In 1991 the average credit card debt in US was $3103, but by 2006 it had shot up to $9659 over three times as much. The average person is under almost ten thousand dollars in high interest debt. Tack on all the fees and special charges and that is a big percentage of the income that goes to pay for debt.
Years ago many people had a plan to refinance their home and pay off the credit card, but now it is hard to find a bank willing to do so because houses are losing value. Most credit card customers are spending less this year and plan to pay off debt. This means a lean holiday season for merchants.
My suggestion is cut the card, get out of debt and breathe free once more.
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