Travel Rewards Credit Cards

Jul 02

Out of Office And Alarming Credit Card Statistic

I’ll be out for the next ten days, so posts will be infrequent, if they occur at all.

Before I go, though, I wanted to share one alarming credit card statistic that I just read. According to Money Magazine, the average high-income household ($115,000 to $160,000 per year) that carries a balance month to month owes almost $8,000 in credit card debt. That’s an average, so it could be skewed by very high or very low balances, but the fact remains that if you carry over even a dollar in credit card debt from month to month, you should not be using a rewards card, whose interest rates almost all exceed the 18% national average. No amount of rewards can earn you that much. Get the balance paid down on a low or no-interest card (or bank loan) and start from zero. Just make sure not to carry a balance again.



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