Credit Card Debt

Probably, you would see someone to pay petrol bill through credit card. If there is no money in account and credit card holder contracts the financial company to use credit card for purchasing or for paying other expenses, this create credit card debt. It is not secured loan because value of debt is very low; generally, this card is used for paying pity expenses of business or home. Interest rate is very high on these types of debts. Many financial companies’ charges interest on credit card debt more than 15%. Credit card debt can be given up to fixed credit limit. In India, student credits cards are more popular. Except student credit card debt, you can take debt through Barclay’s credit card, wait credit card and sbi credit card etc.

Credit Card Debt Statistics

Following chart shows that major part of credit card debt has been taken from US. But you can see Uk and Australia in the race of credit card debt providers countries.

US $ 962 billion

UK $ 96 billion

Australia $ 37 billion


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Accounting Education: Credit Card Debt
Credit Card Debt
Accounting Education
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