Are Americans moving to or away from credit?

[Goosemaster]

:all ears;

 

[Mo0o]

To. Plastic dominates everything

 

[dug777]

To.

it's just too easy

 

[FoBoT]

away. i have the least CC debt since 1990

 

[lobadobadingdong]

to, last report I saw said an average revolving credit (credit cards) per household was up to 12grand

2 years ago i think it was only like 8grand.

 

[m2kewl]

away from? haha!

how many families do you know can live within their means? every friend i know has TWO+ cars...crazy!

 

[Jumpem]

To it.

Now that I am graduating I am going to try and pay off my car sooner. My gf has $6k in credit card debt from four years of school. Most of it was neccessities like car repairs, books, tuition, etc. I am going to try to help her pay that off quick too.

 

[dderidex]

Americans *in general*? Or ATOT'ers?

I'd like to think ATOT is slightly above the national averages, and that the bulk of us try to think ahead somewhat more...

IE., I'd HOPE most ATOT'ers are working to *reduce* their credit.

But, yeah, nationally, the outstanding debt to credit is just shooting up. Combine that with the number of people 'relying' on social security instead of investing in their own retirement, and when that is pulled out from under them in a few years....the retirement years of the previous generation are going to be VERY HARD on the country!

 

[KarenMarie]

well, now that the bankrupcy laws are changing ... so those who pay are not gonna be carrying those who dont so much anymore... it will be interesting to see what happens.

 

[jm0ut]

Credit is teh ownage! But I still pay it off at the end of the month. Cash back rewards are nice.

 

[dderidex]

Originally posted by: KarenMarie
well, now that the bankrupcy laws are changing ... so those who pay are not gonna be carrying those who dont so much anymore... it will be interesting to see what happens.

LOL - c'mon, you aren't that naive, are you?

I can tell you exactly what's going to happen - another rate hike! Then, credit card companies will be pulling in twice as much profit as in any years past.

ROFLMAO - like they'd lower rates. :laugh:

 

[JackBurton]

Oh yeah, I've got $0 debt. And that to ME is the American dream. No debt, but alot of stuff. Fvck the credit card companies, fvck them hard. :|

 

[Baked]

5% cash back for buying beer and gas, are you kidding me? To of course.

 

[dderidex]

Originally posted by: JackBurton
Oh yeah, I've go the $0 debt. And that to ME is the American dream. No debt, but alot of stuff.

I have virtually no unsecured debt! Too young to have NO debt - the house will take some time to pay off, but it's worth substantially more than we paid for it (up something like 25% in value, and we had talked the previous owners down nearly 10% from market price).

 

[JackBurton]

Originally posted by: dderidex
I have virtually no unsecured debt! Too young to have NO debt - the house will take some time to pay off, but it's worth substantially more than we paid for it (up something like 25% in value, and we had talked the previous owners down nearly 10% from market price).

And THAT is what counts the most.

 

[thomsbrain]

definetely to it, independent of their debt situation.

i honestly don't think of cash as a liquid monetary source anymore! with cash i can't pay my bills, order anything online, buy anything expensive (without a special trip to the bank, anyway). i have little consumer protection with cash, and it's dangerous to carry a lot around with you. i still carry a little for toll booths and super small purchases (i.e, gum, pencils, etc). but if it costs more than $5, i use a card. and checks are super slow, cost money, and offer no advantages over plastic.

with plastic, i get a free loan on all my purchases for a month, then write one check (or just transfer money online) to pay for everything. in the meantime, i'm earning interest on my money in my bank account (not that this adds up to much, but still). if it gets stolen, i just report it and i don't lose any money. and using it regularly helps build credit history. some cards offer further benefits, though mine are pretty much straight-shooters.

some people get into trouble because they can't keep track of their purchases or they buy things they can't afford, but a fool and his money are soon parted regardless. last i heard, americans are more steeped in debt than ever.

the downside? increased costs! retailers raise the prices of their merchandise to cover credit card fees, so we end up paying for the priviledge of using the card. but to me, it's worth it.