Show of HandsShow of Hands

Show Of Hands August 31st, 2011 12:00am

Is your total credit card debt more than 25% of your yearly pay?

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09/10/11 12:59 pm

Unless the bought their iPad with a credit card.

09/04/11 11:49 am

If your debt gets to be that high, it's time to declare bankruptcy.

kmsexton McLean
09/03/11 9:30 pm

I don't call it debt at all though because we pay the bill in full every month. It only debt if you revolve it.

09/01/11 4:31 pm

I have several (and only) cash reward credit cards. I always pay off the balances each month and have some extra money (cash rewards) to spend whenever I use them. Credit cards can be your friends if you use them properly.

09/01/11 2:36 pm

Proud to say I do not own a credit card.

Chief62 Ohio
09/01/11 2:21 pm

LB I think you've got something there. This probably isn't a great question for this group.

09/01/11 9:57 am

this makes me feel better. of course these are people who can afford iPads and such on here

eradicator JC
08/31/11 10:10 pm

@dotnetdev: federal loans will be capped at a percentage of income and paid off over 25 years. I need a professional degree to do what I chose to do with the rest of my life. It's an investment in my lifelong happiness. I won't let numbers floating around in the ether frighten me.

08/31/11 7:38 pm

When I went to college, I didn't get a student loan. Instead, I worked full time (or multiple part-time jobs) and went to school part time. It took me longer to finish college, But I had no debt when I graduated. Now I'm still debt free (mortgage paid off 2 years ago) and will always be.

08/31/11 7:24 pm

Might want to stop and consider that a lot of the people that have equal or more than 25% of their yearly income in debt probably aren't walking around checking Show of Hands on their smartphone.

08/31/11 7:14 pm

debt free. except for the house. and that will be done soon enough.

dotnetdev Georgia
08/31/11 6:33 pm

no cc debt, and on my way to finishing house early. thank you Dave Ramsey!

veritas… Texas
08/31/11 6:31 pm

There should be age limits for certain questions. People below…say 18 shouldn't be able to answer this. Only view the results and comment.

dotnetdev Georgia
08/31/11 6:30 pm

@eradicator.. that is horrible math. if you make $60k/yr, that means you have $120k in debt? unless i misunderstood, you'll be a slave to that loan.

08/31/11 6:24 pm

I think most people aren't really adding up how much debt they are in

08/31/11 6:13 pm

I'm extremely surprised by these results. I think some people are lying or we have a lot of responsible people on SoH. I'd say 40% of the people I know have more than that. If these results are true, maybe we should we making the national budget!!!

Nerdz Texas
08/31/11 4:21 pm

no credit card debt, i don't have a credit card.........yet

08/31/11 3:45 pm

Who would admit to that?

ORinNY New York
08/31/11 3:09 pm

I have a strict policy of not buying anything I Don't have the money for. The only way I'll take out a loan on a house is if I'm using it for income i.e. A rental. Any sort of debt, mortgage or otherwise, is too big of a burden. student loans would be my only exception, and then, minimal.

08/31/11 1:45 pm

have one cc, 0 balance...use it for vacation only, and only to hold a hotel room or what have you. typically pay cash at checkout. Dave Ramsey all the way!

anonymom Virginia
08/31/11 1:20 pm

I agree with eradicator -- I KNOW my cc debt is at least 25% of my income, and we are blessed with a high-ish income. We ran out of options and got a cc with a high interest rate, it was all we could get. It saved us at the time but boy are we paying for it now.

08/31/11 1:10 pm

my credit rating is in the tank. I have outstanding personal debt, but no credit cards.

08/31/11 12:22 pm

We have credit cards but only for emergencies so luckily the balance is zero right now.

08/31/11 11:25 am

I tell my kids that credit card debt is like "digging your way out of a mud slide". Every time you take a chunk out, it fills right back in!

08/31/11 11:14 am

for those of you that voted "yes", stop using congressional math in your household budget!

08/31/11 9:53 am

I was lucky to have won four scholarships to attend university and thus have no student loans and two credit cards that I'm diligently paying off.

eradicator JC
08/31/11 7:16 am

And I have a feeling that people who have amassed huge cc debt may not realize what percentage of their income it actually is. If the past ten years have taught us anything, it's that Americans are not good at math.

eradicator JC
08/31/11 7:12 am

My student loans are 20% of what I'm going to earn in the next decade. Still a good investment in my future. Do the math.

FAHayek Iowa
08/31/11 7:10 am

My wife and I just graduated and we will have our student loans paid off in 5 years. (as long as we make at least 50k combined a year)

Punchy57 Michigan
08/31/11 6:46 am

Oh yeah, I forgot! No credit cards here. Can't afford them. Boom!

Punchy57 Michigan
08/31/11 6:45 am

Yet the banks get a bail out, and the interest rates rise on borrowed money for a better education.

Punchy57 Michigan
08/31/11 6:44 am

Student Loans are killing me. Makes me wonder why I went to school. If the student loan was fixed at an extremely low rate, it would be worth it. However, the financial industry is squeezing students for every penny they make. I will end up paying 3-4 times what I borrowed for school.

08/31/11 4:26 am

Student loans are the albatross of the youth. My wife and I will be paying loans for the next 30 years. I'm seriously considering taking my kids' college savings and let them use it to start a business instead. But it depends on the kid - and the business.

08/31/11 3:10 am

don't owe much in CC's, but you're right.......student loans are a whole other issue :(

08/31/11 2:36 am

Maybe the question should've been overall debt (loans, etc) instead of just solely CC debt... Then the stats would be a bit different

08/31/11 1:56 am

@7Jeri... Yes. Proud of my baby car. LOL Here in L.A., we own nice cars and spend our money on that while we all rent crappy apartments. Lol. Housing is way too expensive here.

The line girls used to ask guys to weed out the losers was "what do you drive?" Now, it's "Do you rent or own?"

08/31/11 1:06 am

that's seems like a really high percentage, I can't imagine it being so high..but I'm guessing ppl with "better" credit have MORE credit cards and possible more debt, b/c of all the tiny words and tricks..anyway, I only got one and pay it regularly, which boosts my it works for me :-)!

RJ1969 SoCal
08/31/11 12:48 am

NO! seriously, CC's are stupid! they've ruined so many people.

08/31/11 12:13 am

I don't use credit cards, nor will I ever.

08/30/11 11:53 pm

I don't want to ever get into debt. So instead of staying away from credit cards, I avoid any job in general. Bum=debt free. lol jk, I pay it off every month in full.

08/30/11 11:41 pm

I don't have a credit card. Not since 2002. The ex-wife got them and I got freedom.

08/30/11 11:23 pm

Hi Bethany...

(me too)

08/30/11 10:31 pm

Before I resented you, but now im super jealous.

08/30/11 10:29 pm

Wait, vanguarde, are you captain America now too?

08/30/11 10:14 pm

"Vanguarde does not use credit cards - he issues them." - Captain America