Recently, ISMAmerica reviewed credit card debt because it pertains towards the average American. In this specific review, statistics from CreditCard.com were heavily relied on to complete their research and their findings had been laid out and broken down for study as with numerous other comparable ISMAmerica critiques.
Plenty of Holders
As there are a lot of credit card holders in the Usa, it stands to cause that there would be a lot of credit card debt. Based on the evaluation, there had been 176.8 million cardholders by the year ending 2008. Of all these cardholders, the typical cardholder has about three.five credit cards. When you add it up, that means more than 600 million credit cards are floating around and accumulating debt within the Usa alone.
Debt by Cardholders
Of course, each credit card that is issued comes from a specific bank or other financial institution. Of all the various types of credit cards in existence today, the top three in popularity among cardholders continue to be American Express, Visa, and Master Card.
When taken together and added up, the debt from all the U.S. cardholders equaled a whopping $2.43 trillion as of June 2011. This statistic means an average of $15,799 of debt per American household.
Keep in mind that number is simply an average. So, your credit card debt may be higher or lower, but there is a good chance that there is some debt there that may need to be addressed.
What You are able to Do Now
Credit card debt has a tendency to snowball. In other words, it might start out small, but as it gets going, it can quickly and easily get out of control. The easiest way in which you can control credit card debt is with some self control of your own. Avoid using credit cards for larger items that you really don’t need and always pay any balances in full at the end of each month if you can. This will help you avoid unwanted interest, which averages almost 15% according to CreditCard.com.
If you have accumulated a lot of credit card debt already, then quit using your credit cards. Work on reducing what you’ve already accumulated and see where you can cut expenditures so you can attack the balances of one’s credit cards instantly. Begin with the balances which have the highest interest rate after which go from there. As soon as 1 balance is paid off, go after the next 1 till you get your own individual debt below control once more.
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