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Old 02-20-2013, 01:14 PM   #16
gracie1
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Originally Posted by Starbrite View Post
Just wondering how much is the national average of credit card debt? And how much is too much?

I have a lot, way too much actually - but I'm aware of that, I've made mistakes, I no longer use any of the cards & I'm working my way out slowly. (Although according to my monthly statement, it will take me 42 years to pay it all off)
You really should jump over the the Debt Dumpers - 2013 board. There are a lot of us on there and just keeping everyone motivated, even if you cannot afford to pay extra on your cards!
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Old 02-20-2013, 01:35 PM   #17
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Just wondering how much is the national average of credit card debt?
. . . current average is $5446 per card
. . . that is PER CARD, not per person or per family
. . . the industry says the average family has six cards, so go figure


And how much is too much?
. . . tough, tough question
. . . my opinion is debt level is related to benefit
. . . if you buy a house with 5% interest and it appreciates 7%, then OK
. . . but, I see no benefit in financing a depreciating asset, like a car

NOTE:
. . . we have (11) cards, but (3) are LLC-business-related
. . . we run big monthy charge bills, but pay them off each month
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Old 02-20-2013, 03:24 PM   #18
indimom
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Quote:
Originally Posted by TheRustyScupper View Post
Just wondering how much is the national average of credit card debt?
. . . current average is $5446 per card
. . . that is PER CARD, not per person or per family

. . . the industry says the average family has six cards, so go figure


And how much is too much?
. . . tough, tough question
. . . my opinion is debt level is related to benefit
. . . if you buy a house with 5% interest and it appreciates 7%, then OK
. . . but, I see no benefit in financing a depreciating asset, like a car

NOTE:
. . . we have (11) cards, but (3) are LLC-business-related
. . . we run big monthy charge bills, but pay them off each month
Woh! I never caught that!! That's a very scary thought...

Unless... this stat includes every credit card bill?? For example, we use ours for everything and can have a sizeable bill at the end of the month, but we also pay it off at the end of the month.
Do you happen to know if people who use credit cards like we do are included in those stats or if this is just credit cards carrying a balance month to month? If it's the latter, that is just a really, really scary statistic!!
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Old 02-20-2013, 03:30 PM   #19
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OP, it can be done. We've done it. My sister did it. I know many others who have gotten rid of those revolving debts and are happier for it!

Take every extra penny and apply it to the cards. I like the 'focus on one card at a time' approach if you have debt on more than one card.

Really think about what you "need."
Wait an extra few weeks between hair cuts, or find a place to do it cheaper.
If the rear passenger window on your car doesn't roll down, you can probably wait to fix it.
That sort of thing...
The more focused you are, the quicker it will happen!

You do NOT have to spend the rest of your life paying off CC debt.
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Old 02-20-2013, 03:41 PM   #20
ManyMinnie
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Quote:
Originally Posted by TheRustyScupper View Post
Just wondering how much is the national average of credit card debt?
. . . current average is $5446 per card
. . . that is PER CARD, not per person or per family

. . . the industry says the average family has six cards, so go figure


And how much is too much?
. . . tough, tough question
. . . my opinion is debt level is related to benefit
. . . if you buy a house with 5% interest and it appreciates 7%, then OK
. . . but, I see no benefit in financing a depreciating asset, like a car

NOTE:
. . . we have (11) cards, but (3) are LLC-business-related
. . . we run big monthy charge bills, but pay them off each month


I've been skimming around the board and notice many, many people that say they have 6, 7, 8 and even 9!! credit cards.
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Old 02-20-2013, 04:19 PM   #21
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I've been skimming around the board and notice many, many people that say they have 6, 7, 8 and even 9!! credit cards.
Having that many cards is not a problem. Carrying balances on that many cards is. There are many people that do not carry balances on credit cards, they pay them off every month - those people could have 1000 and not have a problem. Others who carry debt on a card can very well be in trouble with just 1 card.
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Old 02-20-2013, 05:12 PM   #22
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ETA: IMO, any debt is too much. However, if you are finding it difficult to meet your financial obligations and you are living paycheck-to-paycheck with no savings safety net, most people would agree that you have too much debt.
I think there's a lack of understanding on many people's parts that they AREN'T meeting their financial obligations if they have to put it on a credit card in order to afford it. Many people believe that their credit limits are money they have access to and consider themselves still in the black, not in the red, if they can meet their minimum payments.

I think many people, maybe even the majority find themselves in the red at some time in their lives. Maybe through consumer debt, maybe student loans, maybe a car or house where your loan is higher than the current worth of the property. The problem comes when people really don't even recognize that they are in the red and keep accumulating debt because they think it's perfectly acceptable to do so.

I believe there's a place for credit, however I think the problem comes when people don't understand that having debt you don't have the current means to pay off means you are functioning with a negative cash balance. IE - underwater. It doesn't take very much water to drown, despite what a lot of people like to think.
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Old 02-20-2013, 05:21 PM   #23
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Quote:
Originally Posted by ManyMinnie View Post


I've been skimming around the board and notice many, many people that say they have 6, 7, 8 and even 9!! credit cards.

Quote:
Originally Posted by MomToOne View Post
Having that many cards is not a problem. Carrying balances on that many cards is. There are many people that do not carry balances on credit cards, they pay them off every month - those people could have 1000 and not have a problem. Others who carry debt on a card can very well be in trouble with just 1 card.
I agree with MomToOne. I have many, many cards. I don't use them all and I don't carry a balance on any of them. To me, it's not a problem to have so many. It would be a problem if I were to max even one of them out!
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Old 02-20-2013, 06:12 PM   #24
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I agree with MomToOne. I have many, many cards. I don't use them all and I don't carry a balance on any of them. To me, it's not a problem to have so many. It would be a problem if I were to max even one of them out!
If you don't use them, why keep them?

We don't carry a balance, either, but between the two of us, we have 3 cards that have high credit limits. It is more credit than we would ever need. Two of them are rewards cards.

I had something else typed out, but realized it was not helpful to what the OP was asking.
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Old 02-20-2013, 07:33 PM   #25
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If you don't use them, why keep them?
I know many people who sign up for cards just to get the sign-up bonus. If they are going to offer it, and the card presents no temptation to the person to run up a balance and their credit score is fine, why not?

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Old 02-20-2013, 09:16 PM   #26
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Credit card debt stinks but if you focus on it you can pay it off. My husband and I had a ton of credit card debt over the past 10 years on and off, high point maybe 30,000 ish...We spent too much money, paid our taxes on them, helped support us while I was out of work, did needed renovations on our home (roof air conditioner) and various other things that at the time were "needed". Stuff happens. We had so much debt at one point in our marriage we could barely make minimum payments. We called the credit card companies, to see if we could get help with interest rates lowered etc. a couple helped most did not. But we did it, with a few hiccups along the way. We are out of debt, it is such a good feeling. We also did it ourselves, we did get a few interest rates lowered however we paid all our debt, did not settle, did not call one of the consumer credit companies. It is a great feeling. We just sent fixed payments. When one would be paid off we would start with the next one. We also used bonus money we got, or any extra money to pay them down.
Good luck... You can do it.
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Old 02-20-2013, 09:35 PM   #27
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If you don't use them, why keep them?

We don't carry a balance, either, but between the two of us, we have 3 cards that have high credit limits. It is more credit than we would ever need. Two of them are rewards cards.

I had something else typed out, but realized it was not helpful to what the OP was asking.
I did not say that I don't use them. I said that I don't carry a balance on any of them. There's a difference.
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Old 02-20-2013, 09:55 PM   #28
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I agree with MomToOne. I have many, many cards. I don't use them all and I don't carry a balance on any of them. To me, it's not a problem to have so many. It would be a problem if I were to max even one of them out!
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I did not say that I don't use them. I said that I don't carry a balance on any of them. There's a difference.
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Old 02-20-2013, 10:07 PM   #29
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I mis-typed the first statement. What I meant to say was that I don't use all of them all of the time. That's what I get for letting my brain get ahead of my fingers.

But it doesn't matter. My point is still the same. I have many,many cards. I carry no balances on them. And why I keep them all is my business.
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Old 02-21-2013, 01:36 AM   #30
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There are lots of reasons to have a variety of credit cards. I pay off every month but still have 6 cards, all of which I use on occasion. I have two main ones, my main one for a cash back incentive, my second one that I only use on-line for airline miles. The other cards are store credit cards that give me perks for using them in their store.
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