The Five Percent Club?

17 years ago

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...?

Sort by:Oldest

Comments (5)

C Marlin
17 years ago
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...
greg_h
17 years ago
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
Â· 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)
Â· 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)
Â· 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
Related Discussions
Canna from seed - percent success rate?
Q
Comments (18)
On March 4, I was given a few dozen canna seeds (very common old fashioned variety) that a friend picked last year. I delicately scarified a dozen, going only so deep as to show a tiny bit of white, using a VERY fine-toothed hack saw blade, then put into pre-boiled (and cooled, of course) water in clean glass tubes, capped. Stood the tubes up in a few cups on top of a radiator and they ALL started to sprout rootlets in 2 or 3 days. Then on March 8, I potted them up in moist sterile soilless mix in 6 oz solo cups, slashed for drainage on bottom. I might have broken off one rootlet when potting up, dunno. Back on the radiator for bottom heat. By March 12 there were 5 green sprouts; by March 13 eleven had sprouted. On March 22, I potted up to 16 oz solo cups, same soilless mix. The surviving eleven (92% success) are each about 8 inches tall with at least 4 leaves apiece. Not bad for a newbie at cannas. I attribute this success to: (a) reading this forum like mad before starting out -- thank you all! (b) not scarifying too aggressively nor going too deep -- just enough to break the shell and let a teensy bit of white show, (c) using punctilious hygiene and pre-boiled water to eliminate chlorine from my municipal tapwater, and (d) bottom heat on the radiator.
...See More
My Book Club (by request)
Q
Comments (10)
Omigosh, Jodi, if I didn't know you, I'd think you were making this up! (Oh, yeah--you have pictures, too.) LOL Seriously, what a wonderful thing you describe. Long-term friendships, getting together on a regular basis, sharing fabulous food, reading, discussing.....and wine! I'm surprised you haven't had scores of others beating down your door, wanting to join. Or maybe you have. Thanks for sharing this!
...See More
Do loan officers get a percent of commission from realtors?
Q
Comments (11)
I am an attorney and handle probate sales. I really would be happier if buyers used certain realtors who have some clue how probate sales go. There is nothing worse than buyers getting an arrogant "know it all" realtor who actually does not know what they are doing in an area that is a little different. If the bank officer wants to sell the property (and they are anxious to do it) then directing you to somebody who will sell that property and knows how to do a bank sale seems sensible. An outside realtor might just direct you to one of their own listings and the bank would lose a sale. Yes, they are giving you inside information as to what they will accept--other sellers who are anxious will do the same thing. I don't understand the problem; the bank isn't supposed to pretend to be coy--a real estate owned property is a black mark against the bank. They made a mistake lending money --they want to sell usually. I have never received kick backs from anybody I deal with--escrow companies, etc. but its so much more work dealing with people who claim they know how to do certain types of sales and do not. Usually about 1 day before the close--suddenly they realize that a city needs to do an inspection, the lender needs a second set of Certified Probate Letters, etc. We call & write often --do you need anything? but it doesn't help if you are dealing with a "know it all".
...See More
100 percent tung oil questions
Q
Comments (5)
Oooo! I am a tung oil fan. The soft sheen is my preferred finish, but I have not used it on a countertop, so I can't advise you there. On a hardwood floor, it goes only on the exposed side, but water is not commonly sloshed around the floors like it is on counters. It certainly can't hurt and it may help, so I would do it. Remember the beauty of the stuff is that it is wiped on/wiped off. It is not the kind of thing that develops runs, brush marks, or (my despised enemy,) air bubbles! I have been known to crank up the heater/air contidioner when using it, so my morning coat dries by the evening and I put the second one on and go to bed. So you will only loose a day or two at the most. I usually get a smooth surface by the second coat, so the third would be your extra buffer. (Depending on what you read, the recommended coats vary. Sometimes I think is may be a fuction of technique. As I put it on, I also rub it in well, almost pushing it in the pores. I rub over the same areas about every 10 min for that first hour. It is a little like French Polishing, only with tung oil and not shellac.)
...See More
terezosa / terriks
17 years ago
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
triciae
17 years ago
DH's institution is similar to greg's stats...40% carry balances & the average balance is $7K.

/t
chisue
Original Author
17 years ago
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'.)

Related Stories

LIFE Simple Pleasures: Get a Book Club Going

By Laura Gaskill

Kick back with friends and a thought-provoking read for an event that’s entertaining and educational all at once

Full Story

HOUZZ TOURS Houzz Tour: Bootlegging Past, Quirky Supper Club Present

By Vanessa Brunner

The only crime in this newly bustling home on a Washington, D.C., lot is the sinfully delicious cooking

Full Story

LANDSCAPE DESIGN California Says Goodbye to the Sprawling Ornamental Lawn

By Annie Thornton

New state rules will effectively limit turfgrass to 25 percent of the landscape in most new and renovated yards

Full Story

138

LIFE A Savvy Shopper's Secrets to Sales

By Mitchell Parker

Kelly Hancock knows a good deal when she sees it. Here's how she saves up to 75 percent off everything

Full Story

LIFE 10 Quick Ways to Get Your House Ready for Company

By Becky Harris

Holiday checklist: See how to make your home 100-percent welcoming in an afternoon. Plus: How to be a good guest

Full Story

FURNITURE Gather 'Round: The Perfect Conversation Area

By Debbie Snider

Set up four club chairs and a round coffee table in den, library or living room

Full Story

LIFE The Top 5 Ways to Save Water at Home

By Julie Kim

Get on the fast track to preserving a valuable resource and saving money too with these smart, effective strategies

Full Story

116

HOME TECH The Inevitable Future of Drones Around Your Home

By Mitchell Parker

As Google joins the push for airborne deliveries, it seems only a matter of time before neighborhoods are buzzing with drones. Is that OK?

Full Story

175

HOUZZ TV Houzz TV: A Just-Right Kitchen With Vintage Style

By Vanessa Brunner

Video update: A 1920s kitchen gets a refined makeover but stays true to its original character and size

Full Story

140

TILE Porcelain vs. Ceramic Tile: A Five-Scenario Showdown

By Sam Ferris

Explore where and why one of these popular tile choices makes more sense than the other

Full Story

319

The Five Percent Club?

Comments (5)

C Marlin

greg_h

Related Discussions

terezosa / terriks

triciae

chisue
Original Author

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US

The Five Percent Club?

Comments (5)

C Marlin

greg_h

Related Discussions

terezosa / terriks

triciae

chisueOriginal Author

COMPANY

BUSINESS SERVICES

GET HELP

CONNECT WITH US

chisue
Original Author