Quote:
Originally Posted by mikeyis4dcats.
Your credit score is partially based on available credit, but you also take a hit for closing accounts.
My credit score today is around 800-820.
I totally get the credit card debt trap...in fact I fell into it hard myself years ago and have paid off over 30k in credit card debt.
But that doesn't make credit cards evil....any more than a gun is evil. Both are a tool.....how you use it is on you.
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I agree with this to an extent, but a credit card would be like a gun if 3 out of 5 gun owners shoot someone every year.
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# Approximately 74.9 percent of the U.S. families surveyed in 2004 had credit cards, and 58 percent of those families carried a balance. In 2001, 76.2 percent of families had credit cards, and 55 percent of those families carried a balance. (Source: Federal Reserve Bulletin, February 2006)
# About a quarter have no credit cards, and an additional 30 percent or so pay off their balances every month. (Source: Federal Reserve Board survey of consumer finances, 2004)
Average credit card debt per household with credit card debt: $14,750
Average APR on credit card with a balance on it: 13.67 percent, as of November 2010 (Source: Federal Reserve's G.19 report on consumer credit, November 2010)
Read more:
http://www.creditcards.com/credit-ca...#ixzz1GbNcy6K4
Compare credit cards here - CreditCards.com
Read more:
http://www.creditcards.com/credit-ca...#ixzz1GbN3nFF9
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So only 30% of the population has credit cards without a balance, and the average debt is pushing $15,000. Given the average rate charged, the average household pays over $2,000 in interest per year or about 5% of their gross income.