Average Consumer Credit Card Debt

Since most consumers have an average credit card debt less than $3000 (for ONE credit card each), would a collection agency actually go through all this effort to garnish a debtor's paycheck when the debtor may have other bills to pay which may total thousands of dollars? Also, if it takes months to get a court hearing set up between the plaintiff and the defendant, isn't there a strong chance that the debt owed to the collection agency could already be paid down by the time the court hearing takes place? In other words, the credit card debt would be at a lesser amount than the initial amount that was first presented to court by the collection agency.

They can get a judgement but I seriously doubt they want to go through the hassle for such a small debt. Even if they could garnish wages, which I don't think they can for credit card debt, they won't even get what your minimum monthly payment would be if you can prove all of your money goes to neccessary bills and living expenses. See if you can negiotiate a settlement with the credit card company that will save you both time, money and headaches if not just send them something every month and they can't say you are not paying down your debt.
Good Luck

2006-11-10 19:09:37 by Roderick C

Credit Card Debt is the most profitable commodity in the world. There are over three hundred million credit cards with an average limit of $3000 ...

Consumer interest paid on car/ house/ credit cards/ consumer debt each month?

The important question is not what other people do - it is what you do? Since you ask this question, you must have a debt load that is a concern. Do you have a budget? Are you earning more than you living expenses? Do you have any sort of a long term plan?

If you need help in getting organized, you may respond to me at

info@safemoney-plus.com

2007-05-14 07:23:43 by Gerry S

Price: $22.95

But who are you going to blame for the millions of credit cards dished out across the nation to OBVIOUS idiotic consumers?


How the hell is the average credit card debt $8,000+? Along with 45% of the American population holding a credit card debt?

More than a third of those who owe more than $10,000 on their cards have household incomes under $50,000, according to the VIP Forum analysis.
At 19 I worked at McDonalds part time while in college making roughly 11,000$ a year before taxes. I was able to get a credit limit of 3,000$ even after I had 6,000$ piled up from student loans.


I never owned a credit card.

Because people don't believe in personal responsibility anymore. It's always someone else's fault. Just like everyone in debt up to their ears- it's the credit card company's fault because 'they shouldn't have given me that much credit'Waa Waa Waa.

2009-03-24 21:15:00 by Lucifer

The following is a paragraph in a research paper I'm trying to wrap up...

In the past, children have had to rely solely on their parents to teach them how to manage money and plan for their futures. Unfortunately, today’s parents and grandparents may be ill equipped to teach their children well, as statistics show that credit card debt and little to no savings is a trend that has been several decades in the making. Since the Great Depression, trends in spending money and using debt haphazardly has been on a steady incline. The average consumer’s desire for material possessions and luxury has certainly grown with each passing decade and greatly effected every generation of today. According to The Debt Trap, a journalism series in the New York Times “throughout nine decades (1920 – present)…it’s pretty incredible to see just how much our love affair with personal loans, credit cards and mortgages has caused our household debt to balloon to (the) unprecedented levels (of today).” As the evidence shows, young adults cannot rely on their parents, thus how will they learn the value of financial planning, investing, saving and how to use credit effectively?

Just a few that I see:
ill-equipped (needs hyphen)
"trends in spending money...HAVE been on a steady incline."
"and greatly AFFECTED every generation..."
Comma after New York Times
If you added the words in parentheses in the quote, I think they should be in brackets [ ] rather than ( )
In last sentence, I would put a comma after "saving"

Looks good otherwise!

2009-12-12 17:26:54 by Lovin29

1. What type of reports do Equifax, TransUnion, and Experian produce?(1 point)
income studies
credit reports
crime rate statistics
bankruptcy filings
2. How long does a negative notation on your credit report last? (1 point)
one year
ten years
seven years
forever
3. When buying or selling a used car, what’s the best resource on finding an accurate price? (1 point)
Cheryl Red Book
Kelley Blue Book
Paul Pink Book
Newspaper Advertisements
4. If you drive more than 15,000 miles each year, you should lease a car instead of buying one. (1 point)
True
False
5. 401-K’s and IRA’s are examples of what? (1 point)
Debt Consolidators
Stock Markets
Retirement Accounts
Checking Accounts
6. What type of insurance pays you a monthly cash benefit in the event you’re injured and cannot work? (1 point)
Automobile Insurance
Long Term Care Insurance
Disability Insurance
Life Insurance
7. Your annual household income is a part of your credit score calculation. (1 point)
True
False
8. A credit card is an example of what kind of credit: (1 point)
Deferred
Revolving
Interest-Free
Recurring
9. If you have a low credit score, you’ll pay more for insurance. (1 point)
True
False
10. An individual who prefers high risk investments with a (possibly) high-reward is called: (1 point)
Risk-finding
Risk-taking
Risk-seeking
Risk-searching
11. Wealthy people and companies that invest money in startup companies in exchange for a large share of future profits are called what? (1 point)
Venture capitalists
Loan sharks
Loan officers
Risk-averse
12. When someone prefers to invest and participate in the founding of new companies instead of investing in savings instruments or the stock market they would be called what? (1 point)
Risk-averse
Entrepreneurial
Unilateral
Risk-finding
13. What federal program makes sure your bank deposits are never lost due to bank bankruptcy? (1 point)
The Federal Deposit Insurance Corporation
The World Bank
The Securities and Exchange Commission
The Federal Reserve Bank
14. What is the single best way to increase your long-term income? (1 point)
receive a promotion
receive a merit pay increase
increase your educational level
invest in startup companies
15. What is the best way to decrease your expenses? (1 point)
pay down any outstanding credit cards
get a smaller apartment/house
sell your automobile
diversify
16. Which of the following expenses would be considered discretionary expenses? (1 point)
rent
electricity
credit card payments
magazine subscriptions
17. When an asset (something of value) is always connected to the ground and cannot move – it is called what? (1 point)
Liquidated
Real Property
Collateral
Real Estate
18. Expenses such as electricity, telephone service, and water service are called what? (1 point)
Bills
Debt
Utilities
Revolving Credit
19. The money you pay to an insurance company to insure your property or asset is called what? (1 point)
An insurance premium
An insurance deductible
An insurance payment
Insurance coverage
20. When an asset (something of value) such as an automobile or home is voluntarily sold for cash, it would be considered what? (1 point)
Refinanced
Liquidated
Collateral
Repossessed
21. Documentation from an insurance company that states what item or property is insured and the amount that you will receive if the property is destroyed is called what?

(1 point)
An insurance premium
An insurance declaration
An insurance policy
An insurance deductible
22. An Emergency fund should be made up of what? (1 point)
Real property
Savings instruments
Stock
Cash Only
23. The amount of money you’re likely to make in a lifetime is called what? (1 point)
tax bracket
income potential
taxable income
equity
24. When inflation is high, on a daily basis the money in your pocket becomes what? (1 point)
Worth more
Worth less
Liquidated
Discretionary spending
25. A numerical comparison between two figures is called what? (1 point)
a ratio
a percentage
a sum
a difference
26. When your credit score is poor, your mortgage interest rate will be: (1 point)
Higher
Lower
27. A revolving credit account where the cardholder must pay the full account balance each month is called what? (1 point)
a charge card
a debit card
a credit card
a gift card
28. In a list of numbers placed in numerical order, the middle number is called what? (1 point)
the average
the median
the difference
the total
29. A FREE warranty from an automobile manufacturer that covers any and all mechanical problems for a specified period from the purchase date is generally called what? (1 point)
Supplemental insurance
Bumper-to-Bumper warranty
Manufacturers extended warranty
Sellers guarantee
30. A short-term financial goal is achieved within what time period? (1 point)
10-25 years
1-12 months
1-5 years
30 years
31. E

1. credit reports
2. 7 years
3. Kelley Blue Book
4 False
5 Retirement accounts
6 Disability
7 True
8 Revolving
9 True
10 Risk taking
11 Venture capitalists
12 ?
13 FDIC
14 Increase education
15 ?
16 Magazine
17 ?
18 Utilities
19 ?
20 Liquidated
21 Insurance Policy
22 Cash ?
23 Income potential
24 Worth less
25 ?
26 Higher
27?
28 Median
29 Sellers guarantee
30 ?
I hope this helps :)

2009-05-31 11:56:51 by Jas