Did You Know?
- The average credit card rate is 18.9%, but they vary from 0% to more than 50%.
- As of 12/2015 there are around 318 million credit card accounts with $2,330 on average spending in the U.S.; the average credit line for new customers with the best credit stands at $9,060.
- If you take out a payday loan, you will likely be charged a fee of between $10 and $30 for every $100 borrowed.
If payday is in two weeks, a $500 loan costs $150, and $650 will be electronically withdrawn from the borrower's checking account.
- Sixty percent of credit card holders with investable assets of $100,000 or more say cash back is their favorite credit card perk while 22 percent said they preferred frequent flier miles.
- A FICO score is calculated from credit reports based on payment history (35%), amount owed (30%), length of credit history (15%), new credit (10%) and types of credit used (10%).
- Your credit reports document your history of using credit. A longer credit history helps your credit score and is a positive sign to lenders who check your credit report.
When you cancel an account, particularly an old one, you shorten your history and could lower your credit score.
- Credit reports or credit scores may affect your mortgage rates, car loan rates, credit card approvals, apartment requests, or even your job application. You need to ensure that the information on all of your credit reports is correct and up to date.
- 10 places NOT to use your debit card:
online, big-ticket items, deposit required, restaurants, you're a new customer, buy now and take delivery later, recurring payments, future travel, gas stations and hotels, and checkouts or ATMs that look 'off'.
- Four Risky Places to Swipe Your Debit Card: ATMs, Gas Stations, Web, and Restaurants.
- The biggest retirement mistake people make is they stick their money in a bank; the inflation will destroy 50% of savings every 22 years if the money is deposited there. Money needs to put in safe investments.
- 46% of Americans have less than $10,000 saved for retirement, and 36% of Americans don’t contribute anything at all to their savings.
- Americans working abroad are eligible for the foreign earned income exclusion, which in 2012 exempted the first $95,100 from tax. But even if Americans earn less than that or are paying higher taxes in the country where they are working, they still need to file a tax return with the IRS.
- Your credit score, which ranges from 300 to 990, is calculated in a weighted formula using the available information in your credit report. The FICO credit score ranges between 300 and 850. The VantageScore score ranges from 501-990.
35% of the score is based on your payment history; 30% of the score is based on outstanding debt; 15% of the score is based on the length of time you've had credit; 10% of the score is based on the number of inquiries on your report; and 10% of the score is based on the types of credit you currently have.
- The FICO credit score ranges between 300 and 850, with 623 being the median FICO score of Americans in 2010. The VantageScore score ranges from 501-990. In order to get a mortgage loan, most U.S. banks require a loaner to have a
minimum score of 640, and most private mortgage insurance companies do provide mortgage insurance for borrowers with scores below 660.
- As of August 2012, the average credit card holder has 4 credit cards, and around 70% of American students have credit cards.
- As of May 2011, around 40 percent of US government spending relied on borrowed money.
- As of January 2010, around 80% of consumers owned a debit card, compared to 78% who owned a credit card and 17% who owned a prepaid card.
- There were about 159 million credit card holders in the United States in 2000, 173 million in 2006, 176.8 million credit card holders in 2008, and estimated 181 million credit card holders in 2010.
- It is illegal for debt collectors to make empty threats about serving people with a lawsuit or seizing their home.
- If you are contacted by someone who is trying to collect a debt that you do not owe, you should:
- Contact your local law enforcement agencies if you feel you are in immediate danger;
- Contact your bank(s) and credit card companies;
- Contact the three major credit bureaus and request an alert be put on your file;
- If you have received a legitimate loan and want to verify that you do not have any outstanding obligation, contact the loan company directly;
- File a complaint at www.IC3.gov.
- For older debts, the amount of time collectors can sue for payment varies state by state, and can be anywhere from two to 15 years.
- China and Japan are the countries with the two biggest stockpiles of foreign exchange and total-currency reserves. As of the end of December 2011, the total reserve assets of China, Japan, Euro Zone and the U.S. were USD $3.5 trillion, $1.3 trillion, $912 billion, and $149 billion respectively.
- In the U.S. as of 11/2011, 34% major banks, 70% community banks, and 78% credit unions offer no-fee checking accounts to their customers; and 77% of total checking account fees that are overdraft charges.
- Thirty U.S. companies paid less than zero in federal income taxes in at least one year from 2008 to 2010. These companies, whose pretax U.S. profits totaled $160 billion over the three
years, included: Pepco Holdings (Profit: $882M; Tax: –$508M; Rate: -57.6%), General Electric (Profit: $10,460M; Tax: –$4,737; Rate: -45.3%), PG&E (Profit: $4,855M; Tax: –$1,027M; Rate: -21.2%),
Computer Sciences (Profit: $1,666M; Tax: –$305M; Rate: -18.3%), DuPont (Profit: $2,124M; Tax: –$72M; Rate: -3.4%), Verizon (Profit: $32,518M; Tax: –$951M; Rate: -2.9%), Boeing (Profit: $9,735M; Tax: –$178M; Rate: -1.8%),Wells Fargo (Profit: $49,370M; Tax: –$681M; Rate: -1.4%), and Honeywell (Profit: $4,903M; Tax: –$34M; Rate: -0.7%).
- U.S. financial firms paid about $20.8 billion in bonus for work done in 2010.
- In New York City, the average Wall Street salary in 2010 was $361,330, which is more than five times the average salary of a private-sector worker in the city.
- During the past 2.5 years, American financial firms generated at least $83 billion in profit.
- A debit card, which looks like a credit card but works like an electronic check, allows the cashier to run it through a scanner that enables the financial institution to verify electronically that the funds are available and approve the transaction.
- In November 2010, the U.S. government ran a $150.39 billion budget deficit; its income was $148.96 billion, and spending was $299.35 billion. A year ago in November the deficit was $120.29 billion
- As of June 1, 2010, the total U.S. public debt outstanding was over $13 trillion. In 1843, the U.S. government set up an account to accept gifts from people wishing to help the country. These days, the money is directed to pay down the country debt. In 2009, people sent $3,063,057. So far this year (June 2010): $2,451,267.
- As of the beginning of January 2010, there were about 576.4M credit cards and 507M debit cards in circulation in the U.S. The average number of credit cards held by cardholders was 3.5, and the average credit card debt per household was $16,007. The credit card default rate was 11.37 percent.
- The United States Dollar is the currency in
American Samoa (AS, ASM),
British Virgin Islands (VG, VGB, BVI),
El Salvador (SV, SLV),
Guam (GU, GUM),
Marshall Islands (MH, MHL),
Micronesia (Federated States of Micronesia, FM, FSM),
Northern Mariana Islands (MP, MNP),
Palau (PW, PLW),
Puerto Rico (PR, PRI),
United States (United States of America, US, USA),
Turks and Caicos Islands (TC, TCA),
Virgin Islands (VI, VIR),
Ecuador (EC, ECU),
Midway Islands, and
- On 1 January 1999, the European Monetary Union introduced the
euro (€) as a common currency to be used by financial institutions of member countries; on 1 January 2002, the euro became the sole currency for everyday transactions within the member countries .
- The countries in the European Union (EU) that use the euro are: Belgium, Germany, Greece, Spain, France, Ireland, Italy, Luxembourg, The Netherlands, Austria, Portugal, and Finland.
- European Union countries not using the euro are: Denmark, Sweden, and the U.K.
- Other territories using the euro are: Andorra, Monaco, San Marino, The Vatican, Martinique, Guadalupe (Caribbean), Reunion (Indian Ocean), Montenegro, and Kosovo.
- Bank of America, which was established in 1930, was originally Bank of Italy!
- As of the end of 2009, there were 270 million Visa credit cards, 82 million Visa debit cards, 203 million MasterCard credit cards, 125 million MasterCard debit cards, 48.9 million American Express credit cards, and 54.4 million Discover credit cards in circulation in the United States.
- The United States Dollar is also known as the American Dollar, and the US Dollar. The symbol for USD can be written $. The Federal Government started printing paper currency in 1861.
- The United States Mint is in charge of producing the nation's coins, while the Bureau of Engraving has printed banknotes and printing for the
Federal Reserve since 1914. Note size used to be very large but switched over to a smaller size in 1928. A million dollars' worth of $100 bills weighs about 22 pounds.
- The biggest bill that exists is one for $100,000. This $100,000 bill was never made available to the public, and was limited to transactions between the Treasury Department and the Federal Reserve. However, it is still legal tender, if anyone can get it.
- The issuance of US currency in denominations of five hundred dollars, one thousand dollars, five thousand dollars, and ten thousand dollars was discontinued in 1969 because of declining use.
- Flatbush National Bank of Brooklyn was the first bank to issue a credit card in 1946.