Total US consumer's credit card debt

[SagaLore]

As of March 2008, all of us in the US have accumulated $780 Billion in personal credit card debt.

Most of us can't spend much because we've already maxed out our credit cards and are too busy making payments.

Will the government bail us out? Please?

 

[datwater]

No. Live within your means.

 

[smack Down]

Of course not that doesn't benefit wall street.

 

[SagaLore]

Originally posted by: smack Down
Of course not that doesn't benefit wall street.

How so, if our credit cards were zeroed out, we'd spend like crazy again.

 

[Thump553]

You should have two general credit cards. One for monthly expenses, which you pay off in full every month. The other is to be used only in case of emergency, like the transmission falling out of your car.

Neither card should have annual fees.

It is foolish to be a spendthrift, regardless of what your political philosophy is.

 

[blackangst1]

Originally posted by: Thump553
You should have two general credit cards. One for monthly expenses, which you pay off in full every month. The other is to be used only in case of emergency, like the transmission falling out of your car.

Neither card should have annual fees.

It is foolish to be a spendthrift, regardless of what your political philosophy is.

Actually psying off every three months is better for your FICO. Paying every month sometimes wont even show on your report as being used if payment gets in before the billing cycle

 

[Stunt]

780Billion in personal CC debt?
That's about $5,000 a person...that sounds really high considering some don't even carry a balance on their CC.

 

[halik]

Originally posted by: SagaLore
As of March 2008, all of us in the US have accumulated $780 Billion in personal credit card debt.

Most of us can't spend much because we've already maxed out our credit cards and are too busy making payments.

Will the government bail us out? Please?

The fact that you can't control your spending has no impact on me being able to get car loans and businesses being able to secure revolving line of credit. So no, your credit card debt doesn't affect us...

 

[cKGunslinger]

Originally posted by: Stunt
780Billion in personal CC debt?
That's about $5,000 a person...that sounds really high considering some don't even carry a balance on their CC.

More than averaged out by people carrying $10K+ balances.


7 years ago, my wife and I had $13,000 in credit card debt, racked up over 4-5 years - with absolutely nothing of value to show for it. Today we have $0. It was a fucking expensive lesson to learn - both financially and emotionally - but one I'm afraid a lot of others refuse to deal with.

 

[TheSlamma]

I give less then a rats ass for people who can't control their credit card spending. People thinking they deserve instant gratification meanwhile people with good spending habits control their impulses. We don't need to pay because you are a bunch of Grasshoppers

 

[TheSlamma]

Originally posted by: cKGunslinger

Originally posted by: Stunt
780Billion in personal CC debt?
That's about $5,000 a person...that sounds really high considering some don't even carry a balance on their CC.

More than averaged out by people carrying $10K+ balances.


7 years ago, my wife and I had $13,000 in credit card debt, racked up over 4-5 years - with absolutely nothing of value to show for it. Today we have $0. It was a fucking expensive lesson to learn - both financially and emotionally - but one I'm afraid a lot of others refuse to deal with.

Welcome to the Ants my friend.. and congrats to you and your wife!

 

[finite automaton]

Originally posted by: TheSlamma
I give less then a rats ass for people who can't control their credit card spending. People thinking they deserve instant gratification meanwhile people with good spending habits control their impulses. We don't need to pay because you are a bunch of Grasshoppers

The same could be said for corporations. Asshole.

 

[TheSlamma]

Originally posted by: finite automaton

Originally posted by: TheSlamma
I give less then a rats ass for people who can't control their credit card spending. People thinking they deserve instant gratification meanwhile people with good spending habits control their impulses. We don't need to pay because you are a bunch of Grasshoppers

The same could be said for corporations. Asshole.

I agree. Bitch

 

[finite automaton]

Originally posted by: TheSlamma

Originally posted by: finite automaton

Originally posted by: TheSlamma
I give less then a rats ass for people who can't control their credit card spending. People thinking they deserve instant gratification meanwhile people with good spending habits control their impulses. We don't need to pay because you are a bunch of Grasshoppers

The same could be said for corporations. Asshole.

I agree. Bitch

Slammin'

 

[LegendKiller]

Originally posted by: cKGunslinger

Originally posted by: Stunt
780Billion in personal CC debt?
That's about $5,000 a person...that sounds really high considering some don't even carry a balance on their CC.

More than averaged out by people carrying $10K+ balances.


7 years ago, my wife and I had $13,000 in credit card debt, racked up over 4-5 years - with absolutely nothing of value to show for it. Today we have $0. It was a fucking expensive lesson to learn - both financially and emotionally - but one I'm afraid a lot of others refuse to deal with.

Considering that the monthly payment rate on the cards is 20%, the 780bn isn't that high.

The vast majority of it would be paid down within months.

 

[XZeroII]

No. Quit whining.

 

[IronWing]

You're missing the gist of the bailout. The govmint would give your bank the 780 billion but you would still owe the debt anyway.

 

[cubeless]

Originally posted by: Stunt
780Billion in personal CC debt?
That's about $5,000 a person...that sounds really high considering some don't even carry a balance on their CC.

i may be an anomaly, but i have a feeling that there are at least a few people like me who run >$10K over credit cards every month (paying the balances every month) in their numbers... my accounts look like they have a running balance because they are always > 0...

i have never seen the methodology they use for the number... do they only count accounts with interest being paid??? that would seem to be the thing needed to make the number 'real'...

 

[Stunt]

Originally posted by: cubeless

Originally posted by: Stunt
780Billion in personal CC debt?
That's about $5,000 a person...that sounds really high considering some don't even carry a balance on their CC.

i may be an anomaly, but i have a feeling that there are at least a few people like me who run >$10K over credit cards every month (paying the balances every month) in their numbers... my accounts look like they have a running balance because they are always > 0...

i have never seen the methodology they use for the number... do they only count accounts with interest being paid??? that would seem to be the thing needed to make the number 'real'...

You spend over $120,000 after tax ($150,000 pretax) income on your credit card?!

 

[cubeless]

Originally posted by: Stunt

Originally posted by: cubeless

Originally posted by: Stunt
780Billion in personal CC debt?
That's about $5,000 a person...that sounds really high considering some don't even carry a balance on their CC.

i may be an anomaly, but i have a feeling that there are at least a few people like me who run >$10K over credit cards every month (paying the balances every month) in their numbers... my accounts look like they have a running balance because they are always > 0...

i have never seen the methodology they use for the number... do they only count accounts with interest being paid??? that would seem to be the thing needed to make the number 'real'...

You spend over $120,000 after tax ($150,000 pretax) income on your credit card?!

i run virtually every expense i can (> $50k a year, i'm pretty well off...) over my personal amex to get 1.5% back (and to be able to keep an eye on what my wife spends ;p) and i travel on business and spend at least $5k a month (on a separate card)...

that's why i figure i'm out towards that far end of the spectrum for personal... but i know lots of folks who spend on business like i do...

 

[Jaskalas]

Originally posted by: ironwing
You're missing the gist of the bailout. The govmint would give your bank the 780 billion but you would still owe the debt anyway.

What a deal, where do I sign up to get bent over?

 

[StageLeft]

Cc dbet lesson is given to all of us. Some learn and some don't. I learned mine quite early on.

 

[Dissipate]

The amount of consumer debt in this country is OUT OF CONTROL!!! Why are people so impatient?? Want a big screen TV? Put it on the credit card. Want a new car? Take out a big car loan. Want an expensive wedding? Put it on the credit cards. Want expensive furniture? Put it on the credit cards. etc. etc. etc.

People today ARE OUT OF THEIR MINDS!! CONTROL YOUR DAMN SPENDING!! It's really not as hard as people think! Every time I run into someone who lives a high debt lifestyle I feel like slapping them! And there isn't a very good chance I will be friends with them either... They exhibit all the signs of someone who lacks discipline.

 

[Craig234]

Originally posted by: SagaLore

Originally posted by: smack Down
Of course not that doesn't benefit wall street.

How so, if our credit cards were zeroed out, we'd spend like crazy again.

Way too indirect of a benefit to Wall Street. Cash directly to the firms is far better for them.

Better for the economy? Sure, but so what?

(Not that I'm seriously suggesting it, it's a bad idea for a lot of reasons, including that you don't 'reward' those who are least responsible with credit, like Wall Street firms).

 

[mc00]

I learn my lesson... I was swimming in debt for 5 years and now only have 1k left to pay off... Once I'm done... I'll keep one CC for emergency and fck being in debt.

I think people should just learn(including my self) to save money and buy everything cash. At least you will know how much it hurts drop 1k for a lappy or ps3 instead charging it to the card.