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Incredible Consumer Debt Facts & Statistics!

Published by admin on November 28, 2009

Incredible Consumer Debt Facts & Statistics!

In this article we are going to present you some statistics regarding the US consumer debt along with some less known but yet very interesting facts regarding debt.

-> According to the website CardWeb.com the average amount that a person is caring from one month to another as credit card debt is $5,800. And due to the high interest rates this amount is going to be larger from one month to another.

-> 51% of the Americans have and use at least 2 credit cards and 14% have more than 10 credit cards.

-> In case you are going to spend more than half of your current credit cards limit every month, this shows to the credit bureau that you no longer have the enough cash in order to meet your current monthly expenses. This means that your current credit score is going to go down by up to 60-70 points and you will be considered to be a high risk.

-> 25% of the Bankruptcies that were filled last year were made by very young people of less than 25 years old.

-> The savings are starting to be less important for the Americans since the percentage is now close to 0% of the income, while in the 80s this used to be around 8.5%.

-> Most Americans are no longer saving enough money for retirement.

-> The total amount of money earned by lenders from late fees has increased a lot also. Back in 1996 the late fees were $1.7 Billion and the have gone up to $7.3 billions last year. Due to the financial crisis the amount of late fees is growing at a stronger rate like never before.

-> The National Debt is exceeded by the current Consumer Debt.

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