My wife and I have no credit card debt — hell, we have no consumer debt at all, from any source — we own our house outright (i.e., no mortgage or home-equity line of credit), and we live within our means. It’s that simple.
Who says that slavery doesn’t exist in America?
Does this include balances on cards that are paid in full every month?
Very sad.
It’s the only thing keeping some people “afloat”.
stagnation in wages for 20 years can do that. Also extended periods of being out of work in a field. And these aren’t entry level workers. 10-20 years experience with degree.
Offshoring and work visas are bad things in the tech industry. But maybe those billionaires who lie to Congress and say that there aren’t enough people in America who do this kind of work are “smart” for boosting the bottom line and then reaping the profits. But their little game doesn’t just affect their company, it goes through the whole industry.
Way above my credit card limit.
Debt is slavery...No thanks.
Just think, the entire American people collectively owe 1/20 what their government does.
And yet, personal bankruptcies are at a 30 year low. Go figure.
Tack on the $1.3T? student load debt.
isn’t climate change going to kill us all before any of it matters?
bmp
Ever since I paid off my college & law school student loans in December, 1997 (in 4 1/2 years), I’ve maintained no debt. I have an Amex Gold that I pay every month and get points, and a couple of credit cards that I use when I need a few months to pay for an unexpected larger expense, but I extinguish that debt quickly.
My FICO is in the low 800s and the sites tell me that I need more available credit to increase my score. Not interested. Ridiculous.
If you are a long and good customer, your card gives a credit line. That credit line can be quite substantial and can be accessed for as little as 4-5% per year.
Drawing on that line for lots of purposes makes sense and is justified if it is easier and cheaper than using other assets.
So, I would guess that rather than go through the hassle of a local bank loan, drawing on the line is quicker and easier. That draw down become part of the total in question and is not subject to the onerous ~25% rates. The growth can actually be an indicator of an improving economy