Why Most Americans Shouldn't Use Credit Cards

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Most Americans should not use credit cards because of the interest rates, buying something that they can’t afford because of the high limit range, and the agreement that has to be signed to even receive a credit card. The number one problem in America with credit card use is the high interest rates. It was proven in a survey that 36 percent of respondents said they didn’t even know the interest rate on their credit cards (creditcards.com). If a person doesn’t know what their interest rates will be probley shouldn’t take the risk of paying a high interest rate, and be possibly paying nearly double of the actual price. Most credit cards charge an interest of 79.9 percent which is paying more than double the actual cost for the items bought (creditcard.com). By having penalty fees adding up to about $20.5 billion in 2009 which is far too high, and gives a pause when hearing these numbers. In a survey respondents reported that they have paid a late fee and 15 percent have paid and over the limit fee. These are very high numbers and can put people so far in debt that they can’t pay it all off in one lifetime. If someone has bad credit before trying to receive a credit card, it can negatively affect the already high interest rates drastically. This can make it almost impossible to make the monthly payments, which in return leaves a person in even more debt than before even having the credit card. There seems to be no reason at all to even obtain a credit card if the person already has bad credit. Now sitting down looking at the high interest rates this should be enough to make anybody not want a credit card but if it is not keep reading and I will give a few more reasons not to get a credit card. The average credit card debt per household is $15,799, and that is just for one household. This is an average so many Americans

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