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Posted on 8/8/23 at 12:08 pm to Chicken
quote:
What is likely interest rate on this credit card debt?
A lot of cards are doing 0% for x months (no idea if there is a contract required to get that though). After that it's something like 15%+.
We pay cash for almost everything, putting only big purchases on Discover or Lowes (for the % back) and then pay it off that month.
Posted on 8/8/23 at 12:11 pm to BearCrocs
quote:
Americans’ credit card debt hits a record $1 trillion
Posted on 8/8/23 at 12:13 pm to jaytothen
Lol, same
Posted on 8/8/23 at 12:13 pm to Jones
quote:
I don't get it
Id refer you to the education discussion in another post.
You seem to have it, they do not.
Posted on 8/8/23 at 12:16 pm to Bard
My wife and I use our credit card for everything. But I pay it off every Friday morning.
Posted on 8/8/23 at 12:19 pm to BearCrocs
Now do the federal govt debt?
Posted on 8/8/23 at 12:24 pm to kywildcatfanone
I'm mildly surprised its that low; really, given the pace of inflation, people who live on credit would be seeing a spike in debt load simply from increasing prices. We were flirting with 900B in credit card debt nationally as far back as '08.
Posted on 8/8/23 at 12:27 pm to BearCrocs
My bad on 3k of it, I am lazy and take forever to file for expense reimbursement.
Posted on 8/8/23 at 12:55 pm to Godfather1
quote:
Zeroed out both of my Cap One cards last week. Planning to zero out the Chase card next week.
that is worth a pat on the back.
now, decide which ONE to keep, and cut up the others.
Posted on 8/8/23 at 1:00 pm to BearCrocs
holding a balance on a credit card is one of the dumbest things you can possibly do financially
Posted on 8/8/23 at 1:04 pm to tigafan4life
what? are you saying people can't afford all these $80k vehicles i see running around BR every day? i never imagined!
Posted on 8/8/23 at 1:07 pm to DVinBR
Yep total waste of money each month
Posted on 8/8/23 at 1:12 pm to BearCrocs
I found myself in over $40K worth of credit card debt at the beginning of the year. Living way beyond my means and I didn't get a grip and stop myself before I was in way too deep. It's really easy to do when you have a high credit limit and no self control.
Happy to say it's down to $10K now but I still have a long way to go.
Happy to say it's down to $10K now but I still have a long way to go.
This post was edited on 8/8/23 at 1:13 pm
Posted on 8/8/23 at 1:12 pm to BearCrocs
My ex wife thought of credit cards as free money. She maxed out a ton of cards under her name and when she got denied, she started using my name and SSN to apply for cards. She maxed those out too. By the time I figured it out, we were deep.
We lived in a decent home but had older vehicles only because we were so much into CC debt that we couldn't get a loan for a new, or even used vehicle. There were many times where we may have had $20 to last us for a few days until we got paid.
Had to sell the house to basically pay off the debt with about $30K extra which we split once we got divorced.
One of the many reasons why I don't think I'll ever get married again.
We lived in a decent home but had older vehicles only because we were so much into CC debt that we couldn't get a loan for a new, or even used vehicle. There were many times where we may have had $20 to last us for a few days until we got paid.
Had to sell the house to basically pay off the debt with about $30K extra which we split once we got divorced.
One of the many reasons why I don't think I'll ever get married again.
Posted on 8/8/23 at 1:18 pm to BoardReader
quote:
I'm mildly surprised its that low; really, given the pace of inflation, people who live on credit would be seeing a spike in debt load simply from increasing prices. We were flirting with 900B in credit card debt nationally as far back as '08.
The household debt figure in the OP is actually right in line with inflation since EOY 2019 (which is funny because so many here scream every month how the “real” inflation number is 2x or 3x what they say).
Not to say the info in the OP is good, but the household debt figure is basically flat in real terms since 2019.
Posted on 8/8/23 at 1:25 pm to JasonDBlaha
quote:
“look at me taking this super expensive trip I took to Europe that I can’t afford without using an American Express card!”
Isn't American Express the one you have to pay off at the end of the month, though? Did that change?
Posted on 8/8/23 at 1:25 pm to BearCrocs
My grandmother racked up around $30K of credit card debt when she found out she had lung cancer in 2003. She sold her car to my aunt for $500(worth about $3,500) and sold her home(trailer) to my uncle for $2,500(worth maybe $15,000) so that way there wasn't any estate to get the money back from when she passed.
Posted on 8/8/23 at 1:35 pm to BearCrocs
quote:
credit card balances shot up by $45 billion, or nearly 4.6%, to land at $1.03 trillion,
Is this balance or carried balance. I pay everything with a credit card for the points and pay it off twice a month. I know my “balance” is reported to credit agencies at a certain time of the month. But I always have cash in my savings to pay before the due date and never incur interest.
TLDR: Is this just people using credit cards to pay for things and paying off the balance timely or true debt that is carried with interest? Interest on debt would be a better metric.
Posted on 8/8/23 at 2:10 pm to BearCrocs
Another sign of how great the Biden economic plan is.
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