Most Americans Are Slaves And They Don't Even Know It

[Copper Catcher]

This is worth the read: http://www.zerohedge.com/news/2015-02-2 ... en-know-it

Sad but true......

[Recyclersteve]

I assume that you mean they are slaves because they are in debt. So, are you therefore saying that someone who doesn't have debt isn't a slave?

I imagine you could argue that someone who is elderly and in poor health is a slave of a different kind, assuming that they don't feel safe leaving their house. This thread could probably go in a bunch of different directions...

[AdamsSamoa]

15 K in credit card debt is insane... And yes I have known that I am a slave for a long time...

[Recyclersteve]

Also, you can argue that kids (who have chores to do while living at home with their parents) are slaves. And that husbands who have a list of "honeydoos" each week, are slaves to their wives.

Most everyone, no matter how rich or poor, has someone they must please.

Yes, you can argue that a homeless person doesn't have a list of "honeydoos" or taxes that they pay, but what kind of life is that?

Also, other than debt being much more prevalent than it was even 50 years ago, what is the difference between now and then? I do agree that the debt levels in this country for individuals and the government have gotten WAY out of hand. But trying to get someone to accept pain now for pleasure later is a tough sell. And then the young people can always say, "Look at grandma, she's a crippled old lady. What would she even use money for? She doesn't want to travel or drive."

[Copper Catcher]

The average US household credit card debt stands at $15,611, counting only those households carrying debt. Based on an analysis of Federal Reserve statistics and other government data, the average household owes $7,283 on their cards; looking only at indebted households, the average outstanding balance rises to $15,611. Here are statistics, trends, studies and methodology behind the average U.S. household debt.


Current as of December 2014

U.S. household consumer debt profile:
•Average credit card debt: $15,611
•Average mortgage debt: $155,192
•Average student loan debt: $32,264

In total, American consumers owe:
•$11.74 trillion in debt ◦An increase of 3.3% from last year

•$882.6 billion in credit card debt
•$8.14 trillion in mortgages
•$1.13 trillion in student loans ◦An increase of 8.% from last year

Read more here: http://www.nerdwallet.com/blog/credit-c ... household/

[Copper Catcher]

I assume that you mean they are slaves because they are in debt. So, are you therefore saying that someone who doesn't have debt isn't a slave?

I imagine you could argue that someone who is elderly and in poor health is a slave of a different kind, assuming that they don't feel safe leaving their house. This thread could probably go in a bunch of different directions...

Unfortunately with our tax system you can never not owe some entity something.... income tax, property tax, gas /road tax, sales tax etc. We are all slaves to the system!!

[creshka46]

The average US household credit card debt stands at $15,611, counting only those households carrying debt.

What I've always wanted to know about this figure is, how much of this is actually debt that roles over month to month.

For example, I maintain an average CC balance of about $1500, however, I pay off the balance in full every month, so I really don't see myself as in debt. If I EVER had to pay interest on that balance, I would instantly switch back to using my debit card. But I believe my $1500 (and others like me) is rolled into that $15,611 average.

So how much of that $15,611 is actually interest bearing, money wasting, enslaving debt? Anyone have a figure?

[johnbrickner]

Creshka:

I can't give you an answer but I only know one person well enough that I know they could pay that much off every month so I'd venture a guess at almost all of it, but not all of it.

[NotABigDeal]

Creshka:

I can't give you an answer but I only know one person well enough that I know they could pay that much off every month so I'd venture a guess at almost all of it, but not all of it.

We use our credit card for everything. The bill totals several thousand a month, but we always pay off in full. We've been doing this for years without paying a dime in interest. Not to mention all the airline miles we get for using the card.

All boils down to this, don't spend it if you don't have it.

Deal

[creshka46]

Creshka:

I can't give you an answer but I only know one person well enough that I know they could pay that much off every month so I'd venture a guess at almost all of it, but not all of it.

We use our credit card for everything. The bill totals several thousand a month, but we always pay off in full. We've been doing this for years without paying a dime in interest. Not to mention all the airline miles we get for using the card.

All boils down to this, don't spend it if you don't have it.

Deal

Yeah, so it sounds like plenty of people do this, and with a lot more money than me. so that $15,611 figure is deceiving. I wish there was a way to know a more accurate number, besides just annecdotal evidence

[Shazbot57]

Creshka:

I can't give you an answer but I only know one person well enough that I know they could pay that much off every month so I'd venture a guess at almost all of it, but not all of it.

We use our credit card for everything. The bill totals several thousand a month, but we always pay off in full. We've been doing this for years without paying a dime in interest. Not to mention all the airline miles we get for using the card.

All boils down to this, don't spend it if you don't have it.

Deal

Amen brother! We do this too.