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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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Date:August 27th, 2004 03:28 pm (UTC)
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.

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