| Americans thrive on credit. It's estimated that | | | | the cost of living escalating in relation to wages, |
| each American credit card holder has three bank | | | | it's obvious that credit card debt will continue to |
| cards, two debit cards, and four retailer cards at | | | | climb. Credit card debt rose 315% between 1989 |
| any given time. That's a lot of plastic! And | | | | and 2006. With few or no financial resources to |
| Americans are relying on their credit cards more | | | | turn to, people who need extra cash frequently |
| heavily than ever before. | | | | find it in the form of credit cards. |
| If you're a cardholder in America, you might have | | | | Has your own spending gotten you into debt? If |
| wondered how your situation compares to the | | | | so, take some advice from the pros. Cut out |
| national average. How much debt does the | | | | unnecessary monthly expenses and use the |
| average card holder carry? How much do they | | | | money you save to pay off credit cards balances. |
| pay off each month? What is an average credit | | | | This will require about three to four weeks of |
| card interest rate? | | | | monitoring your income and expenses. Simple |
| With some facts and figures from Citigroup Inc | | | | changes can help. For example, brewing your own |
| and the Federal Reserve, you can see just how | | | | coffee rather than picking up a cup from the |
| your debt compares. You might be a typical | | | | coffee chop each morning can save you nearly a |
| American cardholder if... | | | | hundred dollars each month. That money can be |
| - ...you carry a balance from one month to the | | | | put to better use in reducing your debt. |
| next. (Industry insiders refer to these types of | | | | Don't forget that your bank can also be a helpful |
| customers as "revolvers".) | | | | resource. You can take out a personal loan to pay |
| - ...you have eight or nine credit cards in your | | | | off your credit card debt. That loan will be repaid |
| wallet. | | | | at a much lower interest rate than regular credit |
| - ...your cards have an interest rate of 14.71%. | | | | card payments. Just be sure to go with a lender |
| - ...you use your credit cards to make ends meet. | | | | you trust. |
| - ...you have at least $5,219 in credit card debt. | | | | We live in a nation of debt, but there's hope for |
| - ...you only pay 3-4% of your total balance every | | | | us after all. With some careful planning and sound |
| month. | | | | decisions, we can beat the national credit debt |
| It's not the most flattering financial picture, but it's | | | | average. |
| not as bad as you might have expected. Still, with | | | | |