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Credit Card Stats

Credit Card Stats

  • The average balance on a credit card is $7,000.
  • If you didn't have your credit card payment of $218 a month, and instead you invested that money in a 12% savings plan, you could retire in 25 years with $1,354,930 saved.
  • The average household has 10 credit cards.
  • The average interest rate is 18.9%.
  • Credit card companies solicit the average American 7 times per year through the mail.
  • Late fees are now $29.00.
  • Almost half the households in America report having difficulty paying their minimum monthly payments.
  • Last year, over 1.3 million Americans filed for bankruptcy, the highest in our nations’ history.
  • If your credit card balance is $8,000.00, and you make the minimum monthly payment at 18% interest, it will take you 25 years, 7 months to pay off the debt. You will also pay $15,432 in interest charges (almost twice the balance), bringing your total to $23,432.
  • Americans paid out approximately $65 billion in interest last year.

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