anybody heard of a 0 credit score

[the chi]

Just some stats for thought...

43% of Americans carry a balance on their credit card.

One in 6 families with credit cards pays only the minimum due every month.
109 million credit card holders pay off their balance monthly or at least pay more than the minimum amount required.

With a minimum monthly payment of only 2% required on a card balance of $10,000 at 18% it would take 58 years to pay off the entire amount, with the cardholder paying $28,931 in interest. By paying a minimum monthly payment of 4% a cardholder would pay the same $10,000 off in 15 years and pay only $5,916 in interest.

Another tidbit...

Americans are addicted to the convenience of shopping with credit cards. Today 74.9% of all households have a credit card, 46.2% of all families carries a credit balance. The average household has $7,000-8,000 in credit card debt and pays 14.29% of disposable income for consumer debt payments. This debt is dragging down the household savings rate. As long as we only pay the minimum payment and continue to charge, we will never get out of debt and get serious about saving.

Now both state that in the 40% range people carries a credit balance...that reads to me that they dont pay it off monthly, so it def appears that it is not well below 50%.

Racer, is there more said from this guy about reasons for just now wanting credit?