Average Credit Card Debt...

[johnnymk]

Would you believe...... $8000 per household?

[Grimm]

Originally posted by johnnymk
Would you believe...... $8000 per household?

Hmmm... That means someone out there is carying $16K of CC debit to make up for me...
That is way too high, $8000 those CC companies must be making a killing!

[whitak24]

maybe they actually have $24k of debt, to make up for me too.

that's crazy....especially if you're carrying $8000 at the 18% APR that so many CCs stick to their customers. ouch.

[jase71]

Gack. I've got about $1000 hanging around. It'll all be gone by this time next month, but it STILL weighs on my mind and bothers me.

I can't even imagine having $8K on plastic. Geesh that would be depressing. I don't think I'd sleep at night...

[Markel]

I never carry a balance, either. I typically have to pay $2000 - $3000 (big family) per month for the new charges, but I always pay them off.

[Thunder]

yep...it's too easy with that plastic card...

[whitak24]

Originally posted by DarkFury
Once again... consumer debt is EVIL!!!! Don't do it!!! :2far:
could someone explain this to my GF?

[Jihforce]

Yeah I know. The most I have had on my CCs is around 3k. Its been over 1 year since I've been debt free. I think that when you are in school and have limited income and still want all the goodies, its hard not to charge everything. I know that's how I racked up my bills.

[aglio412]

Originally posted by Grimm


Hmmm... That means someone out there is carying $16K of CC debit to make up for me...
That is way too high, $8000 those CC companies must be making a killing!

i think i got your back grimm...

got myself into alot of trouble during college, had a few low paying jobs and ended up charging groceries and other must haves (cd writers, computer parts, night at the bar...) and now i'm paying the price.

however, i consolidated everything and i'm making big monthly payments to erase my debt. cut up all of the cards, and now i have one for bigger purchases that my check card can't handle...but it's being paid every month.

my gf really whipped me into shape, i was in total denial of my plastic problem until i finally broke down and asked for some help (she was a finance major)...now, i use only cash/check card, and i'm making big strides at gettin' my stuff takin care of.

just a word of advice for those of you out there with a few g's on the cards, stop now before you hit 5 figures...be poor, don't buy things you can't afford..you'll thank me when you're older and you're not worrying about the $10k+ looming over your head.

[chrissy]

Donnie and I got into debt when I was going through court battles with the ex over the kids. We are doing better now. I don't have to work, but we can barely put a savings away. Not that we want to save, it's better to get rid of the card balance when it comes to the interest.

[DoPeY5007]

WooHoo I am below average :cheers: I made a bunch of mistakes @ 18 years of age and am still paying... but not $8k worth

[aglio412]

Originally posted by DarkFury

Geez... don't even get me started on "debit cards".

Now those things are dangerous as well... I don't even use mine in "public"... only at ATMs for withdrawals. You can get royally screwed using one of them for regular purchases (even it is a "mistake").


:eek:

c'mon man get started...i'd like to know the perils of checkcards. i use mine all of the time, hardly ever carry cash...if there's something to be known, please educate us....

[WhiskeyPapa]

I closed all my CC accounts. I just paid the last one off on Christmas Day. 10 months ago, I had well over $8000 on my cards. I got fed up with the debt hanging like a millstone around my neck. I have vowed never to borrow money ever again.

Well, "vowed" may be a little strong...

I will make extrordinary efforts to never borrow money again.

Debt is evil. I was selling my future to buy crap today.

[LPMiller]

8000k? Pffft, I used to have 18K. down to about 10k now.

Had a series of bad cars. And was poor.

But, I don't really worry about it like I used to...because I am, and will, pay it all off. In about 4 years, maybe sooner. Which seems like a lot, but i've made hella progress in the last 2 years, believe me...just gotta have a plan.

and I don't worry about because the wife has over 100,000 in student loan debt. Which we will never ever pay off, methinks.

Top THAT! Bloody pikers.

[molecularfire]

Well, I don't have any credit card debts, but I owe around $100,000 in loans. I think I have made up for most of the people in this forum that's below the 8K average. Feel free to take your share off of my hands. :P

[ZrEo0]

this is why i want a check card

[aglio412]

Originally posted by LPMiller
8000k? Pffft, I used to have 18K. down to about 10k now.

Had a series of bad cars. And was poor.

But, I don't really worry about it like I used to...because I am, and will, pay it all off. In about 4 years, maybe sooner. Which seems like a lot, but i've made hella progress in the last 2 years, believe me...just gotta have a plan.

and I don't worry about because the wife has over 100,000 in student loan debt. Which we will never ever pay off, methinks.

Top THAT! Bloody pikers.

can't match your student loan total, but i'm feelin the 18k cc balance, i think i had $19,600 when i finally decided to start consolidating. and yeah...i forgot to add..about 7 grand of it was car related.

i used to get sick over it...but like LPM i'm not worrying about it now, made some big strides, and i know it'll get paid off eventually. just have to be smart...which i have been for the last year or so (but during that time i've also had my gf managing all of my money...that girl saved me).

[brainsmile]

it just seems to creep up on you if you're not careful

[Jihforce]

Its not that CCs are evil or anything. You just have to use it properly. You just can't overspend. Period. Most of us know how much we make on a monthly basis and should not go beyond what we can afford. Right now, whenever I buy something that is NOT part of my monthly budget I would have to think long and hard about how I can come up with the money to pay for it. I DON'T like paying for interest (anymore), so what I would do is either start saving until I can afford it, OR I simple just tell myself that I can't buy. It sucks, but its way better than worrying about where I'm going to come up with the money to pay for my rent because I decided to dish out a couple of hundred bucks buy a PS2 or something like that.

[Two Cents]

Originally posted by whitak24

could someone explain this to my GF?

Yeah, I gave a girlfriend my credit card once, but it was stolen. I didn't report it, though. Turns out the thief spent less than the girlfriend did. :)

I have a simple philosophy. Beyond necessities, I don't spend what I don't have in the bank. Of course, people have different ideas about necessity. Dopey's thread, for example, lists a cell phone as a necessity. :shrug:

[styleee]

ways to rack up debt.

1. buy a new car
2. move out of a cheap apartment into one that is almost twice as expensive
3. lose job as soon as possible after completing 1 and 2
4. go back to school


that is how my cc debt went from about 3K to almost 10K in about a year.

i actually don't even really know how much i owe, i never even look at my statements or else i'd prolly have a heart attack.

*a tip to those who realize they are in over thier heads
call you cc company and cry poverty. tell them you can't afford to pay them, and that with your intrest rate so high it doesn't even matter if you pay the minimum b/c the intrest accumulated is higher then the orignal balance after you make a payment. they will most likely put you on a 'hardship repayment plan' which includes lowering your intrest rate as well as cancelling your card.

[whitak24]

Originally posted by Two Cents
Turns out the thief spent less than the girlfriend did. :)
haha! good one Two Cents

it's not that my GF wastes money. it's just that she doesn't really think there's anything wrong with going into debt to get stuff that would "make life more comfortable". i just have a great aversion to debt of any kind.....about the only thing i'd go in debt for would be a house.
i know a lot of people would disagree with that, but i just prefer to save the money in advance to avoid paying the interest.

[Grimm]

Originally posted by whitak24
...about the only thing i'd go in debt for would be a house.
i know a lot of people would disagree with that, but i just prefer to save the money in advance to avoid paying the interest.
Same here. I was well into the black but tired of wasting money on rent. So I went ahead and bought a condo. I hate oweing money on anything, but I hate throwing it away on rent more...

[xsiled2]

Originally posted by DoPeY5007
WooHoo I am below average :cheers: I made a bunch of mistakes @ 18 years of age and am still paying... but not $8k worth

why am i not surprised:rolleyes: :heh:

[dbax791]

I'm with the "pay it off every month" group. I don't even like car loans, and I've always tried to make as big a down payment and stay within something I can afford and try to make double or triple payments to get them paid off ASAP.

I carry a decent sized mortgage, but I don't mind that - like in the other thread its cheaper than renting!

[WhiskeyPapa]

Originally posted by LPMiller
the wife has over 100,000 in student loan debt.

Ouch! What does your wife do for a living? I hope for your sake, she's a doctor, specializing in stress-related illnesses!

Even at 7%, that's almost $600 per month in interest alone!

When I was in college, I did not need a student loan, since I had enought grants and scholorships to cover everything. The financial planning guy said that I should take the loan anyway, since I'll never get a personal loan at that rate again. So, like any other kid, I took the money and bought a killer stereo. I was paying for the stereo years after it was gone!

[whitak24]

Originally posted by kb0wwp
So, like any other kid, I took the money and bought a killer stereo.
that is hilarious. using a student loan for a killer stereo.... probably not quite what the feds had in mind when they made the loan to you :heh: