking giants just because of rising gasoline prices.
Keep up the good work America. You are making someone out there rich….
Let’s look at our government so you don’t feel too bad. I’ve been tracking these figures since April 2002.
In April 2002, the US National Debt was at $5,964,579,652,454.78 – that’s 6 trillion. That means that each citizen’s share of that debt is $20,790.63
November 2004, the US National Debt was at $7,436,898,134,943.31 – that’s 7.5 trillion. Your share: $25,2231.49
December 2005, the US National Debt was at $8,166,135,936,955.26 – 8.1 trillion. Your hard earned share: $27,399.54
June 2006, just a short 7 months later, we now have a balance of 8.3 trillion and you now owe $28,036.27. You owe $1,000 more in just 7 months. $8,OOO more than just 4 years ago. Ah, what good times we had though…
Albert Einstein was once asked what he felt was mankind’s greatest invention….His answer…“compound interest”…..
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