A week from today, the federal Credit CARD Act kicks in, promising to alleviate the pain these slick pieces of plastic have become.
U.S. credit card use, 2007 Families with a credit card: 73 percent
Families with a credit card balance: 46 percent
Average balance per card-carrying family: $7,300
Increase in average balance since 2004: 30 percent
Source: Federal Reserve Board Survey of Consumer Finances
Outstanding revolving debt:
The nation’s total balance of revolving debt, almost all of which is on credit cards, shrunk 9 percent year-over-year in December, adjusted for inflation. Full Article…
Recent Comments