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Here are some interesting facts from today's
paper. With the mortgage default rate rising there are more and more
people living off of their credit cards. I can imagine, I just paid $4.85
for a loaf of bread that was less than $2,00 a year ago.
Total credit card debt in the U.S. is $943
billion
The number of credit cards is 1.2
billion
The number of credit cards per person is
7
The Average debt per household is
$9,840
The annual debt service cost per household is
$1500
Only 7% or the households have no credit
cards
Only 32% pay their bill monthly
8% of the card holders owe more than
$25,000
The U.S; Savings rate is 0.5%
Not a really good picture for a consumer driven
economy.
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