FactoidThe Motley Fool's Credit Center features several mind-blowing statistics:
-Total consumer credit: $1.7 trillion.
-Credit card debt carried by the average American: $8,562.
-Total finance charges Americans paid in 2001: $50 billion.
-Percent of U.S. households deemed credit worthy by the lending industry: 78%.
-Number of credit card holders who declared bankruptcy last year: 1.3 million.
Now I would recommend you pay off your credit card each month in full and then you wouldn't owe any interest. Also a heck of a way to control your spending habits. But note this latest little twist on that - GE Rewards MasterCard holders who pay off their entire balance in a timely manner are actually penalized $25 per year. As this Yahoo! Finance article explains, a full 75% of credit card company revenues come from finance charges and responsibility is not profitable. Apparently other credit card companies are possibly expected to follow GE's lead. They sure want our moola, don't they?