According to British researchers, January 24th is officially the most depressing day of the year. At CreditBloggers.com we aren’t battling weather related blues; it’s actually pretty warm today in San Francisco. We are depressed for another reason: we just discovered credit card statistics online at CardFacts.com. Here is some bad news to finish off the "worst day" of the year:
- The average US household carries $9,312 in credit card debt.
- This is a $6,300 increase in debt since 1990, when the average was only $2,966.
- California has the most debt with a whopping total of $96.8 billion.
- Credit card interest rates have broken the 30% barrier with some providers offering rates as high as 30.49%.
If you paid only the 4% minimum payment each month on a credit card debt of $9,312 with an 18% interest rate, it would take you over 14 years and $5,500 in interest to pay it off. See for yourself online here.
Luckily, it’s still January and there’s plenty of time for people to set a resolution to pay off their credit card debts in 2006. If you have credit card debts anywhere near the $9,000 national average, read Gerri Detweiler’s article about going from debt to wealth online today.
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