Current Events > how do people rack up so much credit card debt

(+) Yeah! (+)

I have 3 credit cards and my credit limit is 7300 (technically more one doesn't have a set limit, it'll just tell me if i can't spend anymore)

i feel like even if i maxed that right now it wouldn't take years to pay off ?

my sister apparently has so much she's won't even tell our mom how much it is

Some people don't have any self control or money management skills.

Their parents didn't cut their first card like they were supposed to.

just treat it like a debit card minus the atm transfers, and you are fine with money that is safe to put on websites. Just don't touch it when you hit your hard limit. Simple math.

KStateKing17 posted...

Some people don't have any self control or money management skills.

Usually those "I live for today maaaaaaan" people.

medical bills.

Everyone's circumstances are different, but in most cases it's because people have no impulse control. Sometimes people lose their job and have to rely on credit cards to survive until they can get their next job. Medical expenses can be another big one on why people end up with credit card debt.

No restraint and some times there are necessities. Usually when you are charging your groceries unless you are wealthy or have amazing petks that's not a good sign.

Id imagine that the people with no savings who have to cover an emergency expense are in the minority. The majority are just idiots

irresponsibility and denial of self destruction
its always someone else's fault theyre broke lol

Most important thing imo is education. If you parents were good at saving and managing money and instilled that to you, you would likely follow the same.

Everyone's situation is different too. Like if you were on your own since 18 and tried to pay everything yourself, I can see how they could rack up.

I did when I was unemployed. Never use them now

Life in general. Yeah some of it can be attributed to irresponsibility, but sometimes a large expense happens out of nowhere.

I had to drop 3k on my car in a 4 month period last year. I'm lucky to have been able to save a good amount at the time ( living with family) but everyone isn't fortunate enough to be in that situation.

One credit card, $500 limit, $0 balance.

I feel like my comment may have been a bit condescending but a lot of times I wonder how professional athletes go broke. Too many clinger ons and bad investments? I know ya the person in the spotlight but you just made I'm rich money. Pace yourself.

I also post this possibly condescending comment too *sigh*

The interest can spiral things out of control very quickly.

Punished_Blinx posted...

The interest can spiral things out of control very quickly.

That's what happened to me. Amex interest was no joke. And every time I paid off some huge balance, something else popped up. For 3 years straight.

I'm fine now and can pay it off. But for example, in the last 3 months alone, my HVAC shat the bed and that was 10k and a component I have to replace in my car is 2.5k