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re: Percentage of Americans that carry credit card debt?
Posted on 7/6/22 at 2:43 pm to Tiger Attorney
Posted on 7/6/22 at 2:43 pm to Tiger Attorney
I was pretty reckless with my first CC in my early 20s and had around $10,000 that I paid off over time. I learned my lesson and don't carry a balance now unless some emergency pops up. I have a coworker that has filed for bankruptcy twice and has a shite load of CC debt again and he's only in his 40s. Idk who keeps giving him these things.
1
Posted on 7/6/22 at 3:03 pm to illuminatic
Dave Ramsey gonna be pissed
Posted on 7/6/22 at 3:40 pm to jralspanky
My wife and I have this conversation at least once a month. We figure that most people are just racking up the CC debt or they spend every last penny that comes in and don't save anything.
Posted on 7/6/22 at 3:51 pm to Tiger Attorney
I know millionaires who are cash poor and carry tons of credit card debt.
Posted on 7/6/22 at 11:11 pm to Tiger Attorney
I wonder if paying off everyone's credit cards will be Bidens new initiative
Posted on 7/7/22 at 8:10 am to grsharky
quote:
My wife and I have this conversation at least once a month. We figure that most people are just racking up the CC debt or they spend every last penny that comes in and don't save anything.
I'm not saying everyone needs to do a budget, but these type of people really really need to do a budget. They truly have no idea where their money all goes.
They would probably put down I spend $500 a month on a budget for eating out and actually spend like $1500 after tracking expenses for a month.
This post was edited on 7/7/22 at 8:11 am
Posted on 7/7/22 at 9:54 am to thunderbird1100
quote:
For a lot of people they see $100 on $6000 as not a big deal because "its just $100 on a much larger amount. But that's $1200 over 12 months on $6000, pretty insane. Hope you enjoy all those clothes, tv, vacation you put on that card
Time value of money (1+k)^n is 8th wonder of the world
For savers/investors OR debtors (credit card companies), except latter scoops 27% APR. That is financial soul crushingly bad for those who think and behave to grow wealth over time.
That credit card balanced shirt purchase is a $1 million decision or more, so to speak, for too many and they have not a clue it is.
Posted on 7/7/22 at 10:23 am to grsharky
quote:
My wife and I have this conversation at least once a month. We figure that most people are just racking up the CC debt or they spend every last penny that comes in and don't save anything.
I think this all the time when mom drives a new Yukon and they go to Disney for a week that’s $10,000
Like how the hell do y’all afford this?
Sure some have the money but a lot of people are leveraged up to their eyeballs in CC debt but it’s all for show
Posted on 7/7/22 at 10:38 am to thunderbird1100
quote:Indeed
The C.C. fees when you swipe help pay for the rewards you can get on them
quote:FWIW, that money goes to the affiliated institutions (e.g., JPMorgan Chase in the case of a Sapphire Preferred card), not to Visa/MC.
the people actually paying interest are the ones making these companies very rich because it's insane to pay 15-28% interest on anything.
It's an important distinction in investment considerations. During an economic downturn, banks rather than CC's bear risk of debt default.
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