American Express
In the new millennium plastic money or credit cards has become a new zing factor to your pocket. This not only made it economically more flexible but subsequently added glamor to its financial picture. No more bulging hip pockets with excess cash. In contrast, the thinnest of your pocket, you look smarter. But behind all these inviting attributes of credit cards seems to be a trap designed for people who are impulsive and careless. The use of credit cards have been on the biggest wave of the decade and, together with use rates of the debt also flips through the roof.
Most U.S. citizens be thousands of dollars in credit card accounts. While gross dollar volume on credit cards from banks has increased 2.5 times since 1994, the average transaction has increased about 16% in the last decade. The average transaction on a card for general purpose, credit, carrying the VISA, MasterCard, American Express, Discover or brand, is now approaching $ 102, compared with $ 87 in 1994. December 23, 2004 was termed as Black Thursday, and is intended to be a day when the use of cumbersome credit card in 2004. On this day, Americans have used credit and debit cards to pay nearly $ 12 billion. This calculates to an average of more than $ 8 million per minute, however, could easily exceed $ 20 million per minute during peak hours.
At present the credit card debt was carried by the average American is $ 8,562 (approx). U.S. The total credit card debt in the first quarter of 2002 was approximately $ 60 million (approx.). Total finance charges Americans paid in 2001is $ 50,000,000,000 (approx.). Recently, the New York Times examined how the use of credit has taken off dramatically in the United States since 1990. Although the number of people who have Credit cards grew by 75 percent. This rose from 82 million in 1990 to 144 million in 2003 and the amount they charged during that period grew at a rate much higher. It is approximately 350 percent from 338 billion U.S. dollars to 1.5 billion. Nellie Mae, the largest manufacturer in the country of student loans, said that the average college student has $ 2,200 in credit card debt. That figure jumps to $ 5,800 for graduate students. David Sandor, vice president of Visa USA, said that only 54 percent of college students pay their credit card balances each month. The average credit card interest rate is around 18.9%. About half of all holders of credit card only pay their minimum monthly. There are a total of 1.2 billion credit and retail in North America. The number of credit card holders declaring bankruptcy last year was a big 1.3 million. Credit cards have undoubtedly been better mileage in the management of our finances, has made us mobile and flexible in handling cash. But it is very important to make proper use of this plastic money. There is a large black trench of debt if used recklessly. This thin plastic cards can often be the cause of the debts in bulk if you’re impulsive or reckless. For a better understanding of this subject visit: Janet Williams is a writer who contributes to and is currently working on a special section on the site called do it yourself where you can eliminate your debts and become debt free.
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