Is anyone else as scared of this as I am? I cannot image the Credit Card companies are too happy with this either.

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  • 78 percent of American households — about 91.1 million — had one or more credit cards at the end of 2008. A year earlier, there were 90.4 million households with cards. (Source: Nilson Report, April 2009)
  • The average outstanding credit card debt for households that have a credit card was $10,679 at the end of 2008. One year earlier, that average was $10,637. (Source: Nilson Report, April 2009)
  • 5% of $10,000 is $500.00.

Can you image just 5% of all Americans with a $10,000.00 balance or more all filing Bankruptcy?