ROUGH DRAFT - Most Americans Shouldnt Use Credit Cards By...

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Most Americans Shouldn’t Use Credit Cards By Chris Bolte 12/19/2010
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According to cardratings.com, credit card companies made $43 Billion in fee income from late payments, over-limit, and balance transfer fees in 2004 in the United States. On average, 39% of Americans pay their credit cards off in full each month. That means that at least 61% carry a card balance. We have all known somebody who has struggled with credit card debt. Today, credit cards are much more easily attainable than in the past. In some cases, card companies will offer a line of credit without or little consideration or acknowledgement of our credit history and/or scores. In short, anybody can get a credit card these days. Cardratings.com reported that card companies mailed a record $6 Billion in mail solicitations in 2005 alone to US households, which comes to around 20 to every one of the 30 million Americans in the US. Based upon Federal Reserve figures, that comes to about 640 million cards in circulation being used by the 176.8 million cardholders in the United States, with about $750-800 Billion in credit card balances. This just means that card companies are targeting those who struggle to pay off their debts more and more these days just in order to get the opportunity to charge the said cardholder high interest fees and late fees. That is how these card companies make their bread and butter, right? Off of our negligence and greed. In fact, the average American today has four credit cards. These numbers are projected to jump, as the US Census Bureau estimates 181 million cardholders this year. The US Census Bureau also determined that if you stacked all those credit cards on top of each other, that
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This note was uploaded on 08/12/2011 for the course COM 156 taught by Professor Hampton during the Spring '10 term at University of Phoenix.

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ROUGH DRAFT - Most Americans Shouldnt Use Credit Cards By...

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