Since the time that credit cards were invented, a lot has changed in the economic picture of big – income countries like the United States of America. These changes may be considered as imposing threats to the somehow uphill progress of the country’s economy and a major portion of the factors that gravely affects it is attributed to credit card debts. This year, several surveying organizations have released unbelievable credit card debt facts and statistics that are indeed overwhelming. You may find it hard to believe but the truth is these facts are all based on trusted sources and that their opinions have been valued in the economic analysts’ circles.
One organization had straightly put forth that most credit card debts have been from the sector of American families that have low incomes. The sad part is: more percentage of these debts are from the interests (compounded or simple) that they are paying to multiple credit card companies – although it does not isolate the fact that high – gaining families also have a percentage in the entirety of the credit card debts that American families incur. It is, however, backed up with the survey result from another private organization that 4 out of every 10 families spend a total amount that is larger than their income.
It is also estimated that every year, the total credit card debts recorded increase to more than 50% as evidenced by the year 1968 where the total credit card debt accounted for reached 8 billion dollars, and to the day, the total credit card debt of USA is almost 880 billion dollars. This credit card debt fact is just a simple manifestation that Americans have grown dependent to paying what is on their shopping cart with their credit card – a thing that leads to a high rate of credit card debt incurrence.