The Average Credit Card Debt
February 8, 2009
The average credit card debt can be shocking. Unfortunately, most Americans are over-loaded with credit card debt.
Consider these facts:
The most (general purpose) credit cards: (cards in circulation during 2008)
1. Chase – 119.4 million
2. Citi – 92 million
3. Bank of America – 80.2 million
4. Discover – 48 million
5. American Express – 46.5 million
6. Capital One – 46.3 million
7. HSBC – 38.8 million
8. GE Money – 27.2 million
9. Target – 23.4 million
10. Wells Fargo – 17.3 million
(Original source: Nilson Report, February 2009)
That’s a lot of credit cards! The truth is that the average American household with at least one credit card has nearly $10,700 in credit-card debt, according to CardWeb.com. The average credit card interest rate is typically in the mid teens, if not higher, with some APRs as high as 30%! Given this scary fact, you do want to be aware of how to best reduce your average credit card debt as quickly as possible.
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