Observing national credit card debt: nationwide
Go to: http://www.hoffmanbrinker.com/credit-card-debt-statistics.html#interestingcreditcarddebtstats
Read through this article and respond with a post. I am looking for your thoughts on this, provide backing information for your observation on this. Give specific examples and a thorough reflection.
I think that america needs to set a credit limit so that people can only go so far in debt on a credit card. Those ones who have over 10000 will never get it paid off with the intrest that cards have on them. I feel that if you go dont pay one month off the card should automatically be cancelled.
ReplyDeleteIt's insane how much credit card debt this country has and how much it is going to gain. It's already at $886 Billion and going to increase $1.177 trillion? My God! 2/3 of Americans own credit cards? That's crazy! At least South Dakota has one of the smallest average credit card debts. The percentages are insane too. That was a pretty crazy article. Credit Card debt is a really bad thing.
ReplyDeleteI guess i'm not certain what all you want us to say but ya, it looks like the debt on credit cards is getting pretty serious. I think people should just use debit cards and spend money they have instead of money they don't have. If the national debt is expected to be over a trillion dollars this year then that's part of the reason our economy is going down the drain. People need to learn how to spend their money wisely instead of buying anything and everything they can lay their hands on.
ReplyDeleteI read through it and found that most of the people that are in credit card debt are also currently unemployed, or are students that don't work enough to pay all of their bills and they are most likely living beyond their means. alot of people in the US are poor and using credit cards but they don't pay their bills on time, and start to get late fees, and that is just really stupid on their part. they aren't smart enough to just live on the eccentials of life. i think that we should make all of the people with credit card debt just leave the country or pay it back somehow those are their choices, the averages are going up from about 5,100 dollars per person with a credit card today, and are projected to get up to 6,000 dollars a person very soon. its dumb, just stop buying things you can't afford!!
ReplyDeleteI think people should just quit using there credit cards all together, pay off what they owe and cut the cards up! "During the second quarter of 2010 the national credit card debt that was charged-off was a whopping $21,827,510,600." the way i see it thats way to much that is owed.
ReplyDelete"33% carry balances up to $10,000 (median balance: $2,254)
13% carry balances over $10,000 (median balance: $17,366)
45% of survey respondents say they are charging less
11% are charging more than they did a year ago." these stats are way to much they need to pay them off and quit using them period unless they can afford to use them.
This website shows how terribly in over our heads Americans are with credit card debt. There is so much money being spent to pay off credit card debt that could be used to buy other goods. Some people might think that using a credit card is a good thing. It might be alright, as long as you have the money to pay it off right away. If you don't pay it off right away, then you will be wasting a lot of money. Wouldn't it be a lot easier to just save and put your money in a bank and then take your money from your account as needed? Putting your money in a bank and taking out what you need seems like a much better choice than going into credit card debt to me.
ReplyDeleteI think it is unreal how much we use credit cards. They are easy and convienent but, if you don't have the money for it in the beginning why pay for it at all. It was good to see that South Dakota had one of the lowest amount of credit card debt. I also found out that Americans spent $51 billion dollars on fast food using their credit cards. It seems as if we will never get out of this debt hole.
ReplyDelete$1.177 trillion of debt is crazy huge, and that is only 2/3 of Americans. Kinda cool- South Dakota has the third lowest credit card debt! Interesting fact: men worry less than women about their debt. I think people should learn responsibility and credit card debt should not be a problem- learn to spend only what you have! Even 60% of Americans say it is the result of bad decisions. People need to learn control and to manage their money wisely.
ReplyDeleteI think these statistics are ridiculous. The debt that Americans burden themselves with is incrediable. However atleast more people use credit cards responsibly. 60% pay it off in full every year while the other 40% don't. Credit cards are not a bad thing, it just depends on how you use them. I believe that people with good credit should be able to have credit cards but we need to figure out a way to limit those who abuse the privelages of credit cards.
ReplyDeleteAs i was reading this article i was surprised to see how many people actually own or use a credit card. Also U.S. citizens this year have over $886 billion in credit card debt wow! Some other thoughts were that some people use these credit cards but can't afford to pay them back because of unemployment. 29% of low and middle income households with credit card debt is because of medical expenses. That i thought was crazy. Another thing i saw that was not so good was that 40% of families today spent more than they earned. Almost half of all credit card holder don't pay the full amount of credit card charges each month. That is crazy if i knew that i wouldn't be able to afford being able to use a credit card i would never have one. Being in debt on credit card bills can hurt your credit bad. And not being able to pay back those bills can make your life worse off. Another interesting fact that 25% of college students use credit cards to pay of their tuition. That is not a good idea i don't think. This website is showing the bad side of using a credit card. So using a credit card may not be a good thing because it could hurt you in the long run. Credit card debt is not a good thing to get yourself into.
ReplyDeleteI think that the amount of debt is insane. That is alot of money to be in debt for. Also i didnt know that South Dakota was the 3rd lowest for credit card debt. Being in debt can be a difficult thing for many people. Once people are usually in debt it takes a while to get back out of debt, or they just get further into debt. People should make sure they pay their bills and on time. I thought that it was interesting to see the amounts that the freshman and other college students were in debt. Also more than half the credit card holders dont pay the full amount of credit card charges each month.
ReplyDeleteWhat I found interesting is the average credit card debt. While Tennessee and Nevada have high debt, they are also number 1 and 2 on the list of bankruptcy. Alaska however, has just as low as a bankruptcy rate as Iowa, North Dakota, and South Dakota. The high number could just be the increased cost in living then in Alaska. While, South Dakota and North Dakota both enjoy low average credit card debt, isn't that just obvious. We enjoy the very low cost of living in the three states. All the other statistics were very intriguing. They really just showed how much American's borrow and go into debt.
ReplyDelete$886 billion in credit card debt?! HOLY COW! People need to start paying their bills. That is crazy! Props to the 54% that pay their balance in full each month! And YAY for South Dakota for having the 3rd lowest credit card debt! We rock! But Alaska has some work to do being the state with the highest debt. I feel bad for the people whose credit card debt is because of medical bills. Sometimes you can't help that something happens to you or someone in your family. I find it very unneccesary for someone to have 10 credit cards. I agree with the people that say debt is avoidable. DON'T SPEND MONEY YOU DON'T HAVE! It's not that hard, is it?! Only people who are responsible enough to handle a credit card should in my opinion.
ReplyDeleteWHat we need to do is create a credit card limit so poeple only can go x amount of dollars in debt, so that there isnt $886 billlion dollars in credit card debt! You need to save your money and make smart decisions, dont buy stuff you dont want, make sure you need it or you can pay for it fully without any problems.
ReplyDeleteI do think that we need a credit limit so that people can't make the dumb decisions they keep making. The whole concept of buying things on credit that you can't afford seems rediculous, but in today's society, you essecially need a credit card if you want to purchase things or even sign up for things on the internet. None the less, i think the government needs to step in somewhere and place a limit so that credit card companies can't keep nickle and diming every person with a credit card.
ReplyDeleteIt is crazy how much money that in debt that it is expected to rise this year. 13% of people carry balances to over 10,000! That doesn't seem like a lot but it actually is. I didn't realize that South Dakota has the least credit card debt, but that is a plus for our state. $51 billion worth of fast food on credit cards is a lot. To fix this problem, I think people need to work on being responsible and keeping their spending under a limit.
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