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Thread: Average American CC Debt $6,929 Revolving Balance

  1. #1
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    Average American CC Debt $6,929 Revolving Balance

    According to Equifax, 48% of American households carry a credit card balance. In other words, they do not pay it down to zero on the due date every month. The average APR on credit card debt is 16.46%

    The average revolving credit card balance is $6,929... so the average cost of interest charges per year would be about $1,140 for those American households that carry a revolving balance.

    Data from December 2018.

    http://www.nerdwallet.com/blog/avera...debt-household

  2. #2
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    It's good to be ZERO!

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    I'm also a zero.

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    Senior Member CathyA's Avatar
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    Me too!

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    Senior Member catherine's Avatar
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    This thread is reminding me of the old Dr. Pepper jingle:

    I pay down my balance and I'm proud
    I used to feel alone in the crowd
    But now I think these others are jerks
    Cuz being debt-free comes with perks!

    I'm a zero!
    You're a zero!
    He's a zero!
    She's a zero!
    Wouldn't you like to be a zero, too!

    Be a hero....take your debt to zero!
    "Do any human beings ever realize life while they live it--every, every minute?" Emily Webb, Our Town
    www.silententry.wordpress.com

  6. #6
    Moderator Float On's Avatar
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    Quote Originally Posted by catherine View Post
    This thread is reminding me of the old Dr. Pepper jingle:

    I pay down my balance and I'm proud
    I used to feel alone in the crowd
    But now I think these others are jerks
    Cuz being debt-free comes with perks!

    I'm a zero!
    You're a zero!
    He's a zero!
    She's a zero!
    Wouldn't you like to be a zero, too!

    Be a hero....take your debt to zero!

    When I helped run day camps at an inner city ministry center in Washington DC, the little girls with the jump ropes would chant:

    Visa, Mastercard
    Aaaamerican Express
    Ain't got nothin'
    'gainst them credit cards
    but the CASHHHH
    is the best!

    I'm hoping to pay off some "stupid tax" with my 2nd job this year.
    Float On: My "Happy Place" is on my little kayak in the coves of Table Rock Lake.

  7. #7
    Member organictex's Avatar
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    as someone hoping to be a zero someday (btw, reminds me of a Smashing Pumpkins song i love!) i have decided that
    all (3) cc's i have are about the same interest rate so possibly attacking the lowest balance would be best as it could give
    you a semi-quick victory? what is the thought on this approach, versus attacking the largest balance?
    thanks! jim

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    I am for attacking the lowest carried balance first, because you expect victorious feelings will come to you sooner. I am assuming there is no other creditor with an even higher interest rate, such as pay-day loans, etc.

    Was it a plan to have 3 CC? When the balance on one gets down to zero, you might want to think about how many cards you need. Some folks settle on 2, so that each spouse has their own CC (and so they both maintain a credit history and would have a credit score, should a "big change" cause either individual to need to apply for credit some day). And some folks opt for an additional credit card for a special purpose, such as paying at the pump for fuel for a specific vehicle.


    Once a CC account is zero balance, do you have a strategy for keeping the balance at zero?

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    Paying off the lowest balance first, will give you a goal accomplished feeling, ONLY if you don't go back into the habit of using it and keeping a balance on it.

  10. #10
    Member organictex's Avatar
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    Quote Originally Posted by dado potato View Post
    I am for attacking the lowest carried balance first, because you expect victorious feelings will come to you sooner. I am assuming there is no other creditor with an even higher interest rate, such as pay-day loans, etc.

    Was it a plan to have 3 CC? When the balance on one gets down to zero, you might want to think about how many cards you need. Some folks settle on 2, so that each spouse has their own CC (and so they both maintain a credit history and would have a credit score, should a "big change" cause either individual to need to apply for credit some day). And some folks opt for an additional credit card for a special purpose, such as paying at the pump for fuel for a specific vehicle.


    Once a CC account is zero balance, do you have a strategy for keeping the balance at zero?
    thanks for the reply. i think i will stick to the lowest balance and then close that acct. as you say i don't
    really need 3. our biggest issue is car repairs...don't seem to get one paid off when something else goes
    down
    jim

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