Credit Card Is Adding The Silver Lining To Your Pocket

In the new millennium plastic money or credit cards has rendered a new zing factor to your pocket. This has not only made you economically more flexible but subsequently added glamour to your financial image as well. No more bulging out hip pockets with excess of liquid cash. Instead, the slimmer your pocket; the smarter you look. But behind all these inviting attributes of credit cards there seems to be a trap laid out for people who are impulsive and careless (http://www.debtconsolidationcare.com/avoidcardtraps.html) The usage of credit cards have been on the highest spree this decade and along with the usage, the debt rates has also somersaulted sky high. Majority of the citizens of the U.S. owe thousands of dollars as credit card bills. While gross dollar volume on bank credit cards has increased . times since , the average transaction has increased about % over the past decade. The average transaction on a general purpose credit card, carrying the VISA, MasterCard, American Express, or Discover brand, is now approaching $, compared to $ in . rd Dec. is termed as Black Thursday and is poised to be a voluminous day in credit card usage in . On this day Americans have used credit and debit cards to pay for nearly $ billion. This computes to an average of more than $ million per minute; however it could easily top $ million per minute during peak hours. In the present era credit card debt carried by an average American is about $, (Approx.). The total U.S. credit card debt in the first quarter of was approximately $ billion (Approx.). Total finance charges Americans paid in is $ billion (Approx.). Recently, the New York Times examined how the use of credit has taken off dramatically in the United States since . While the number of people holding charge cards grew about percent. This went up from million in to million in and the amount they charged during that period grew by a much larger percentage. It is approximately percent, from $ billion to $. trillion. Nellie Mae, the nations largest maker of student loans says that the average undergraduate student has $, in credit card debt. That figure jumps to $, for graduate students. David Sandor, a vice president at Visa USA, says that only percent of college students pay off their credit card balances every month. The average credit card interest rate is around .%. Approximately half of all credit card holders pay only their minimum monthly requirements. There are a total of . billion credit and retail cards in North America. The number of credit card holders who declared bankruptcy last year was a huge . million. Credit cards have undoubtedly given us better mileage in handling our finance; it has made us mobile and flexible in cash handling. But it is extremely important to make proper utilization of this plastic money. There lies a big black trench of debts if you use it recklessly. These slim plastic cards can often be the cause of bulk debts if one is impulsive or unwise. For better insight in this topic please view: