Monday, September 6, 2010
Credit Card Debt
I was paying my credit card bill online today, and I wondered how many people were actually dealing with debt due to credit cards. So, I did a little research and found out that the average amount of credit card debt per household is almost 16,000 dollars. Just to give you an idea of how many people have credit cards in the United States, there were 176.8 million people who had credit cards in 2008, and I‘m sure that number has increased over the past two years. Therefore, it shouldn’t be a big surprise that the total amount of credit card debt in the United States, as of June 2010, is 2.42 trillion dollars. Also, of all people who have credit cards, the average number of credit cards each person has is three and a half. I find this hard to believe. It’s unbelievable how many people will continuously rack up more and more credit cards when they know they can’t pay it back. Why would credit card companies keep giving people more and more credit cards when they can’t afford the ones they have? I don’t understand this vicious cycle but obviously it makes money for credit card companies and puts a tremendous amount of people in a financial pinch. I have a credit card so I don’t mean to sound hypocritical, but we should really reconsider spending money that we don’t have.
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The problem with credit card debt is that the economy is so bad. People have to use their card to by the simple things like gas and food. If there were more people working and not on unemployment there would also be less debt. I am just lucky that I have a job and don’t have any debt. More and more people are looking at people debt before they get married.
ReplyDeleteI work two jobs, here at the Red Bud campus and at a golf club. I always keep track of the money I have in the bank, so that I don't spend more than I have. Luckily, so far I haven't missed or wasn't able to pay any of my payments yet. I only have one credit card but I also have a Kohls' and a Macy's card which can be just as bad. I am only nineteen and I live with my parents so I don't know what it is like to pay for a house/rent or buy food for the house. But I did just buy myself a 2009 Cobalt and I pay for all my own college and anything else I want to do.So for being 19 and only working for a year and a half, I think I am doing good so far. I just hope I don't become a stat that you listed above.
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