Archie Gemmill Goal
Banned
- Joined
- Nov 18, 2015
- Messages
- 8,324
You seem to be assuming that the poorest have average credit card debt. The poorest by defininition will be outliers on several money-related distributions. I would suspect a large proportion of credit card debt is down to people who had good credit and then were/saw themselves as temporarily in a financial squeeze - lost job, business performing poorly and used credit cards as a stop-gap that turned out to last longer than expected.
So far I'm failing to find a decent breakdown of stats.
How is credit card debt even calculated? I mean i generally have a balance owing on my card of several hundreds but it is cleared at the end of every month. If you asked me today I probably have around £8k of 'credit card debt' but I don't pay any interest on it and it could be cleared tomorrow if needed.