About half (46%) of Americans carry a credit card balance from month to month, and most of them never pay off the balance making only small/minimal payments monthly while continuing to add to the balance.
Consider:
- The average American household carries an average of $15,956 in credit card debt.
- Assume these cards carry the an average 12.83% interest rate.
- Assume this average balance is 'carried' for 40 years (say from 25-65 years of age).
Question:
- How much did the credit card companies 'make' off of this averageness?
Answer:
- $2,629,618.64
This is how the average American commits financial Seppuku in slow-motion. Over a lifetime.
Wednesday 20 February 2013
American Financial Seppuku.................from Rico
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1 comment:
And they still can't make a profit.
But they have a great bonus system.
Provided you are at the top, and politically connected.
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