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A LOT AT DEBT, INCLUDING CREDIT CARD

Frequent Contributor

A LOT AT DEBT, INCLUDING CREDIT CARD

This may not be the best place to list this, BUT I THINK it is important for everyone of us to actually see the DEBT we as a nation are under. PLEASE do not take this as stating anything against either political party, as frankly, there is enough to go around.

 

When I see on here that as a nation we have 845 BILLION IN UNSECURED CREDIT CARD DEBT, it surprises me the system hasn't collapsed.

 

Consider this just a sobering look at things that have an impact on all of us, as the amount of money available certainly dictates the lending policies we endure.

 

((If you don't know what a specific item means, just place your "arrow" on the item and you will get an explanation.

 

 http://www.usdebtclock.org/

 

 

 

Message 1 of 9
8 REPLIES
Super Contributor

Re: A LOT AT DEBT, INCLUDING CREDIT CARD

Here's one person who's not contributing  to the $845 Billion credit card debt. 
Message 2 of 9
Moderator Emeritus

Re: A LOT AT DEBT, INCLUDING CREDIT CARD

Yikes! Look at the amount of credit derivatives at that site, hardly a surprise.
Message 3 of 9
Regular Contributor

Re: A LOT AT DEBT, INCLUDING CREDIT CARD

DickC---thank you for posting.

 

A Financial Preparer informed me several years ago about how many people "qualified" for homes initially.  They would borrow $$$ from their parents, let it sit in their savings accounts during the home loan process, then pay their parents back via credit card advances.  It's not surprising that this has occurred.  The projected number I heard last year was closer to 1 trillion, but it's all not good.


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Message 4 of 9
New Contributor

Re: A LOT AT DEBT, INCLUDING CREDIT CARD

I just made a CC payment and I don't think it even made a dent!
Message 5 of 9
Regular Contributor

Re: A LOT AT DEBT, INCLUDING CREDIT CARD

It's funny in a way....I hit the link and watched the CC debt monitor for about 30 seconds.  The amount actually did go down a bit.....

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Message 6 of 9
Senior Contributor

Re: A LOT AT DEBT, INCLUDING CREDIT CARD


JustinIND wrote:
I just made a CC payment and I don't think it even made a dent!

Smiley Very Happy  That made me laugh!

 

 

WAIT!!!!  I THOUGHT I SAW A FLICKER FOR JUST A SPLIT SECOND!!!



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Message 7 of 9
Moderator Emerita

Re: A LOT AT DEBT, INCLUDING CREDIT CARD

Not in any way trying to minimize this (I'm a huge anti-debt person), but I'll betcha a nickel that these figures are taken from statements. A lot of it is going to be the "debt" of people like my mother who wait for a statement to post and then pay it, never carrying a nickel from month to month.

But I'm the first to agree that there are way too many people carrying debt on CC's. I just wish that we could get a more enlightening figure, such as balances as of the due date, not including charges posted since the statement.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 8 of 9
Valued Contributor

Re: A LOT AT DEBT, INCLUDING CREDIT CARD

I had to quit watching it.  I was getting dizzy and sick to my stomach.  Smiley Indifferent
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Message 9 of 9