This month’s Mother Jones magazine has some…um…interesting facts about credit card and debt here in the United States. We all know that debt is piling up faster and faster in our society, but did you know that:
In 1970 only 51% of people had credit cards and today 93% do…and they hold an average of 7 cards apiece.
The average U.S. household owes $9,659 on their cards.
Americans charged $51 billion worth of fast food last year, a 29-fold increase since 2001.
1/3 of low and middle income families go into credit card debt to pay for rent, utilities and food.
Nearly 1/3 of people filing for bankruptcy owe an entire year’s salary on their credit cards.
I sure didn’t….