If
you didn't have your credit card payment of $218 a month and instead you invested
that money in a 12% savings plan, in 25 years you could retire with $1,354,930
in the bank.
The
average balance on a credit card is $7,000
The
average interest rate is 18.9%
Late
fees are now $29.00
The
average household has 10 credit cards
Almost
half of all households in America report having difficulty paying the minimum
payment
If
your credit card balance is $8,000 and you make the minimum monthly payment
at 18% interest, it will take you 25 years, 7 months to pay the debt off.
You
will pay $15,432 in interest charges almost 2x the balance, bringing your
total to $23,432
Americans
paid out approximately $65 billion in interest last year alone
Last year over 1.3 million Americans filed for bankruptcy, the highest in
our nation's history
Credit card companies solicit the average American 7 times a year through the mail