According to the May 2004 issue of CardTrack, Americans owe $594 billion in bank credit card debt. This is the real total owed once they took out credit balances used for business and those balances that some consumers pay off every month. Our country leads England and Australia in this not so proud statistic. England has $66 billion owed and Australia owes $13.5 billion. Now that?s astonishing, mate.These numbers do not take in to consideration store and gas credit cards. It has been calculated that ppi judicial review Americans owe about $78 billion on these credit cards. That comes to about $266 for every man, woman and child in the USA. This gives us a real total amount owed on credit card debt of approximately $2,293 per person, $3,632 per cardholder, $6,400 per household. Do you know how much $6,400 can grow during half your working life? At a modest 8% annual rate of return, this $6,400 in debt can grow to over $31,000 in retirement income. At 10% it?s almost $47,000.Interest can work for you or against you.
