Debt Flashcards
(23 cards)
What is the total revolving debt in the United States?
$796 billion
How much is the total consumer debt in America?
$2.4 trillion
When was credit widely accepted in J. C. Penney stores?
In 1971 after J. C. Penney, the founder, died
What was the first credit card?
The Diners Club card
When was the Diners Club card established?
1950
How many credit cards are in use in the US?
1.5 billion
What percentage of college students have at least one credit card?
84%
What percentage of Americans owned a credit card in 1970?
15%
How much debt does the government have?
$14.2 trillion
How much does the government overspend?
$1.645 trillion
What percentage of 20-something consumers have debt?
76%
What percentage of 30-something consumers have debt?
90%
What are some examples of tax deductions?
Home mortgage interest, taxable donations
How much value does a new car lose in the first four years?
2/3
What is a balloon mortgage?
Home loan in which the sum of monthly payments is insufficient to repay the entire loan, so the final payment is a lump sum of the remaining balance
What percentage of college students graduate with more than $10,000 of credit card debt?
33%
What percentage of college freshmen max out their credit card in the first year?
60%
What percentage of college students carry credit card balances each month?
82%
True or False: Young adults who have credit cards will spend nearly 30% of their income on debt payments over their lifetime.
True
How much credit card debt will the average college senior graduate with?
$4,100
How many debts does the average American have?
13
How many college students have at least 4 credit cards?
50%
What percentage of college students carry a credit card balance of more than $2,000?
76%
