Average American CC Debt $6,929 Revolving Balance

[Tenngal]

I keep mine paid down most of the time.

It has not been over $500 in years.

Most disturbing to me is the number of people who do things like put vacations on credit cards.

[Teacher Terry]

Where we live the average family of 4 has a household income of 48k. It’s not cheap to live here so no wonder people have CC debt.

[catherine]

thanks, i will definitely check him out.

I LOVE Dave Ramsey. Some will argue with his financial advice; some will argue with his Christian Evangelical bent, but no one can argue that if people follow his advice to the letter, they will get out of debt and succeed in "living like no one else."

[Gardnr]

Most disturbing to me is the number of people who do things like put vacations on credit cards.

We always do. Why wouldn't we? We collect all those rewards dollars for money we would spend anyway.

[Teacher Terry]

I am sure Tammy means people that have no money to pay the bill.

[catherine]

I am sure Tammy means people that have no money to pay the bill.

Yes... using the CC as an emergency fund is bad enough, but paying two years later for a meal you had on a cruise ages ago is not prudent.

One time I opened a Banana Republic card at the cash register (you know how they always sell the CC at the register?) when buying something on sale. By the time I added the CC interest to the "sale" cost of the item, it was probably more than the original cost.

I know a lot of people are responsible and pay off their CCs every month, and never carry a balance, but for every one of those there are the others that make the CC shareholders very happy.

[Gardnr]

I am sure Tammy means people that have no money to pay the bill.

ah thanks for the clarity. I think from my frame of reference of spending below our means.

[Teacher Terry]

We use our CC for big purchases and trips. We don’t charge all our expenses on a daily basis because we would overspend and be in trouble. I know some people have no issues with this.