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Americans now carry an average credit card balance of $8,488 per household, at mid-year 2001. Considering that 85% of this amount accrues interest, at an average rate of 15%, the average U.S. family is shelling out more than $1,000 per year in debt service costs. The amounts owed on just VISA, MasterCard, American Express, and Discover cards as of June 30, were $602.9 billion. Retail credit cards, such as store and gas cards, add another $80 billion to this number.
BANK CREDIT CARD DEBT (VISA, MasterCard, America Express, and Discover) 1994: $285.5 billion 1995: $358.1 billion 1996: $411.6 billion 1997: $443.7 billion 1998: $454.3 billion 1999: $490.1 billion 2000: $568.5 billion 2001: $602.6 billion* * of as June 30, 2001 Source: CardData (www.carddata.com)
