America Swimming in Credit Cards!
In the Sunday June 19, 2005 edition of the BUFFALO NEWS (pg. B9) was an article entitled FED MAY TIGHTEN CREDIT CARD RULES. This article verifies what I stated about credit card debt in my white paper WILL YOU SURVIVE THE COMING FINANCIAL CRASH? --- namely that credit card DEBT has gotten out of hand in this country.
In the chart that accompanied the article, which was itself entitled SWIMMING IN CREDIT CARDS, the following disturbing information was emparted to the reader:
01) Americans used more than 650 million credit cards and charged more than $1.7 trillion dollars in 2004 alone!
02) 1n 1990, there were 281.5 million credit cards held by adults in the USA. By 2004, this has increased to 657.5 million credit cards --- this is an average of 3.13 cards held by each adult in the USA!
03) In 1990, there was $338.4 billion dollars charged on these 281.5 million credit cards held at that time. By 2004, things had changed considerably. The credit card charges in just 2004 alone were $1.67 trillion dollars total on 657.5 million cards now in practically everyone's possession. In today's world, credit cards are ubiquitous.
04) In 1990, the total credit card debt per household was only $2,966.00. By 2004, things had also changed considerably. The total household credit card debt has risen to $9,312.00 --- which TRIPLED during that decade and a half!
05) Perhaps most disturbing is what I am about to tell you . . .
MAKING THE MIMIMUM PAYMENT ONLY on $9,312.00 OUTSTANDING CREDIT CARD DEBT:
a) Mimimum monthly payment (2% of balance due) = $186.24
b) Time to pay off balance at 16% interest = 43 years, 5 months!!
c) Total interest paid on $9,312.00 = $17,953.44
d) Total repaid to credit card company = $27,265.44
NOTE: With interest compounding --- the 16% APR suddenly becomes 192% !!!
HERE'S THE BOTTOM LINE . . .
These figures confirm what I discussed in my white paper entitled WILL YOU SURVIVE THE COMING FINANCIAL CRASH? --- and this is but one method among many in which typically dumbed-down Americans are taken advantage of time and time again.
The Federal Reserve is looking toward tightening their credit card regulations because record numbers of people are now having trouble paying these bills --- they are in so far over their heads. These people are not doing this to be nice to those who hold one of their credit cards.
They don't slip that noose around your neck to let you go at the last moment!
Remember that, will you?
credit card debt
In the chart that accompanied the article, which was itself entitled SWIMMING IN CREDIT CARDS, the following disturbing information was emparted to the reader:
01) Americans used more than 650 million credit cards and charged more than $1.7 trillion dollars in 2004 alone!
02) 1n 1990, there were 281.5 million credit cards held by adults in the USA. By 2004, this has increased to 657.5 million credit cards --- this is an average of 3.13 cards held by each adult in the USA!
03) In 1990, there was $338.4 billion dollars charged on these 281.5 million credit cards held at that time. By 2004, things had changed considerably. The credit card charges in just 2004 alone were $1.67 trillion dollars total on 657.5 million cards now in practically everyone's possession. In today's world, credit cards are ubiquitous.
04) In 1990, the total credit card debt per household was only $2,966.00. By 2004, things had also changed considerably. The total household credit card debt has risen to $9,312.00 --- which TRIPLED during that decade and a half!
05) Perhaps most disturbing is what I am about to tell you . . .
MAKING THE MIMIMUM PAYMENT ONLY on $9,312.00 OUTSTANDING CREDIT CARD DEBT:
a) Mimimum monthly payment (2% of balance due) = $186.24
b) Time to pay off balance at 16% interest = 43 years, 5 months!!
c) Total interest paid on $9,312.00 = $17,953.44
d) Total repaid to credit card company = $27,265.44
NOTE: With interest compounding --- the 16% APR suddenly becomes 192% !!!
HERE'S THE BOTTOM LINE . . .
These figures confirm what I discussed in my white paper entitled WILL YOU SURVIVE THE COMING FINANCIAL CRASH? --- and this is but one method among many in which typically dumbed-down Americans are taken advantage of time and time again.
The Federal Reserve is looking toward tightening their credit card regulations because record numbers of people are now having trouble paying these bills --- they are in so far over their heads. These people are not doing this to be nice to those who hold one of their credit cards.
They don't slip that noose around your neck to let you go at the last moment!
Remember that, will you?
credit card debt
posted by Kentroversy at 7:41 PM
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