SI
SI
discoversearch

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor.  We ask that you disable ad blocking while on Silicon Investor in the best interests of our community.  If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.
Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?


To: TobagoJack who wrote (21108)7/10/2002 7:29:14 PM
From: EL KABONG!!!  Respond to of 74559
 
Hi Jay,

You know, I never even considered the possibility of one family having more than one credit card with what I would deem to be a high balance. You are, of course, undoubtedly correct that there are indeed some people who do exactly that. I was thinking that $8.1K, as an average, means that for everyone with say a $500 balance, there likely is someone with say a $15K balance somewhere. Even if one was fortunate enough to have a lower interest rate card (say 10% or so per annum), that a tremendous amount of debt to pay down, especially considering that in the USA, credit card debt is no longer tax deductible.

KJC