On a seemingly daily basis, the amount of debt that the average American owes on their credit cards is increasing. The entire financial world, not just the credit card market, is being affected by this trend. Mortgages, school loans, car loans, bankruptcies, and foreclosures are all affected by the average rate of credit card debt.
Credit card debt consolidation and other even more extreme methods that people turn to in order to eliminate their credit card debt have become more popular as the average credit card debt has gone up. Consider the actual statistics on credit card debt in America to see if the situation is really all that serious.
Average Credit Card Debt in US ??" The Facts
Here are some of the statistics. The average American credit card is carrying a balance right now of about $1,000. If the cardholder pays nothing more than their minimum two percent payment on that balance each month, they will have finally paid off the entire balance after twenty two long years. During that time, the interest charged to the account will reach $2,300.
The average American household is looking at almost $8500 in credit card debt as a national average. However, the average credit debt among those who have at least one card is over $9000. That means since 1990 the average credit debt has tripled in size.
If you are wondering, what you spend in interest or even if you have not worried about until now, the average American spends more than $1200 a year in just interest payments alone.
This means that the average interest charges that are being paid on credit cards are larger than those that individuals have to pay for their rent or mortgage payment.
On average, the interest rate for credit cards is 18.9% and it is going up. Some cards have introduction rates of as high as 23% and as much as 30% for those with damaged credit. 50% of Americans would never tell a friend how much they own in credit card debt, 23% have maxed their cards, 13% are late 30 days on payments within the last 12 months, and 11% admit their cards when into collections.
American Express is known for their high quality credit cards on various levels, from Gold packages to student designed credit cards. One of their most popular Australian choices however is the American Express Platinum credit card. The Platinum card comes equipped with many of the benefits that an individual would look for within a card, especially someone with a bigger budget with an appetite for rewards. The American Express Platinum credit card is a card that has a potentially large credit line and an even bigger rewards program. Let's take a closer look at these extraordinary benefits:
The Platinum card from American Express offers up to $100,000 in credit line available dollars. While it will depend highly on your own credit history, the Platinum card is known as being one of the most generous charge cards in giving credit line increases, and this generosity is enhanced the longer you are a customer.
There aren't too many credit cards that can compete with the Platinum's 1.5 membership rewards points per dollar spent. The Platinum credit card is one of the most rewarding cards because each time you use it you will get those 1.5 points credited to your rewards package, which can be used in relation to frequent flier programs on one of American Express's various travel partners. You get 1.5 points per dollar for up to $100,000 in purchases and then it drops down to 1 point per dollar.
There are a lot of benefits that come with the Platinum credit card from American Express that extend beyond just the credit line and rewards program listed above. A few of the benefits that you can expect to receive are: travel insurance (international as well as domestic); as many additional cards as you would like with no charge, special deals on plane tickets to select cities in Australia, ECT.
Many people turn to this card risk free because American Express offers it interest free for the first 55 days; which means you can purchase as much as you want without paying a dime of interest if you choose to hold off on paying. You have almost two months to enjoy the card while sampling all of the benefits/ rewards that are offered in full.
Whatever your reason for choosing the American Express Platinum credit card, you can rest in knowing that you have one of the premier credit cards in all of Australia.
Both William Blake & Creditwisdom are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
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