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