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(ABC News)   Half of all Americans have more credit card debt than savings. The other half are childless   (abcnews.go.com ) divider line
    More: Fail, credit card debts, Greg McBride, Americans, saves  
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5961 clicks; posted to Main » on 20 Mar 2013 at 9:47 AM (3 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2013-03-20 03:58:48 AM  
I'm childless.. but 5 years ago, I was in credit card debt as well.
 
wee
2013-03-20 04:20:17 AM  
I have to say: I have no kids.
 
2013-03-20 05:51:08 AM  
Maybe we are poor?
 
2013-03-20 06:42:48 AM  

johnryan51: Maybe we are poor?


"Middle Class" is the correct term. We don't want to hurt anyone's self esteem.
 
2013-03-20 08:17:52 AM  
discover won't even trust me with a credit card

prolly cause i once filed for Bankruptcy
 
2013-03-20 08:22:03 AM  
Two kids in the house, money in the bank.

Yeah I'm bragging
 
2013-03-20 08:28:03 AM  
Kudos to Subby for a headline that will no doubt engender vigorous, civil debate and will most certainly not instantly degenerate into a screaming match over who will be wiping who's ass.
 
2013-03-20 08:37:56 AM  

Mr. Coffee Nerves: Kudos to Subby for a headline that will no doubt engender vigorous, civil debate and will most certainly not instantly degenerate into a screaming match over who will be wiping who's ass.


While we're waiting, could you pass the roll under the stall?
 
2013-03-20 08:45:39 AM  
Um, subby? Have you been following the news? You read about what just almost happened in Cyprus? No, of course you didn't. Well, what almost happened is that the government in Cyprus, to pay off their debts, almost took money right out of the savings accounts of hard-working Cyprisians or Cyrpiots or Cypreeses or whatever the hell you call them. That's right...it's like the whole government was going to just do a reverse automatic deposit and pull money out of everybody's bank account to pay off government bills. Imagine going to the bank tomorrow and finding some dusty IOU note from the government instead of your life savings. Imagine it.

Now...imagine that happening here. Yes, yes, I know. A few years ago that would have been unthinkable. But a few years ago, Obama wasn't president. Socialism wasn't the law of the land. Also, a few years ago, Elizabeth Warren wasn't vowing to destroy the American financial system. She's native American, you know...she probably harbors a deep, unabiding hatred of the Federal government for what it did to her people, and now she's somehow risen to the level of Senator and poised to do great harm to this nation. And others like her are at work, too. It's a scary, scary time and right now we're all just a heartbeat away from being Cyprians ourselves. Cyprahomans. Cyprottis. What the fark ever.

Do you want Obama to simply garnish your savings account? Maybe you do, you don't seem that bright. But I don't. So -- and this gets complicated, now, so pay attention -- what you need to realize is that credit card debt (instead of savings accounts) is a  good thing for Americans. See, credit card debt means you're paying things like interest and fees to the person who issues the credit card. So you're getting stuff you need with your card, then paying more than what it costs to pay the person who invented the card. That person then uses that extra money, which some might call "profit," to create new jobs that can make new cards and further build the economy. So the money that's paid as fees and interest actually re-enters the economy and grows it, and as a result every person gets richer. See, with a savings account, only one person gets richer -- the person with the account, and that only lasts until Obama decides to take it away. With a credit card, in the end, everybody wins. It's the old anecdote about a rising tide lifting all boats.

So you can act selfishly, and foolishly, and have a savings account, or you can act according to the best interests of a true market-based economy. I know which option I prefer. I hope I've helped open your eyes.
 
2013-03-20 08:54:43 AM  
Nine posts in and this thread already has promise. Bravo Subby.
static.tumblr.com
 
2013-03-20 08:58:07 AM  
Socialism didn't bankrupt them. There own banking system bankrupted them. And like the good ole USA,the average guy has to bail them out. Their banks went to the casino and lost, now average Joe blow has to bail them out. Sound familiar?
 
2013-03-20 09:18:56 AM  
Banks and card companies' classification for people without debt is "Deadbeats"
 
2013-03-20 09:23:03 AM  
41% of those making $30K or less?  I figured that would be much lower.
 
2013-03-20 09:31:02 AM  
Depends what time of month you ask. I might be 5K in debt right now. But paydays coming up.
 
Pud
2013-03-20 09:42:25 AM  

Generation_D: Depends what time of month you ask. I might be 5K in debt right now. But paydays coming up.


Wow, you have an expensive time of month.
 
2013-03-20 09:49:12 AM  
Sounds about right.

/no interest in kids at this point
//we'll see what my hormones say 10 years from now
 
2013-03-20 09:52:09 AM  

unlikely: Banks and card companies' classification for people without debt is "Deadbeats"


You forgot Credit Reporting Agencies, the worst of the scum in my opinion.
 
2013-03-20 09:53:21 AM  
I pay off my student loans at the end of the month! Credit card is paid off every month. I have a mortgage but it's costing me less than renting. Not long to go before I'm in the black.

From April I'm hitting a savings regime hard now that the hard stuff is bought and paid for.

/not American
 
2013-03-20 09:53:34 AM  

Pocket Ninja: She's native American, you know...she probably harbors a deep, unabiding hatred of the Federal government for what it did to her people, and now she's somehow risen to the level of Senator and poised to do great harm to this nation.


Who do I send the bill to replace my keyboard?
 
2013-03-20 09:53:38 AM  
Subtard is an ignorant fark.
 
2013-03-20 09:54:30 AM  
I've got;

No job
No kids
No debt.
 
2013-03-20 09:54:47 AM  
Credit Thread!

I only pay cash for everything I own and I purchased my houseboat with 48% down and a 2% 8-year fixed mortgage.  If you do it any other way than I do... you are a fool!
 
2013-03-20 09:55:02 AM  
Pocket Ninja delivering the goods, free market style
 
2013-03-20 09:55:14 AM  
Sister has four kids.  Anytime I get a hankering to put a branch on the family tree I just go over to her house and listen to the yelling, screaming, and crying..and then the kids get home from school and it gets even worse.
 
2013-03-20 09:55:18 AM  

unlikely: Banks and card companies' classification for people without debt is "Deadbeats"


I have no debt, but they still like me. I still charge everything to a credit card but I just pay it off every month. They still get their fees from the vendors.
 
2013-03-20 09:55:44 AM  
Guess I'm in the third half: people that waited until they were financially secure to have kids, then only had as many as they could afford.
 
2013-03-20 09:56:07 AM  
Well, of course those with a lot of credit card debt have little savings.  Only and idiot would have $10,000 in the bank and $2,000 in credit card debt and make only the minimum payments each month.
 
2013-03-20 09:57:52 AM  
Considering the median income for households in the United States is around $50k I'm not surprised.  There are plenty of people trying to make do with far less.  If you and your spouse don't have college diplomas and are earning a little over minimum wage it doesn't take much to devastate what little savings you managed.

Personally the only time I've had my debt be higher then my savings I was a newly minted college grad with student loans and working my first job.  But since then my husband and I worked hard, lived below our means, and socked away savings (oh and subby, had a kid, which means MORE savings goals).  We do fully realize there is a fair bit of luck that helped us: not getting seriously ill or injured, not getting laid off at the same time or staying out of work for months on end, being born to college educated parents who promoted education, etc. we also didn't get suckered into bad behavior.
 
2013-03-20 09:58:04 AM  
I'm above water for the time being.  But it really doesn't take much unemployment to dive in the pool again.
 
2013-03-20 09:58:25 AM  

Opus Croakus: Sister has four kids.  Anytime I get a hankering to put a branch on the family tree I just go over to her house and listen to the yelling, screaming, and crying..and then the kids get home from school and it gets even worse.


Same, but it's my dumbass brother.
 
2013-03-20 09:58:44 AM  

Mr. Coffee Nerves: Kudos to Subby for a headline that will no doubt engender vigorous, civil debate and will most certainly not instantly degenerate into a screaming match over who will be wiping who's ass.


Credit/Savings thread with a side of Breeders.
 
2013-03-20 09:59:40 AM  

rumpelstiltskin: johnryan51: Maybe we are poor?

"Middle Class" is the correct term. We don't want to hurt anyone's self esteem.


And everyone is above average.
We all get trophies just for playing.
 
2013-03-20 09:59:53 AM  
A good portion of those people are very worried about inflation and its effects on their savings though.
 
2013-03-20 10:00:29 AM  

Krieghund: Guess I'm in the third half: people that waited until they were financially secure to have kids, then only had as many as they could afford.


I applaud your perseverance to save money while battling your math skills deficiency.

/Yanking your chain
//Ditto on waiting until financially secure
 
2013-03-20 10:00:48 AM  

MyKingdomForYourHorse: Pocket Ninja delivering the goods, free market style


Pocket Ninja delivering the goods is the only thing I can count on in these troubling times.
 
2013-03-20 10:02:33 AM  
And they all have iPhones!
 
2013-03-20 10:02:54 AM  
Farkers tell me that is sustainable.

As long as I only add less debt per year than I make in income to the balance, I can do it forever. Nobody will ever come to collect. After all, deficits don't matter.

This is what bugs me about you people. When a person is an idiot with finances, you call them out. When a nation does it, it is okay because your boy is in charge, even though it is ruining our childrens' futures.
 
2013-03-20 10:03:45 AM  

umad: but I just pay it off every month


deadbeat.
 
2013-03-20 10:03:48 AM  

seanpg71: A good portion of those people are very worried about inflation and its effects on their savings though.


It is not the inflation that really bothers them, but the increased interest rates that high inflation typically brings.  That has a much bigger impact on these folks.
 
2013-03-20 10:03:55 AM  

Pocket Ninja: Um, subby? Have you been following the news? You read about what just almost happened in Cyprus? No, of course you didn't. Well, what almost happened is that the government in Cyprus, to pay off their debts, almost took money right out of the savings accounts of hard-working Cyprisians or Cyrpiots or Cypreeses or whatever the hell you call them. That's right...


Another reason why PN is one of my 2 favorited farkers. Well done.
 
2013-03-20 10:04:04 AM  
 
2013-03-20 10:04:37 AM  

The Stealth Hippopotamus: Two kids in the house, money in the bank.

Yeah I'm bragging


I hope you can maintain it.

That was me a few years ago too, but shiat can change on you in a hurry.
 
2013-03-20 10:04:59 AM  
Not to be a wet blanket on the whole savings party, but...

If they only compared savings to credit card debt, what kind of comparison is that? If you have a couple months' salary sitting around doing nothing in a low-interest savings account, you may as well invest it.

Now, if you're telling me that  total assets is far outstripped by credit card debt... I guess that's an interesting story. It'd be more interesting in a country where bankruptcy weren't such an easy process, of course.
 
2013-03-20 10:05:27 AM  
Last year I finally got together the funds to eliminate all of my debt in one big payoff. That was a freaking huge weight off my shoulders. Now, I'm just trying to find a safe place to build "safety net" savings back up that has decent investment/savings rates.
 
2013-03-20 10:05:37 AM  

Thunderpipes: This is what bugs me about you people. When a person is an idiot with finances, you call them out. When a nation does it, it is okay because your boy is in charge, even though it is ruining our childrens' futures.


Because a nations currency does not operate like a check book.

Fiat currency, you can't explain that.
 
2013-03-20 10:05:57 AM  

PDid: MyKingdomForYourHorse: Pocket Ninja delivering the goods, free market style

Pocket Ninja delivering the goods is the only thing I can count on in these troubling times.


Amen
 
2013-03-20 10:06:59 AM  
Been there, did that.

Dave Ramsey saved my ass, except for the part where you give your money to your church.

3 months in savings, no credit card debt, sleep much better.
 
2013-03-20 10:08:01 AM  
zero debt aside from house. 2 kids. enough in savings to pay off house.  How do I fit in?
 
2013-03-20 10:08:14 AM  
I'm actually surprised this isn't much higher.  They must include all the minorities that automatically are rejected by all banks as part of the group with savings.
 
2013-03-20 10:09:37 AM  
Repeal child labor laws and let the little ones help out with debt payments.  Everyone wins.
 
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