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re: A record 36% of U.S. adults now have more credit card debt than savings.
Posted on 2/28/23 at 8:29 pm to NPComb
Posted on 2/28/23 at 8:29 pm to NPComb
In this scenario, does savings = retirement savings? I don't consider 401k/IRA balances as savings as you can't use them (without penalty) until you reach a certain age.
1
Posted on 2/28/23 at 8:36 pm to diat150
quote:
that seems low to me tbh.
My same thinking.
In a man-on-the-street interview, I would have guessed 75%.
Posted on 2/28/23 at 8:39 pm to stout
What % of that CC debt is to cover the basics of life (food, water, clothes and shelter) vs the % that is luxury?
Hunch is 66% of it is luxury and attributed to lack of financial discipline in living within or below means.
Hunch is 66% of it is luxury and attributed to lack of financial discipline in living within or below means.
Posted on 2/28/23 at 8:43 pm to stout
I get it, I was deep into credit card debt just 3 years ago, but I got my shite together.
Posted on 2/28/23 at 8:50 pm to Jcorye1
We ran up a good bit of credit card debt in my 20s. Young couple, 2 kids etc. It took years to pay off. Never again.
I have a general aversion to even using them now. I will occasionally but immediately pay it off. I don't really care about the rewards. That doesn't move the needle for us. To each their own.
I have a general aversion to even using them now. I will occasionally but immediately pay it off. I don't really care about the rewards. That doesn't move the needle for us. To each their own.
Posted on 2/28/23 at 8:56 pm to greenbean
quote:
In this scenario, does savings = retirement savings? I don't consider 401k/IRA balances as savings as you can't use them (without penalty) until you reach a certain age.
Any money you may use before retirement is not really savings. That delayed tax money is where you want all your savings. Compunding for the win.
Posted on 2/28/23 at 8:58 pm to GreatLakesTiger24
quote:you could have a mortgage too if you cut out the avocado toast and venti skinny mocha Al Pacinos
if i ever feel like im behind where i should be financially, i just remember that i have no credit card or student loan debt and only owe 5k on an auto loan. i'm basically a billionaire.
Posted on 2/28/23 at 8:59 pm to stout
If people recognized how much freedom they give up by the weight of CC debt and low savings, they would have much less/more of each.
Posted on 2/28/23 at 9:37 pm to stout
I figured that % would be higher.
Posted on 2/28/23 at 10:16 pm to stout
Seems low
All Kevin's fault
All Kevin's fault
Posted on 2/28/23 at 10:42 pm to stout
My month to month balance is $0.
All of my autopay bills go to the card and it's paid off in full. Easy way to rake in the rewards points. I don't have a case of caring about keeping up with fashion fads or anything like that, so living well within my means is very easy.
All of my autopay bills go to the card and it's paid off in full. Easy way to rake in the rewards points. I don't have a case of caring about keeping up with fashion fads or anything like that, so living well within my means is very easy.
Posted on 2/28/23 at 10:56 pm to stout
It’s all about priorities. The newest iPhones aren’t cheap! That gal from DoorDash isn’t delivering my Big Mac for free either.
Posted on 3/1/23 at 4:05 am to stout
An issue I've seen happen far too many times is people budgeting their lifestyle based on their overtime worked. I worked in manufacturing and it was pretty common to work 60 hours a week. I know a few that worked 12 hour shifts every single day. When hours get cut back to 40, people are scrambling to figure out what to do.
I've always based my lifestyle on a 40 hour work week. Anything over went to savings.
I've only had one credit card maxed in my entire life. It was a Lowe's card with a $6K limit. I needed a lawnmower and went a little crazy with everything else. The monthly payment was $200 and I could afford it but never did that again.
I've always based my lifestyle on a 40 hour work week. Anything over went to savings.
I've only had one credit card maxed in my entire life. It was a Lowe's card with a $6K limit. I needed a lawnmower and went a little crazy with everything else. The monthly payment was $200 and I could afford it but never did that again.
Posted on 3/1/23 at 4:36 am to USMCguy121
quote:
i bet the number is way higher than that.
My thoughts exactly.
Posted on 3/1/23 at 5:45 am to gumpinmizzou
quote:
People have to learn to spend within their means.
Why should they? The government certainly doesn't.
Being facetious obviously, but still.
Posted on 3/1/23 at 4:03 pm to LewDawg
quote:
LewDawg
Will you please, for the love of god clean up the SECRant? There are people who have started 20+ threads on the same topic within the last 6 days. Pin a thread to the top and take out the trash. frick.
Posted on 3/1/23 at 4:05 pm to stout
Spend less than you earn.
Posted on 3/1/23 at 4:07 pm to stout
this comes as a surprise to me considering the Inflation Reduction Act
Posted on 3/1/23 at 4:07 pm to El Segundo Guy
quote:
I put all of my monthly expenses on 2 different credit cards.
I really have no clue where my debit/ATM card even is.
Same. I probably rack up an additional $5k a year at least in points/cash rewards doing this. I can probably count on one hand the times I've had to pay for a plane ticket or hotel room in the last 10 some years.
I also pay off my CC almost every day. I basically treat it like a debit card that way. I don't wait for the end of the month.
Posted on 3/1/23 at 4:18 pm to RedHawk
quote:
$5k a year at least in points/cash rewards doing this.
Can you work this out for me? $5k in cash back rewards typically equals anywhere from $250k-$500k in spend unless you have an unreal deal on your cards. Are you changing cards frequently for bonus rewards?
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