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Thread: Seven out of Ten? Really??

  1. #1
    50 Custom PC's in 10 Years! TheGreatSatan's Avatar
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    Default Seven out of Ten? Really??

    I just saw a debt consolidation commercial that said 7 out of 10 American adults have credit card debt. Not owing money on your house or anything, just credit cards. I know some of that is people who have the money to pay off and just don't. But do you think that figure is right?
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    Sunshine Flavored Lollipops Zephik's Avatar
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    Default Re: Seven out of Ten? Really??

    Statistics are never entirely accurate, but thinking about all the younger adults... its definitely possible if the majority of their poll was young adults. Also, how much debt are we talking here? If you owe 5 dollars, then you are technically in debt.

    MSN reports that only 8.3% owe more than $9000.
    People are stupid; given proper motivation, almost anyone will believe almost anything. Because people are stupid, they will believe a lie because they want to believe it's true, or because they are afraid it might be true. People’s heads are full of knowledge, facts, and beliefs, and most of it is false, yet they think it all true. People are stupid; they can only rarely tell the difference between a lie and the truth, and yet they are confident they can, and so are all the easier to fool.

  3. #3
    If you can't hack it, you don't own it! Oneslowz28's Avatar
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    Default Re: Seven out of Ten? Really??

    I owe about 8k on credit cards. I got my first one the week I turned 18 and have one from almost every major credit card company including 3 banks.

    The 7 out of every 10 figure is probably right. When you are in college you are constantly bombarded with credit card offers from both the mail and booths set up around campus. When you buy a motorcycle from kawasaki, suzuki, or yamaha and finance through one of them they basically issue you a credit card that is maxed out from the beginning.

    Every one I know owns a credit card even my 87 year old great grandmother. All of my friends have a few and I still get 6 or 7 offers for more in the mail every month. Having a credit card is a must in American society. Its the foundation that almost every one builds their credit history off of. When I got the loan on my home I was asked about what credit cards I had. Because I had 6 at the time they gave me the loan. The loan officer said that if I had just had 1 or 2 that he probably would not have approved me because I was so young. By having 6 that were all in good standing it showed that I was financially responsible.

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    . Spawn-Inc's Avatar
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    Default Re: Seven out of Ten? Really??

    well i don't know about the numbers, but i have had one for a little under a year now and haven't paid a cent in interest or fee's. it's a visa 1% cash back card and so far it's been at there loss. i was just on the phone getting the card replaced, seems i use it to much, and the lady said i was in great standing with them and got my limit bumped from $1000 to $5000. i also have a $8000 line of credit for emergences. i'm 22 and have NO debt what so ever, though i still live at home so thats the main reason why. but i do have a car fully paid for and $6000 pc setup with tv, etc.

    i'm not at all good with money in that when i get it, its spent. but i have managed to stay out of debt thus far. i let the CC go up to about $300 then pay them $300 and keep doing that.
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    I come from a land down under. simon275's Avatar
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    Default Re: Seven out of Ten? Really??

    I hate credit cards I almost most never ever use my one only if a I have to. Also keeps the government from tracking me. /tin foil hat
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    Undead Pirate d_stilgar's Avatar
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    Default Re: Seven out of Ten? Really??

    My wife and I have student loans. She has graduated and only has $7000 after four years. I am pretty much just starting, and just took out $2800. Hopefully she will get a good job soon and can pay off the debt quickly. Other than that debt we have none, and never plan on having any. We have $1500 in the bank that we never spend, and I mean never. It is there for the never-to-be-foreseen-how-the-heck-man-I-am-screwed emergency. We will never spend it on anything else.

    We are pretty wise spenders and savers. We budget well. When either of us have good jobs, we just save the money and chip away at the loans, then when times get tough, we then spend the money we've been saving.

    I believe that 7/10 have some sort of balance (a tank of gas, a book) that they pay off every month. I think it's a minority that has massive debt. That minority can feed the system and never get out. I don't know how you ever could.

    A lot of people just like have it now and pay later. It's an awful system for any economy. If people are going to get smart and stay debt free, which I think more and more and more individuals are doing, then obviously our consumer driven economy is going to suffer until people turn it around for themselves. Then, when they can afford things with cash again (like our great grandparents did), they will begin to spend again and the economy will turn around, with much less personal debt.

    . . . *government/political commentary begins here, but I'm leaving it out and so should you* . . .

  7. #7
    ATX Mental Case
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    Default Re: Seven out of Ten? Really??

    I find it very odd how so many people have no understanding of "If you don't have the money now, why would you have it later?". I have no sympathy for people severely in debt from buying superfluous things without monitoring how much they're spending.

    I understand some people ending up in debt just for pure survival (i.e. raising kids, need to feed them, no job... debt is the only option), but students who fall for the credit card booths at their schools or whatever and end up in debt buying the "newest, coolest and trendiest things" are just morons.

    This is why I prefer a debit card. If I don't have the money now, well, too bad for me :p... I'm just going to have to wait.

  8. #8
    Sunshine Flavored Lollipops Zephik's Avatar
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    Default Re: Seven out of Ten? Really??

    This is what I plan on doing once I actually get a credit card. If I want something then I'll save up my money for it. Once I have enough saved up for the item that I want, then I'll buy it with the credit card and use the money I saved up to make payments and thus giving me good credit. Otherwise, only in absolute emergencies.
    People are stupid; given proper motivation, almost anyone will believe almost anything. Because people are stupid, they will believe a lie because they want to believe it's true, or because they are afraid it might be true. People’s heads are full of knowledge, facts, and beliefs, and most of it is false, yet they think it all true. People are stupid; they can only rarely tell the difference between a lie and the truth, and yet they are confident they can, and so are all the easier to fool.

  9. #9
    If you can't hack it, you don't own it! Oneslowz28's Avatar
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    Default Re: Seven out of Ten? Really??

    I would not go as far as saying someone with a good bit of debt is a moron. I have about 220k total in debt. If you include my mortgage, truck loan, credit cards, student loans, and a business loan.

    I mean unless you win the lottery, have money from the get go, or save every penny you make for several years, there is no way you will be able to buy a home with out going in debt. An economy the size of ours can not survive with out a credit system. Credit is how banks make their money and small business all the way to huge corporations pay their bills. Its not a bad system if people fully understand it. This is why I think 2 years worth of finance classes should me required in high schools. They touched briefly on interest rates and finance for about a week in my pre calculus class in high school. It was not until personal finance in college that I fully understood what everything meant.

    It is also necessary for our economy that people be massively in debut. If those people were not in the system banks and credit institutions would have very small accounts payable books and their stocks would tank. Look at it this way. The more people that owe you money over the long term, the more security you have that you will stay in business for the next 30 years. Its the same business model that makes buy here pay here used car lots so successful. If they were to just sell 8-10 cars a month @ 3k a piece they would only be making $30k a month with some months only selling 1 or 2 cars. But if they sell 20 cars a month and finance those cars @ $250-$300 a month then they have the security of 6k a month and that number keeps on growing by $250-$300 every month with every car they sell.

  10. #10
    Ceann na Drochaide Bige! XcOM's Avatar
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    Default Re: Seven out of Ten? Really??

    well i know im in the uk, but i don't really have a credit card,

    But i do have a Pay As You Go Credit card, its from mastercard, you go into any post office or paypoint and put money on the card, then you use it just like a normal credit card, only you don't have any credit.

    But they do offer payment protection still for free.

    Also they offer a credit building facility, where by they impose a monthly fee for the card, they then loan you about $100 (+~-) for 12 months worth of fee's, you never actually get the money, they keep it in a holding account, you then play the cards fee for the 12 months, once you have done this your debit to them is paid off, and it shows on your credit file you have kept regular payments. But strangely it still works out cheaper than using a credit card, if you are the sort of person than pays your credit card bill in fill regularly then this would be a good idea.


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