Facts About Debt

Here are some interesting Facts About Debt:

- On average the typical credit card purchase is 112% higher than if using cash.

- In U.S., out of all card holders, 49% are males and rest 51% are females.

- More than 90% of Americans retire financially and become dependent on the government, family, or charity.

- Approximately 1% of households in the United States file for bankruptcy.

- On an average, Americans carry $5,800 in credit card debt from month to month. If one were to make only the minimum payment on that debt every month, it would take 30 years to pay off and include an additional $15,000 in interest.

- In the third quarter of 2002, approximately 400,000 people filed for bankruptcy .

- Only 57% of U.S. families spend within budget as per their earnings. Rest 43% spend more than they earn.

- Only 2% of homes in America are paid for 92% of U.S. family disposable income is spent on paying debts.

- Approximately 46% of all Americans have less than $10,000 saved for retirement.

- Only 39% of Americans are concerned about their ability to achieve their desired retirement lifestyle.

- The average American household has 13 charge cards. There are 1.3 billion payment cards in circulation in the United States.

- Americans made more than $1.1 Trillion worth of credit card purchases in 1999.