August 27th, 2004
|05:43 pm - $9000 credit card bills???|
I was listening to NPR on the way home from work, and they were covering one of Kerry's stump speeches, and the topic was some kind of financial reform, and one of the points mentioned was that the average american has a credit card debt of $9,000.00.
This kind of blew my mind. I don't know anybody with a CC bill that high, so the idea that 9k was the average was pretty stunning to me.
I don't really use my credit cards much, I pretty much pay off anything that I do purchase every month though.
I know most of the people who read my journal are fairly sane, but do you guys know anybody who actually has ever had that kind of debt on a credit card? And why? Emergencies?
This only reinforces my belief that most people are insane.
I know lots of people who have that and more.
Some paid for lots of stuff during school, or even used it for school, some went through some tough times, others were just stupid.
|Date:||August 27th, 2004 03:09 pm (UTC)|| |
I know plenty with that and more.
The reasons tend to be that they have to satisfy basic living expenses while working minimum wage jobs which leave them well under the poverty line.
Sadly, many eventually end up declaring bankruptcy since the interest keeps accruing at astronomical rates. This tends to involve them getting sick, losing a weeks income, and defaulting on the cards.
I know two people who went bankrupt over credit cards, and one person who went bankrupt twice over credit cards. I know another couple whose credit card debt makes 9k look like chicken feed. I know many people with that or more. I know a guy who has 15k on his Home Depot card! He went to the bank to borrow money to build a garage/apartment, it wasn't enough, instead of going for more, he just put it on the card! Ka-Ching!
It is easy. It is instant gratification. It is "I want this now, can pay for it later, no worries." Yes, it's insane. It's poor planning.
Ours got pretty high due to medical expenses when i was sick last year, then a trip to the ER for stitches for the hubby, etc ... but we'll have them paid off in a month or two, that'll feel good.
i personally don't like for my CC balance to ever go over $500 because it stresses me out...and i have a platinum mastercard, so my max is much higher than that.
however, i know several people with CC as high as $9,000...probably even higher. and for most of them, it's just because they've tried to live above their means. charging rent here, buying a new TV there, the occasional car payment. why? they have to live in the nicest part of twon, a 13" TV apparently isn't good enough, and their pretty new car came with $450/month payments [oh, but no money down!]. and don't forget going out for drinks on the weekends! i don't know that they're insane...just not very smart about living reasonably. and most of them didn't have very responsible financial role models to look up to when they were learning to manage money...thankfully, my parents were complete tightwads, so i learned how to pinch a penny or two. :)
|Date:||August 28th, 2004 01:33 pm (UTC)|| |
I think my cc debt is above 9k.
I'm thinking of filing for bankruptcy.
It's from the times between contract jobs
that I go jobless and need to eat.
Perm. positions are rare over here.
At least if you wanna work as a
tech. or specialist. Last work i did
as an RF Signal technician for
Motorola thru Manpower.
Nowadays, most folks move in with friends
or back in with family to pay off debt.
Willing to start from scratch
and promise myself never to file again.
This of course, is debt accrued
since the big layoffs from 2001.
I was one of the first to go
since SPGVA call center was shutdown