9 Financial Facts that Every Parent Should Know

Facts That Parents Should Know:

  1. Approximately 75% of Americans live financially month to month.
  2. Today roughly 24 percent of personal expenditures in this country are made with credit and debit cards.
  3. Average per household debt in the U.S., not counting mortgage debt, is about $14,500.
  4. Some 40 percent of American families annually spend more than they earn.
  5. About 60 percent of active credit card accounts are not paid off monthly.
  6. Average personal wealth of a 50-year-old American, including home equity is less than $40,000.00
  7. The average interest rate on credit cards is 18.9 percent. Last year the credit card industry took in $43 billion in card fees.
  8. People using credit cards in fast food restaurants spend up to 50 percent more than when they pay cash because of interest fees.
  9. Consumer debt and bankruptcies are at an all time high!