Credit cards

United States
September 12, 2008 10:34am CST
How much credit card debt do you have? I read somewhere that the average family has like $25,000 worth of credit card debt. How about you? I think I have about $9,000, due to the fact that I only worked part-time for a few years while going to school. I had some unexpected expenses come up and had to use credit cards. Now, I am struggling to get them paid...How much credit card debt do you have?
1 person likes this
7 responses
• United States
12 Sep 08
The average American, according to Experian, has $16,635 dollars in credit card debt as of August, 2008. This is a crazy figure, but seems to have become a necessity due to rising costs. More and more families are forced to live on their credit cards, as wages are not rising to match the costs. I do not have a credit card, other than the one that directly debits my checking account. It does make it hard when those unexpected things happen that need money, but with interest rates hitting 30% on some credit cards, it is worth it to cut them up and forget them.
• United States
12 Sep 08
I think the average interest rate is about 18%, but I have heard of them being as high as 30%
12 Sep 08
i was about to try to open discussion about that. i, too, am in huge debt and i'm also struggling. though i don't regret having it because i was able to use that to provide food and medicines for the family. its just that now i don't know how am gonna pay for it since i stopped working. it just ballooned. i'm keeping my thoughts positive till i can't take it anymore. sorry i wasn't a help at all.
• United States
12 Sep 08
Credit cards have helped us out more than once, but now i am trying to get away from using them all together if I can. One thing I should have mentioned is that about $5,000 of my total is on a Lowe's Project Card. I got it to build a fence around my back yard for my dogs to have a place to run and play without having to worry about them getting hit by a car or another dog attacking them or something. I also have a utility trailer financed on that card, because I needed one, and I had the money left on that card once I was done building the fence to get one that has served me well since I got it. I don't use it as much as I thought I would, but I use it enough to justify keeping it. This project card is closed. They are only good for 6 months. After that, you can't use it any more. I still have to pay off the balance, just like I regular credit card, but I like that fact that I wouldn't be able to keep using the card after a certain amount of time, so I elected to do that instead of getting a regular card. I have some balances on some other cards, but most of them are closed as well. I just have to pay them off now. I only have one card that I am going to keep open. I am closing the rest so I can't use them any more. The main thing is to close them and quit using them if at all possible. This is the only way you will ever get the balances paid. Otherwise, you will just keep using them...that is how most people are anyways..
@Ravenladyj (22936)
• United States
12 Sep 08
I have absolutely none luckily..but I havent had Credit cards in YRS so its no wonder...I've considered applying for one but its just not a good freakin idea cause they are just so easy to use mindlessly ya know...
• United States
12 Sep 08
If you don't have any cards, I recommend you keep it that way. That will be just one more bill to pay, and the temptation to use it will be too hard to resist...
@ronaldinu (12439)
• Malta
13 Sep 08
I have two credit cards. I usally use them when I go abroad but I make sure to settle the debt in a few months once that I return back home.
• Philippines
13 Sep 08
Hi! Today I just paid my balance with my VISA card. I am now debt free. I think I will not use my credit card for at least 3 months 'coz I'll be traveling soon and will not be able to pay the dues. I'll use my card (for emergency only) during my travel and pay immediately when I come back.
13 Sep 08
Dear, I haven't credit cards and I beleieve you are very much against the use of it. I just was wondering if someone can have a credit card.I am from Africa and will love to know if anyone knows how I can get a credit card.Anyone with ideas will be appreciated.
• United States
13 Sep 08
i have zero.. i paid them all off last year and my car is paid off.. all i gotta worry about is my house