Credit card debt hits 1 trillion! How much do you owe?

[maninsoma]

On 1/4/2024 at 10:36 PM, purplekow said:

This is generally an affluent group so it is not a surprise to have many people with no debt.  I am also an Amex user with monthly full balance payments taken automatically.  I use Amex to pay all my purchases and bills.  I see no reason for automatic payments of utilities and the like when I can have them paid automatically through Amex  and get the points.  When I redid my kitchen, I got all of my appliance with points and racked up a bunch of new points with the purchase.  

If you can pay a regular monthly bill using a credit card with no fee, then doing so makes sense.  Where I live, if I were to pay my monthly electric bill using a credit card I'd get charged a fee by the utility company that would outweigh any points benefits from the credit card.  For nearly everything else, however, I pay using a credit card to rack up points/miles/cash back.

[maninsoma]

I was one of those who was nearly financially illiterate in my twenties.  I only had one major credit card (and a store card).  I maxed it out (which I think was $2,000), my dad paid it off for me and then I proceeded to max it out again within a year.  It didn't help that my salary was low and I was living in one of the most expensive cities in the U.S., but more than that it really was that I just didn't understand money beyond a superficial level.  Example: I thought that buying a new pair of pants at 33% off was a great savings for me, not thinking about the fact that not only was I paying 18% interest on the purchase price but I was also paying 18% interest on everything else I put on the card.  I really credit one of my exes with helping me understand that instead of saving money buying things on sale that I was actually paying 18% more for everything because all I could afford to pay most months was my minimum payment.  With some basic math (I at least had math skills), he helped me see how much more I was spending because I was carrying credit card debt.  Most enlightening was realizing that if I paid off my credit card I could actually afford to spend a little more every month because I wouldn't be paying interest charges.  The only downside was that I had to stop some of my spending for a certain period of time so I could pay the outstanding balance.  I think that took me just shy of a year.  Once that year was over, I had learned to live within my budget so I never charged things I couldn't afford to pay for at the end of the statement period. This was all nearly 40 years ago, and I haven't carried a credit card balance since with a few exceptions (promotional offers for 0% interest for a specific time).

To anyone reading this thread who carries credit card debt who has the ability to change their spending habits, I encourage you to do so.  A period of foregoing nonessential expenses (eating out, buying things you don't really need but just want, etc) will pay off nicely for you going forward as long as you internalize the lesson of living within your means.

I realize this isn't helpful for those who are carrying debt due to either some unfortunate circumstance such as illness or simply have so many obligations such as a family to support.  I think a lot of people get into debt because they don't see the bigger picture, though, and they can dig themselves out if they choose.

[TonyDown]

I've come to the same conclusion, rather than hurrying to buy while there is a sale, why not wait a while until I really need something or until I see something I like a lot.  

That said, I have avoided credit card debt entirely.  I'm following in my dad's footsteps.  Am I the only one?

Bless their hearts, I know the credit card companies are anxious for me to change my ways.

[cany10011]

Zero credit card debts, no car loans,  mortgage free on one house, and will be free on another in 2 months! More play $$$ for me. Although my condo in manhattan has costly maintenance that will never go away, neither will my proclivity for a certain shared hobby

Edited March 1, 2025 by cany10011

[+ Charlie]

Requests for donations to charitable or political causes these days almost always include a credit card option. I never use it. If I can't send a check or give cash, I won't donate. When I open my wallet or checkbook, I can see exactly what I can afford to give, but with a credit card I feel pressured to be too generous. I also don't want the person requesting the donation to know what credit accounts I have.

[+ Lucky]

1 hour ago, Charlie said:

Requests for donations to charitable or political causes these days almost always include a credit card option. I never use it. If I can't send a check or give cash, I won't donate. When I open my wallet or checkbook, I can see exactly what I can afford to give, but with a credit card I feel pressured to be too generous. I also don't want the person requesting the donation to know what credit accounts I have.

Many credit cards allow virtual numbers to be used so that your real credit card number is hidden.

[+ Charlie]

1 hour ago, Lucky said:

Many credit cards allow virtual numbers to be used so that your real credit card number is hidden.

Yes, but I don't even want them to know what kinds of credit cards I possess.

[TonyDown]

5 hours ago, marylander1940 said:

1.2 trillion and counting...

 

 

 

🎼 We listen and we don't judge. 🎵🎶

🤣🤣 

I paid off my mortgage early.  That used to be the mantra.  Send extra $$ each month, so I did.  Never had a car loan.  Buy used, paid cash.    Do not carry credit card debt.

That all worked!

There is a sweet, young dude on YT driving the West Coast in his old truck, cooking his own meals, camping, surfing and hiking with friends.  Some kids find ways to enjoy life without creating huge debt.  And really, this cute young dude and his friends seem way happier than the TikTok crowd living with huge credit card debts on the Zack Rios channel.

 

But yeah, I watched Zack's entire video on credit card debt and need to remind myself...

🎼 We listen and we don't judge. 🎵🎶

 

Edited May 20, 2025 by TonyDown

[+ purplekow]

Credit card on automatic fuil pay each month.  One credit card that I use and one that I do not jthat I have ust in case the other one is lost or more likely misplaced.  Misplaced my one credit card on my move to Palm Springs and did not have an extra and the temporarily misplaced card resulted in a bit of a hassle, which resulted with my three dogs and I sleeping in my car in my garage. (Furniture had not arrived and there was a black out on my street in Palm Springs the day I arrived.) That of course is another story, but as a result, I got the backup credit card.  Before that, it was just the one card.  

So, for me, no debt except for my eternal indebtedness to those that bring joy to my life. 

Edited May 20, 2025 by purplekow

[Kevin Slater]

55 minutes ago, purplekow said:

Credit card on automatic fuil pay each month.  One credit card that I use and one that I do not jthat I have ust in case the other one is lost or more likely misplaced.  Misplaced my one credit card on my move to Palm Springs and did not have an extra and the temporarily misplaced card resulted in a bit of a hassle, which resulted with my three dogs and I sleeping in my car in my garage. (Furniture had not arrived and there was a black out on my street in Palm Springs the day I arrived.) That of course is another story, but as a result, I got the backup credit card.  Before that, it was just the one card.  

So, for me, no debt except for my eternal indebtedness to those that bring joy to my life. 

You might put like one charge a year on that backup card just to keep it open and in good standing.

Kevin Slater

[TorontoDrew]

I got myself into a little trouble over 30 years ago.  It was $7,000 which was a lot for me then. I've was lucky right after that to move to a much more lucrative career path and haven't done it again.

[+ sync]

15 hours ago, TorontoDrew said:

I got myself into a little trouble over 30 years ago.  It was $7,000 which was a lot for me then. I've was lucky right after that to move to a much more lucrative career path and haven't done it again.

Same for me.  My experience was considerably more than $7,000.  The recovery was long and trying, but  it rendered me some commonsense resistance to impulse spending. 

[+ nycman]

Zero. 

My cards are all automatically paid off each month. I rotate my cards seasonally, mostly to make sure I have the minimum spend required to keep my status with various airlines. I'm not loyal enough to any one airline or alliance to make my status the old fashion way (butt in seat), but I certainly have been rescued in some difficult situations, when the person behind the counter notice I had some level of status with their airline. 

Also, never fly coach.
When shit goes wrong (and it often does), they don't give a shit about the poor slobs in the back of the plane.
Trust me. 

Edited March 19 by nycman

[marylander1940]

On 3/19/2026 at 4:32 PM, nycman said:

Zero. 

My cards are all automatically paid off each month. I rotate my cards seasonally, mostly to make sure I have the minimum spend required to keep my status with various airlines. I'm not loyal enough to any one airline or alliance to make my status the old fashion way (butt in seat), but I certainly have been rescued in some difficult situations, when the person behind the counter notice I had some level of status with their airline. 

Also, never fly coach.
When shit goes wrong (and it often does), they don't give a shit about the poor slobs in the back of the plane.
Trust me. 

You always:

[Maldor]

About 10 years ago, I was in debt to the tune of $300,000. Thank God I managed to get out of that hole.

[samhexum]

A majority of New Yorkers have been forced to choose between buying enough nutritious food or paying their rent, utility bills and other necessities in the past year, according to a new poll commissioned by No Kid Hungry New York. 

The poll found that 67% of residents and 74% of families with children reported making this difficult trade-off between paying for groceries and covering basic household expenses amid the growing affordability crisis.

https://qns.com/2026/03/affordability-crisis-no-kid-hungry-poll-food-insecurity-queens/

https://greenpointers.com/2026/03/23/the-debt-gala-offers-a-cheeky-alternative-to-that-event-on-the-first-monday-in-may/

The Debt Gala Offers a Cheeky Alternative to The Met Gala

Through the years, the Met Gala’s ostensible purpose as a fundraising event has been watered down as social media continues to ratchet up the displays of ostentatious wealth. 

Could Jeff Bezos, one of the event’s co-chairs this year, singlehandedly finance the Met’s Costume Institute in perpetuity if he so desired? Of course, but in doing so, that risks upending all the smoke-and-mirrors at the crux of celebrity philanthropy.

As the name suggests, The Debt Gala raises funds for families in debt across the country. Since its founding in 2023, the event has helped to eliminate more than $4 million in debt.

“Proceeds from the 2026 Debt Gala will be divided between Undue Medical Debt, a national nonprofit that buys and eliminates medical debt for those most financially and emotionally burdened—and Point of Pride, a trans-led organization providing life-saving gender-affirming healthcare support,” a press release reads in part.

With a focus on sustainability, originality, and inclusion, the event bucks the stodgy conventions of that other event, plus at a more accessible price point. Early bird tickets are priced at $34 until March 31 (increasing to $44 after that). Premium admission costs $250 and includes seating and drink tickets. 

And for a one-of-a-kind experience, the $1,000 Sew VIP ticket pairs you with a designer to create a custom look for the evening’s event! 

Edited March 24 by samhexum
for absolutely NO @%!*ING reason at all!

[Kevin Slater]

3 hours ago, samhexum said:

A majority of New Yorkers have been forced to choose between buying enough nutritious food or paying their rent, utility bills and other necessities in the past year, according to a new poll commissioned by No Kid Hungry New York. 

I would find that very hard to believe. 

Kevin Slater

[mike carey]

15 minutes ago, Kevin Slater said:

I would find that very hard to believe. 

Kevin Slater

Oh, it's believable, but the headline statement is not what's believable there, because in a prosperous city like New York, it doesn't pass what in Australia we call 'the pub test'. What is believable is that a poll would make such a 'finding'. When you commission a poll, you write the question, you are able to 'adjust' the sample surveyed and weight the data. Curiously, I didn't see a reference in the article to the name of the polling agency, or a link to a full report of the results. I'm sure that there are people in the city, some frequent posters here may have views as to which borough they live in, who do indeed have to make the sort of decisions, but a majority? Yeah nah.

[Lotus-eater]

3 hours ago, mike carey said:

 What is believable is that a poll would make such a 'finding'. When you commission a poll, you write the question, you are able to 'adjust' the sample surveyed and weight the data. Curiously, I didn't see a reference in the article to the name of the polling agency, or a link to a full report of the results. 

 

 

[+ FrankR]

On CBS today: https://www.cbsnews.com/amp/news/record-share-americans-cant-pay-credit-card-bills/

[Lotus-eater]

36 minutes ago, FrankR said:

On CBS today: https://www.cbsnews.com/amp/news/record-share-americans-cant-pay-credit-card-bills/

 

 

 

Edited March 26 by Lotus-eater