Let’s face it, we all have our bad money habits that border on shameful from time to time. But would you be more shocked to find out that as you “buy now and worry later” on your credit card – hordes of others are doing the same? We’re all trying to get out of debt, but only end up burrowing deeper into it. It’s time for some eye-opening credit card and debt statistics and take stock of your finances and control of your financial destiny.
View The Slideshow: 12 Shocking Personal Finance Statistics
This Easter weekend, check out these 12 shocking personal finance statistics and tell us where you fit in the big picture:
1. 50 per cent of Americans have less than one month’s income saved for a rainy day. Top personal finance advisors will tell you – and especially drawing from lessons in the economic crisis to have at least six months income saved, just in case.
2. Bachelor Degree holders earn US$25,000 more per year than high school diploma holders. However 2 million fresh graduates are fresh out of jobs, 317,000 waiters have college degree.
3. The average student loan is US$23,186. Americans collectively owe more than US$875 billion on student loans – which is more than the nation’s credit card debt. The student loan debt in the US increases at a rate of US$2,853.88 per second.
4. 50-six per cent of people have no idea their credit score is the most important factor for applying for a mortgage, car loan and new credit card. A good credit score is above 700, only 58 per cent of Americans scored above 700. The national average credit score is 692.
5. The average loss in US house prices during the economic crisis was 13 per cent. In the UK, that figure is still 18 per cent.
6. You spend 12-18 per cent more when you swipe your card than when you use cash. McDonald’s observed their average transactions rose from $4.50 to $7 when customers were allowed to use credit cards to make their purchase instead of cash. Research conducted revealed people spend more when they use their cards even if they paid off their credit card balance each month.
…Continued on EconomyWatch.com: A Dozen Shocking Personal Finance Statistics
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