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In August an article in Parade Magazine quoting the Federal Reserve Board said, “If 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.” Source:Gary Weiss. Parade: Don’t Get Clobbered By Credit Cards! (http://www.parade.com/hot-topics/0808/dont-get-clobbered-by-credit-cards) 08/10/2008.

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