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According to American Consumer Credit Counseling, the total U.S. credit card debt in the first quarter of 2002 was approximately $60 billion. The average credit card interest rate is around 18.9%. Approximately half of all credit card holders pay only their minimum monthly requirements. There are a total of 1.2 billion credit and retail cards in North America. The average American household is solicited seven times a year by credit card companies. The Motley Fool's Credit Center features several more mind-blowing statistics: - Total consumer credit: $1.7 trillion.
- Credit card debt carried by the average American: $8,562.
- Total finance charges
Americans paid in 2001: $50 billion.
- Percent of U.S. households deemed credit worthy by the lending industry: 78%.
- Number of credit card holders who declared bankruptcy last year: 1.3 million.
Did you know that paying off your credit card balance each monthly may actually start costing you? GE Rewards MasterCard holders who pay off their entire balance in a timely manner are actually penalized $25 per year. As this Yahoo! Finance article explains, a full 75% of credit card company revenues come from finance charges and responsibility is not profitable.
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