@CreditCuriousity wrote:
@longtimelurker wrote:
@Anonymous wrote:
@negg wrote:
Most people pay off the balance, so they don't have to pay interest.
I think it is also a stretch to say "most people" pay off the balance on their credit card to not have to pay interest. I think most people here and most people with good credit and credit conscious but the "american way" is unfortunately to live in a certain amount of debt and the reason "most people" don't have a 700+ credit score is because they cannot or do not pay their credit cards in full each month and/or live beyond their means. I think if you are talking about "most people" - again that is broad - but if you are speaking in general terms across say the US .... no, most people are not able to pay their cards in full each month to avoid paying interest. I disagree 100% with that.
"Most People" live beyond their means and live in a certain amount of debt and average a credit score in the lower 600's ....
Actually, here I agree with negg. See http://www.creditcards.com/credit-card-news/credit-card-debt-statistics-1276.php
only about 1/3rd of people revolve their credit card debt, the rest PIF each month.
I am actually suprised by this... I figured it would be more then that.. I will be honest haven't read the article yet, taking your word on it.. Isn't it something like 5k is the average CC debt for a US consumer? I am just pulling a number out of the air, but I could of sworn I read that somewhere.. Obviously it is based on your age, etc.. But aggregated to a whole, I thought it was somewhere around that figure... Obviously I must be wrong, unless the 1/3rd that do carry debt offset the PIF people by a large margin
... As stated about to head out and haven't googled my facts, so ya shady math and stats.
That link has a lot more figures, but here is what they have as different ways of looking at debt. from different sources And $5k is one of them!
- $1,098 per card that doesn't carry a balance2
- $1,648 per account, U.S. adults with a credit report and Social Security number3
- $3,600 per person, U.S. resident adults4
- $5,234 per person, excluding unused cards and store cards12
- $5,596 per U.S. adult with a credit card5
- $5,700 per household with credit card debt6
- $7,743 per card that usually carries a balance2
@CreditCuriousity wrote:
@longtimelurker wrote:
@Anonymous wrote:
@negg wrote:
Most people pay off the balance, so they don't have to pay interest.
I think it is also a stretch to say "most people" pay off the balance on their credit card to not have to pay interest. I think most people here and most people with good credit and credit conscious but the "american way" is unfortunately to live in a certain amount of debt and the reason "most people" don't have a 700+ credit score is because they cannot or do not pay their credit cards in full each month and/or live beyond their means. I think if you are talking about "most people" - again that is broad - but if you are speaking in general terms across say the US .... no, most people are not able to pay their cards in full each month to avoid paying interest. I disagree 100% with that.
"Most People" live beyond their means and live in a certain amount of debt and average a credit score in the lower 600's ....
Actually, here I agree with negg. See http://www.creditcards.com/credit-card-news/credit-card-debt-statistics-1276.php
only about 1/3rd of people revolve their credit card debt, the rest PIF each month.
I am actually suprised by this... I figured it would be more then that.. I will be honest haven't read the article yet, taking your word on it.. Isn't it something like 5k is the average CC debt for a US consumer? I am just pulling a number out of the air, but I could of sworn I read that somewhere.. Obviously it is based on your age, etc.. But aggregated to a whole, I thought it was somewhere around that figure... Obviously I must be wrong, unless the 1/3rd that do carry debt offset the PIF people by a large margin
It depends on how the question is phrased. Most people that actually use a credit card and hence get a bill at the end of the month do not pay the blance in full. OTOH, if you ask whether people that carry a balance on any given card represent a majority, they do not.
The difference in these apparently contradictory facts is due to the number of credit cards that are issued but are not used. Amongst cards that are used, about 35% more people will carry a balance than will pay the card in full. This is a slight decrease from the prior quarter.
http://www.aba.com/Press/Documents/12.16.14ABACreditCardMonitorFAQ.pdf
@longtimelurker wrote:
@CreditCuriousity wrote:
@longtimelurker wrote:
@Anonymous wrote:
@negg wrote:
Most people pay off the balance, so they don't have to pay interest.
I think it is also a stretch to say "most people" pay off the balance on their credit card to not have to pay interest. I think most people here and most people with good credit and credit conscious but the "american way" is unfortunately to live in a certain amount of debt and the reason "most people" don't have a 700+ credit score is because they cannot or do not pay their credit cards in full each month and/or live beyond their means. I think if you are talking about "most people" - again that is broad - but if you are speaking in general terms across say the US .... no, most people are not able to pay their cards in full each month to avoid paying interest. I disagree 100% with that.
"Most People" live beyond their means and live in a certain amount of debt and average a credit score in the lower 600's ....
Actually, here I agree with negg. See http://www.creditcards.com/credit-card-news/credit-card-debt-statistics-1276.php
only about 1/3rd of people revolve their credit card debt, the rest PIF each month.
I am actually suprised by this... I figured it would be more then that.. I will be honest haven't read the article yet, taking your word on it.. Isn't it something like 5k is the average CC debt for a US consumer? I am just pulling a number out of the air, but I could of sworn I read that somewhere.. Obviously it is based on your age, etc.. But aggregated to a whole, I thought it was somewhere around that figure... Obviously I must be wrong, unless the 1/3rd that do carry debt offset the PIF people by a large margin
That link has a lot more figures, but here is what they have as different ways of looking at debt. from different sources And $5k is one of them!
- $1,098 per card that doesn't carry a balance2
- $1,648 per account, U.S. adults with a credit report and Social Security number3
- $3,600 per person, U.S. resident adults4
- $5,234 per person, excluding unused cards and store cards12
- $5,596 per U.S. adult with a credit card5
- $5,700 per household with credit card debt6
- $7,743 per card that usually carries a balance2
Woot As I finish my beer and get ready to head to dinner I am happy I was partially correct and not losing all my mind yet.. Thanks for the quick recap, going to have to read that article in full when I get home.. Love stats!
In the next section down, though, the more useful measure is stated:
Some 15 percent of adults -- more than 35 million people -- roll over $2,500 or more in credit card debt each month
Those are the Revolvers with a balance that is more than token. The corrollary being that 85% of adults have $2,500 or less in debt (including no CC revolver debt, and including PIF credit card users).
And, yes this group skews the entire population up to $5k+ and is the population from which BK filings emerge.
I love and hate this forum.. Was going to go across the street and get a steak, but got stuck reading multiple topics.. 
... So staying how and drinking a few more beers and ordering a pizza vs. the COLD weather... Plus I will save about $40 or so depending on how many drinks I would of had there
@CreditCuriousity wrote:I love and hate this forum.. Was going to go across the street and get a steak, but got stuck reading multiple topics..
Don't you have an iPad or something that you could have taken with you while you ate the steak?
@Anonymous wrote:
@CreditCuriousity wrote:I love and hate this forum.. Was going to go across the street and get a steak, but got stuck reading multiple topics..
Don't you have an iPad or something that you could have taken with you while you ate the steak?
LOL I do have a smart phone, waiting for work to buy me my mackbook Pro and IPAD on their dime.. So in theory I could go and eat my steak... It is cold out though and when I go out I like to be social vs. looking at my phone in my case and looking at the ladies vs the phone... I should get out as I need to meet my spend requirement on my amex Delta for my delta miles lol.... Now I am thinking about placing that pizza order, but have had 2 beers additional here since I originally said I was leaving so save me a bit of money!
