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FIN 3030 > Debt > Flashcards

Debt Flashcards

1
Q

What is the total revolving debt in the United States?

A

$796 billion

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2
Q

How much is the total consumer debt in America?

A

$2.4 trillion

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3
Q

When was credit widely accepted in J. C. Penney stores?

A

In 1971 after J. C. Penney, the founder, died

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4
Q

What was the first credit card?

A

The Diners Club card

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5
Q

When was the Diners Club card established?

A

1950

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6
Q

How many credit cards are in use in the US?

A

1.5 billion

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7
Q

What percentage of college students have at least one credit card?

A

84%

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8
Q

What percentage of Americans owned a credit card in 1970?

A

15%

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9
Q

How much debt does the government have?

A

$14.2 trillion

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10
Q

How much does the government overspend?

A

$1.645 trillion

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11
Q

What percentage of 20-something consumers have debt?

A

76%

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12
Q

What percentage of 30-something consumers have debt?

A

90%

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13
Q

What are some examples of tax deductions?

A

Home mortgage interest, taxable donations

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14
Q

How much value does a new car lose in the first four years?

A

2/3

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15
Q

What is a balloon mortgage?

A

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

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16
Q

What percentage of college students graduate with more than $10,000 of credit card debt?

A

33%

17
Q

What percentage of college freshmen max out their credit card in the first year?

A

60%

18
Q

What percentage of college students carry credit card balances each month?

A

82%

19
Q

True or False: Young adults who have credit cards will spend nearly 30% of their income on debt payments over their lifetime.

A

True

20
Q

How much credit card debt will the average college senior graduate with?

A

$4,100

21
Q

How many debts does the average American have?

A

13

22
Q

How many college students have at least 4 credit cards?

A

50%

23
Q

What percentage of college students carry a credit card balance of more than $2,000?

A

76%

FIN 3030 (9 decks)

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