- The average balance on a credit card is $7,000.
- If you didn’t have your credit card payment of $218 a month, and instead you invested that money in a 12% savings plan, you could retire in 25 years with $1,354,930 saved. Your credit card payment is not only costing you thousands in interest, but is prohibiting you from saving for your retirement.
- The average household has 10 credit cards.
- The average interest rate is 18.9%.
- Credit card companies solicit the average American 7 times per year through the mail.
- Late fees are now $29.00 (if not received on the payment due date).
- Almost half the households in America report having difficulty paying their minimum monthly payments.
- Last year, over 1.3 million Americans filed for Bankruptcy, the highest in our nations
- If your credit card balance is $8,000.00, and you make the minimum monthly payment at 18% interest, it will take you 25 years, 7 months to pay off the debt. You will also pay $15,432 in interest charges (almost twice the balance), bringing your total to $23,432.
- Americans payed out approximately $65 billion in interest last year alone.
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