item6

Teaching you to embrace today while making yourself a millionaire!

I wish I would have understood how easy it is to become a millionaire by starting to save small amounts of money when I was younger...

I feel compelled to share the simple concepts you can apply today....

logo

01 July 2010

The True Freedom of Credit Cards

Earlier today, we posted about the national average for credit card debt... $8000. We pulled this figure from MSN Money, but like everything - it's open for debate. Personally, I thought the figure was a little low and www.creditcard.com agrees with me. Per their site, the average credit card debt totals $15,788.

This was a really interesting site with some staggering numbers. We'll explore this more indepth in future blogs, but for now - let's talk numbers for the credit card companies.


CREDIT CARDS IN CIRCULATION

  • Visa: 270.1 Million
  • Mastercard: 203 Million
  • American Express: 48.9 Million
  • Discover: 54.4 Million

CREDIT PURCHASES / VOLUME

  • Visa: $9 Billion
  • Mastercard: $5.9 Billion
  • American Express: $3.6 Billion
  • Discover: $1.6 Billion

Those numbers are so staggering, the figures are virtually unrelatable to most Americans. But consider these numbers:

  • 84% of students have credit cards.
  • Half of America's undergrads have 4+ credit cards.
  • Only 2% of undergraduates have no credit history.

Wow. So out of 10 college students, 8 are going to have credit cards and 4 are going to have 4 or more credit cards.

As we get ready to celebrate Independence Day - think about your credit situation. Are you independent (free of debt) or dependent?

No comments:

site design: www.brianmedia.net

CONTACT

ARCHIVE