Average credit card debt in each home....

[Got-Busa?]

My wife and I were talking about some things the other night and I was informed that she has a coworker with SEVERE credit card debt. This conversation got me thinking and searching some info online. I found several different stats with many conflicting amounts but the latest one I came upon was a Forbes article that states "the average credit card debt in America is almost $10,000". Keep in mind that other stats show anywhere from $2,500 - $8,000.

I know it's a touchy subject for a lot of people; I was just wondering peoples thoughts?

[Blanca BusaLess]

Credit Cards are an evil necessity.
It is how I conduct my business and it is even how I get paid sometimes.
I use them to pay for contracts and the Govt sometimes pays me direct with one.

I cant live without them.


Personally I er uh she has racked up a bit but the debt is at 0% for another yr or so , so I have time to pay it off.
If you can look online for 0% cards and transfer the balance to one.
The balance you transfer will stay at 0% but future purchases will be regular up the kazoo rates !

[macon454]

Re: Who much credit card debt do you owe...?

None here, Debit card is all i got, will never have a credit card, seen to much of what it has got other people into. If i cant by it, i wait until i have the money saved to buy it.

[Dr E]

Re: Who much credit card debt do you owe...?

Only what I can pay each month. Primary use is for gas. My PayPal is paid off each month I use it. With these new rules from the credit card companies it does not pay to have any carry over.

[Blanca BusaLess]

Re: Who much credit card debt do you owe...?

We had to use them a few yrs ago. Had no other choice at the time.
Since then I have transferred most of the debt to 0% cards and we are not using them anymore.
Still over 10k though




ps...never noticed how similar the 2 avatars for Dr E and Macon454 were until now ?

[Takeuon]

Re: Who much credit card debt do you owe...?

I fell into the credit card black hole after coming out of college, statistics show that to be the most vunerable time for many young Americans. After doing irrevocable damage to my credit and taking years to pay it off, I no longer own any plastic other then my bank debit card.

The whole credit card issue has become a crisis IMO. But we are to blame, advertising & society tell us to buy buy buy...even though we can not afford afford afford.... its like an addiction we do not know a cure for.
The banks love the above numbers you posted, its what keeps them fat and paid! Sad

[Got-Busa?]

A work or business credit card for expenses is in another category IMO. This was in relation to regular personal credit cards.

How much are people charging just on regular stuff that they aren't paying cash for?

I'm not talking about the percentage rate for the debt charged. How much are the balances you are transferring back and forth to keep the 0% finance charge...?

[Blanca BusaLess]

About 3yrs ago I tansferred almost 15k to 3 separate 0% citicards.
Each one had 5k limit on them.
One is gone.
Other 2 are still around 8k total.

One I have spent about 1500 on and this carries interest.

And I have like 2k on Home Depot card. ( I shop there when depressed)

[macon454]

None here, Debit card is all i got, will never have a credit card, seen to much of what it has got other people into. If i cant by it, i wait until i have the money saved to buy it.

[Got-Busa?]

Sorry, this was suppose to be a poll. Somehow there are two threads but hopefully a moderator can merge the two... *THANK YOU!*


The same stats are showing a national average household income at roughly $50,000. Which would require people to send around 22% of there income to pay them off (if they paid them off). They also quoted 43% of people spend MORE than they make...

....and people wonder why the government is in BAD shape!

[Blanca BusaLess]

The part about spending more than we make is how we have become brainwashed to think by all the holiday ads and hype.
Govt wants you to be in debt.
Makes for a more fearful person.

We dont save any more. Not like our parents did thats for sure !

[zukracer]

will be debt free (I hope) within the next 30 days We will keep 2 cards, 1 for emergency needs and 1 to charge as much as we spend a month on to get the marriott points It will be paid in full every month.

On the otherhand, I run over 150k a year through my corp expense card. It has a 60 day grace period and no interest, difference is its a charge card, not credit card.

[Busa1166]

in the hole deep with credit cards over 15K\

If the job hadn't cut my commission to go along with the rapid decline of buisness right now making 1/2 of what I used too I'd be debt free.

Medical expenses all I am focusing on right now things are bad but if you can keep breathing an keep your carcass out of the grave that s a win in my book.

[Blanca BusaLess]

Should start another thread about how much debt in med bills we have..

I got..well please dont make me cry !

[jwest]

debit only or cash

[m_ridgeway]

About 2k split between a best buy and sears card. No general credit cards. Debit only unless its just a special situation. Like if I'm layed off and fridge breaks. Got some savings but why tie up liquid when ill be back to work and pay the card off.

My debt is prob about 140k. I live pretty well below my means. But I just got started a lil fast a lil early. Ill be sitting a lot better in 11. Debt SHOULD be less than 100k and 0 credit cards. I'm canceling the store ones when paid and getting a general card for emergencies.

I agree with the above post about how people live out of their means. Everyone seems to need to keep up with the jones's these days.
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[2hip]

I use only my American Express card for gas, groceries, restaurants...Amer Express pays almost everyone of my monthly bills like Verizon, insurance payments, Direct tv..on and on...That way I don't have to worry about paying on time for anything...all other bills are automatic withdrawls. I literally pay only 3 bills a month. The big carrot is the sky miles. I paid for my wife's ticket to Europe to visit her family by the use of sky miles...that was a 1400 dollar ticket...But my credit debt is paid off every month..

The other thing I want to warn the young guys about is revolving debt..when you transfer debt from one card to a lower (teaser) card it is noted by the credit agencies and lowers your score. If you do it enough times and your balance is climbing it is a serious red flag and can trigger the credit card agencies who review these reports to change your rates without provocation on your part...you can be on time, you can be paying what is being asked for on the statement...and bam...be careful guys..2hip

[Blanca BusaLess]

2hip would you be refering to this grasshopper ?


Good info that I did not know. As far as the credit rating goes I have come full circle.
In my youth I did not care, then worked hard to get it to high 700s and now I wanna destroy it again to prevent the demon inside me....
I only did it cuz duh they were at like crazy interest so I transferred it to 3 with 0%.
It will be diff to zero the bal before the 0% expires though.
I think day after it goes to like 27% or something ! Yikes !

[m_ridgeway]

If you let a balance lap after a 0 interest the accrued interest applies in some cases.
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[Blanca BusaLess]

Mattstang you are correct on that regarding Home Depot.
Learned that the hard way.
Both washer and dryer went last summer.

Of course wife had to have some of the new front loaders. Why ? Oh because its the style she says.
Both of them are in the shed outside. NOBODY EVER SEES THEM...

Anyway yes the 0% HD offers I think for first 6mos expired and it went to upper 20s with accrued as you say. That sucks. Oh well..