Managing Credit: Too Much Of A Good Thing

April 20, 2012 12:00 AM
Managing Credit: Too Much Of A Good Thing
" BOSTON (CBS) – According to Census Bureau estimates there are more than 1.4 billion credit cards currently in circulation in the US. The average consumer is carrying eight (7.7) credit cards.

Too Much Of A Good Thing

The Federal Reserve reports that credit cards are used more than 20 billion times a year in the U.S. with the total value of these transactions at about $1.9 trillion.

The average cardholder swipes the credit card 119 times a year with transactions averaging $88. Doing the math that is over $10,000 ($10,500) in credit card purchases.

According to The Fair Isaac Company, 37% of consumers who use credit cards carry more than $10,000 of debt. And those with the worst debt don’t know how much the debt they have. They have a general idea of the amount but they don’t want to know. If they don’t know maybe, it will go away. If you are serious about getting out of debt, you need to know how much debt you actually have.

If you are coupled, you really need to do this together. It will not be successful if only one of you considers the debt a problem "

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