How many estimated americans are in credit card debt?
I am also in tons of credit card debt and I know that I am not the only one, so I am just curious to know, about how many americans are in credit card debt and approx. how much of that is actually collected by collection agencies? what happens if collection agencies can't collect anything from the debtor?
Well Gem answered your question.
What I don’t understand is why there are so many people in this kind of debt?
I learned several years ago not to spend anymore on credit cards in a month then you can afford to pay off in full.
I use 3 credit cards for almost everything I buy every month because of the cash back rewards they offer but I always pay them off in full before the due dates so I never pay interest and get cash back every year for using someone else’s money for free.
If people would use credit cards correctly this problem would not exist.
stats: USA averaej KK debt=9,840$/houshold as av Jan 2008 (up from 2,966$ in 1990)
KK debt=957 bilyun $ as av March 2008
& yet, 60% sae em alwaes pae off the balans evree month.
———–
US hav 4 kredit kards/persun
averaej adult hav 8.6 kards
or 1.5 bilyun {kredit+debit+gift}kards
158 milyun hav 1 or more kredit kards
American’s revolving, unsecured debt totals nearly $1 trillion dollars.
There are 300 million people here, including children, foreigners and illegals.
$1 trillion divided by 300 million is: (drum roll please)
$3333.33 for EVERY man woman and child.
This includes the 25% that can’t get credit, the 10% that don’t need credit, the 75 million under 18 that can’t legally get credit. This does not include, mortgages, car notes & business loans.
So, a freakin lot.
Get a plan and get out of debt. We have to quit gifting the world’s mega-corporations are hard earned money.
After all, they don’t care if they take our jobs and send them to Asia, why should we continue making them bigger and richer????
Oh that’s right, to buy more Chinese made crap we don’t need.
People like you are the reason we are in this financial mess. Thanks. If this bailout goes thru the way I see it you’ll owe me, the person not living beyond their means, money for bailing your butt out. Why do you buy things you cant afford and probably dont need? Im all for the garnished wages idea for the businesses and people who cant manage their funds.
http://www.articlesnatch.com/Article/Credit-Card-Debt-in-America-Higher-Than-Ever/315289
My estimate: 99% of everyone over 18
I don’t have any. My significant other and I have school loans, car loans, and a mortgage. No credit card debt, we were taught by our parents that credit cards were bad and try not to use them or pay in full each month. I never spend more than I make in any month.
Stats are that most Americans spend beyond what they make each month, mostly due to the fact that they can’t budget or can’t stick to it. Collection agencies usually settle for less, I really don’t know how they’re at all profitable.
they can eventually put you in jail if it really comes down to it. 90% of the time it doesnt go that far. Person owes credit card, credit card sues, gets judgement, then they will sieze assets or garnish wages, if the person has no assets and no income, then they may or may not send them to jail depending on how they feel that day.
They can’t put you in jail! We abolished debtor’s prison about 140 years ago. They only way you are going to jail is if they prove fraud. Spending what they "allowed’ you to spend doesn’t constitute fraud. The only things that take you to jail is missed child support payments and IRS tax leins unpaid. Unsecured debt will NEVER take you to jail but they can get a judgment against you and depending on state laws, can garnish your wages. You ain’t going to the big house for defaulting. But then I have to bail the market out.
Spif, you asked why Americans are in debt? Its called instant gratification. Spending money we don’t have has become as American as Apple Pie
Why do you think ppl who make $1200 a month buy $700 IPhones and $1400 Louis Vitton bags? I know of ppl who bought their bag on a payment plan!!! Call me old fashioned but the only 2 payments I am ever in favour of making is a house and a car. I do use no interest financing but whatever I need, I have the money to pay for it in the bank and I use the 12 month no interest plan on these offers, let that money collect interest in a saving account or a CD and pay off before it is due. We all buy crap we don’t need but think we need it! Ppl like you and me suffer because someone else acts stupid and spends more than they can afford.
I use credit cards all the time for groceries, bills, petrol. I use it like cash. Why you ask? Because I get 1% cash back as rewards which translates to about $100-$150 a year in free money! Since I treat it as cash, you don’t see me going to the mall and buying $600 worth of clothes and shoes because "I just had to have it!" After all you can’t buy if you don’t have cash right?