Increasing Credit Card Loans

Americans love swiping their plastic cards above their means without realizing financial ramifications, which have led to many scary statistics on debts over time. About 26% of consumer debt falls into a credit card while the rest 74% includes loans, borrowed money. Based on gathered information, U.S. Census Board stated that an American cardholder has an average of eight credit cards making a total of 1.2 billion credit cards with the overall population. House owners spend around 16% and Renters about 25% of their earnings to pay off their credit card bills, house loans, education loans. In 2009, there was a loan of around $12,500 per person and a total of $1,944 billion on overall Americans [“Consumer Debt Statistics”, September 2019]. On analyzing historical trends in financial obligations, it seems that people are getting overloaded with debt at a very frequent rate. “Graph 1” shown below displays a huge growth in debt in 2017 as compared to a very constant phase of the 1970...