Interesting FactS...

  • In the last decade, the average US household consumer debt (non-mortgage) has increased from approximately $8,500 to $14,500. (Federal Reserve Statistical Releases & US Census Bureau)
  • Credit card debt now averages $8,562 per household.
  • According to the Federal Reserve, outstanding non-secured consumer debt rose from $355 billion in 1980 to $1.2 trillion in 1996 to $2.25 trillion in 2005.
  • The average American family is paying about $1,100 a year in interest on credit cards.
  • Interest rates on bank credit cards have widened as a result of the eleven rate cuts by the Feds in 2001. Card rates, alter the introductory periods, and now range from 4.75% to 35.00%, the widest spread ever.
  • The number of consumers who are enrolled in debt management , programs has increased from approximately 400,000 consumers in 1995 to over 2,300,000 in 2005. (Industry sources)
  • There were more than 2.5 million personal bankruptcies filed in 2005.
  • A Chapter 7 bankruptcy may stay on your credit report for as long years. (Equifax, Experian, Trans Union )
  • A Chapter 13 bankruptcy generally stays on your credit report for 7 years. (Equifax, Experian, Trans Union) Note: During this 7-year period, a bankruptcy in your credit history will likely either eliminate your ability to get credit or make the credit you can get very expensive in terms of fees and interest rates.
  • According to an analysis by Sallie Mae, which provides federal and private education loans for undergraduate and graduate students and families, 13% of college students owe between $3,000 and $7,000 on their credit cards.
  • 87% of undergraduate college students have credit cards, a 28% increase since 2000.
  • The percentage of college students with four or more credit cards nearly doubled in three years to 57% in 2005.

More Interesting Facts...

  • On average most new college graduates have about $18,500 in federally guaranteed education loans.
  • Around 41% of graduating college seniors also carries an average credit card balance of more than $3500. (State Public Interest Research Groups' *PIRGS* Higher Education Project)
  • Adjusted for inflation, the Census Bureau reported that the median income fell 2.2% in 2001 to $42,228. It was the first decline since 1991.
  • Among the 60% of American cardholders who do not pay off their credit card balance each month, nearly half made just the minimum payment. This means that about one out of four cardholders in the USA now make minimum payments. (CardWeb.com)
  • Late-payment revenues, which have risen from $1.7 billion in 1995 to $7.3 billion, are the third-biggest revenue source for credit card companies, behind interest income and fees paid by merchants who accept credit card payments.
  • Credit card late fees average nearly $29, up 128% from 1995, when the average penalty was $12.64 (CardWeb.com) Many credit card companies charge as much as $35 for a late payment...and the larger your balance, the higher your late fee.
  • According to an informal CardWeb poll, 6 in 10 credit card holders say they've been hit with a late fee over the past year.
  • At the end of 2004, 40% of credit card holders were paying off their debt each month, compared to 29% 10 year earlier.
  • Credit card issuers mailed a record 15 billion card offers in 2005 (BAIGlobal) That's a 42% increase from 13.5 billion card offers sent in 2003, which at the time was a record.

  • The average American household holds 14.27 credit cards.

The
Valor
Card

Valor Card was born on October 3rd, 2006

Valor Card Benefits Include:

1. Restore your credit
2. Financial education
3. Control your spending
4. Pay your bills on time

5. Build your own budget

6. Experience your financial freedom

7. Create your security

 

 
 
Questions? Email us at: customerservice@valorfamilygroup.com
  
 
Valor Family Group © 2006