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Infographic about credit card debt in the US (2010)Consumer and government debt as a % of GDP (United States)Consumer and government debt in the United States
Credit card debt results when a client of a credit card company purchases an item or service through the card system. Debt grows through the accrual of interest and penalties when the consumer fails to repay the company for the money they have spent.
If the debt is not paid on time, the company will charge a late-payment penalty and report the late payment to credit rating agencies. Late payment is sometimes referred to as "default". The late-payment penalty increases the customer's total debt.
A customer's interest rate may be significantly increased as a result of them missing multiple payments.[1] The penalty Annual percentage rate (APR) varies between card-issuing companies and is usually disclosed in literature at the time of a credit card application, and also on a paper notification that is sent with the credit card to the customer's residence.
Research shows people with credit card debt are more likely than others to forgo medical care than others and that the likelihood of forgone medical care increases with the magnitude of credit card debt.[2]
^"What is a penalty APR—and how to avoid it". CNBC.
^Lucie Kalousova, Sarah A. Burgard (2013). "Debt and Foregone Medical Care". Journal of Health and Social Behavior. 54 (2): 204–20. doi:10.1177/0022146513483772. PMID 23620501. S2CID 22679080.
Creditcarddebt results when a client of a creditcard company purchases an item or service through the card system. Debt grows through the accrual of...
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The CreditCard Accountability Responsibility and Disclosure (CARD) Act of 2009 is a federal statute passed by the United States Congress and signed by...
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agreements overdrafts creditcarddebt revolving credit other than overdrafts and creditcarddebtcredit lines other than revolving credit reverse repurchase...
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