Statistics, Facts & Such

In 1993, the collection of fees represented 6.9% of income for federal credit unions. 66.5% of income came from loan interest, and 23.6% from investments.

It is estimated that there are presently over 300 firms that provide banks, thrifts and credit unions with retail investment and insurance/annuities products and services.

31% of Home Equity Lines of Credit are used for debt consolidation: 27% for home improvements: 11% for automobiles: and 9% for education, according to the Consumer Bankers Association 1994 Home Equity Loan Study.

The International Card Manufacturers Association, Princeton, NJ says that credit card fraud costs the banking industry more than $1.2 billion annually worldwide.

There is more than $349 billion in U.S. currency in circulation worldwide. $207.5 billion in $100 bills; $41 billion in $50s: $75 billion in $20s: $13.2 billion in $10s: $6.5 billion in $5s: $841 million in $2s: and $5.5 billion in $1 bills.

A bankruptcy filing remains on a credit report for 10 years.

The average minimum-payment requirement for the credit card industry is 2% of the current balance or $10.

A Consumer Bankers Association study showed the average Home Equity Line of Credit borrower has held the same job for 9.7 years; owned the same home for 9.8 years; has a household income of $53,928; borrowed $31,599; and has $21,120 outstanding.

$1 bills fray and wear out in 18 months and have to be replaced. $5 bills last two years, and $20 bills are usable up to three or four years.

Copyright © 1994 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 5, No. 1, 8/94