Bad Credit Loan Information
Credit Card Debt Information
Credit Card Debt Statistics
Today's credit card debt statistics speaks volumes over the credit card industry as a tidal wave of pure profit. The credit card debt facts are startling. For instance, did you know that the 2002 brought along $60 billion worth of debt in the first quarter of 2002 alone? What's more, credit card interest rates were hovering around a sky high 18.9% percentage rate. Whether its student credit card debt or college student credit card debt, the statistics don't lie.
Credit card debt statistics come with its fare share of history. In the late 20th century, credit cards became the norm while cash made the backburner. The widespread use of the Internet and computers helped this cause. Many automatically assume its easy money, when in reality it's a signature loan of sorts that requires payback. In an age where the average college student in credit card debt does not have sufficient savings or investments, it makes credit card debt statistics even more severe.
The bad habits of those in student credit card debt account for these credit card debt statistics. Around 50% of all credit card users do nothing more than provide the minimum monthly payment every month. With 1.2 billion credit cards in circulation, this provides a profit boom for credit card companies and a deeper hole for consumers. Its understandable - credit card debt and student credit card debt's interest and finance charges make for 75% of all profits credit card companies make.
In the latest figures for student loan debt, the average is around $20,000. Private lenders have earned top business, with 1.3 billions worth 10 years ago to a whopping 10.6 billion now. Take the proper measures to distance yourself from the stats by creating a budget and seeking debt consolidation and debt negotiation services if debt is overwhelming. Self initiative and the right money management are the main factors in controlling credit card debt.