Poll: Half of Americans Worry About Debts

[ckramer]

WASHINGTON - Shoppers are racing from store to store this holiday season, with credit cards clutched tightly in hand and visions of future bills dancing in their heads. One-half of Americans say they worry about the money they owe, and many say they worry most of the time about their overall debts, an Associated Press poll found.

Those debts can come from home and car loans as well as credit cards ¡ª even more so with December buying sprees. Three-fourths in the poll said they have credit cards.

Four in 10 of those with credit cards said they will use plastic to help pay for their holiday spending this year, according to the poll conducted for the AP by Ipsos-Public Affairs.

Most of those who are using credit cards said they would pay off their holiday expenses when their next bill arrives.

About one-fourth of those with cards said they use credit for purchases when they do not have the cash.

AP story

[pinniped]

1. I was watching Frontline the other day about CCs.

Some sleazy CC companies can raise your interest rate if they find out you messed up a payment from another creditor. The guy they used as an example had a payment 60-days late from another creditor and they raised his interest rate from 8.xx% to 18.xx%. The late payment they found about was six years old!

The first time some sleazy CC tries some slick move like that on me they get cancelled.

[Mandate My Ass]

20. That happened to me

I was temporarily unemployed and asked for a forebearance on a student loan. The next month I noticed the interest rate on my CC had skyrocketed and my credit limit had been reduced so that I had no credit available. I called and asked why they did this when I had missed no payments or had even been late and they said they did it based on my credit report.

When I paid it off, I've refused all credit cards since. They bombard me via snail mail to get another card and I just tear them up.

[Bill McBlueState]

22. junk mail opt-out

The New American Dream website has advice for getting off the junk mail lists. I did this a few years ago and have seen very little junk mail since then.

"Sick of Credit Card Offers?
The main consumer credit reporting agencies, TransUnion, Experian and Equifax, maintain mailing lists that are often used by credit card and insurance companies to send out Junk mail. The good news is that you can call a single number to get your name and address removed from the mailing lists circulated by all three agencies (as well as that of a fourth company, Innovis). Just call:

1-888-5-OPTOUT (1-888-567-8688)

The number - which connects you to a recorded message - works 24 hours a day. You will be prompted to give your full name, address, telephone number and social security number. (People often ask about the necessity of giving their social security number. The credit bureaus already have access to people's social security numbers, and claim that they ask for the numbers here to confirm the requests). When given options, press 3 to have your name removed permanently, or press 1 to have your name removed for just two years."

(http://www.newamericandream.org/junkmail/optout.php)

[Sara Beverley]

2. Everyone should declare bankruptcy like the rich do when they don't

want to pay their debts! Why not mortgage the present? Bush has mortgaged the future.

[SoCalDem]

6. There are probably LOTS of people who will be doing just that

the second the senate/house starts talking about that bill that's been slumbering in committee for over 2 years.. Since *² got back in, you KNOW he's gonna have the support he needed...and will sign it..

People will be bailing all over the place if that starts down the pipeline..

once that bill passes, it will be really bad for "ordinary folks" who file..

BigBoys do it every chance they get.. That's HOW they become successful..They write off their own debts, and juggle things until they can do it again...and again...and again !

If you can preserve your home and a decent vehicle, there is really no stigma in it anymore..

People who are deeply in debt sometimes try their best to avoid it and ened up in even worse trouble because a lot of the "counselling services" are scams..

Can you imagine the effect on the economy if MILLIONS of consumers just say... "I want OUT"..and if they all did it in a couple of months time??

Can you hear the swirling sound as the economy gets royally flushed?

[cornermouse]

7. Bankruptcy...

You do know that Bush has already "fixed" that, don't you?

[SoCalDem]

12. The bill is stalled in committee.. so far

but he will get to work on it ASAP.

[Perception]

3. Poll: Half of Americans Worry About Debts

Christmas.

Something to consider about Christmas: The celebration of Christmas is NOT who can give a bigger or better or more expensive gift to another person. It IS a celebration of Jesus Christ, which records have shown did walk this planet as a person. While here he was credited with being one of a few people who demonstrated sincere humanity amongst his fellow human beings, at least. He was also credited with performing various what witnesses called ‘miracles.’ These ‘miracles’ are what elevated Jesus Christ to a divine spiritual being.

You don’t have to be Christian to understand the story and history of Christ, nor do you have to be a member of any other religion to understand those stories and histories. In fact it may be fun to learn about them.

As far as gift giving goes there is nothing wrong with expressing your true sentiments by giving someone a gift you believe they may need or like at any time throughout the year, if you choose. However keep in mind, that in some cases giving a gift in return for a favor, say to a member of government, may very well lead you to legal problems.

The perception that anyone must give a gift to anyone else just because it is ‘Christmas time’ first, it is incorrect, Jesus, as the record shows was not involved in exchanges of property/material gifts. In his humble existence, his gifts were rather on a highly spiritual nature to the most needy and deprived. The key word is ‘humble.’

In other words no one has to be trapped by the mindset that you have to put yourself and family in financial jeopardy to be appreciated with the size and quantity of gift giving. Especially in an economy where wealth has not been shared, there is absolutely no reason to feel guilty about not being in the position to give anything, but a kind greeting and kind words.

Joy to all. Put yoirself in the position where you do not have to WORRY about piled on debt.

[cliss]

9. Hi, perception.

Welcome to the DU:smoke:
:party:

And a good post it is, also. I agree 100%. I refuse to play the "spending game" where I have to outdo everyone else and become broke in the process.

The average family spends between $500 - $600 for Xmas. Most of this is paid for with Plastic. Not us. We pay cash for everything. For the most part, we give Gift Baskets that we put together for our family & relatives. They are always appreciated: the stuff gets eaten, as opposed to sitting on a shelf, gathering dust.

[termo]

25. christmas was pagan, wake up

google "Christmas origin"

http://www.funmunch.com/events/christmas/origin.html
http://de.essortment.com/christmaspagan_rece.htm
et caetera ...

it looks like a celebration of winter to me.

which records are you talking about ?

[democraticrevolution]

4. Stop shopping like crazy people!

Every christmas time I look at the people in the malls going crazy. I'm not a fan of holliday shopping. Personally I think Xmas has been so distorted that its just one big marketing/advertising gimmick for the retailers to suck you in.


Don't get me wrong i'm not saying i'm not into gift giving for the hollidays. Just do it the smart way. First of all you don't have to go crazy buying the most expensive shirt there is in Macy's! We need to look at gifts that can be meaningful too.

I also urge people to patronize local merchants in your area and don't buy from companies that hurt the public. There is a website called coopamerica and another one called choose the blue. Vote with your dollars!

[eleny]

5. This year hubby and I cashed in our Visa points

We aren't doing anything else. We get a point for every dollar spent and we had a bunch saved up over the years. So we replaced some very old power tools and luggage with new. That's it and that's plenty enough. Now we can even make some stuff instead of buying ready made woodworked items.

[kohodog]

8. Only half??

Seems like another Rove talking point. I believe more than half of the country is sliding quickly into economic trouble and are worried about it. I live in CT with the 2nd highest per capita income and don't see much optimism.

[0007]

10. Two more years and the shit will hit the fan

Soup lines will take the front and center issue. Folks losing their homes like wild fire these days ain't no joke.

[Gregorian]

11. Golden Rule- He who has the gold rules.

I just pulled a $440,000 equity loan on my house. I'm shitting a brick, until I sell the place. Otherwise, it's debt free for me. I go into hiding and watching the lemmings as soon as possible. My life has centered around being debt free. So this is a kamakazee run.

[DemoTex]

14. I don't quite understand.

Why the kamakazee run? To buy a bigger/better place? To buy a second home?

[Gregorian]

15. I want to buy a house before selling mine.

I found something really cool. It took years to find. But the timing has me nervous. It's a double or nothing gamble. But then again, not all of the economy will tank at the same time. And even in the worst times, those with money will still be living like nothing happened. I suppose I could get a job. But I have always designed my life around not having to work. I let the rich people give me their money. Sort of a selfish Robin Hood. :)

[DemoTex]

17. That is what my brother and his partner did .. kind of.

They just bought a $2.6 million house in Atlanta (Ansley Park). Their Morningside house will not go on the market until after January 1. There was some funky financing involved, that I don't understand. They also own a $2-million beach house at Grayton, four-doors from Sheryl Crow's (Lance Armstrong's main squeeze).

Ironically, Lance Armstrong's strong team-mate -- George Hincappe -- is my neighbor in my downtown Greenville, SC, condo. However, I spend more time in the mountains where he trains, than at the condo where he and his new family lives. I have invited George Hincappe and Lance Armstrong to paddle the French Broad River with me next spring. There is a window in their training that might just allow it. Glad to have them in our party!

Mac

[catzies]

13. The other half stopped shopping

Get a clue, America.

[llmart]

16. The other half are too stupid........

they think using credit is "free." They see themselves as wealthier than they are because they have "stuff" that they don't really own. They don't understand that they don't really own this stuff since it's not paid for.

Oh, for the days when Americans had more sense. When I'm in a store during the holidays (and I try not to be in them any more than I have to) I find it hard to keep myself from telling these idiots are stupid they are. They live way beyond their means trying to impress God-knows-who. Why is it that Americans are so unsatisfied with their lives? They keep thinking that one more gadget will make them content.

What a sorry country we live in. I try to keep with my own kind and steer clear of these idiots. I also walk away from conversations at work when the women talk about what they're buying and how much it cost. I can buy these people out tenfold, but they think they're better off than I am. Meanwhile, I have a great cushion of old-fashioned savings in the bank.

[Art_from_Ark]

18. "Keeping up with the Joneses" has long been part of American culture

Buy, buy, buy! Even if you're up to your neck in debt, keep buying to maintain appearances! It's the American way!

:crazy:

[Massachusetts]

21. Hit the nail on the head

You are correct sir!

Corporations have done a superb job of keeping the masses in the "I need to buy it" trance. MARKETING, MARKETING, MARKETING, most holidays has become a retail merchants need to survive, in order to make the numbers ....40 somethings and younger have been subjected to relentless marketing so much, and for so long that they have been hypnotized.

On the count of (3) the trance will be broken when the Shi%$# hits the fan.

Can democracy survive with such corporate influence? I don't think so. IMHO

[jvdassam]

19. Change Represents Opportunity, Even Negative Change

There may be reason to lament the coming collapse of the US economy from a sociological standpoint. Large numbers of people will be thrown out of work, more folks will have their homes foreclosed, and for the very poor there will be poverty and despair not seen in this country since the great depression. It's going to happen, maybe sooner than you think.

But if you are an individual who is looking after your family, knowing that these events are coming presents an opportunity to prepare yourself -- yes, even enrich yourself -- from them. All change presents economic opportunity, even negative change. Here are but a few things you can do:

1. Short the stock market;

2. Horde gold and hard assets such as investment grade art and antiques while divesting yourself of soft assets such as stocks and bonds;

3. Buy residential rental real estate at a positive cash flow while interest rates are still low and the market for rentals is still soft. When the bust comes, more and more people will be forced into rentals, driving rents up. Meanwhile you'll have a locked in low interest debt service and increasing rents;

4. Avoid consumer debt like the plague. The only time you should take on debt is if you are certain that someone else's cash will be paying it off (ie, real estate);

I know a lot of us would prefer not to have to think about these things. We just want to be able to go on with your lives without having to be savvy about money. But I know that whoever controls the government, no one is going to absolve me of my responsibility to take care of myself and my family. If the Republicans are betting on a boom, then I say let's screw them out of their money.

[flobee1kenobi]

23. 30$ limit per person

this year
along with a 6 person limit!
And I even handmade 1 gift this year-out of wood that I already had.
This christmas was completely debt free, and I hope to be overall debt free by summer

[GOPBasher]

24. I'm more worried about the national debt than my own debt.