chapter6n7 - Chapters 6 & 7 2010 US Census Bureau...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
2010 US Census Bureau reports that American have over $886 billion in credit card debt. This amount of debt is excepted to grow $1.177 trillion 1/3 of Americans Do NOT have a credit card 54% pay their balance in full 33% carry a balance up to $10,000 13% carry a balance over $10,000 84% of undergraduate students have a credit card (Sallie Mae, 2009). 4.6 is the number of cards an average college carries (Sallie Mae, 2009). $3,000 is the average level of debt that a college student holds. This level of debt is the highest reported, since Sallie & Nellie Mae began collecting this data ($1,879) (Nellie Mae, 2002; Sallie Mae, 2009). Credit: goods and services exchanged with the promise to repay at a later date Borrowing from a financial institution Extending income To be financially successful one MUST establish and maintain a healthy credit reputation Good uses of Credit: Emergencies Reservations
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

chapter6n7 - Chapters 6 & 7 2010 US Census Bureau...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online