week 4 extras/ One more reason NOT to get a credit card!

• the total American consumer debt is more that $2.7 TRILLION!!!


• There are over 1.3 BILLION credit card offers in circulation in America.


• 45% of Americans only make the minimum payments on there consumer debt.


• It would take 13 years to pay off the average credit card balance if only making the minimum payments of 4% at an average interest rate of 15%.


• A first time offense late fee can raise your interest rate as high as 34%.


• The credit card industry takes in $43 BILLION per year in additional fees.i.e. late fees, over-the limit fees, and balance transfer fees.


• Late fees bring in more that $11 BILLION of the $43 BILLION.