25 Things You Might Not Know About Credit Cards

America runs on credit. It’s a fact of life. If you don’t have good credit you might not get jobs, not be able to rent, not get a loan. And to live in the United States you will almost certainly need a loan at some point in your life. Student loans, car loans, home loans. You get loans to pay other loans. It’s a vicious cycle that leaves much of the world confused, much of America in debt, and much of Wall Street rich. The average American household has several thousand dollars of credit card debt. What is worse is that many of those households willingly carry that debt. Moreover, the average American has several credit cards. These days you can buy almost anything, even if you don’t have any money. As long as you have a credit card you can just make minimum monthly payments and you’ll be fine right? Well, that can work if you don’t mind being a slave. Today we’re going to go over some of the key points concerning debt and credit cards. To summarize – if you don’t know how to use a credit card…don’t. These are 25 Things You Might Not Know About Credit Cards.

20

To see it in action, start on the right and double each second digit (2121 would become 4141). Then add them together and you should end up with a number divisible by 10. If not, the card is not valid.

To see it in action, start on the right and double each second digit (2121 would become 4141). Then add them together and you should end up with a number divisible by 10. If not, the card is not valid.Source: creditcards.com, Image: freestockphotos.biz
19

The average American household receives 6 credit card offers every month

The average American household receives 6 credit card offers every monthSource: Weston, Liz. 2012. Your Credit Score: How to Improve the 3-Digit Number that Shapes Your Financial Future, Image: wikipedia

18

In 2006, credit card companies earned more than $90 billion in interest

In 2006, credit card companies earned more than $90 billion in interestSource: businessinsider
17

VISA stands for Visa International Service Association. This is known as a recursive acronym because it refers to itself.

VISA stands for Visa International Service Association. This is known as a recursive acronym because it refers to itself.Source: wikipedia, Image: frankieleon via flickr

16

On the VISA logo, the blue represents the sky and gold represents the hills in California which is where Bank of America was founded (VISA used to belong to Bank of America)

On the VISA logo, the blue represents the sky and gold represents the hills in California which is where Bank of America was founded (VISA used to belong to Bank of America)Source: Hyman, Louis. 2012. Borrow: The American Way of Debt, Image: wikipedia

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