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Is Love for Plastic Still Fantastic?

IS PLASTIC STILL FANTASTIC IN 2011? In the wake of the recession of 2008-2010, the credit card isn't quite as popular as it once was. Still, it remains a major force in the U.S. economy. Below are facts and figures that paint a picture of credit cards in America today. 0123 4567 8910 1112 THE RAW NUMBERS One card 1.4 BILLION The number of credit cards currently in circulation in the United States. equals 10 million 7.7 The average number of cards each of these 181 MILLION Number of people in the United States One person who have a credit card. (That's 77% of the adult population) equals 10 million people has. THE MAJOR PLAYERS 86% of all credit card transactions in the U.S. are made with one of these three cards: Card holders Purchase Debt Percent of volume per outstanding In billions transactions In millions card holder VISA 38.5% 111 $7,300 $388 MasterCard 24.3% 98 $5,250 $284 AMERICAN EXPRESS 23.2% $ 11,300 44 $94 TRANSACTION ACTION DEBT TRENDS Consumers are reducing their debt and increasingly using alternatives to credit cards like debit and prepaid cards. These figures refer to revolving debt; they do not include loans like mortgages. $$$ $$$ In 2009, for the first time on record, debt began to decline. Consumer debt is at just over $800 billion in October 2010. Debt hits its 20 $1.9 12.9% peak at nearly $974 billion in August 2008. BILLION TRILLION Portion of U.S. Gross Domestic product credit card transactions Credit card Total value transactions of these each year. transactions. represent. Consumer debt 119 a $88 - $10,500 outstanding rose steadily from 1968 to 2008. Average total of each Average number of times a person uses a credit card in a year. Average total of credit card purchases in a year. of these transactions. '68 '11 SOURCES: NILSON REPORT. AS REPORTED BY THE U.S. CENSUS BUREAU: THE FEDERAL RESERVE IndexCreditCards More credit cards. More choices.

Is Love for Plastic Still Fantastic?

shared by nikunjq on Mar 09
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It's become popular to demonize the credit card industry, but that's not entirely fair. Yes, some rates and fees can seem excessive, and yes, aggressive marketing tactics can make it all too easy for ...


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