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re: What is the average household credit card debt
Posted on 7/13/15 at 4:27 pm to oldcharlie8
Posted on 7/13/15 at 4:27 pm to oldcharlie8
The average credit card debt level isn't important. What does matter is the interest burden. If you owe $30,000 on cards and pay 0% interest, this is a *good* thing.
1
Posted on 7/13/15 at 4:32 pm to foshizzle
quote:
The average credit card debt level isn't important. What does matter is the interest burden. If you owe $30,000 on cards and pay 0% interest, this is a *good* thing.
Sure. But that is a very specific circumstance that I doubt applies to most of that debt. I imagine that people out there are paying outrageous interest that they have no hope of paying off.
Posted on 7/13/15 at 4:37 pm to oldcharlie8
I don't have a balance ever. Use it like a debit card bro.
Posted on 7/13/15 at 4:41 pm to tgrbaitn08
quote:
Based on an analysis of Federal Reserve statistics and other government data, the average household owes $7,400 on their cards; looking only at indebted households, the average outstanding balance rises to $15,863. Here are statistics, trends, studies and methodology behind the average U.S. household debt.
I didn't click and it might address this question, but I'm assuming that this is actually based on balance carried over from one billing cycle to the next and not just based on the balance at any one time, correct? I'm a lot of wealthy people can routinely have $10,000+ on a credit near the end of the month and then pay it off in full before it truly becomes interest bearing "debt" which should be what we are talking about here.
Posted on 7/13/15 at 5:21 pm to constant cough
quote:
Mine is zero. Always has been always will be.
Me as well for the last 25 years.
Posted on 7/13/15 at 5:32 pm to constant cough
quote:
Mine is zero. Always has been always will be.
mine was also, then my daughter started college, now it`s embarrassing.
Posted on 7/13/15 at 5:46 pm to oldcharlie8
Mine is at zero except for fuel card which gets paid off every month. I could see some keeping up with the Jones's mo-fo's running eight or ten thousand on the plastic.
Posted on 7/13/15 at 5:48 pm to Artie Rome
0 i got rid of that shite 30 years ago.
Posted on 7/13/15 at 5:51 pm to NoSaint
I have 15,000 in over draft protection at my bank.... I wasn't counting that.... I have another 4k on it....
Posted on 7/13/15 at 5:51 pm to Ellakennedi
I need to find a bridge and jump quick.
Posted on 7/13/15 at 6:05 pm to unclejhim
If you aren't using a credit card to get rewards (points, cash back, etc.) you're doing it wrong. Unless you're a shopaholic and shouldn't own plastic cards.
For those of you who have no credit card debt and aren't using credit cards: time to take the training wheels off and start making your money work for you. At least use your credit cards and then immediately payoff the balance. Might as well get free money from your expenses.
For those of you who have no credit card debt and aren't using credit cards: time to take the training wheels off and start making your money work for you. At least use your credit cards and then immediately payoff the balance. Might as well get free money from your expenses.
Posted on 7/13/15 at 6:25 pm to GoHoGsGo06
I run about 2k/month on my cc. Must be paid off monthly. Used In place of my debit card for rewards.
Posted on 7/13/15 at 7:38 pm to constant cough
quote:
Mine is zero
Yep. Carrying CC debt is just not a wise financial move at all.
Posted on 7/13/15 at 7:46 pm to constant cough
quote:
Mine is zero. Always has been always will be.
Same with me for 30 years.
BTW, the credit card companies call people like who pay off their balance every month "deadbeats."
Posted on 7/13/15 at 7:50 pm to GoHoGsGo06
This man is exactly right! I use my rewards credit cards for all purchases and average around $400 of free money annually.
Posted on 7/13/15 at 8:04 pm to GoHoGsGo06
quote:
If you aren't using a credit card to get rewards (points, cash back, etc.) you're doing it wrong.
This. A few years ago I did a major home renovation (around $40K) at *just* the same time that I received offers on credit cards for 5% back on home renovation purchases and 0% APR for 18 months. Between the reward and the interest savings I got about $2,500 off my renovation by putting the bill on credit cards and letting it ride for 18 months before paying it off.
Posted on 7/13/15 at 8:11 pm to foshizzle
Ours is zero now. Paid all off about three months ago, 12k, and was likely as high as 30k at one time. Next up is the remaining balance on our home.
Posted on 7/13/15 at 8:17 pm to oldcharlie8
credit cards are solely a tool to build credit. now that i have credit, i have zero use for the card. i have it only for emergency purposes only. or for things like a mattress or whatever things like that that your debit card can't swipe that much for.
like someone else said. i have 0 credit card debt. never have. \m/
*edit*
wife does travel alot, so she does buy stuff on it, pays it off with bank the second she buys stuff with it to rack up points for airfare points.
like someone else said. i have 0 credit card debt. never have. \m/
*edit*
wife does travel alot, so she does buy stuff on it, pays it off with bank the second she buys stuff with it to rack up points for airfare points.
This post was edited on 7/13/15 at 8:19 pm
Posted on 7/13/15 at 8:19 pm to oldcharlie8
0
Thanks to my wife
Thanks to my wife
Posted on 7/13/15 at 8:37 pm to GoHoGsGo06
I will also add that is using a debit card instead of a credit card isn't smart.
Thief steals your debit card number, who is out of the money?
Thief steals your credit card number, who is out of the money?
Much better to be on the phone with the CC company sorting things out while your money sits safely in an account somewhere.
Thief steals your debit card number, who is out of the money?
Thief steals your credit card number, who is out of the money?
Much better to be on the phone with the CC company sorting things out while your money sits safely in an account somewhere.
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