Easily access credit cards
Credit card companies are targeting people with low income. They do this because statistics show the people who have a lower income have a larger amount of credit card debt. Credit card companies love to send in mailers to encourage people to sign up for their credit card. The average household has 3 credit cards!
The credit card companies want to make money off of consumers through the interest rates and annual costs of the card. The statistics show that only half of Americans pay off their credit cards each month, so they are counting on all of the income that the interest will bring them.
The average household has over $5,000 in credit card debt. With the average interest rate being 16%, the credit card companies stand a chance to make a nice profit each month, at least $60/month on average for each card. We already know that on average they are making over $1,000 a year from each card holder.
Hello,
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Thank you,
Kylie