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| Credit Card Debt Statistics: The Picture Is Far From Satisfactory |
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| Written by William Blake |
| Tuesday, 19 August 2008 10:02 |
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Unfortunately, the sad truth is that figures do not ever lie and when things are not going the way that they should be they can make one feel very insecure and result in much reason to be concerned. This is what is happening in the United States, where it seems that Americans are increasingly becoming burdened by debts, and credit card debt statistics show that this trend has been steadily rising ever since the eighties, because that was the period when credit card usage increased considerably and was fast becoming the normal mode of transacting purchases and sales. Additional Hard Sell Tactics As reported statistics regarding credit card debt got worse and worse, credit card companies went on the offensive. They started to produce lots of advertisements, trying to entice new customers. Hard sell tactics started being applied and offers for credit cards now show up on TV and in the mail. Thus, the eighties saw a shift from the cash-based society towards using credit cards, which in turn can be attributed to the beginning of the information age. With more computers being used to do various tasks, it led to more people also using credit cards and according to some revealing credit card debt statistics of those times, there were more people using credit cards than were using checks or cash in a single year. Once credit cards had made themselves such a normal part of life, debts incurred from credit cards also became normal. Statistics on levels of credit card debt from that time show that most Americans were getting themselves into nine thousand dollars worth of debt annually, most of which credit cards were directly responsible for. Many consumers who found themselves deep in debt because of credit card use did so because of a misunderstanding of the process. They thought that the credit cards were connected to their own money that they already had. However, the truth is that the money that you spend when using your credit card actually belongs to the credit card company, who are actually just lending you the money with the condition that you need to pay it back. What's more, such lending has an average rate of interest attached to using your credit card that works out to about fourteen percent, which anyone will tell you are a pretty steep rate of interest. About the Author: Are you never able to pay off credit card bill at the end of the month? Find out how to get your debt paid off easier - starting today - at the Debtopedia website. Visit http://www.debtopedia.com to claim your free copy of my special report "Secrets of Credit Card Debt" now. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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