Credit allows one party to provide resources to another without immediate reimbursement, building trust over time. Common forms of credit include credit cards, loans, and merchant cards. Credit reports record credit activities and payments, maintained by the three major bureaus. In the US, there are over 1.2 billion credit cards resulting in average consumer debt of $14,500. About 40% of families spend more than they earn annually, with the average family paying $1,560 in credit card interest. Options to improve credit include financial counseling to reduce debt, debt consolidation loans, or bankruptcy as a last resort.