Credit Cards
Your Credit Rights
Comparing Credit Cards
Cost of Credit
- Annual fees
- Annual Percentage Rate (APR)
- Finance charge computation
- Grace period
- Know the penalties for missed payments
- Transaction fees
- Total credit card debt in the U.S.
now is a record $700 billion and counting. Source:
CardTrak Online
- The average American household has
13 to 14 cards including bank cards, travel and entertainment cards, department
store cards, gasoline cards, and debit cards. They add up to 1.4 billion pieces
of plastic scattered throughout the land.
- The Federal Reserve's Survey of
Consumer Finance found the largest expansion of consumer credit has been among the
poor. Debt is falling for families with incomes above $50,000 and rising for families
with incomes below $10,000.
- An increase in outstanding consumer
debt, particularly credit card debt, has been cited as a significant contributor
to the increased rate of bankruptcy filings.
Source: Federal Deposit Insurance Corporation (FDIC)
- Many families will pay almost the same amount in interest on credit cards as they spend for food this year.
