CREDIT CARD DEBT

Credit Card Debt

Credit Card Debt

Introduction

A credit card is a card for payment of goods and services. Most credit cards are usable worldwide, both in the real everyday business and personal life, as well as, in online money transactions. It is in the case of MasterCard or Visa issued by banks in cooperation with the credit card organizations, or in the case of Diners and American Express directly from the card company.

Discussion

Recent statistics on credit card debts

According to the U.S. Federal Reserve, at the end of last year, U.S. consumer debt was more than 2.4 trillion dollars. This figure includes debt on loans for education, for the purchase of machinery and personal cash loans, but the fastest growing component of debt is credit card debt (Bender, 2009). Americans are piling up debt for which it is becoming increasingly difficult to pay off, and the life of a loan - it is a norm from which no one in America is not going to give up (Oppapers, 2010). Following are a few interesting facts that highlights the long-term development of credit cards in the United States.:

About 14% of the U.S. population owns more than 10 Credit Cards.

The credit card debt in the U.S. in 1968 were nearly $ 8 billion until the year 2009, they have multiplied to $ 973 billion.

Show Average in four Americans has a credit card (Fraizer, 2010).

Ways to persuade people not to use or apply for more credit cards

What is your worst nightmare? What if you open the summary of your credit card and see thousands of dollars for purchases you never made? This is a possibility. In fact, 40 million credit cardholders worldwide are faced with this situation because of a security breach in a major data processing center for several months. Although these incidents are ...