Credit Card Debt
Negotiate and Settle Your Debts - A Debt Settlement Strategy: Learn how to settle debts as low as 20 cents on the dollar
Mandy Akridge (Paperback) CreateSpace 2009-10-05
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wanting to know.
That's hard to say. No two families spend alike. Me I have no credit card debt.
Credit Crunch report on NBC Nightly News. Can you believe people use credit cards to pay the minimum payments on other credit cards! We are in for ...
I'm not interested in what balance the average American carries. I'd like to know our collective credit card balance.
Non, commercial, non collateral based (not cars/mortgages) revolving loan (credit cards) was at $914 BILLION dollars last year.
It has gone up steadily because the majority of banks raised (tripled) interest rates on those that pay to make up for those that are just walking away from their debt.
I would bet we are over a trillion, but it is being kept from us to keep us all in the dark.
We are the stupidest, brokest, country on earth.
need more proof?
You blame the poor jerks who obtained mortgages they could not afford and got us into this mess in the first place, right?
Wrong - its not just those 'poor jerks' -
its so-called middle class also. Three different credit card accounts with Bank of America; five different credit card accounts with JP Morgan Chase, 3 different credit card accounts with Capitol One....and on and on and on,,,owing each of them thousands of dollars. These people can't pay these credit card debts either.
Someone I know works for bankruptcy attorneys. Average homeowner - and there are many many of them - is 'middle class'- who file bankruptcy whether or not they keep or walk away from their homes, and they are in debt == they are in credit card debt alone to the tune of from 60,000.00 to over 150,000.00 !! and that's credit card debt alone!
so sop blaming the 'poor jerk' with a mortgage they cannot afford.
Look inside your own wallet. and check out all of Your credit card that You can't afford.
(Just remember, the "bailout" is for bad credit card debts also!! Bad credit card debts also, Which some of you 'middle class' -teetering on the brink of living frm paycheck to paycheck - are responsible for also.
Stop blaming the 'poor jerks' with mortgages they can never reaffirm.
The media, your senators, representatives, they dont' talk about bad credit card debt, and they don't because some of them are in the same boat themselves, just like some of you!
AL
you have much to learn yourself. this wasn't a rant. it was fact.
ever see a 'poor jerk' with a friggen Hummer!
No its your 'middle class' - showing off.
Sorry folks, but Karl Marx predicted this.
The fact is, our "capitalist" economy is no longer based on the selling of goods and products. Now it is based on borrowing, lending and speculation. Naturally, with that being the case. with banks and lenders becoming more and more bloated and overextended, a day like this one had to come. If people really thought that stocks could continue to rise and rise and rise, without ever falling back, then they failed to understand reality.
Suck it up, folks, this is what we have created for ourselves in this "borrow, spend, borrow" economy.
With the Blame Game going full speed ahead, isn't the real reason for all this mess PERSONAL RESPONSIBILITY?
Sure economies turn bad, and people lose their jobs. I feel for anyone who has been diligent in watching their finances and fell victim to the economic down turn.
Everyone talks about the greed of Wall Street and the Banks, but aren't we just as guilty of this greed by living above our means?
The average credit card debt in America is $8,000 while the median income is about $56,000 which is 14% of annual income.
People buy homes that are 3-5 times bigger than they can afford, purchase them on interest only ARM's just so they can "afford" a bigger house.
The average age of cars on the roads today is about 3-4 years when just 20 years ago it was 11 years even though cars are much more reliable. Many of these cars are driving around on 22" rims that are worth about 1/4 - 1/5 the value of the base car.
Chain restaurants can be found on every corner with 1 - 2 hours waits on the weekend. Nobody cooks or eats at home any more.
Isn't this whole mess just because we are a society that is all about Instant Gratification and can't be patient and wait until we can afford something before we buy it?
I agree with you. If people would live within their means, the economic collapse would not have been as big. No one wants to do that, though. Everyone now wants everyone else to pay for everything, and when that happens, no one will be paying.
With the Blame Game going full speed ahead, isn't the real reason for all this mess PERSONAL RESPONSIBILITY?
Sure economies turn bad, and people lose their jobs. I feel for anyone who has been diligent in watching their finances and fell victim to the economic down turn.
Everyone talks about the greed of Wall Street and the Banks, but aren't we just as guilty of this greed by living above our means?
The average credit card debt in America is $8,000 while the median income is about $56,000 which is 14% of annual income.
People buy homes that are 3-5 times bigger than they can afford, purchase them on interest only ARM's just so they can "afford" a bigger house.
The average age of cars on the roads today is about 3-4 years when just 20 years ago it was 11 years even though cars are much more reliable. Many of these cars are driving around on 22" rims that are worth about 1/4 - 1/5 the value of the base car.
Chain restaurants can be found on every corner with 1 - 2 hours waits on the weekend. Nobody cooks or eats at home any more.
Isn't this whole mess just because we are a society that is all about Instant Gratification and can't be patient and wait until we can afford something before we buy it?
Stephen T. If you subscribe to conservatism, then you are already subscribed.
Orion: Sorry to dissapoint you but you are no better than anyone else. You paint the American people with a very broad brush. I could easily find many sterotypes to paint your obvious European bent. Probably French! If not you should be.
I have always taken care of myself... no welfare, no food stamps, no bailouts... I have been proud of that, but now I see that I am a sucker. Why be responsible? I should be like the losers that expect the socialist to give them stuff.
I HATE what Obama is doing to this nation and the notion of freedom and self responsibility.
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Bad Credit Card | Is Bad Credit Card Debt Hanging Over Your Head ...
Interest rates are rising and this means that Americans may have a harder time paying back their bills this next year. The recession has hit America pretty hard and we are beginning to recover in some areas but in many areas the country the unemployment rate is slightly higher than average. Most of these people who have lost their jobs are having very hard time paying down their credit card debt.
Paying down credit card debt is a little more difficult now that there is not as much money in the job market. Earlier this year after Congress signed the credit card stimulus bill, billions and billions of support was given to the American economy from the government. Hundreds of billions of dollars was put into the automotive industry and tens of billions of dollars was also put into the banking industry. This is why you are now able to get rid of credit debt through the stimulus package, because your creditors have received money from the government already.
...News
Digging Out of Debt and Surviving the DownturnConsumer Affairs - Mar 15, 2010
The Guardian of the 46.2% of American families carrying a credit balance of $7000 to $8000 in credit card debt paying an APR (annual percentage rate), on average, Citi February Credit Delinquencies RiseCredit card rate hikes affect almost all of usall 341 news articles »
Wall Street Journal - Mar 12, 2010
MiamiHerald.comAs of the end of 2009, the average US resident's net worth—the market value of property and investments minus mortgage, credit-card and other debts—stood at Slowly, Americans are regaining their lost wealthFriday Rant: Bankrupt and Foreclosed Households Contribute to Recovery2009 Household Net Worth Increased by $2.8 Tall 603 news articles »
Medill Reports: Chicago - Mar 10, 2010
CompareAndSave.comMounting credit card debt has been a source of distress for millions of credit card consumers in the US As of March 2009, the consumer Credit card companies allowed to change interest rates without permissionWhen refinancing, closing credit card accounts can cost youall 384 news articles »
Bills.com - Mar 11, 2010
KVALA decrease in revolving credit may indicate consumers' efforts to pay off credit card debt. Or it can represent a larger number of CardRatings.com Research Confirms Consumers' Worst Fears Concerning Credit Consumer Borrowing Increased In January, A Good Omen For Stocksall 369 news articles »
Center for Research on Globalization - Mar 03, 2010
Looming Crisis: America's Credit Card Debt Bubble-Burst[21] In fact, average credit card rates have already begun to rise with the average variable rate increasing from 10.69% in April 2009 to 11.22% in August New credit card rules to impact young spendersCredit card rules hit consumersFed proposes limits on credit card penalty fees - -all 508 news articles »
Wall Street Journal - Feb 20, 2010
The banks could be hurt further as consumers try to clean up their finances, especially high-cost credit card debt. The average American was running a Facts about Credit Card Debt in the United StatesNew Rules Place Barriers Between Students, Credit Card IssuersCredit card law may create competition, reward rich - -all 762 news articles »CBS News - Feb 23, 2010
In the latest "Where America Stands" segment, Anthony Mason looks at how sweeping new credit card regulations are creating new problems New credit card rules explainedEditorial: Credit card abuses need monitoringCredit card law will affect college students - -all 2,254 news articles »