Credit Card Statistics - The cold, hard facts surrounding credit card debt.
Ever heard of the old saying, "Procrastination is like a credit card: it's a lot of fun until you get the bill?" Humorous, sure, but don't get it twisted -- credit card debt is no laughing matter.
Although credit cards may offer instant, purchasing gratification with delayed consequences, it's very important to beware of the financial repercussions associated with this 3.370 × 2.125 piece of plastic.
72 percent of all Americans hold at least one credit card, and believe it or not -- the average American adult totes around 3-4 credit cards at a time; accruing close to $8,220 worth of credit card debt, per each active card in use! At the end of this wonderful rainbow is the struggling consumer who has no choice but to take out loans for bad credit which put him further into debt.
Regardless of the factors that contribute to such widespread, credit card use, alarming debt trends in recent years highlight significant credit card usage amongst a younger demographic. Surprisingly, 68 percent of college seniors are in possession of at least one credit card, in addition to 21 percent of college freshmen, also equipped with their fair share of plastic. 43% of the people who apply for payday loans are between the age 22-29.
To shed light on these alarming debt statistics plaguing Americans, take a look at our latest infographic that highlights additional debt data to keep in mind for yourself and "swipe-happy" loved ones...
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