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Unformatted text preview: 380 million 1 U.S. households are credit cardholders, possessing an average 3.5 credit cards, and carrying an average balance of $1,157. Managing that debt load – which totaled $8xx billion as of [date] - is a challenge for many consumers. While 67.39% of credit cardholders, the so-called convenience users, pay of their balance in full each month, 32.61% incur interest costs each month when they pay less than the full balance due – for a total of $xxx billion in 2010 (or 2011). Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, “N The average credit cardholder has 3.5 credit cards. Including both cardholders and non-cardholders, the average consumer has 2.7 cards each. (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010) The average balance per open credit card -- including both retail and bank cards -- was $1,157 at the end of 2008. That's up from $1,033 at the end of 2006, a growth of nearly 11 percent in two years. (Source: 2008....
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This note was uploaded on 07/26/2011 for the course MRKT 23232 taught by Professor Sakibury during the Spring '11 term at Harvard.
- Spring '11