| |
| |
|
WebsiteAlways |
|
Credit Card Is Adding The Silver Lining To Your Pocket
In the new millennium plastic money or credit cards has rendered a new zing factor to your pocket. This has not only made you economically more flexible but subsequently added glamour to your financial image as well. No more bulging out hip pockets with excess of liquid cash. Instead, the slimmer your pocket; the smarter you look. But behind all these inviting attributes of credit cards there seems to be a trap laid out for people who are impulsive and careless. The usage of credit cards have been on the highest spree this decade and along with the usage, the debt rates has also somersaulted sky high. Majority of the citizens of the U.S. owe thousands of dollars as credit card bills. While gross dollar volume on bank credit cards has increased 2.5 times since 1994, the average transaction has increased about 16% over the past decade. The average transaction on a general purpose credit card, carrying the VISA, MasterCard, American Express, or Discover brand, is now approaching $102, compared to $87 in 1994. 23rd Dec. 2004 is termed as Black Thursday and is poised to be a voluminous day in credit card usage in 2004. On this day Americans have used credit and debit cards to pay for nearly $12 billion. This computes to an average of more than $8 million per minute; however it could easily top $20 million per minute during peak hours. In the present era credit card debt carried by an average American is about $8,562 (Approx.). The total U.S. credit card debt in the first quarter of 2002 was approximately $60 billion (Approx.). Total finance charges Americans paid in 2001is $50 billion (Approx.). Recently, the New York Times examined how the use of credit has taken off dramatically in the United States since 1990. While the number of people holding charge cards grew about 75 percent. This went up from 82 million in 1990 to 144 million in 2003 and the amount they charged during that period grew by a much larger percentage. It is approximately 350 percent, from $338 billion to $1.5 trillion. Nellie Mae, the nation's largest maker of student loans says that the average undergraduate student has $2,200 in credit card debt. That figure jumps to $5,800 for graduate students. David Sandor, a vice president at Visa USA, says that only 54 percent of college students pay off their credit card balances every month. The average credit card interest rate is around 18.9%. Approximately half of all credit card holders pay only their minimum monthly requirements. There are a total of 1.2 billion credit and retail cards in North America. The number of credit card holders who declared bankruptcy last year was a huge 1.3 million. Credit cards have undoubtedly given us better mileage in handling our finance; it has made us mobile and flexible in cash handling. But it is extremely important to make proper utilization of this plastic money. There lies a big black trench of debts if you use it recklessly. These slim plastic cards can often be the cause of bulk debts if one is impulsive or unwise. For better insight in this topic please view: http://www.debtconsolidationcare.com/card-starter.html http://www.debtconsolidationcare.com/card-counseling.html Janet Williams is a contributing writer to http://www.debtconsolidationcare.com/ And is currently working on a special section in the site called do it yourself where you can eliminate your debts and become debt free... sarah@debtconsolidationcare.com
MORE RESOURCES:
Credit - Google News |
|
|
|
RELATED ARTICLES
Credit Card Benefits and Drawbacks Credit cards have both benefits and drawbacks. It is wise to consider both before applying for a credit card. Reward Credit Cards: Get the Best Rewards Card Incentive Program A good credit reward card can contribute to your retirement account, offer gas rebates, score theme-park or vacation tickets or take thousands off the price of your next auto purchase. Rewards at hotels, airlines, and retailers bring more to the possibilities but, adds to the confusion. Building Your Credit History Today, credit is an indispensable part of our lives. In order to get the things you need, such as a home or a car, you have to apply for a credit. How To Save Money On Credit Cards Some credit cards offer a cash advance option. But how good a deal is this?Not very. Useful Tips On Avoiding Credit and Charge Card Fraud Credit and charge card fraud costs cardholders and issuers hundreds of millions of dollars each year. While theft is the most obvious form of fraud, it can occur in other ways. Pitfalls of the Credit Industry The credit industry if rife with pitfalls. If you have ever owned a credit card you probably already have learned this the hard way. Free Credit Reports Now Available From the FTC The Federal Trade Commission (FTC) has set up a new website (www.AnnualCreditReport. SuperCharged Secret 5, Credit Card Utopia LIVING IN CREDIT CARD UTOPIALet's just take a brief moment to recap:If you've been following along on this journey with me, learning the 5 Super-Charged secrets to Credit Card Utopia, then you now know 4 very important things:You now know how to take advantage of zero to low interest credit card offers.You now know that there is safety in numbers, and you know the magic "Who's Who" of the major credit card companies. Low Interest Credit Cards Have Many Advantages When credit cards are used wisely they can be very beneficial to the consumer. A low interest credit card can be exceptionally beneficial. Credit Cards Credit cards are a form of unsecured credit. The issuer is extending you a line of credit, usually tacking on all sorts of little surprises in the fine print. How To Establish Great Credit Building a good credit history is important. If you have no reported credit history, it may take time to establish your first credit account. Dealing With A Collection Agency Step I - Selecting A Collection AgencySelecting a credit collection agency is perhaps the most important and difficult task. Some factors you must consider while selecting a collection agency are:- Experience and professionals - Geographical presence - Expertise - Fees and charging model - Customer references - Collection Agency Services has covered this topic in depth through various free collections reports and articles on this site. Figuring Out the Ever Nebulous Numbers Called Credit Scores Credit Score FactorsThe information contained on our credit reports affect every aspect of our lives; including employment, insurance, and even interest rates (mortgage, credit cards, automobiles, etc.). Identity Theft : They Got Him His hard earned money? Gone. Creditors on his back everyday. How Your Credit History Can Affect Your Life Your credit history is an important aspect of your life. Maintaining your credit rating is very important to your future and to your lifestyle. Credit Report Disaster Through Mistaken Identity I've got some very important info I want you to think very seriously about. I'm sure by now you've heard of Identity Theft,. The Things That UK Lenders Like to See on Your Credit File, (and? What They Don't Like to See!) Lenders are quite fussy about what they like to see on your credit report. So much so that you will have a hard time to meet their high expectations. Trade Credit: How to Determine if You Should Offer Net-30 Terms to Your Customers What is trade credit?One of the major differences between consumer and commercial transactions is that most, if not all, consumer transactions are paid in cash or by credit card at the time of sale. Because of this, most consumer businesses never have to worry about extending credit to a customer and can run their operations on an "all cash" basis. Avoiding Credit Card Traps The next time you open your credit card statement, take a closer look at the small insert titled "changes to your credit card agreement". You know the one I'm speaking about. Credit Cards and How To Choose Them: It may seem like a simple question but its important to take into account a few factors when choosing your credit card. If you are in the enviable position of being able to pay off your card every month then you are amongst the few.
|
| Interesting articles | Home | site map | Link |
| © 2006 |
