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Percentage of Americans that carry credit card debt?
Posted on 7/5/22 at 11:05 am
Posted on 7/5/22 at 11:05 am
I recently had 2 friends casually admit to not paying off their credit cards every month and carrying balances. They both mentioned it in a manner that implied everyone does it. I personally can not imagine a bigger waste of money.
Both friends make good money and neither seems to live a lavish lifestyle (one does go out a lot).
What percentage of Americans carry credit card debt would you guess?
Both friends make good money and neither seems to live a lavish lifestyle (one does go out a lot).
What percentage of Americans carry credit card debt would you guess?
19
Posted on 7/5/22 at 11:08 am to Tiger Attorney
Of the people that have cards, I'd wager the majority of those carries debt. Haven't looked this figure up before, but the average amount of cc debt is staggering
Posted on 7/5/22 at 11:08 am to Tiger Attorney
I have seen some polls saying that like up to 50% of people carry credit card debt in America. It is insane, really hard for me to believe.
Posted on 7/5/22 at 11:12 am to Tiger Attorney
quote:
I recently had 2 friends casually admit to not paying off their credit cards every month and carrying balances. They both mentioned it in a manner that implied everyone does it. I personally can not imagine a bigger waste of money.
About 55% of Americans carry a month to month balance on credit cards. This isn't a new topic. Been covered a billion times
Posted on 7/5/22 at 11:17 am to Mingo Was His NameO
How do we profit from the irresponsibility?
Posted on 7/5/22 at 11:18 am to UltimaParadox
This is just mind blowing to me.
They are just throwing money away. I would have guessed 30% at most.
They are just throwing money away. I would have guessed 30% at most.
Posted on 7/5/22 at 11:18 am to Tiger Attorney
I pay off ever month unless there is some deal where there is no interest for a Certain amount of time (ie appliance purchase at Home Depot). Not sure why I do that.
Posted on 7/5/22 at 11:21 am to Tiger Attorney
Found out this weekend that a close friend of mine who seemed to have their life together has over 50k in CC debit. He casually asked me about it and was astounded that we had 0 debit besides normal bills and our mortgage.
Posted on 7/5/22 at 11:24 am to Tiger Attorney
quote:There really isn;t a bigger waste of money out there. You are essentially going into a store any voluntarily paying 20-30% higher for everything
I personally can not imagine a bigger waste of money.
Posted on 7/5/22 at 11:26 am to Tiger Attorney
Never have and never will… but I’d imagine over 50% carry credit card debt. Hell I’d bet closer to 75% than 50% based off the fact that 2/3 don’t have enough cash to cover an emergency expense.
Posted on 7/5/22 at 11:31 am to Tiger Attorney
quote:
This is just mind blowing to me.
They are just throwing money away. I would have guessed 30% at most.
You’re super naive then, but that’s understandable depending on the circles in which you run.
Most people value today over tomorrow- it’s been that way forever, and CCs take full advantage of that fact.
Posted on 7/5/22 at 11:31 am to MSTiger33
quote:
I pay off ever month unless there is some deal where there is no interest for a Certain amount of time (ie appliance purchase at Home Depot). Not sure why I do that.
Always take free money.
Posted on 7/5/22 at 11:35 am to slackster
I just thought that people were not that stupid...especially ones that I thought were responsible.
Posted on 7/5/22 at 11:40 am to Tiger Attorney
quote:
I just thought that people were not that stupid
No idea why you would think that. Do you interact with people? Like ever?
Posted on 7/5/22 at 11:43 am to Tiger Attorney
quote:
I just thought that people were not that stupid...especially ones that I thought were responsible.
We're talking about a society that is averaging $700+ car notes, and is currently spending 3.7x their household income on a house.
I can't wait for it all to burn.
This post was edited on 7/5/22 at 11:44 am
Posted on 7/5/22 at 12:47 pm to Tiger Attorney
The C.C. fees when you swipe help pay for the rewards you can get on them, the people actually paying interest are the ones making these companies very rich because it's insane to pay 15-28% interest on anything.
I also not too long ago had some of my wife's friends mention they carry 'some' c.c. balance usually "to keep our credit score up". They make in excess of $200k a year and should have no problem paying it off every month. I had to let them know it doesnt help their credit score to carry a balance at all. In fact it only hurts as your utilization would be higher.
Crazy how some people just dont know any better.
I also not too long ago had some of my wife's friends mention they carry 'some' c.c. balance usually "to keep our credit score up". They make in excess of $200k a year and should have no problem paying it off every month. I had to let them know it doesnt help their credit score to carry a balance at all. In fact it only hurts as your utilization would be higher.
Crazy how some people just dont know any better.
Posted on 7/5/22 at 12:56 pm to thunderbird1100
I like how people on here are just shocked that anyone would carry CC debt, not put down 25% on a house, spend more than 20% of their monthly income on a house note, etc..
Posted on 7/5/22 at 1:08 pm to GeauxTigersGo
quote:
I like how people on here are just shocked that anyone would carry CC debt
I'm not shocked at all in general. Even with a 20% interest rate, if you have say $1k on a credit card\, and they send you something saying your minimum payment is $35 and you will accrue $14.50 of interest if you only pay the minimum, people think that's "nothing". "I only have to pay $35 this month on a $1000 balance and I only get hit with $14.50 of interest? I'll just get to it next month when i have more money"...that kind mentality is definitely rampant. It also creates a really bad cycle though too where more just gets thrown on the card, they keep paying minimums, interest while "just a little" adds up each month, etc...
What's surprising to me is like that I mentioned. People who are well off making good money and somehow carrying a balance for the sole reason of not understanding how a credit score even works....the financial education in this country is just sorely lacking.
This post was edited on 7/5/22 at 1:10 pm
Posted on 7/5/22 at 1:16 pm to GeauxTigersGo
quote:
I like how people on here are just shocked that anyone would carry CC debt, not put down 25% on a house, spend more than 20% of their monthly income on a house note, etc..
You throw all these together like they are equals…
Posted on 7/5/22 at 1:17 pm to Tiger Attorney
Seems like everybody. And you can’t really blame most. Cost of everything is up while salaries and wages don’t move.
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