Bad credit card approvals are becoming more and more prevalent. This is because the credit card companies don’t really have a choice in the matter, since the average credit rating of the standard American is dropping. Consider the following facts:

• Last year, more than 7 million people filed for bankruptcy.
• In 2003, the average annual percentage rate (APR) for a credit card was 16.5 percent. In March of 2007, it topped 19 percent.
• 41 percent of college credit card holders carry a balance from month to month, the average amount being $1,000.
• According to the Federal Reserve Bank, in 1968 consumers’ total credit card debt was $8 billion, in today’s dollars. Now, it’s $880 billion.
• At least 1 in 10 adult Americans carry more than 10 credit cards in their wallets or purses.

Taking these statistics into account, it’s no wonder bad credit card approvals are becoming commonplace.