(CNN) -- Americans are drowning in debt.


Consumers have racked up more than $2.2 trillion in purchases and cash advances on major credit cards in just the last year. And it's become a habit for them to spend more than they have. The overall credit card debt grew by 315 percent from 1989 to 2006, according to public policy research firm Demos.


To compound the problem, fewer people are paying their credit cards bills on time. The percentage of people delinquent on their credit cards is the highest it's been in three years, according to CardTrack.com.

http://www.cnn.com/2008/LIVING/personal/02/22/financial.security/index.html

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It is amazing to me how many people have significant CC debt and consider it the norm. Technically, I guess it is the norm, however it doesn't make it acceptable. Today's world seems to be less about how much you make as opposed to how much credit you can get.

I think the worst I ever got was around $30k on credit cards. My highest APR though was 5.9% though so it was easy to pay off in around 18 months. My mortgage is actually my highest interest rate on any borrowed money I have!! If you have good credit, credit cards are the cheapest money you can get, almost completely free. With 4 cards you can juggle debt to 0% for a year transfer offers indefinitely. I should charge $75k and transfer it to my mortgage!

Managed correctly and responsibly, it makes more sense to use a credit card to remodel your house or buy a car. If you can pull the 0% shenanigans like I do, it's a no brainer. Of course, make sure you pay it off!

I'm free of credit debt, thank god.

It is a horrible thing to get down on, that's for sure.

Unfortunately, most people we know live a life of credit.

We have credit card debt, but mostly because we had some hard times. We should be out of it by the end of this year though. I can't wait for that feeling.

My wife and I are hitting our credit debt hard and should be done paying everything off by the summer. We have decided to pay for things with cash from now on. Of course when life happens and credit cards are needed we will use them.

It's funny how many people I know that bury themselves further and further in debt with no real plan to pay it off. It's almost like they think one day all their bills will just go away. "Did you really need that plasma, and a new laptop, and a new car, and a new Xbox, and a new....?"

The reality is that most folks live well above their means and just don't care. The 5hitty part is that when they do start to care the debt is too high, and by that time it's already too late :repoman:

You can make money using cards and paying off the balance each month. makes no sense not to, unless you have no self control. For example, my Discover card gives 5% cash back on gas purchases. Why would I pay cash? That's like 17 cents a gallon less right now. My Citi card pays 5% cash back on groceries. It can really add up to a lot of savings. They are trying to lure you into carrying a balance. Don't, just reap the benefits.

Yeah Chris but not many people have the self control to use them the way you recommend. Myself included. My cards are locked in my dads safe. I carry one with me along with my 2 bank cards. I owe very little. If you have credit card debt due to family emergencies thats understandable. If you owe money because you are trying to live an unreal lifestyle it will catch up to you.

Werd.

Credit debt will fuck your shit up something fierce if you let it get away from you.

Unfortunately, a large percentage of Americans don't care and rack up that debt. It's a horrible, horrible thing.

Hitlery and Obamma will pay off your credit card debt.

That'll be the day.

That's not any more far fetched than some of the shit that pops out of their mouths at their rallies. That Cunt Hitlery shouts about repealing Nafta, when she has always supported it and her husband gave it to us.

She is a cunt.

I mean that in the nicest possible way.

Plus, I wanted to see what this site turns the word "c unt" into.

The filter is very disturbing if you ask me.

Whose dumbfucking bullshit idea was that?

mine, as I got tired of reading that stuff outside of the Lounge forum.

Well, screw you, you f4gg0t!!!

Seriously....

Yes, I am. Please keep it in the Lounge.