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The Five Percent Club?

Posted by chisue (My Page) on
Tue, Apr 28, 09 at 11:31

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...?


Follow-Up Postings:

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RE: The Five Percent Club?

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...


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RE: The Five Percent Club?

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


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RE: The Five Percent Club?

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


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RE: The Five Percent Club?

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

/t


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RE: The Five Percent Club?

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'.)


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