Quote:
|
Originally Posted by Paq
ya know...i have a friend that is single, making $50K a year in an area where FAMILIES average $35K a year, does not have to worry about rent or associated bills...and is in debt up to her ass bc of credit and credit cards...her reasoning is that she makes minimum payments on everything every month...the debt always stays roughly the same bc the interest adds up to about the minimum payment, so really, she is just giving money out every month to pay for the interest....
that scares me...she says she pays about $300-550 a month in interest alone...and that's not including whatever she pays for her car payment (about $350 total for the car payment), but the 300-550 is just interest on credit cards or store credit...
|
This kind of thinking scares me too. I wonder what kind of recession we would have if a majority of credit card users would stop buying and work to pay down their balances. I saw on the news that the average credit card holder is $8000 in debt and growing. What would happen to the economy if all those goods and services went unpurchased? More importantly, what will happen when/if a great many people can no longer handle the dept?