Statistics, Facts, & Such
Personal bankruptcy filings rose 19.5% last year, to 1.34 million, according to VISA USA.
West Virginia bankruptcy filings rose 54.2% over the previous year. Wyoming had the least increase in the number of filings with 6%.
80% of the 50 banks participating in a Consumer Bankers survey offer an inexpensive 'basic banking' or no-frills checking account; 36% offer an inexpensive 'ATM only' or self-service style account; 70% offer a special lower-priced or free account with eligibility restrictions such as age or student status; and 100% offer at least one of these cheaper alternatives to regular checking.
A study of 800 consumers' spending habits by American Express showed people spend $20,000 a year (average) on typical household and recurring expenses like fast food, doctors, cable TV, groceries, charitable donations and monthly utilities.
Credit cards are most commonly used in the purchase of home furnishings (61%) and gas stations (56%). Low on list is the use of credit cards in supermarkets (29%).
Internet experts expect $116 billion of electronic commerce by 2000, with $900 million of electronic cash transferred.
In 1993, 8% of auto buyers financed for more than 60 months. In 1997, 20% did.
Large national and regional banks tend to charge up to 36% more for overdrafts than smaller local banks - e.g. $20.45 vs. $15.01.
The National Federation of Independent Business says people in their 20s and early 30s started 1.9 million new businesses in 1996 - 43% of overall startups in the country.
Copyright © 1998 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 8, No. 5, 5/98
First published on 05/01/1998