Average credit card debt by state graphic

[SupremePossum]

but, what is the reason behind carrying the debt?

Whats the reason to pay it? At the very WORST I'm getting 4% interest in my savings account. At the best I'm getting 10+ in a brokerage account

Cash is also king. If my life goes down the toilet fast somehow, I pay my mortgage with money from savings, I cannot do that with available credit. I'd rather default on a credit card than not pay my mortgage

My mom did that for decades to offset her extremely low income while reducing interest paid on the mortgage.

Sadly all the true ZERO percent cards died being replaced with a 4% up front transfer fee.

I never transfer so no fees, I just pay it off

That is good to point out the "fee" often charged with zero percent balance transfer offers. The banks know what they are doing- no free lunch.

Just no do a balance transfer and then you get the free lunch!

 

[ripcord]

Ha!! I saw that article and thought about posting it but didn't as I thought, "Nah, that's GON's jam."

 

[Sumboodie]

73k average? Holy cow!

 

[02SE]

73k average? Holy cow!

7 . 3K...

 

[Sumboodie]

Oh. Photo is small. Guess I need readers too

 

[hrv]

Zero for me I pay it off as soon as it gets posted...I use it for everything for my airline points...Many of free flights with it...

 

[Dave Hess]

Some use credit for necessities and others use it to buy unnecessary crap.

Lots of younger people get into debt cause they are impulsive shoppers.

 

[hrv]

Some use credit for necessities and others use it to buy unnecessary crap.

Lots of younger people get into debt cause they are impulsive shoppers.

and take out student loans too....

 

[alarmguy]

Is this debt more than one month old? I charge quite a bit more than the average monthly but pay it off each month.

My thoughts exactly, what exactly does the map show?
Monthly debt or carryover?

We NEVER use cash or a debit card. We carry high monthly debt paid off every month, collecting 2 to 5% in cash rewards on everything we buy while the money to pay at the end of the month collects interest in our high rate savings

 

[ctechbob]

Whats the reason to pay it? At the very WORST I'm getting 4% interest in my savings account. At the best I'm getting 10+ in a brokerage account

Cash is also king. If my life goes down the toilet fast somehow, I pay my mortgage with money from savings, I cannot do that with available credit. I'd rather default on a credit card than not pay my mortgage



I never transfer so no fees, I just pay it off



Just no do a balance transfer and then you get the free lunch!

Wait, how is the money (debt) getting on the card in the first place?

 

[demarpaint]

Zero here, I always pay the bills on time. In fact I have never once had to pay interest on a Credit Card. I do use Pay Pal's 0% for 6 month deals from time to time, by the 5th month they get paid in full.

 

[SupremePossum]

Wait, how is the money (debt) getting on the card in the first place?

I put as close to 100% of purchases I can on the card, most purchases right now I'm getting 3% cashback, while then getting 4% interest on the "cash" I'm not spending

Literally free money

 

[KrisZ]

It’s people investing their cash in bitcoin. Use the credit to their advantage.

 

[Pablo]

Is this debt more than one month old? I charge quite a bit more than the average monthly but pay it off each month.

Came here to say exactly this. My card will be around $12K for Dec, just pay it off.

So has oil

Your post matches your avatar.

 

[Pablo]

Ha!! I saw that article and thought about posting it but didn't as I thought, "Nah, that's GON's jam."

GON a bored dude.

 

[SevenBizzos]

I thought $6K (my quick estimate of the national average) was a little low until I figured there are as many in debt $12K as there are $0K. Thankfully, I'm on the $0K side now and that's not changing.

 

[2005jettatdi]

I have a severe allergy to debt. It does not matter that the money in savings is paying more then the cost of debt, I pay it off as quick as possible. My monthly credit card spending runs in the neighborhood of $2k sometimes considerably more, which is paid automatically.

 

[Triple_Se7en]

73k average? Holy cow!

$7.3K is the Highest debt.
I kinda' suspected Alaska would be #1. Getting a wide variety of merchandise into that region is very expensive.

I expected New York, California to be #2 and #3..... and they weren't.
Since when did D.C. ($7.1K) become a state?

 

[Sumboodie]

$7.3K is the Highest debt.
I kinda' suspected Alaska would be #1. Getting a wide variety of merchandise into that region is very expensive.

I expected New York, California to be #2 and #3..... and they weren't.
Since when did D.C. ($7.1K) become a state?

Anchorage is one of the busiest
cargo airports in the world.

 

[Al]

I can truthfully say I would buy zero (almost including food) with that type oc cc card debt. I would suspect that folks with that debt bought stuff they could not afford on things they did NOT need.

The question though is (as asked above) ..is that an end of month deficit that gets paid off or are folks paying money on that debt?