Credit Card Debt: The Average American's Debt, Fraud, Credit Companies
January 06, 2009 by
Compare Yourself to the "Average" American
How much credit card debt does the average American carry?
The average American holds about $8,000 in credit card debt. According to Experian, a credit reporting agency, the average balance on credit cards, auto loans, and other fixed payment debts totaled $16,600 in 2008. The numbers are up all across the
board.
How many credit cards does the average person in the US hold?
This may come as a surprise to some, but according to the Fair Isaac Corporation, the average American has nine credit cards open. Bet you didn't even know there were that many slots in a wallet!
Specific Questions about Your Debt
Can one credit card company raise my interest rates because of something that happened with my other credit card?
Most credit card agreements state that the issuer can raise your rates for any reason they deem appropriate. So yes, if you have more than one credit card account, and you default on one, the other cards can become notified of this and in turn raise your rates or implement other penalties on your account, fearing that you will soon do the same thing to them. Your creditors regularly do inquiries to find out what is going on with your credit in order to reduce their risk.
Who really ends up screwed if someone steals my credit card and I report a fraud?
Many people falsely believe that when they report a credit card fraud the credit card company absorbs the cost. But in reality, the money is taken back from the retailers who accepted the fraudulent charges. Retailers end up losing the inventory that the thieves took from them. In the long term, credit card theft and fraud also hurts the credit card consumers because retailers end up raising their prices to compensate for their losses.
Debt Collection
At what times of day is it illegal for a debt collector to contact me?
How much credit card debt does the average American carry?
The average American holds about $8,000 in credit card debt. According to Experian, a credit reporting agency, the average balance on credit cards, auto loans, and other fixed payment debts totaled $16,600 in 2008. The numbers are up all across the
How many credit cards does the average person in the US hold?
This may come as a surprise to some, but according to the Fair Isaac Corporation, the average American has nine credit cards open. Bet you didn't even know there were that many slots in a wallet!
Specific Questions about Your Debt
Can one credit card company raise my interest rates because of something that happened with my other credit card?
Most credit card agreements state that the issuer can raise your rates for any reason they deem appropriate. So yes, if you have more than one credit card account, and you default on one, the other cards can become notified of this and in turn raise your rates or implement other penalties on your account, fearing that you will soon do the same thing to them. Your creditors regularly do inquiries to find out what is going on with your credit in order to reduce their risk.
Who really ends up screwed if someone steals my credit card and I report a fraud?
Many people falsely believe that when they report a credit card fraud the credit card company absorbs the cost. But in reality, the money is taken back from the retailers who accepted the fraudulent charges. Retailers end up losing the inventory that the thieves took from them. In the long term, credit card theft and fraud also hurts the credit card consumers because retailers end up raising their prices to compensate for their losses.
Debt Collection
At what times of day is it illegal for a debt collector to contact me?
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