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| Debt Facts |
- Consumer Debt exceeds the National Debt.
- There are more than one billion credit cards
in circulation today in the United States, including 600 million
retail cards, 320 million bank cards, 140 million oil cards, and 30
million travel and entertainment cards.
- The typical family spends more than 90% of
its disposable income on debt service.
- 24% of the bankruptcies filed last year, were
filed by people that are only 25 years old and younger.
- The American people owe approximately $6.7
Trillion Dollars in household debt.
- Americans are putting less money into
savings. (U.S. personal savings rate has decreased from nearly 8.5%
in the early 1980’s to less than zero today.)
- Consumer debt is on the rise. It rose from
$731 billion in 1992 to about $1.5 trillion today. This includes a
huge increase in unsecured credit card debt: from $292 billion in
1992 to $654 billion at the end of 2000. It is a remarkable trend
since credit card debt was only $50 billion in 1980.
- Three out of five U.S. households have an
average credit card balance of more than $11,000. Paying only
minimum payments at 24% interest, it would take 22 years to pay it
off - and you would pay over $47,000 in interest.
- Most Americans are not saving nearly enough
to fund their retirement.
- The amount lenders collect in late fees has
risen from $1.7 billion in 1996 to $7.3 billion last year
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