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$9000 credit card bills??? - Jonathan — LiveJournal

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August 27th, 2004


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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.

(5 comments | Speak your mind)

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[User Picture]
From:bdragon
Date:August 27th, 2004 03:09 pm (UTC)
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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.

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