Mostly all citizens of America have credit cards, but are they responsible for the economy downfall? According to my research, they are. There are 173 million people that have credit cards, and if you divided that by the number of credit cards, the average owner has 8 different credit cards. Also, the use of credit cards effects one-seventh of the United States economy. Credit cards have been around for over fifty years, and the need for people to have them has sped rapidly over the past twenty five years. The facts show that in 1984, the credit card debt was $87 billion, now in 2009 it has increased to $928 billion. As the credit card debt continues to climb, the rate of approval is declining. There are 84% of college students with one credit card. Their average spending is $2,220 just alone on school supplies. The average for credit card debt now is $900 billion, and the average person is $5,000 in debt with credit cards. The debt of the United States is over $55 trillion and counting. This is a problem and it needs to be stopped.
Newsweek."Credit Card Usage." 28 March 2011
http://www.indexcreditcards.com/finance/creditcardstatistics/2010-report-on-credit-card-usage-facts-statistics.html. 28 March 2011
Visit this website to count the debt of the United States.
http://www.usdebtclock.org/
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