Released: August 10, 2008

Don’t get clobbered by credit cards

Source: Gary Weiss, Parade Magazine

f you’re like most Americans, you have four credit cards in your wallet—and you use them more than you should. Credit-card debt in the U.S. has reached a record high —nearly $1 trillion, according to the latest figures from the Federal Reserve Board. The average American household’s debt from credit cards has risen from $2966 in 1990 to $9840 in 2007.

The end isn’t in sight. As bank loans have become tougher to get, many Americans are using plastic instead of cash for basic living expenses, such as skyrocketing grocery costs and medical bills. And for too many of us, easy credit has led to easy spending beyond our means. 

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