One of the questions was, Nearly 144 million Americans have general-purpose credit cards. Approximately how many of them pay off their bill in full each month?
My choices for an answer were 55, 90 and 115 million. In terms of percentages, they were asking me to guess if 38%, 63% or 80% of the credit card holders pay off their bill at the end of each month.
It was not surprising to know that only 38% of credit card holders pay off their bill and the rest are “revolvers. These are folks who routinely carry high balance and create a lucrative business for credit card companies.
Why doesnt everyone do this?
Simplified answers are lack of resources, lack of knowledge and poor planning.
Lack of resources
The economy may or may not be getting better but many still feel the crunch of hard times including corporate downsizing. For those caught in the middle of a lay off, paying mortgage or rent takes higher priority than paying off the credit card balance. They also use their credit cards to take care of monthly shortage that increases the balance and makes it more difficult to pay off their entire credit card bill.
Lack of...
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