Credit Card Debt Elimination

Getting a credit card is as easy as scratch a paper but very difficult to get rid of it. As millions of Americans are doing these days without proper information and knowledge they keep on applying for credit cards on the other hand they are facing innumerable troubles during repayment of overwhelmed debts. Credit card debt elimination process has been getting worsen day by day. It is very easy to acquiring a credit card but most of the people facing trouble during debt elimination.

People in America often get trapped by debt without thinking about what they are doing until it is too late.

There are some important yet interesting facts to help you keep a weary eye on debt:

• 1.25% of population in USA had filed for bankruptcy in 2003.
• The citizens of America have used approximately 1.2 billion credit cards.
• In 1955 first credit card came into existence and there are 20,000 different cards available in USA.
• Marketing messages on credit card are flooded and every individual in USA encounter with an average of 3,000 messages everyday. These overwhelming approaches on credit card marketing have solicited 4.29 billion of people in America.
• In present days 24 percent Americans are using credit cards and debit cards for their personal expenditure.
• You pay 112 percent during purchasing an item through credit card.
• A $1,000 charge on an average credit card will take almost 22 years to pay, and will cost more than $2,300 in interest ($3,300 total) -- if only 2 percent minimum payments are made.
40% of American families’ expenditure is more than their annual income.
• An average of 60% of active credit cards accounts are not paid off in due time.
• A survey has unveiled that $8,400 is the average of credit card debt among all households.
• Credit card debt has been increased three times since 1990.
• A typical American family today pays about $1,200 annually in credit card interest.
• An average interest rate on credit cards is 18.9 percent
• Credit card industries in America have recovered $43 billion as card fees.

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