The Five Percent Club?

chisueApril 28, 2009

A poster on the Hawaii forum of TripAdvisor stated that only five percent of credit card holders pay the balance in full every month.

Can that be TRUE?

Having just re-read the thread here on dying with no assets and only CC debt, I can see one place that might be considered a wise strategy! but really, are 95% of CC holders paying endless interest on endless debt?

Maybe I'm NOT so smart to pay the balance in full...?

Thank you for reporting this comment. Undo
cmarlin20

Maybe I'm NOT so smart to pay the balance in full...?

Oh come on, just because you may be in the minority doesn't mean you are not smart!
but you already know that...

    Bookmark   April 28, 2009 at 11:43AM
Thank you for reporting this comment. Undo
greg_h

I've always heard that the percentage of people who carry a balance is around 50%.

In fact, here's a source that claims the same thing (taken from near the end of the article in the link below)

Prevalence of credit card debt
· Credit Card Debt has increased significantly in the past decade. Credit card debt has increased by 25 percent in the past 10 years, and reached $963B in January 2009. (Federal Reserve 2009)
· More than three-quarters of families have credit cards and close to half carry a balance. Seventy-eight percent of U.S. families have a credit card, and 44 percent of families carried a balance on their credit card. (Nielsen 2008, Federal Reserve 2008)
· Families carry significant credit card debt. The average amount of credit card debt among families with a balance was $7,300 in 2007 (the median was $3,000). (Federal Reserve, 2008)

Here is a link that might be useful: Article about credit cards

    Bookmark   April 28, 2009 at 1:38PM
Thank you for reporting this comment. Undo
terriks

I googled "percentage of Americans who pay credit card balances monthly" and came up with several sites with statistics. Not one site had a figure as low as 5%, so I guess the club of people who don't carry a balance isn't that elite.

Here are the sites I found:

Stopbuyingcrap.com I love the name of this site!

moneycentral.msn.com

freedomfinancialnetwork.com

    Bookmark   April 28, 2009 at 1:47PM
Thank you for reporting this comment. Undo
triciae

DH's institution is similar to greg's stats...40% carry balances & the average balance is $7K.

/t

    Bookmark   April 28, 2009 at 1:58PM
Thank you for reporting this comment. Undo
chisue

Thank you all! I knew that 5% couldn't be correct!

terriks -- That is a great name for a site! I recently saw a story on TV about a woman who (formerly) made a great living manufacturing items I'd seen in places like Linens 'n Things. One was a plastic goldfish 'swimming' in lucite inside a plastic baggie. The manufacturer is facing bankruptcy now that Americans aren't as excited about these things. Seeing that made me christen a lot of items I see on sale as 'landfill merchandise'. (It sounds better than 'crap'.)

    Bookmark   April 28, 2009 at 3:33PM
Sign Up to comment
More Discussions
Ontario - Canadian law question
Hi: I am hoping I can find someone on the forum who...
mistopheles52
child tax credit, age 17 cutoff
I was just wondering if anyone knew the logic behind...
jiggreen
help!!! advice needed asap for 2nd mortgage
I need to take out $30,000 in equity for desperately...
gigigirl1
Private College Savings - How much is enough?
We have approximately $62,000 saved in a 529 plan for...
RealHousewifeofNJ
Buying a car
I am planning to buy a car, but my credit rating is...
HerscheLL
Sponsored Products
Children's Chair (Set of 2)
Overstock.com
9'x12' Handmade Stone Wash Khotan Design 100 Percent Wool Oriental Rug Sh19507
1800 Get A Rug
Free Standing Cabinets Racks & Shelves: Sandusky Garage Cabinets 36 in. W x 78
Home Depot
52" Casa Vieja Trilogy Pewter Ceiling Fan with Light Kit
Lamps Plus
Salsbury Industries Lockers 19000 Series 37 in. W x 20 in. H x 9.25 in. D 15 A
Home Depot
Dyson Five-Light Chandelier
$159.99 | zulily
Lush Decor Ruffle Aqua Blue Shower Curtain
Overstock.com
Green 'Bunny' Small Block Sign Set
$8.99 | zulily
People viewed this after searching for:
© 2015 Houzz Inc. Houzz® The new way to design your home™