Just How In Debt (with CCs) Is The Average American?

[M.D. Holloway]

I heard a surprising figure tossed around that the average middle-class American (with a gross annual income of $65,000) is $38,000 in debt to credit cards. Is that true? Where does one actually find the accurate amount?

[trj911]

I read something last week that said the average debt was closer to $20,000. I'll try to find the article.

[84porsche]

While I don't know the answer to your question, it has sparked my interest to find out. We must be in some kind of debt if we have a government agency that keeps track of it -

http://www.publicdebt.treas.gov/opd/opdpdodt.htm

[Don Ro]

Ask fastpat, he appears to know everything.
And he has all that parchment, too.
But since he seems to be avoiding you, a "pretty please" may be in order.

[RANDY P]

Originally posted by LubeMaster77
I heard a surprising figure tossed around that the average middle-class American (with a gross annual income of $65,000) is $38,000 in debt to credit cards. Is that true? Where does one actually find the accurate amount?

I think it's a bit high. I see a whole lot of $12-$20K though.

Highest I've ever seen ever was $255K in straight up revolving on a dude that owned a bunch of trailer parks in the midwest.

rjp

[84porsche]

http://moneycentral.msn.com/content/banking/creditcardsmarts/p74808.asp?printer

Another interesting article that has some useful resources.

[FrayAdjacent911]

ahh.. that's good to know that I'm 'belowaverage'... hehehe

[ZOA NOM]

CC debt? What's that?

[M.D. Holloway]

it ain't Cool Chick! Credit Card

[M.D. Holloway]

Originally posted by Don Ro
Ask fastpat, he appears to know everything.
And he has all that parchment, too.
But since he seems to be avoiding you, a "pretty please" may be in order.

You, that psuedo troll was put to bed...typical fready cat.

[ZOA NOM]

He had a rough time with the Saddam cigar thing, didn't he

[kach22i]

The middle class is under attack and in danger. Did you read about the new credit card reforms Congress passed? They have a bullseye on you and me buddy - don't ever forget it. Bankruptcy laws custom designed to make us all slaves of debt and the credit card companies laugh. They used to put people in jail for loan sharking - and the mob used to charge far less than the current CC companies do.

The chart below is from 2001. Charts like this will be updated later this year, just take a wild guess which way the chart is going. Debt is a real burden on the working poor - oops, I meant middle class.

http://moneycentral.msn.com/content/Banking/creditcardsmarts/P74808.asp


The old; like fools, go out and get themselves sick.......no national healthcare........guess what happens? Charge it!!!!!!!!!!!!

http://www.whatisleft.org/


http://volokh.com/archives/archive_2005_02_13-2005_02_19.shtml

[Tobra]

To my knowledge, I don't even know anyone stupid enough to be deep in the hole on credit cards, but the average person is an idiot, happy to live beyond their means

[Flatbutt1]

In the past I'd used a CC for an emergency but never again. I got up to $4000 in debt on that and burned up the card.

Hi. My name is Flatbutt and I've been credit card free since 1991.

[Nathans_Dad]

In the spirit of a CCAA (Credit Card Addicts Anonymous) meeting, I will share my own personal horror story. My wife and I finished our residencies with over $35k in credit card debt. Paid it all off over 18 months. Have been credit card debt free since. Man that was painful to do...

[WOODPIE]

Originally posted by Nathans_Dad
..... I will share my own personal horror story. My wife and I finished our residencies with over $35k in credit card debt. Paid it all off over 18 months.

Yikes! Bet ya'll ate lotsa baloney sandwiches and beany-weenies, huh?

Ed

[Oh Haha]

We have one card and only owe around $3500.00 on it. We are working hard to pay off our truck early and then will start on the card. We both have some debt when we hooked up but have worked hard to get it paid off or down before we had our son. I know lots of people that live on their cards. What, no more overtime? How will I make it?
DUH!!!!!!

[Dave L]

The problem is the CC companies encourage it. At 31 I have a MC with a $15,000 limit, my wifes MC is $5000, amex $11,000 and we have an unsecured line of credit of $10,000. By no means are we raking in a ton of dough (although we do have a $300,000 house half paid for) None of these credit cards started out at the current amounts, they simply up the limit every few months. We charge a few hundred per month max and the balance is always paid off.

Also attitude have greatly changed regarding credit. I know my grandparents view credit as something to be embarassed about. Credit now is simply viewed as normal.

Im calling the CC companyy now to lower the limit.

[Oh Haha]

Also attitude have greatly changed regarding credit. I know my grandparents view credit as something to be embarassed about. Credit now is simply viewed as normal. EDIT:This is from Dave's post.

I think this is the problem today. It's not a big deal to just run out and charge what you want right now. It would very easy to buy all of the cool upgrades I want for the 911 on a card. Two reasons I don't though.
1. Wife won't let me.
2. I like having the ability to pay cash for my parts. Weird, but it makes me feel better knowing that I owe noone for my toys.

[Rick Lee]

I'm ashamed to say I'm carrying a balance right now for the first time in about 5 yrs. Though it's on two 0% intro APR cards, so it's interest free. I have a phat tax refund coming soon and that will wipe it out. I got in trouble just out of college, got it fixed and behaved myself ever since. I know a LOT of people who are in cc trouble. It's pretty scary. I can't imagine having $20k in cc debt.