This thread is for some facts and trivia on debt. If you have any to add, please feel free to do so.
The average American owes thousands on credit cards.
UK students currently have, on average, over £7,500 of debt.
There are roughly 1.2 billion credit cards in use in the United States.
A typical credit card purchase ends up costing 112 percent more than if cash were used.
Some 40 percent of American families annually spend more than they earn.
About 60 percent of active credit card accounts are not paid off monthly.
A typical American family today pays about $1,200 annually in credit card interest.
I imagine since this was posted that the numbers have actually gotten larger and that is scary isn't it.
I would like to add one more.
The average American family owes 9,000 dollar in household debt.
No wonder we are getting into recession nowadays. All theses figures are simply unsustainable.
