Credit Card Debt Statistics

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					                                   Credit Card Stats

       Average credit card debt per household with credit card debt: $14,750
       609.8 million credit cards held by U.S. consumers. Average number of
        credit cards held by cardholders: 3.5, as of yearend 2008
       Average APR on new credit card offer: 14.73 percent
       Average APR on credit card with a balance on it: 13.67 percent, as of
        November 2010
       Total U.S. revolving debt (98 percent of which is made up of credit card
        debt): $796.5 billion, as of November 2010
       Total U.S. consumer debt: $2.40 trillion, as of June 2010
       U.S. credit card 60-day delinquency rate: 3.23 percent.
                                              




                                       Circulation



       American Express credit: 48.9 million
       MasterCard credit: 171 million
       MasterCard debit: 123 million
       Visa credit: 269 million, as of Sept. 30, 2010
       Visa debit: 397 million, as of Sept. 30, 2010



                                  Interest rates/APRs

       36 percent of respondents said they didn't know the interest rate on the
        card they use most often.
       The national average default rate as January 2010 stood at 27.88 percent
        and the mean default rate is 28.99 percent.
       Slightly more than half of Americans -- 51 percent -- said that in the past
        12 months, they carried over a balance and was charged interest on a
        credit card.
       93 percent of cards allowed the issuer to raise any interest rate at any
        time by changing the account agreement.
       72 percent of cards included offers of low promotional rates which
        issuers could revoke after a single late payment.



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Bankruptcy and delinquency

Bankruptcy
      Total bankruptcy filings in 2009 reached 1.4 million in 2009, up from 1.09 million in 2008. The vast
       majority were personal bankruptcies -- Chapter 7 and Chapter 13. Business bankruptcies made up 6
       percent of all filings. (Source: AACER, the American Bankruptcy Institute, January 2010)
      Nevada surpassed Tennessee atop the listing of bankruptcies per capita, with more than 11 bankruptcies
       filed for every 1,000 residents. Tennessee and Georgia took the second and third slots behind the Silver
       State. Compared to 2009 third-quarter data, the biggest mover was Arizona, which rose six spots from
       No. 21 to No. 15. At the other end of the scale is Alaska, which had only 1.4 bankruptcies per capita,
       meaning the average Nevadan was eight times more likely to file bankruptcy than the average Alaskan.
       (Source: AACER, the American Bankruptcy Institute, January 2010)
      Young Americans now have the second highest rate of bankruptcy, just after those aged 35 to 44. The
       rate among 25- to 34-year-olds increased between 1991 and 2001, indicating that this generation is
       more likely to file bankruptcy as young adults than were young boomers at the same age. (Source:
       "Generation Broke: Growth of Debt Among Young Americans")
      Memphis, Tenn., consumers have suffered the most bankruptcies. (Source: Men's Health magazine's
       personal debt survey, July 2008)
      Yonkers, N.Y., has suffered the fewest bankruptcies. (Source: Men's Health magazine's personal debt
       survey, July 2008)

Delinquency


      U.S. credit card 60-day delinquency rate: 4.27 percent. (Source: Fitch
       Ratings, April 2010)
      According to Fitch Ratings, the number of cardholders 60 or more days
       late on payments fell in January of 2010 to 4.50 percent. That number is
       flat year-to-year. Those 30 days late declined to 5.72 percent and is down
       5 percent year-to-year. (Source: Associated Press, March 2010)
      According to Fitch Ratings, the number of credit card defaults hit 11.37
       percent, the highest level since a record 11.52 percent in September
       2009. (Source: Associated Press, March 2010)
      In the last 12 months, 15 percent of American adults, or nearly 34 million
       people, have been late making a credit card payment and 8 percent (18
       million people) have missed a payment entirely. (Source: National
       Foundation for Credit Counseling, 2009 Financial Literacy Survey, April
       2009)
      26 percent of Americans, or more than 58 million adults, admit to not
       paying all of their bills on time. Among African-Americans, this number is
       at 51 percent. (Source: National Foundation for Credit Counseling, 2009
       Financial Literacy Survey, April 2009)
      Penalty fees from credit cards will add up to about $20.5 billion in 2009,
       according to R. K. Hammer, a consultant to the credit card industry.
       (Source: New York Times, September 2009)
      Only eight percent of cards with penalty rate conditions offered to restore
       the original rate terms when payments are made on-time, usually after 12
       months. (Source: Pew Safe Credit Cards Project, March 2009)
      72 percent of cards included offers of low promotional rates which
       issuers could revoke after a single late payment. (Source: Pew Safe Credit
       Cards Project, March 2009)
      From 1989 to 2004, the percentage of cardholders incurring fees due to
       late payments of 60 days or more increased from 4.8 percent to 8.0
       percent. (Source: Demos.org, "Borrowing To Make Ends Meet," November
       2007)
      One-fourth of the students surveyed in US PIRG's 2008 Campus Credit
       Card Trap report said that they have paid a late fee, and 15 percent have
        paid an "over the limit" fee. (Source: U.S. PIRG, "Campus Credit Card
        Trap")
       When finances are tight, 59 percent of people would pay their credit card
        bills last. A majority -- 52 percent -- would pay the mortgage first and 38
        percent say they would pay for utilities before paying other obligations.
        (Source: CreditCards.com survey, December 2008)
       On average, today's consumers are paying their bills on time, with less
        than half of all consumers have ever been reported as 30 or more days
        late on a payment. Only three out of 10 have ever been 60 or more days
        overdue on any credit obligation. Seventy-seven percent of all consumers
        have never had a loan or account that was 90+ days overdue, and fewer
        than 20 percent have ever had a loan or account closed by the lender due
        to default . (Source: myfico.com)

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Business credit cards


       As of the end of 2009, 83 percent of small businesses used credit cards;
        64 percent used small business cards, and 41 percent used personal
        cards. (Source: "Report to the Congress on the Use of Credit Cards by
        Small Businesses and the Credit Card Market for Small Businesses," May
        2010)
       During 2009, about 20 percent of small businesses attempted to obtain a
        new credit card. (Source: "Report to the Congress on the Use of Credit
        Cards by Small Businesses and the Credit Card Market for Small
        Businesses," May 2010)
       An estimated 64 percent of small firms -- those with 1 to 50 employees --
        used business credit cards either for borrowing or transacting in 2009.
        (Source: "Report to the Congress on the Use of Credit Cards by Small
        Businesses and the Credit Card Market for Small Businesses," May 2010)
       Among small businesses, credit cards are the second most commonly
        used financial product. Only checking accounts are used by more small
        businesses. (Source: "Report to the Congress on the Use of Credit Cards
        by Small Businesses and the Credit Card Market for Small Businesses,"
        May 2010)
       More than 20 percent of firms applying for a credit card were not able to
        get a card, and another 5.6 percent did not accept the card because of
        unfavorable terms. (Source: "Report to the Congress on the Use of Credit
        Cards by Small Businesses and the Credit Card Market for Small
        Businesses," May 2010)
       During 2009, the most frequent change reported -- by 60 percent of those
        firms reporting changes -- was higher interest rates, followed by lowered
        credit limits, which was reported by 23 percent. (Source: "Report to the
        Congress on the Use of Credit Cards by Small Businesses and the Credit
        Card Market for Small Businesses," May 2010)
        Credit cards are now the most common source of financing for America’s
        small-business owners. (Source: National Small Business Association
        survey, 2008)
        44 percent of small-business owners identified credit cards as a source of
         financing that their company had used in the previous 12 months —- more
         than any other source of financing, including business earnings. In 1993,
         only 16 percent of small-businesses owners identified credit cards as a
         source of funding they had used in the preceding 12 months. (Source:
         National Small Business Association survey, 2008)

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Credit scores, reports

        Only 38 percent of survey respondents have obtained a copy of their credit report, and even fewer (36 percent) have
         checked their credit score in the past 12 months. (Source: "Financial Capability in the United States," FINRA Investor
         Education Foundation, December 2009)
        More than half -- 52 percent -- of those who have checked their credit score in the past 12 months reported having
         credit scores above 720. By contrast, only 17 percent of those who have checked their credit score had credit scores
         below 620. (Source: "Financial Capability in the United States," FINRA Investor Education Foundation, December
         2009)
        From Q3 2008 to Q1 2009, the average TransUnion credit score fell 6 points to 651, the credit bureau says. Scores
         fell even further in the some economically challenged states: California fell 10 points and Arizona, 11. (Source:
         USAToday.com, April 2009)
        The U.S. average VantageScore® is 769. The average score rises to 837 when looking solely at the over-60
         population. (Source: Experian marketing insight snapshot, March 2009)
        Nearly two-thirds of American adults (64 percent) -- or 144 million people -- have not ordered a copy of their credit
         report in the past year; this grows to nearly three-quarters (72 percent) among Hispanic Americans. (Source:
         National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
        More than one-third of American adults (37 percent) admit that they do not know their credit score. (Source:
         National Foundation for Credit Counseling, 2009 Financial Literacy Survey, April 2009)
        Only 2 percent of undergraduates had no credit history. (Source: Sallie Mae, "How Undergraduate Students Use
         Credit Cards," April 2009)
        On average, today's consumer has a total of 13 credit obligations on record at a credit bureau. These include credit
         cards (such as department store charge cards, gas cards, and bank cards) and installment loans (auto loans,
         mortgage loans, student loans, etc.). Not included are savings and checking accounts (typically not reported to a
         credit bureau). Of these 13 credit obligations, nine are likely to be credit cards and four are likely to be installment
         loans. (Source: myfico.com)
        The average consumer's oldest obligation is 14 years old, indicating that he or she has been managing credit for
         some time. In fact, one out of four consumers had credit histories of 20 years or longer. Only one in 20 consumers
         had credit histories shorter than two years. (Source: myfico.com)
        The average consumer has had only one credit inquiry on his or her accounts within the past year. Fewer than 6
         percent had four or more inquiries resulting from a search for new credit. (Source: myfico.com)
        Corpus Christi, Texas, residents have America's worst credit scores. (Source: Men's Health magazine's personal debt
         survey, July 2008)
        Sioux Falls, S.D., boasts America's best credit scores. (Source: Men's Health magazine's personal debt survey, July
         2008)


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Consumer debt

Total debt


        Total U.S. revolving debt (98 percent of which is made up of credit card
         debt): $852.6 billion, as of March 2010 (Source: Federal Reserve's G.19 report
         on consumer credit, March 2010)
        Total U.S. consumer debt: $2.45 trillion, as of March 2010 (Source:
         Federal Reserve's G.19 report on consumer credit, May 2010)
        Average credit card debt per household with credit card debt: $16,007*
   Average total debt in 2009 (including credit cards, mortgage, home
    equity, student loans and more) for U.S. households with credit card debt:
    $54,000. (That's down from $93,850 in 2008.)
   Average total debt in 2009 (including credit cards, mortgage, home
    equity, student loans and more) for all U.S. households: $16,046. (That's
    down from $35,245 in 2008.)
   Total U.S. consumer debt (which includes credit card debt and noncredit-
    card debt but not mortgage debt) reached $2.45 trillion at the end of
    2009, down sharply from $2.56 trillion at the end of 2008. (Source:
    Federal Reserve's G.19 report, March 2010)
   Total U.S. consumer revolving debt fell to $866 billion at the end of 2009,
    down from $958 billion at the end of 2008. About 98 percent of that debt
    was credit card debt. (Source: Federal Reserve's G.19 report, March 2010)
   The mean, or average, unpaid credit card balance last month was $3,389.
    The median is $90. (Source: "The Survey of Consumer Payment Choice,"
    Federal Reserve Bank of Boston, January 2010)
   About 56 percent of consumers carried an unpaid balance in the past 12
    months. (Source: "The Survey of Consumer Payment Choice," Federal
    Reserve Bank of Boston, January 2010)
   About 45 percent of consumers said their unpaid credit card balance had
    gotten "lower" or "much lower" in the past 12 months. Only 26 percent
    said it had gotten "higher" or "much higher." (Source: "The Survey of
    Consumer Payment Choice," Federal Reserve Bank of Boston, January
    2010)
   Slightly more than half of Americans -- 51 percent -- said that in the past
    12 months, they carried over a balance and was charged interest on a
    credit card. (Source: "Financial Capability in the United States," FINRA
    Investor Education Foundation, December 2009)
   The average balance per open credit card -- including both retail and bank
    cards -- was $1,157 at the end of 2008. That's up from $1,033 at the end
    of 2006, a growth of nearly 11 percent in two years. (Source: Experian
    marketing insight snapshot, March 2009)
   As of March 2009, U.S. revolving consumer debt, made up almost entirely
    of credit card debt, was about $950 Billion. In the fourth quarter of 2008,
    13.9 percent of consumer disposable income went to service this debt.
    (Source: U.S. Congress' Joint Economic Committee, "Vicious Cycle: How
    Unfair Credit Card Company Practices Are Squeezing Consumers and
    Undermining the Recovery," May 2009)
   "As household wealth has declined in the downturn, more American
    families are facing financial distress due to high debt burdens. In 2007,
    before the recession began, 14.7 percent of U.S. families had debt
    exceeding 40 percent of their income." (Source: U.S. Congress' Joint
    Economic Committee, "Vicious Cycle: How Unfair Credit Card Company
    Practices Are Squeezing Consumers and Undermining the Recovery," May
    2009)
   In 2007, the average balance for those carrying a balance rose 30.4
    percent, to $7,300. Meanwhile, the median balance -- meaning half owe
    more and half owe less -- for those carrying a balance rose 25.0 percent,
    to $3,000. These increases followed slower changes over the preceding
    three years, when the median increased 9.1 percent and the average
    climbed 16.7 percent. (Source: Federal Reserve Survey of Consumer
    Finances, February 2009)
   In the fourth quarter of 2008, consumers over 60 had an average balance
    of $763 per open bankcard or retail accounts. A year before, that balance
    was $746. The year before that, it was $735 -- meaning the average has
    jumped about 4 percent in 2 years. (Source: Experian marketing insight
    snapshot, March 2009)
   In 2007, credit card balances made up 3.5 percent of the total debt for all
    U.S. families, including those with and without credit card debt. (Source:
    Federal Reserve Survey of Consumer Finances, February 2009)
   In 2007, fewer than half of U.S. families (46.1 percent) held credit card
    debt. That's virtually unchanged from 2004's 46.2 percent number.
    (Source: Federal Reserve Survey of Consumer Finances, February 2009)
   Undergraduates are carrying record-high credit card balances. The
    average (mean) balance grew to $3,173, the highest in the years the
    study has been conducted. Median debt grew from 2004’s $946 to $1,645.
    Twenty-one percent of undergraduates had balances of between $3,000
    and $7,000, also up from the last study. (Source: Sallie Mae, "How
    Undergraduate Students Use Credit Cards," April 2009)
   Balances on bank cards accounted for 87.1 percent of outstanding credit
    card balances in 2007, up from 84.9 percent in 2004. (Source: Federal
    Reserve Survey of Consumer Finances, February 2009)
   Of the 73.0 percent of families with credit cards in 2007, only 60.3
    percent had a balance at the time of the interview; in 2004, 74.9 percent
    had cards, and 58.0 percent of these families had an outstanding balance
    on them. (Source: Federal Reserve Survey of Consumer Finances,
    February 2009)
   "Total bankcard debt per bankcard borrower" is $5,710. This was
    alternately described as the total balance of bank-issued credit cards per
    consumer. (Source: TransUnion, December 2008)
   The average American with a credit file is responsible for $16,635 in debt,
    excluding mortgages, according to Experian. (Source: U.S. News and
    World Report, "The End of Credit Card Consumerism," August 2008)
   Among the 35 percent of college students with credit cards that do not
    pay their balances in full every month, the average balance is $452. This
    is down 19 percent from 2007. Moreover, this balance is approximately
    one-third the size of the average balance for active nonstudent young
    adult accounts and one-fourth the size of active accounts for older adults.
    (Source: Student Monitor annual financial services study, 2008)
   As of 2007, the majority of U.S. households had no credit card debt.
    (Source: Federal Reserve Board survey of consumer finances, February
    2009)
   When you take a snapshot of how much an individual bank cardholder has
    in debt on a given day, and ignore whether that debt will be paid off in the
    grace period, Alaska is the state whose cardholders have the highest
    debt: $7,827. Alaska is followed by Nevada at $6,636 and Tennessee at
    $6,568. At the other end of the scale, the states whose citizens carry the
    lowest card debt at a given moment are Iowa ($4,277), North Dakota
        ($4,403) and West Virginia ($4,517). (Source: TransUnion, December
        2008)
       About 40 percent of credit cardholders carry a balance of less than
        $1,000. About 15 percent are far less conservative in their use of credit
        cards and have total card balances in excess of $10,000. When you look at
        the total of all credit obligations combined (except mortgage loans), 48
        percent of consumers carry less than $5,000 of debt. This includes all
        credit cards, lines of credit and loans -- everything but mortgages. Nearly
        37 percent carry more than $10,000 of nonmortgage debt as reported to
        the credit bureaus. (Source: myfico.com)
       The typical consumer has access to approximately $19,000 on all credit
        cards combined. More than half of all people with credit cards are using
        less than 30 percent of their total credit card limit. Just over one in seven
        is using 80 percent or more of their credit card limit. (Source:
        myfico.com)
       The average college graduate has nearly $20,000 in debt; average credit
        card debt has increased 47 percent between 1989 and 2004 for 25-to 34-
        year-olds and 11 percent for 18-to 24-year-olds. Nearly one in five 18-to
        24-year-olds is in "debt hardship," up from 12 percent in 1989. (Source:
        Demos.org, "The Economic State of Young America," May 2008)
       More than 90 percent of survey respondents believe they had the same
        amount -- or less -- debt as the average American. (Source:
        CreditCards.com survey, June 2007)
       Miami residents are the biggest overspenders, one study says. The 50
        largest U.S. metropolitan areas were ranked in terms of percent of median
        yearly household income owed to credit card companies and Miami
        residents owed 22.61 percent. Tampa (17.1 percent) and Los Angeles
        (16.81 percent) came in second and third, respectively. (Source:
        Forbes.com, Equifax and US Census Bureau, April 2009)

Credit card debt

       Average credit card debt per household with credit card debt: $15,788*
       76 percent of undergraduates have credit cards, and the average undergrad has $2,200 in credit card.
        Additionally, they will amass almost $20,000 in student debt. (Source: Nellie Mae, "Undergraduate
        Students and Credit Cards in 2004: An Analysis of Usage Rates and Trends")
       Total U.S. consumer revolving debt fell to $866 billion at the end of 2009, down from $958 billion at the
        end of 2008. About 98 percent of that debt was credit card debt. (Source: Federal Reserve's G.19 report,
        March 2010)
       The mean, or average, unpaid credit card balance last month was $3,389. The median is $90. (Source:
        "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010)
       About 45 percent of consumers said their unpaid credit card balance had gotten "lower" or "much lower"
        in the past 12 months. Only 26 percent said it had gotten "higher" or "much higher." (Source: "The
        Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010)
       The average balance per open credit card -- including both retail and bank cards -- was $1,157 at the
        end of 2008. That's up from $1,033 at the end of 2006, a growth of nearly 11 percent in two years.
        (Source: Experian marketing insight snapshot, March 2009)
       As of March 2009, U.S. revolving consumer debt, made up almost entirely of credit card debt, was about
        $950 Billion. In the fourth quarter of 2008, 13.9 percent of consumer disposable income went to service
        this debt. (Source: U.S. Congress' Joint Economic Committee, "Vicious Cycle: How Unfair Credit Card
        Company Practices Are Squeezing Consumers and Undermining the Recovery," May 2009)
       In 2007, credit card balances made up 3.5 percent of the total debt for all U.S. families, including those
        with and without credit card debt. (Source: Federal Reserve Survey of Consumer Finances, February
        2009)
       In 2007, fewer than half of U.S. families (46.1 percent) held credit card debt. That's virtually unchanged
        from 2004's 46.2 percent number. (Source: Federal Reserve Survey of Consumer Finances, February
        2009)
       Undergraduates are carrying record-high credit card balances. The average (mean) balance grew to
        $3,173, the highest in the years the study has been conducted. Median debt grew from 2004’s $946 to
        $1,645. Twenty-one percent of undergraduates had balances of between $3,000 and $7,000, also up
        from the last study. (Source: Sallie Mae, "How Undergraduate Students Use Credit Cards," April 2009)
       Of the 73.0 percent of families with credit cards in 2007, only 60.3 percent had a balance at the time of
        the interview; in 2004, 74.9 percent had cards, and 58.0 percent of these families had an outstanding
        balance on them. (Source: Federal Reserve Survey of Consumer Finances, February 2009)
       Among the 35 percent of college students with credit cards that do not pay their balances in full every
        month, the average balance is $452. This is down 19 percent from 2007. Moreover, this balance is
        approximately one-third the size of the average balance for active nonstudent young adult accounts and
        one-fourth the size of active accounts for older adults. (Source: Student Monitor annual financial
        services study, 2008)
       As of 2007, the majority of U.S. households had no credit card debt. (Source: Federal Reserve Board
        survey of consumer finances, February 2009)
       About 40 percent of credit cardholders carry a balance of less than $1,000. About 15 percent are far less
        conservative in their use of credit cards and have total card balances in excess of $10,000. When you
        look at the total of all credit obligations combined (except mortgage loans), 48 percent of consumers
        carry less than $5,000 of debt. This includes all credit cards, lines of credit and loans -- everything but
        mortgages. Nearly 37 percent carry more than $10,000 of nonmortgage debt as reported to the credit
        bureaus. (Source: myfico.com)
       The typical consumer has access to approximately $19,000 on all credit cards combined. More than half
        of all people with credit cards are using less than 30 percent of their total credit card limit. Just over one
        in seven is using 80 percent or more of their credit card limit. (Source: myfico.com)

Debt as pct. of income


       The average credit card-indebted family in 2004 allocated 21 percent of
        its income to servicing monthly debt compared to the 13 percent
        dedicated to debt payments among all households. (Source: Demos.org,
        "Borrowing To Make Ends Meet," November 2007)
       In 2007, the average balance for those carrying a balance rose 30.4
        percent, to $7,300. Meanwhile, the median balance -- meaning half owe
        more and half owe less -- for those carrying a balance rose 25.0 percent,
        to $3,000. These increases followed slower changes over the preceding
        three years, when the median increased 9.1 percent and the average
        climbed 16.7 percent. (Source: Federal Reserve Survey of Consumer
        Finances, February 2009)
       Miami residents are the biggest overspenders, one study says. The 50
        largest U.S. metropolitan areas were ranked in terms of percent of median
        yearly household income owed to credit card companies and Miami
        residents owed 22.61 percent. Tampa (17.1 percent) and Los Angeles
        (16.81 percent) came in second and third, respectively. (Source:
        Forbes.com, Equifax and US Census Bureau, April 2009)

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Demographics

Asian-American


       Nearly two in three Asian-Americans reported having at least two credit
        cards. (Source: FINRA Investor Education Foundation, "Financial
        Capability in the United States," December 2009)
         Just 19 percent of Asian-Americans reported not having a credit card.
          (Source: FINRA Investor Education Foundation, "Financial Capability in
          the United States," December 2009)

African-American


         About one in three African-Americans -- 35 percent -- reported having at
          least two credit cards. (Source: FINRA Investor Education Foundation,
          "Financial Capability in the United States," December 2009)
         49 percent of African-Americans reported not having a credit card.
          (Source: FINRA Investor Education Foundation, "Financial Capability in
          the United States," December 2009)
         26 percent of Americans, or more than 58 million adults, admit to not
          paying all of their bills on time. Among African-Americans, this number is
          at 51 percent. (Source: National Foundation for Credit Counseling, 2009
          Financial Literacy Survey, April 2009)
         In 2004, of those with credit cards, 84 percent of African-American
          households carried credit card debt compared with 54 percent of white
          households. (Source: Demos.org, "Borrowing To Make Ends Meet,"
          November 2007)
         Over 90 percent of African-American families earning between $10,000
          and $24,999 had credit card debt. (Source: Demos.org study, November
          2007)

Elderly


         About 50 percent of households headed by someone between 55 and 64
          carry credit card debt. And 37 percent of those headed by someone
          between 65 and 74 carry credit card debt. (Source: Federal Reserve,
          "Survey of Consumer Finances," February 2009)
         in 1991, people 55 and older accounted for 8.2 percent of bankruptcy
          filings. By 2007, that number had almost tripled to 22.3 percent. (Source:
          AARP, "Generations of Struggle," June 2008)
         Three in four cardholders age 60 or older always paid their credit card in
          full in the past 12 months. (Source: FINRA Investor Education Foundation,
          "Financial Capability in the United States," December 2009)
         80 percent of Americans 65 or older indicated they used a credit card in
          the month preceding the September 2008 survey. That's 13 points higher
          than any other age group. They also used debit cards far less than other
          age groups. Only 47 percent of those over 65 said they had used a debit
          card in the month before the survey, 19 points lower than any other age
          group. (Source: Javelin, "Credit Card Spending Declines" study, March
          2009)
         In the fourth quarter of 2008, consumers over 60 had an average balance
          of $763 per open bankcard or retail accounts. A year before, that balance
          was $746. The year before that, it was $735 -- meaning the average has
          jumped about 4 percent in 2 years. (Source: Experian marketing insight
          snapshot, March 2009)
         Individuals older than 60 have a significantly higher credit score than
          younger consumers. The U.S. average VantageScore® is 769. The average
         score rises to 837 when looking solely at the over-60 population. (Source:
         Experian marketing insight snapshot, March 2009)
        In the fourth quarter of 2008, consumers over 60 had an average of 5.6
         open bankcard and retail accounts. The U.S. population as a whole had an
         average of 5.4 cards. A year before, those over 60 had 6.1 open cards and
         the population as a whole had 5.5. The year before that, those over 60
         had 6.2 open cards and the population as a whole had 5.5. (Source:
         Experian marketing insight snapshot, March 2009)

Gender


        Women were 26 percent more likely to be victims of identity fraud than
         men in 2008. (Source: Javelin Strategy & Research, February 2009 study.)

Hispanics


        About half of Hispanics -- 44 percent -- reported having at least two credit
         cards. (Source: FINRA Investor Education Foundation, "Financial
         Capability in the United States," December 2009)
        42 percent of Hispanics reported having no credit cards. (Source: FINRA
         Investor Education Foundation, "Financial Capability in the United
         States," December 2009)
        58 percent of Hispanics have not used a credit card in the past 30 days.
         (Source: Experian Consumer Research study, November 2008)
        42 percent of Hispanics don't like the idea of being in debt. (Source:
         Experian Consumer Research study, November 2008)
        31 percent of Hispanics typically pay cash for their purchases. (Source:
         Experian Consumer Research study, November 2008)

Young adults


        The average person under the age of 35 got both their first credit card
         and their first debit card when they were about 21 years old. (Source:
         "The Survey of Consumer Payment Choice," Federal Reserve Bank of
         Boston, January 2010)
        41 percent of cardholders from the ages of 18 to 29 made only the
         minimum required payment on a credit card in some of the past 12
         months. (Source: FINRA Investor Education Foundation, "Financial
         Capability in the United States," December 2009)
        Just 51 percent of Americans aged 18 to 24 indicated they had used a
         credit card in the month preceding the September 2008 survey. 71
         percent of that age group said that they had used a debit card in the same
         period. (Source: Javelin, "Credit Card Spending Declines" study, March
         2009)
        Only 2 percent of undergraduates had no credit history. (Source: Sallie
         Mae, "How Undergraduate Students Use Credit Cards," April 2009)
        Eighty-four percent of the student population overall have credit cards, an
         increase of approximately 11 percent since the fall of 2004. (Source:
         Sallie Mae, "How Undergraduate Students Use Credit Cards," April 2009)
   Undergraduates are carrying record-high credit card balances. The
    average (mean) balance grew to $3,173, the highest in the years the
    study has been conducted. Median debt grew from 2004’s $946 to $1,645.
    Twenty-one percent of undergraduates had balances of between $3,000
    and $7,000, also up from the last study. (Source: Sallie Mae, "How
    Undergraduate Students Use Credit Cards," April 2009)
   Half of college undergraduates had four or more credit cards in 2008.
    That's up from 43 percent in 2004 and just 32 percent in 2000. (Source:
    Sallie Mae, "How Undergraduate Students Use Credit Cards," April 2009)
   Since 2004, students who arrived on campus as freshmen with a credit
    card already in-hand have increased from 23 percent to 39 percent.
    (Source: Sallie Mae, "How Undergraduate Students Use Credit Cards,"
    April 2009)
   In spring of 2008, only 15 percent of freshmen had a zero balance, down
    dramatically from 69 percent in the fall of 2004. The median debt
    freshmen carried was $939, nearly triple the $373 in 2004. (Source: Sallie
    Mae, "How Undergraduate Students Use Credit Cards," April 2009)
   Seniors graduated with an average credit card debt of more than $4,100,
    up from $2,900 almost four years ago. Close to one-fifth of seniors carried
    balances greater than $7,000. (Source: Sallie Mae, "How Undergraduate
    Students Use Credit Cards," April 2009)
   Nine in 10 undergraduates reported paying for direct education expenses
    with credit cards—and the average amount they charged more than
    doubled since the last study. (Source: Sallie Mae, "How Undergraduate
    Students Use Credit Cards," April 2009)
   Ninety-two percent of undergraduate credit cardholders charged
    textbooks, school supplies, or other direct education expenses, up from
    85 percent when the study was last conducted, in 2004. (Source: Sallie
    Mae, "How Undergraduate Students Use Credit Cards," April 2009)
   Nearly one-third (30 percent) put tuition on their credit card, an increase
    from 24 percent in the previous study. (Source: Sallie Mae, "How
    Undergraduate Students Use Credit Cards," April 2009)
   Students who used credit cards to pay for direct education expenses
    estimated charging $2,200, more than double 2004’s average of $942.
    (Source: Sallie Mae, "How Undergraduate Students Use Credit Cards,"
    April 2009)
   Sixty percent of undergrads experienced surprise at how high their
    balance had reached, and 40 percent said they have charged items
    knowing they didn’t have the money to pay the bill. (Source: Sallie Mae,
    "How Undergraduate Students Use Credit Cards," April 2009)
   Only 17 percent said they regularly paid off all cards each month, and
    another 1 percent had parents, a spouse, or other family members paying
    the bill. The remaining 82 percent carried balances and thus incurred
    finance charges each month. (Source: Sallie Mae, "How Undergraduate
    Students Use Credit Cards," April 2009)
   Two-thirds of survey respondents said they had frequently or sometimes
    discussed credit card use with their parents. The remaining one-third who
    had never or only rarely discussed credit cards with parents were more
    likely to pay for tuition with a credit card and were more likely to be
        surprised at their credit card balance when they received the invoice.
        (Source: Sallie Mae, "How Undergraduate Students Use Credit Cards,"
        April 2009)
       Eighty-four percent of undergraduates indicated they needed more
        education on financial management topics. In fact, 64 percent would have
        liked to receive information in high school and 40 percent as college
        freshmen. (Source: Sallie Mae, "How Undergraduate Students Use Credit
        Cards," April 2009)
       One-fourth of the students surveyed in US PIRG's 2008 Campus Credit
        Card Trap report said that they have paid a late fee, and 15 percent have
        paid an "over the limit" fee. (Source: U.S. PIRG, "Campus Credit Card
        Trap")
       74 percent of monthly college spending is with cash and debit cards. Only
        7 percent is with credit cards. (Source: Student Monitor annual financial
        services survey of current college students, 2008)
       The average college graduate has nearly $20,000 in debt; average credit
        card debt has increased 47 percent between 1989 and 2004 for 25-to 34-
        year-olds and 11 percent for 18- to 24-year-olds. Nearly one in five 18- to
        24-year-olds is in "debt hardship," up from 12 percent in 1989. (Source:
        Demos.org, "The Economic State of Young America," May 2008)

Other


       76 percent of Americans aged 25 to 34 indicated they had used a debit
        card in the month preceding the September 2008 survey. 63 percent of
        that age group said that had used a credit card in the same period.
        (Source: Javelin, "Credit Card Spending Declines" study, March 2009)
       Americans older than 50 are more likely to have a credit card than those
        25 to 49 years old, but tend to use them less frequently. (Source: AARP
        payments study, 2007)
       In 2005, older consumers were significantly less likely to be victims of the
        ID frauds covered in the survey. While 15.4 percent of those who were
        between 35 and 44 years of age were victims of one or more of the frauds
        in the survey, the rate falls by to 11.0 percent for those between 55 and
        64 and to 10.4 percent for those between 65 and 74. Of those who were
        at least 75 years of age, only 5.6 percent were victims. (Source: Federal
        Trade Commission survey, October 2007)
       Hispanics were 50 percent more likely than non-Hispanic whites to have
        been a victim of fraud in 2005, with 18.0 percent of Hispanics estimated
        to have been a victim of one or more frauds. (Source: Federal Trade
        Commission survey, October 2007)
       Discussing credit card debt is highly taboo. The topics at the top of the list
        of things that people say they are very or somewhat unlikely to talk
        openly about with someone they just met were: The amount of credit card
        debt (81 percent); details of your love life (81 percent); your salary (77
        percent); the amount you pay for your monthly mortgage or rent (72
        percent); your health problems (62 percent); your weight (50 percent).
        (Source: CreditCards.com research, January 2009)
                                        Back to top of statistics page


Fees

Credit cards


         Penalty fees from credit cards will add up to about $20.5 billion in 2009,
          according to R. K. Hammer, a consultant to the credit card industry.
          (Source: New York Times, September 2009)
         From 1989 to 2004, the percentage of cardholders incurring fees due to
          late payments of 60 days or more increased from 4.8 percent to 8.0
          percent. (Source: Demos.org, "Borrowing To Make Ends Meet," November
          2007)
         One-fourth of the students surveyed in US PIRG's 2008 Campus Credit
          Card Trap report said that they have paid a late fee, and 15 percent have
          paid an "over the limit" fee. (Source: U.S. PIRG, "Campus Credit Card
          Trap")
         In the first 3 months of 2009, 27 percent of card offers carried an annual
          fee, up from 18 percent in 2008, according to the financial research firm
          Tower Group. (Source: ConsumerReports.org Money Blog, August 2009)
         Thirty-one of the 39 credit cards did not charge an annual fee. That
          marked a larger number of credit cards with no annual fee than in 2008,
          when 35 of 41cards had no annual fee. The cost of those fees ranged from
          $18 to $150. (Source: Consumer Action credit card survey, July 2009)
         The average late fee was found to have risen to $28.19, way up from
          $25.90 in 2008. Consumer Action reported that late fees reached up to
          $39 per incident. (Source: Consumer Action credit card survey, July 2009)
         92 percent of cards included a fee for exceeding the credit limit, including
          100 percent of all student cards. The amount of the overlimit fee is $39 on
          most accounts. (Source: Pew Safe Credit Cards Project, March 2009)
         64 percent of respondents said having "no annual fee" was an important
          reason why they chose the credit card they did the last time they got a
          new card. (Source: Aite Group survey, January 2008)
         95 percent of surveyed issuers have over-limit fees. The average over-
          limit fee, among institutions with over-limit fees, is $29.13. (Source:
          Consumer Action credit card survey, July 2008.)

Debit cards

                                        Back to top of statistics page


History

         The first widely accepted plastic charge card was issued in 1958 by American Express.
         The first general-use credit card that allowed balances to be paid over time was the BankAmericard
          (which in 1977 changed its name to Visa), issued in 1959. (Sources: PBS Frontline; American Express,
          Visa USA)
         How did MasterCard begin? In 1966, a number of banks formed the Interbank Card Association. In 1969,
          the Interbank Card Association bought the rights to use "Master Charge" from the California Bank
          Association. It was renamed MasterCard in 1979. (Source: MasterCard.com)
                                             Back to top of statistics page


Identity theft, fraud

         The number of U.S. identity fraud victims rose 12 percent to 11.1 million adults last year, the highest level since the
          survey began in 2003. (Source: Javelin Strategy & Research, "Identity Fraud Survey Report," February 2010)
         The average fraud resolution time dropped 30 percent to 21 hours. (Source: Javelin Strategy & Research, "Identity
          Fraud Survey Report," February 2010)
         Nearly half of fraud victims now file police reports, resulting in double the reported arrests, triple the prosecutions
          and double the percentage of convictions in 2009. (Source: Javelin Strategy & Research, "Identity Fraud Survey
          Report," February 2010)
         The number of U.S. identity fraud victims increased 22 percent in 2008 to 9.9 million adults. However, the total
          annual fraud amount jumped just 7 percent to $48 billion. The report said this is because "consumers and
          businesses are detecting and resolving fraud more quickly." (Source: Javelin Strategy & Research, February 2009
          study.)
         Women were 26 percent more likely to be victims of identity fraud than men in 2008. (Source: Javelin Strategy &
          Research, February 2009 study.)
         71 percent of fraud incidents "began occurring in less than one week from when the data was first stolen, up from 33
          percent in 2005." (Source: Javelin Strategy & Research, February 2009 study.)
         "Lost or stolen wallets, checkbooks and credit and debit cards" made up 43 percent of all ID theft incidents in which
          the "method of access" was known. (Source: Javelin Strategy & Research, February 2009 study.)
         Credit and debit card fraud is the No. 1 fear of Americans in the midst of the global financial crisis. Concern about
          fraud supersedes that of terrorism, computer and health viruses and personal safety. (Source: Unisys Security
          Index: United States, March 2009)
         Arizona leads the nation in identity theft complaints per 100,000 people. In 2008, the state had 149 complaints
          about ID theft per 100,000 people. California (139.1), Florida (133.3), Texas (130.3) and Nevada (126.0) rounded
          out the top five. (Source: Federal Trade Commission, February 2009 survey)
         South Dakota has the fewest identity theft complaints per 100,000 people in the nation. In 2008, the state had 33.8
          complaints about ID theft per 100,000 people. North Dakota (35.7), Iowa (44.9), Montana (46.5) and Wyoming
          (46.9) rounded out the bottom five. (Source: Federal Trade Commission, February 2009 survey)
         Brownsville-Harlingen, Texas, is the metropolitan area with the largest number of ID theft complaints per 100,000
          people. In 2008, the area had 366.8 complaints per 100,000 people. Napa, Calif., was second with 351.3. (Source:
          Federal Trade Commission, February 2009 survey)


                                             Back to top of statistics page
* - Calculated by dividing the total revolving debt in the U.S. ($852.6 billion as
of March 2010 data, as listed in the Federal Reserve's May 2010 report on
consumer credit) by the estimated number of households carrying credit card
debt (54 million)


Interest rates/APRs


         36 percent of respondents said they didn't know the interest rate on the
          card they use most often. (Source: FINRA Investor Education Foundation,
          "Financial Capability in the United States," December 2009)
         The national average default rate as January 2010 stood at 27.88 percent
          and the mean default rate is 28.99 percent. (Source: CreditCards.com
          survey, January 2010)
         Slightly more than half of Americans -- 51 percent -- said that in the past
          12 months, they carried over a balance and was charged interest on a
          credit card. (Source: "Financial Capability in the United States," FINRA
          Investor Education Foundation, December 2009)
         93 percent of cards allowed the issuer to raise any interest rate at any
          time by changing the account agreement. (Source: Pew Safe Credit Cards
          Project, March 2009)
        Only eight percent of cards with penalty rate conditions offered to restore
         the original rate terms when payments are made on-time, usually after 12
         months. (Source: Pew Safe Credit Cards Project, March 2009)
        72 percent of cards included offers of low promotional rates which
         issuers could revoke after a single late payment. (Source: Pew Safe Credit
         Cards Project, March 2009)
        Among 39 credit cards Consumer Action looked at from 22 financial
         institutions, the average interest rate for purchases was 12.83 percent.
         That's a drop of more half a point from the 2008 survey results. Interest
         rates on purchases ranged from 4.25 percent to 22.99 percent, with the
         fixed rate credit cards averaging an interest rate of 10.03 percent and the
         variable rate credit cards averaging 13.20 percent. (Source: Consumer
         Action credit card survey, July 2009)
        Average APR on new credit card offer: 14.10 percent (Source: CreditCards.com
         Weekly Rate Report, May 2010.)
        Average APR on credit card with a balance on it: 14.67 percent, as of
         February, 2010 (Source: Federal Reserve's G.19 report on consumer
         credit, May 2010)

                                          Back to top of statistics page


Issuers/networks

Circulation


Total cards in circulation in U.S.
(Through year-end 2010, unless otherwise noted)

        American Express credit: 48.9 million (Source: American Express)
        MasterCard credit: 171 million (Source: MasterCard)
        MasterCard debit: 123 million (Source: MasterCard)
        Visa credit: 269 million, as of Sept. 30, 2010 (Source: Visa)
        Visa debit: 397 million, as of Sept. 30, 2010 (Source: Visa)
        Discover cards: Unavailable

Purchase/transaction volume


Issuer purchase volume
(Through year-end 2010)

        American Express: $131.1 billion (Source: American Express)
        Discover cards: $92.5 billion (Source: Discover)
        MasterCard credit: $479 billion (Source: MasterCard)
        MasterCard debit: $333 billion (Source: MasterCard)
        Visa credit: $809 billion (Source: Visa)
        Visa debit: $1.05 trillion (Source: Visa)


Issuer transaction volume
(Through year-end 2010)

        American Express: Doesn't disclose publicly
        Discover cards: Unavailable
       MasterCard credit: 5.85 billion (Source: MasterCard)
       MasterCard debit: 8.46 billion (Source: MasterCard)
       Visa credit: 9.4 billion (Source: Visa)
       Visa debit: 28.6 billion (Source: Visa)


                                            Back to top of statistics page


Online use

       Seventy-one percent of survey respondents said they have logged into their credit card account via the
        Internet. (Source: ComScore, December 2009)



                                            Back to top of statistics page


Payment trends

       About 6 percent of consumers have used a prepaid card in the past months. About 9 percent have used one in the
        past year. (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010)
       About 69 percent of consumers have used a credit card in the last month. About 73 percent have used one in the
        past year. (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of Boston, January 2010)
       About 56 percent of consumers carried an unpaid balance in the past 12 months. (Source: "The Survey of Consumer
        Payment Choice," Federal Reserve Bank of Boston, January 2010)
       About 45 percent of consumers said their unpaid credit card balance had gotten "lower" or "much lower" in the past
        12 months. Only 26 percent said it had gotten "higher" or "much higher." (Source: "The Survey of Consumer
        Payment Choice," Federal Reserve Bank of Boston, January 2010)
       "More consumers now have debit cards than credit cards, and consumers use debit cards more often than cash,
        credit cards, or checks individually." (Source: "The Survey of Consumer Payment Choice," Federal Reserve Bank of
        Boston, January 2010)
       Nearly one in three Americans -- 29 percent -- said that in some of the past 12 months, they paid only the minimum
        payment on their credit cards. (Source: "Financial Capability in the United States," FINRA Investor Education
        Foundation, December 2009)
       More than half of Americans -- 54 percent -- said that in the past 12 months, they always paid their credit cards in
        full. (Source: "Financial Capability in the United States," FINRA Investor Education Foundation, December 2009)
       41 percent of cardholders from the ages of 18 to 29 made only the minimum required payment on a credit card in
        some of the past 12 months. (Source: "Financial Capability in the United States," FINRA Investor Education
        Foundation, December 2009)
       Three in four cardholders age 60 or older always paid their credit card in full in the past 12 months. (Source:
        "Financial Capability in the United States," FINRA Investor Education Foundation, December 2009)
       26 percent of Americans, or more than 58 million adults, admit to not paying all of their bills on time. Among
        African-Americans, this number is at 51 percent. (Source: National Foundation for Credit Counseling, 2009 Financial
        Literacy Survey, April 2009)
       The average credit card-indebted family in 2004 allocated 21 percent of its income to servicing monthly debt
        compared to the 13 percent dedicated to debt payments among all households. (Source: Demos.org, "Borrowing To
        Make Ends Meet," November 2007)
        58 percent of Hispanics have not used a credit card in the past 30 days. (Source: Experian Consumer Research
        study, November 2008)
       31 percent of Hispanics typically pay cash for their purchases. (Source: Experian Consumer Research study,
        November 2008)
       When finances are tight, 59 percent of people would pay their credit card bills last. A majority -- 52 percent -- would
        pay the mortgage first and 38 percent say they would pay for utilities before paying other obligations. (Source:
        CreditCards.com survey, December 2008)
       41 percent of college students have a credit card. Of the students with cards, about 65 percent pay their bills in full
        every month, which is higher than the general adult population. (Source: Student Monitor annual financial services
        study, 2008)
       27 percent of U.S. families had no credit cards in 2007. (Source: Federal Reserve Board Survey of Consumer
        Finances, February 2009)
       One in six families with credit cards pays only the minimum due every month. (Source: Experian national score
        index study, February 2007)
         Of every $100 spent by consumers, nearly $40 is in a form other than cash or check. (Source: Visa USA internal
          statistics, 4th quarter 2006)
         28 percent of those surveyed say their ability to pay off their credit card balance has become more difficult. (Source:
          Javelin Strategy & Research, "Credit Card Issuer Profitability in a Difficult Economy," July 2008)


                                              Back to top of statistics page


Prepaid cards

Circulation

         The total amount loaded for prepaid cards in 2008 (including both open-loop cards -- which are general purpose
          cards that carry the American Express, Discover, MasterCard or Visa logo and can be used wherever those cards are
          accepted -- and closed-loop cards -- which can only be used in specific places) was $247.7 billion, a $27.8 billion
          increase over the $220.27 billion load in 2007. That's an increase of 12.4 percent.
          (Source: Mercator Advisory Group, "6th Annual Network Branded Prepaid Market Assessment," September 2009)
         Open-loop gift cards (general purpose cards that carry the American Express, Discover, MasterCard or Visa logo and
          can be used wherever those cards are accepted) continue to grow in popularity. $60.42 billion was loaded on to
          open-loop prepaid cards in 2008, a 54.3 percent increase from 2007.
          (Source: Mercator Advisory Group, "6th Annual Network Branded Prepaid Market Assessment," September 2009)

Fees

Purchase/transaction volume

Other statistics:

         Eighty percent of consumers currently own a debit card, compared to 78
          percent who own a credit card and 17 who own a prepaid card. (Source:
          "The Survey of Consumer Payment Choice," Federal Reserve Bank of
          Boston, January 2010)
         About 6 percent of consumers have used a prepaid card in the past
          months. About 9 percent have used one in the past year. (Source: "The
          Survey of Consumer Payment Choice," Federal Reserve Bank of Boston,
          January 2010)
         Eighty percent of consumers currently own a debit card, compared to 78
          percent who own a credit card and 17 who own a prepaid card. (Source:
          "The Survey of Consumer Payment Choice," Federal Reserve Bank of
          Boston, January 2010)



Rewards

         More than one third of consumers choose which card to use in order to maximize card rewards. (Source: ComScore,
          September 2008)
         Two-thirds of survey respondents said they would consider switching their primary credit card if a better feature
          were offered. (Source: ComScore, September 2008)
         Among customers who said they would consider switching cards based on better rewards, more than two thirds (68
          percent) said that cash back would be most influential in getting them to switch. (Source: ComScore, September
          2008)

Circulation

         About 60 percent of consumers have a rewards credit card. (Source: "The Survey of Consumer Payment Choice,"
          Federal Reserve Bank of Boston, January 2010)
       Visa says rewards cards now make up more than half of all credit cards and about 80 percent of money spent on a
        credit card. (Source: Aite Group, January 2008)
       Consumers say rewards are the second-most important reason for choosing to apply for a specific card, behind no
        annual fees and ahead of low interest rates. (Source: Aite Group survey, January 2008)


                                          Back to top of statistics page


Total purchases/transactions


Issuer purchase volume
(Through year-end 2010)

       American Express: $131.1 billion (Source: American Express)
       Discover cards: $92.5 billion (Source: Discover)
       MasterCard credit: $479 billion (Source: MasterCard)
       MasterCard debit: $333 billion (Source: MasterCard)
       Visa credit: $809 billion (Source: Visa)
       Visa debit: $1.05 trillion (Source: Visa)


Issuer transaction volume
(Through year-end 2010)

       American Express: Doesn't disclose publicly
       Discover cards: Unavailable
       MasterCard credit: 5.85 billion (Source: MasterCard)
       MasterCard debit: 8.46 billion (Source: MasterCard)
       Visa credit: 9.4 billion (Source: Visa)
       Visa debit: 28.6 billion (Source: Visa)

Other


       Today, credit cards are responsible for more than $2.5 trillion in
        transactions a year and are accepted at more than 24 million locations in
        more than 200 countries and territories. (Source: American Bankers
        Association, March 2009)
       Between 1989 and 2006, the nation's total credit card charges increased
        from about $69 billion a year to more than $1.8 trillion. (Source:
        Demos.org, April 2008)
       It is estimated that there are 10,000 payment card transactions made
        every second around the world. (Source: American Bankers Association,
        March 2009)



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