• Around 40% of American families annually spend more than they earn.
• About 60% of active credit card accounts are not paid off monthly.
• A typical credit card purchase ends up costing 112% more than if cash was used.
• A typical American family today pays about $1,200 annually in credit card interest.

Last year (2003) the credit card industry raked in $43 Billion JUST IN FEES!

• Average debt per household (not counting mortgage debt) is around $14,500.
• 23% of Americans admit to maxing out a credit card.
• 47% would refuse to tell a friend how much they owe.
• In 2003, 1.6 million US households filed for bankruptcy protection
• Average personal wealth of a 50-year-old American (including home equity) is less than $40,000.

The personal savings rate in the US has dropped from 8% in the 1980's to less than 2%.

Source: ISU Financial Counseling Clinic Financial Tip of the Week for October 8, 2004 citing Bankrate.com as their source. 

Consumer credit is at an all time high and growing daily. According to the Federal Reserve Board, total consumer credit reached $2.27 trillion at the end of the 1st Quarter of 2004 compared to $1.92 trillion 1st Quarter of 2003.¹