Americans now $1 Trillion in credit card debt.........

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Brute 23
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Re: Americans now $1 Trillion in credit card debt.........

Postby Brute 23 » Fri Jan 19, 2018 11:06 am

Hunter wrote:Sorry, I was not trying to imply that it was or was not leaning one way or another. I was just curious on how those numbers would look if it went back to 2010.

What I did find interesting in the article was this:

Since NerdWallet’s number focuses on credit card debt only, the $905 billion is a more accurate estimate of how much debt is outstanding. It’s also important to note that this total includes the balances of cardholders who pay off their cards in full every month, as well as those who carry debt from one month to the next.

I think more and more people are using CC b/c of points and the simple ease of it...i.e. gas pumps.

If one pays off their CC every month and ALSO puts money into savings and/or investments while paying all other debts they shouldn't have any issues.


I got ya. I tried looking for stats going further back 20 years or more but couldn't find much.

Ya the $1T+ number that is giong on the title of all these articles is some what misleading.

Here is a good article also... big surprise... For the first time since the Great Recession, lenders have given more consumers with sub-prime, or below average, credit scores, access to credit cards... :shock: Why would such honorable lending establishments do such a thing?

https://www.marketwatch.com/story/us-ho ... 2017-04-03
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Re: Americans now $1 Trillion in credit card debt.........

Postby Hunter » Fri Jan 19, 2018 11:23 am

But, they are giving them lower spending limits on those cards.:)
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Re: Americans now $1 Trillion in credit card debt.........

Postby Brute 23 » Fri Jan 19, 2018 11:24 am

Hunter wrote:But, they are giving them lower spending limits on those cards.:)


:lol:
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Re: Americans now $1 Trillion in credit card debt.........

Postby greybeard » Fri Jan 19, 2018 12:15 pm

Since NerdWallet’s number focuses on credit card debt only, the $905 billion is a more accurate estimate of how much debt is outstanding. It’s also important to note that this total includes the balances of cardholders who pay off their cards in full every month, as well as those who carry debt from one month to the next.


Well, that's sure a relief, ONLY $905B instead of a trillion.
"A billion here..a billion there and before ya know we're talking real money.."

Funny (not really) how that old quote has seen 3 extra zeroes added since it was first spoken......
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Re: Americans now $1 Trillion in credit card debt.........

Postby TexasBred » Fri Jan 19, 2018 1:21 pm

Amazing how many folks have less than $1000 in savings. Heard the percentage on the news last night but don't remember it. Well over 50% best I recall. Just living from paycheck to paycheck. One hiccup in their method of living and you have another welfare family.
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Re: Americans now $1 Trillion in credit card debt.........

Postby Hunter » Fri Jan 19, 2018 1:25 pm

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Re: Americans now $1 Trillion in credit card debt.........

Postby boondocks » Tue Jan 30, 2018 12:05 am

Ok, usually I read the entire thread first but admit I skipped a few pages in the middle. Am I understanding correctly that the $905b includes all the $ that's put on then immediately paid off with no interest owed?
In that case, I think I know where about $900b of that came from. :lol: We put everything on ours for the points, and yes I'm always shocked at how much that adds up.

Seriously though, did anyone parse out how much of that figure is just money that's paid off faithfully every month with no interest?
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Re: Americans now $1 Trillion in credit card debt.........

Postby hurleyjd » Tue Jan 30, 2018 3:00 am

greybeard wrote:
Since NerdWallet’s number focuses on credit card debt only, the $905 billion is a more accurate estimate of how much debt is outstanding. It’s also important to note that this total includes the balances of cardholders who pay off their cards in full every month, as well as those who carry debt from one month to the next.


Well, that's sure a relief, ONLY $905B instead of a trillion.
"A billion here..a billion there and before ya know we're talking real money.."

Funny (not really) how that old quote has seen 3 extra zeroes added since it was first spoken......

The quote is from Everett Dirksen as these quotes in this link
https://www.inspiringquotes.us/author/7 ... tt-dirksen
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Re: Americans now $1 Trillion in credit card debt.........

Postby Nesikep » Tue Jan 30, 2018 3:34 am

boondocks wrote:Ok, usually I read the entire thread first but admit I skipped a few pages in the middle. Am I understanding correctly that the $905b includes all the $ that's put on then immediately paid off with no interest owed?
In that case, I think I know where about $900b of that came from. :lol: We put everything on ours for the points, and yes I'm always shocked at how much that adds up.

Seriously though, did anyone parse out how much of that figure is just money that's paid off faithfully every month with no interest?

I think the trillion dollar number is total, 905 billion is what's carried from month to month.. that's what I understood of it
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