Credit Card Debt
Who do you know that doesn't carry a credit card? On one hand a credit card enables you to easily make large purchases but you will easily screw yourself over if you don't pay in full. Some of the updated statistics from the article:
- To a degree, they subsidize the 40 percent of credit card customers who pay in full each month without incurring any fees or charges.
- The typical household has eight cards with $7,500 on them.
- Last year, card issuers made $2.5 billion a month in profit before taxes.
- Last year, they collected $11.7 billion in penalty fees, more than half of the total $21.5 billion in fees they collected from cardholders, according to CardWeb, a research firm.