essayy - This was taking from 95 of the most popular cards...

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
There are many reasons why Americans should not use credit cards. The main reason why is that we are very un-educated when it comes to knowing about credit cards. The top five credit card mistakes are often used by many. The biggest mistake that us as Americans do is getting to many credit cards. Sometimes even if the balance on the cards are zero lenders are still skeptical of you having so many cards because you can max all of them out at any given time. The introductory rate (intro APR) or also known as teaser rates is the second biggest mistake we make using credit cards. Many people make the mistake of not knowing what the APR will be let alone know what the teaser rate will be, these rates often go up about twenty percent within the first six months of having your card. Over the past 12 months 51% of Americans said they had a balance and was charged intrest because of it. The average APR on a new credit card offer would be 14.10% as of Jan. 2011 that is up from 12.79% six months ago.
Background image of page 1
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: This was taking from 95 of the most popular cards in the country over consecutive weeks. These are two of the main reason Americans should not use credit cards because it causes debt. Most likely having a credit card will bring you to a point were debt comes along. America is 852.6 billion in revolving debt 98% of this is from what? You guessed it right credit cards. The average credit card debt per houshold with credit card debts is $16,007 which only includes homes with credit cards. Undergraduates have the record-high credit card balances in the country the average balance is $3,173 so being in school doesn’t help. In 2007 there were 73.0% of American families with credit cards and, only 60.3% had a balance at the time of the interview. Debt is one of the main reasons credit cards are bad for you sure you can avoid debt but, they have so many ways for you to run into it....
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online