USA credit card debt

American credit card debt has passed $1 trillion for the first time, with the average household now owing $10,000.



I can’t imagine carrying 10k in cc debt. What a waste.


We probably have between $1,500 and $2,000 in credit card debut BUTit gets paid in full every month.

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Which raises the question of whether that $10,000 is all carry over.


I don’t usually consider this to be debt per se. I only consider things that accrue interest charges to be real debt. So credit card balances during the grace period before payment isn’t debt. And zero interest credit card balances from a promotion also aren’t really debt.


A November 2022 LendingTree survey found that just 35% of cardholders say they always pay their credit card balance in full every month, while 65% say they carry a balance at least some of the time. Nearly half (46%) of those cardholders who have card debt say it would take them at least a year to pay it off.

Just really roughing up the numbers but follow me because where it leads matters and is most of the truth.

The thing about this is Christmas and vacations are on credit cards. That leaves 65% of people who can not afford things putting somethings on a card.

Usually Christmas and vacations cost more than a few necessary goods that are not affordable to some.

Except in cases where there are medical problems which is the bulk of the 65% just as it is the bulk of the bankruptcy cases.

If you understand the debt you do not see the same level of fault in it. You see fault in how we allocate medical expenses instead.

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