You may be enjoying the easy use of your credit cards but these can also lead you to debts if unchecked.

 

            To give you a perspective on the USA debt elimination situation, here are some extracts from Paul Banister’s “25 Fascinating Facts about Personal Debt”:

 

• Some 1.6 million U.S. households -- 1 of every 73 -- filed for bankruptcy in 2003.

 

• There are roughly 1.2 billion credit cards in use in the U.S. and about 20,000 different cards available.

 

• Studies show the average consumer is exposed to more than 3,000 marketing messages every day.

 

•  Roughly 24 percent of personal expenditures in the U.S. are made with credit and debit cards.

 

• Average per household debt in the U.S., not counting mortgage debt, is about $14,500.

 

• A typical credit card purchase ends up costing 112 percent more than if cash were used.

 

• A $1,000 charge on an average credit card will take almost 22 years to pay, and will cost more than $2,300 in interest ($3,300 total) -- if only 2 percent minimum payments are made.

 

• Some 40% of American families annually spend more than they earn.

 

• Average credit card debt among all American households is $8,400.

 

 

• Average card debt among people who have at least one card is $9,205.

 

• A typical American family pays about $1,200 annually in credit card interest.

 

• ·         The average interest rate on credit cards is 18.9%.

 

People using credit cards in fast food restaurants spend up to 50% more than when they pay cash.

 

As you can see it’s not a rosy picture. The problems in USA debt elimination continue to increase as more people pile up debts. The figures given in this USA debt elimination situation should make you careful in using credit.

 

Debt Settlement is a perfectly legal solution for consumers. Click here to visit Debt Settlement Today.

 

 

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