Average interest paid by Americans on credit card debt is

[Johnny2X2X]

55. I'll never forget orientation for college

Was a big fair, with booths and giveaways all over campus. They were giving you literal cash to sign up for credit cards. "Want $20? Here, just sign up for this card and you can have this $20 bill." So I did, and didn't use the card for a while, then the end of semester one year I ran out of food so I used the card, but just for food...and then to help pay for books the next semester. I carried that debt for years.

And then I got my first job out of college, first order was to finally pay those cards off. Until my car needed new brakes and then a new transmission. Next thing you know, that $1200 in credit card debt was $5500. Finally, paid it down to $1000,saw the end in sight, then my dog got sick and needed surgery, $1200 here, $800 there. Dog passed, had to put it's final pink shot on a card as well as cremation.

Then I started to make some real money, go some savings, cards being paid down. Car repair, oops, cards back higher. And then the big one, our adopted terrier diagnosed with cancer and given 4-6 months to live without treatment. Best dog ever. No way could I let her go at 5 years old. $3200 for surgery, $2400 for Chemo, another $2900 for a 2nd round of chemo. $2000K for other vet bills. Best $10K I ever charged in my life, she turned 12 this Spring.

Was chipping away at it for a good couple years solid, then I got a promotion at work that put me in the bonus program, that first bonus was $12,000 take home, presto, no more credit card debt. Step 2 was get $10K in the bank, done. Step 3 was to get 6 months bills into savings, just got there.

Would have been nice to have folks that I could turn to for emergency expenses in college or shortly after, but that wasn't my situation. Sure, I did make some mistakes. And I learned some good lessons from those mistakes. But I can probably count on 1 hand the times I used a credit card for anything but an emergency or absolute necessity like food or gas.

DU has an older crowd, many people are well off because they're later in their careers like I am. And I am pretty financially astute now, but I am not going to look down on people who have a bunch of debt on cards because I don't know their situation and I was there myself. And I was fairly disciplined, but more than anything I was able to pay them off just because I got further in my career.