Son_of_Perdition
Senior Member
In 2011, 4 years after the economic slowdown started it was reported that the average credit card debt was $9,500. Today 4 years later it is rising.
The scary thing about these figures is that a higher percentage of people are taking charge and paying off their cards monthly, carrying no balance, earning those elusive rewards. How is it possible to go up. Obviously more people are using the credit not necessarily buying more stuff they are using the cards to survive and feed their families. Auto loans are sky rocketing and mortgages are opening up for higher risk borrowers, and I personally think we are not paying attention to recent history. I carry cash and debit cards, no debt, my newest auto is a 2005. Home paid off and as result my FICO score suffers because of the afore mentioned facts. No inquires (good), no instalment debt (bad) and low number of older accounts listed (bad). Some financial pundits are saying that when people are stashing money into cd's, money markets and savings accounts, it hurts the economy. To me this is a bizzaro world we are living in.
In a national survey, 42.4 percent of Americans reported having credit card debt, and the average balance is a staggering $10,902. According to a survey by the National Foundation for Consumer Counseling, 37 percent of Americans would be more embarrassed to admit the balance on their credit cards than their age or weight. - Nick Clements (Daily Finance)
The scary thing about these figures is that a higher percentage of people are taking charge and paying off their cards monthly, carrying no balance, earning those elusive rewards. How is it possible to go up. Obviously more people are using the credit not necessarily buying more stuff they are using the cards to survive and feed their families. Auto loans are sky rocketing and mortgages are opening up for higher risk borrowers, and I personally think we are not paying attention to recent history. I carry cash and debit cards, no debt, my newest auto is a 2005. Home paid off and as result my FICO score suffers because of the afore mentioned facts. No inquires (good), no instalment debt (bad) and low number of older accounts listed (bad). Some financial pundits are saying that when people are stashing money into cd's, money markets and savings accounts, it hurts the economy. To me this is a bizzaro world we are living in.