They know that statistics reveal if they can get a credit card in your hand that you will spend 34% more in a year than you would with cash. The average American credit card holder charges more than $2500 a year on credit cards which has an average interest rate of 18%. Just listen to the following statistics gleaned from applications for a home loan from an unnamed bank. 90% of all applicants have a minimum of 4 credit cards and 3 out of 4 are at maxed. 82% of all applicants have 2 car payments, the average payment being $396 for 48 months. 1/3 of the younger adults have overdrawn their checking account 90 days before the loan appointment. Get this: Of those applying.. it would take an average of 6 years for each individual to pay off their consumer debt.. debt other than a house- if they stopped charging today and added nothing to their credit cards, it would take 6 years!