WHAT WE OWE: The average American has a total of eight credit cards, and an average balance of $8,000. Americans charged a total of $1.5 trillion in 2004.
WHAT CREDIT CARD COMPANIES MAKE OFF US:
There are more than 641 million credit cards in circulation in the U.S. About 55 million people pay off their balances every month; 115 million do not. In 2004, the credit card industry made a record profit on APR charges and late fees--more than $30 billion before taxes.
BANKRUPTCY: A growing number of Americans are increasing their credit card debt, and with it, a growing inability to pay off their balances. More than 7 million people filed for bankruptcy, which declares all of their unpaid balances from loans and credit cards unpayable.
WHAT WE OWE: The average American has a total of eight credit cards, and an average balance of $8,000. Americans charged a total of $1.5 trillion in 2004.
