The average American family owes like $10k in credit card bills

[tularetom]

so what fuckin good is this puny ass $600 or whatever tax rebate going to do. If he does the smart thing and applies the refund to his debt, he will owe $9400. Big fuckin whoop.

And what is he gonna do with an 18 cent gas tax holiday. First of all the oil companies will immediately raise their prices 10 cents which will wipe out more than half the savings. If Joe Average American commutes 50 miles round trip to work in a car that gets 20 mpg and if the holiday lasts for three months he will save only 29 bucks even if the oil companies don't raise prices. If he applies that savings to his credit card debt he will be down to $9371.

Bribes like this are bad public policy and they don't sole the underlying problems of the individual consumer either.

[Deja Q]

1. Read this:

http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/TheBigLieAboutCreditCardDebt.aspx

She claims it's a myth. (Article posted late July 2007)

Of course, she also recently put up a new article on how much people are using cards, especially those over 40. I need to re-find that link and see if she's contradicted herself...

[pitohui]

26. thanks toad i think she is likely correct

people i know who have money problems, it's caused by health care expenses or student loan bills putting them over what any sane person could ever repay

not credit cards!

who is this average american who owes $10K on their credit cards, i don't think that's soo average at all

[patrice]

2. Standard Washington "gimmick" that's what BHO called the gth this a.m. nt

[Muttocracy]

3. and paying down debt doesn't stimulate the economy much, does it?

I'd rather see the money (like the gas tax) go to infrastructure repair. Good American jobs, things that have to be paid for anyway, but are cheaper if they're not on emergency basis, and saves all of us on car repairs, plumbing repairs, etc. down the line. (and yes, I felt like suing my local govmt over the damage potholes have done to my car - which is nothing compared to failing bridges)

[Rabrrrrrr]

4. How any government can seriously think that, while borrowing trillions, it should issue a tax refund

is fucking beyond me.

Oh, wait, no it isn't beyond me - it's because the rich people who prop up this sham of a government make shitloads of money off the debt AND what the debt is buying, and have everything to gain by fucking people over.

[Greyhound]

5. Almost half a mill per household to cover the Republik spending spree.

What's another ten grand?

All to make rich people a lot richer.

Sucker.

[DesertFlower]

6. you forgot about the interest on that

$10,000 credit card.

[Miss Carly]

7. I owe more than that, and I am not using my check for payment

but I am fortunate enough to have another income earner that can pay the bills, so all my paychecks are going towards paying this albatross off. the balance is an accumulation of 18 years worth of using the card, I was not being extravagent in any form, just stuff like groceries when I was broke etc. I am putting my check in the bank, just in case I need extra money for heating bills this winter.

[Middle finga]

8. There's another bubble that's waiting to bust.

[Xenotime]

23. And when it does, it will hit hard.

[splat]

9. So Obama isn't going to try to help them? That's a winning position?

You have to keep paying it down or your debt grows. Or are you so fortunate that your income is flexible enough to cover how the cost of fuel and food has skyrocketed?

[tularetom]

13. My point is that giving them $600 when they owe $10,000 ain't helping them

If they really want to help they should give them $10,000 and direct them to pay off their credit card debt and then give up their credit cards. Of course that wouldn't make their buddies in the banking bidness very happy but tough shit - it would help the average consumer who could then use more of his earnings to buy essentials.

Personally I have zip credit card debt. It's less a function of income as it is of self discipline. I live in a 100 year old house, keep cars until they run up about 250k miles and until recently never took an extended vacation. I'm also pretty much off the grid food wise. We have chickens and grow most of our own veggies. Two months ago I bought my first new TV in 20 years.

My son in law is currently unemployed but he manages to "own" two cars, a motorcycle, and an RV. I don't pry but my guess is they are mortgaged up the ol wazoo. And maxed out on credit cards.

[splat]

16. Some of us are in debt because we helped our unemployed family members

[tularetom]

17. Hey - I'm not an ogre

and we have helped them. And we plan to help in the future. But they are going to have to get rid of some of their toys and learn to live within their means. We have other kids and grandma and I can't support all of 'em.

My son in law is almost 50 years old and he has not yet learned fiscal restraint. He's a good guy but very immature when it comes to deferred gratification. And it is starting to affect my daughter's health since she is now the sole bread winner trying to support his toys.

[Wcross]

10. Why do you feel the need to lace your post with foul language?

We have all heard the words before, it no longer shocks us. Language like that does nothing to make your point. I agree with you that the so called "stimulus" payment will not help our economy. Nothing is going to stop this train wreck.

Sorry tularetom, somebody had to tell you :)

[tularetom]

14. Sorry - not trying to offend you

I get real worked up at the stupidity of a lot of our fellow americans and it just all sorta comes out in a stream of consciousness type rant. I must agree it does nothing to make a point.

[Wcross]

18. No offense taken nor intended towards you.

I am only making an observation that your message might be lost in the effort. I understand your frustration but lets face it, more Americans can tell you who is left on American idol than can name the speaker of the house. When they hear the term "The Bill of Rights" they start reaching for their wallets. When they hear a politician offer them THEIR OWN MONEY they act as if they have received a gift.:puke:

[DeeDeeNY]

11. Here's the problem

http://www.nationalpriorities.org/costofwar_home

[Fridays Child]

12. Wish I were average.

:(

[leeroysphitz]

15. Proud to be below average. Way, WAY freaking below.

The "rebates" and tax holiday ideas are just two more distractions for the mouth breathers.

Concern yourself with more important issues.

[Fireweed247]

19. Not to mention the debt Bush AND Congress has put us in by increasing the debt limit 3 times!

and wasting our money on death and destruction!
:mad:

www.peacecandidates.com

[proud2BlibKansan]

20. It's not uncommon for families to owe $100K in credit card bills

My friend the mortgage banker said she talks to people all the time who have that much cc debt.

[tularetom]

21. If banks let people run up that much unsecured debt

they deserve to go under.

[TwixVoy]

27. They don't go under

They just get bailed out and burn you and me.

[tularetom]

22. deleted

sticky keyboard

[goldcanyonaz]

24. i am very blessed to have no debt. Did I say I was blessed?

[Shine]

25. Sadly, in this case we're "average"

and we don't qualify for no tax rebate, either. :(