Record Number of People Making Minimum Payments on Credit Cards

[bjl584]

Minimum payments on credit cards hit record level as delinquencies also rise

[LivingAlmostLarge]

Most people i know tell me they are good on CC. Meaning they can manage the payments. Very few people ever say they just pay it off in full every month. A lot of people just charge more than they spend and they pay off a chunk but not the whole thing. And they are just continually paying.

[GoodLiving]

I like to say that I'm alergic to paying interest on credit cards so I always pay them off every month.

[ua_guy]

Credit card rates are insane these days. I would not want to be in the position of having to borrow money on a revolving account! Minimum payments must also meet minimums defined by consumer protections with the intent of actually paying the card off. I'm sure that's made things difficult for people who are used to the $10 minimum payment or whatever, now it can be $40 or higher.

[Cnon20]

I like to say that I'm alergic to paying interest on credit cards so I always pay them off every month.

As do I.

[Fishindude77]

I like to say that I'm allergic to paying interest on credit cards so I always pay them off every month.

Good policy. I prefer collecting interest =vs= paying it.
We've not even had a mortgage payment or auto payment for close to 20 years.

[disneysteve]

Good policy. I prefer collecting interest =vs= paying it.
We've not even had a mortgage payment or auto payment for close to 20 years.

Same. We paid off our mortgage, which was our last debt, in 2019 so we've been completely debt-free for nearly 6 years. We only paid CC interest once in 1992 when we charged our honeymoon and paid it off over two months instead of one.

[LivingAlmostLarge]

The saddest part? That the interest on CC makes it really hard at 30% to pay it off. If people can just start paying off the credit they can live well on what they make. I have a friend who is just like that. Everything is on american express pay as you go. Anything more than $100 goes on this payment plan. I just shake my head. Because she make $9k/month in alimony and has $50k in CC. She just can't get ahead because the interest eats her alive. I pointed out if she would curb her spending for year and pay off her debt she could likely manage on the $9k/month.