Economic Stimulus Payments

[CHABSENTIA]

My Parents had a situation where a guy with a similar name had a problem with the IRS back in the 80s and mixed it up with my Fathers SSN and the IRS immediately froze all their accounts. Luckily my Parents had a Store and had the Cash every night. They just didn't put it in their Bank accounts until the matter was cleared or they would have been in big trouble.

 

 

My Parents paid for the College education for my Brother and I as well as my Son and since my Father passed away two years ago our Mother is paying for his two sons.

 

Unfortunately I quit after two years and went in the Military. After three years I wnr back to College again by going to Night School. I picked up a B.A. in Business Admin. When I got out of the Navy I transferred all my Business Credits and got a Bachleor of Science in Accounting. This was in 1982. We were told that the IRS had their own methods and had semianrs to " de learn" what we learned in College if we decided to go with them.I didn't go there and also didn't go with the Justice Dept for the DEA. The DEA wanted to talk to me because I spoke Fluent Italian, had the degree in Accounting as well as my background in the U.S.Navy in Electonics with all the high clearances.

 

 

My Brother is a graduate of VMI with a degree in Electrical Engineering and later went on to get his Masters.I have always done my taxes by hand and he often criticizes me for not using Turbo Tax etc. I just started doing them that wasy and never quit when these Software Programs came out.I just have to keep up with the changes that affect me.

 

I don't have any Itemized deductions as the total of them have always been much lower then the Standard Deduction.I do the long form because I always have to do the Schedule D because of Capital Gains and losses.

 

You are correct and many of these so called experts have only several weeks of refresher courses. Reminds me of the U.S. Navy. You have people in say the Electonics or Data Processing areas with a year ot two of Schooling for forty hours a week over two years and they bring in a Division officer with a degree in History and a 30 day Indoc course to supervise them.

 

Good luck on your situation and look into a refund of the 35% tax you paid Canada. I forget the number of the form . I believe that you have three years to file an amended return as it was just announced that as of April 15th of this year that people could no longer file an amended return for tax year 2004.

 

 

[CHABSENTIA]

It is a problem getting ahead. I just got a $60.00 bill in the mail for " Storm drains".They are from April to December.Florida Governor Crist made a campaign promise to reduce Property taxes and the people approved it severalo months ago.

 

After remodeling a Stadium for the Jaguars at 250 million and also buiding them a training camp as well as giving then Concession sales in the remodeled Stadium for the first five years ,the City council and Mayor of Jacksonville Florida says that " because the people voted to decrease the property taxes that they need to assess this tax to make up for it as well as elimanating programs for Disadvantaged children etc".

 

 

The Local news announced that the phone lines are overloaded because of people that got these bills in the Mail and that are whining and complaining about the fact that they got these bills in addition to now having to pay for high food costs and gasoline.

 

 

The chickens are coming home to roost. The one City Council man that complained because the City Auditor was not allowed to speak at the meeting for the Funds for the Jaguars and that it would cause problems for the City was the only Council person voted out in the next Election becuase he was not conducive to a Sports team for Jacksonville.

 

People were warned and it was announced at least three months ago about the vote on this Storm Drain deal and very few if any protested it.People get the Government they deserve and is elected because they are either un informed or don't vote at all. The same people are elected Election after Election at every level of Government

 

It is unfortunate that some have to be the victims of these people who refuse to be informed but perhaps more of the ones responsible for either voting incorrectly or not voting at all may also suffer. Perhaps when Gas is at $10.00 a gallon.

[World Colonial]

I am not getting a rebate and I not familiar with the specifics of it. But I'm still bidding at the Baldwin's and Heritage auctions this month.

[pendragon1998]

Got two words for ya: Fair Tax.

[Oldtrader3]

Chabsentia, I would avoid Turbo Tax. I tried it this year and put it up against my own Excel program that I coped from my CPA's filing last year. Turbo Tax would have cost me $5000. more in taxes. They did not take the over age 65 deduction which saved me $1200. in taxes, nor did they compute my itemized deductions, including state sales tax calculations, correctly for calculating taxable income. They also did not have forms or know how to treat Foreign Retirement Trust income and the 35% Canadian income tax on selling this trust. These mistakes by Turbo Tax are what caused the tax liability variance because the mistakes also took me into the higher AMT calculation when it should not have.

 

I have a BSBA and MBA and did financial analysis as part of my job. I was particularly good at "over the thumb" analysis for valuations and cost savings, particularly in M&A of manufacturing companies and cost reduction in manufacturing plants. The accounting department at my former employers was split between Taxation, Financial and General Accounting. There are reasons for this. The three fields are not readily interchangeable.

[physics-fan3.14]

Got two words for ya: Fair Tax.

 

Hell Yeah!

[CHABSENTIA]

I don't have to worry about the State tax as Florida does not have one.I know that they separate Departments in various Corporations.I did not know Turbo tax was that bad.I just trust myself to do the checks and balances.

 

Take Social Security income. If you are filing jointly then you need to take the total Social Security income and divide it by two and then add all your ither Income and if you are over $32,000 then Social Security Income starts to be taxable . Do these tax programs take this into consideration?

 

When you get to the part about the extra exemption for being over 65 then it is separate from the standard exemption. On the income tax form it is mixed in with the various standard exemptions for single and married. There is a little step instruction for determining what level of exemptions. I just don't trust these tax programs to take all of these things into consideration.If a person has a carry over loss on Schedule D then I wonder if there is a place in these tax programs for entering it or would it be necessary for one to have used the tax program in the previous year?

 

I just don't trust the programs. It is a simple matter for me to put all the forms in a separate area and then when I am ready to do the taxes I just have to take them out and do the Math etc.

 

I never itemize deductions as the Standard deduction is always a lot more than any itemizing.. Everything I have is paid for and I just don't have any costs that are deductible except nickel and dime ones.

 

I went into Retail after leaving the Navy.My son has his degree in Computer Design Graphics and it was Mandatory that he have a Business Minor and he hated the area .I was looking at the News the other day where they were talking about the fact that Children do not have any sort of Formal Financial classes in High School etc as to Savings or any of the Basics.

[jackson64]

no state tax...must be nice.....here in Maryland after Social Security (which I don't expect a dime of) Medicare and the Federal taxes I then get nailed by the state ( which just went up another %) and we have County tax !! another 50% of what state was--which is 8% (add 4%)....

 

I keep a little over 50c for every dollar...and they appraised my house for about $150,000 more than I could sell it for---just so they can gouge more property taxes from me....

 

I love this country and my home on the Chesapeake but I don't know how much longer I can live here...in Maryland and maybe even the US

 

PS: Governor Ehrlich who took Maryland out of the red and actually lowered taxes and spending...was voted out after 1 term---O Malley has us over 10 Billion in debt in just 6 months and created 7 NEW taxes to pay for his incompetence....including the highest sales tax in the whole country

 

********* The Paradox of economics is, the lower the tax burden on the citizens, the greater revenue the government receives........not Reagan but spoken by JFK

[Oldtrader3]

Washington is the worst and probably the most stupid. Residents here pay an additional $0.06 gas tax for an I-5 flood dike that was never built, tax for a monorail (on car license tax) in Seattle that was never built, tax for light rail (in Seattle) that was never finished and is in storage, $0.54/gal. for gas taxes that never repairs roads or fills pot holes, plus and we pay an 8.2% sales tax. Without the $30 million I-5 dike (that we have paid for), we had a flood this spring that closed I-5 (the busiest freeway in the west) for 3 weeks and cost $11 billion in lost commerce for Washington, Oregon, British Columbia and California businesses.

 

Washington does not have a state income tax. However, the politicians were pretty short-sighted when Washingon had a tax surplus (3) years ago. The stupid politicians could just could not figure what to spend the surplus on. Maybe they should try reducing gas taxes or increasing teacher's salaries or fixing the jeep trails that we call public highways.

 

[World Colonial]

I love this country and my home on the Chesapeake but I don't know how much longer I can live here...in Maryland and maybe even the US

 

 

I agree with you. There is a book that I have titled "The Soverein Individual" that comments on this topic. It has a lot of forecasts that have not proven correct but this is one that I think is a viable option for not most, but many Americans.

 

Though taxes are lower in this country than many others, the worldwide taxation principle of the US Tax system makes any thinking person who has "real" money question how much it makes sense to remain with the status quo.

 

The US offers better opportunities to achive a comfortable middle class lifestyle than others but it is almost impossible for the prudent and thrifty "common man" to accumulate any real wealth no matter what you do because most people are not going to inherit it, would not make a good independent business person and are unlikely to have the skill to speculate successfully. Your savings are destroyed by taxes, inflation, a sinking currency and stupid government policies which all work against the prudent individual in this country.

 

And when I say "real wealth", I am not talking about being fabulously wealthy on the high end but more than just enough to retire on or live on the low end

 

Last year, I paid more in combined taxes than it cost me to live and I am not even close to being wealthy even though a make a decent income. I am just very frugal and have no debt except for a small (by today's standards) mortgage..

 

Though most poeple, even those with some money, have limited options to obtain similar circumstances elsewhere, if I could, I would definitely consider leaving with my money and replacing my passport with another one. As this book points out, you could save a fortune over a lifetime by cutting your taxes to a market based level instead of having this money plundered from you to get trown down endless rat holes.

 

[DC Dawg]

no state tax...must be nice.....here in Maryland after Social Security (which I don't expect a dime of) Medicare and the Federal taxes I then get nailed by the state ( which just went up another %) and we have County tax !! another 50% of what state was--which is 8% (add 4%)....

I wish the Montgomery County (Metro DC) tax was that low!

 

I keep a little over 50c for every dollar...and they appraised my house for about $150,000 more than I could sell it for---just so they can gouge more property taxes from me....

Want to trade places with me in Montgomery County? My house is probably the same size as yours (3300 sq ft) on a smaller lot (postage stamp), and my assessment is phenomenally higher!

 

I love this country and my home on the Chesapeake but I don't know how much longer I can live here...in Maryland and maybe even the US

And where are you going that is any better?! I'm staying put and working to make it better.

 

PS: Governor Ehrlich who took Maryland out of the red and actually lowered taxes and spending...was voted out after 1 term---O Malley has us over 10 Billion in debt in just 6 months and created 7 NEW taxes to pay for his incompetence....including the highest sales tax in the whole country

Gee... someone who didn't read the newspaper where the analysis showed that Ehrlich underfunded several Maryland programs to show a balanced budget leaving an instant debt for the first budget O'Malley had to deal with. In a political slight of hand, Ehrlich had comptroller Shaffer approve supplemental emergency payments to various agencies to prevent the government from closing because they could not meet their salary responsibilities. When O'Malley was sworn in, he had to deal with an instant deficit.

 

And one of those debts was because the state did not pay the servicing on a series of state backed bonds. If O'Malley did not set aside the money to pay those bonds, the state would be in default and its credit rating would have been destroyed!

 

I am not a fan of Martin O'Malley, but I would rather blame him for things he did, not what he inherited!

 

Scott

[bsshog40]

I hear ya World Colonial!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[World Colonial]

I love this country and my home on the Chesapeake but I don't know how much longer I can live here...in Maryland and maybe even the US

And where are you going that is any better?! I'm staying put and working to make it better.

 

Scott

 

My response is not directed at you but at the general sentiments expressed by your comment and question which I consider a common response to this idea.

 

The answer to your first question is that it depends upon your personal circumstances. I do not believe that most Americans would find international living in most places to their liking or that it would likely improve their overall life. For many of them, the place would be nowhere. After all, as your comment implies, it is not just a question of reducing your cost of living, it is also about quality of life which includes the ability to generate a sufficient income. Most Americans (or others) would find no advantage from moving because they would most likely not be able to get a job at all or only one that would make them worse off.

 

For the "regular" person, the best option is probably to become a transient, at least temporarily. I work as an internal auditor for a large financial services company. If I really wanted to I could get a similar job or get a transfer (and have considered doing so) where I would travel 100% and have no residence. Someone else might work in another field like the oil industry where they could live in a place with low or no income taxes.

 

This would be necessary to build up some savings that you could use as the basis for investment because the only way to be really "rich" is to not have to work for a living. If you depend upon a job or someone else for your livelihood, then you are not really rich (by my definition at least).

 

Those who already are wealthy or affluent have many more options though I am not aware of them all. One possibility is to negotiate a private tax treaty with the host government. Supposedly, you can (or could) do this with Switzerland for an annual payment of 50,000 CHF and there are other places (such as the Bahamas or Bermuda) where I understand there is no income tax. That is almost certainly the reason why Shania Twain (the big star Canadian country music singer) is a Swiss resident.

 

Now obviously if you are an American, private tax treaties will not help you though living as a trasnsient might due to the IRC Section 911 earned income exclusion, depending upon what other tax jurisdiction (if any) has a claim on your income.

 

That is why you would need to give up your US citizenship and get another one. Obviously, this is a huge life decision and would need to be considered very carefully. But it is a viable option under the right circumstances for SOME.

 

As for your comment about making things better, I presume that this is through the political system. If so, I mean no offense by this but I consider that pure incurable romanticism. The political system is the PROBLEM; NOT the SOLUTION. A political solution is almost never going to fix the individual's problem and in my opinion, usually only makes things worse overall because compromises by their nature are at best a tolerable outcome that satifies the most number of people.

 

Even if I did believe that the political system was a viable option, everyone needs to take care of their personal responsibilities first. The political system makes that very difficult or a practical impossibility except for the very well off and to some extent, the beneficiaries of the political plunder. The very well off because they have enough money DESPITE the legal plunder and the poor because, even though they are poor, they are the recipients of the income redistribution. Those caught in the middle such as many of us who post on this board have a limited option to leave or influence the political process and may or may not benefit from the political outcomes.

 

I for one, am not interested in either benefiting from this plunder or paying it.

 

 

 

 

[DC Dawg]

I am going to take this off the list, but I wanted to publicly answer one statement:

 

As for your comment about making things better, I presume that this is through the political system. If so, I mean no offense by this but I consider that pure incurable romanticism. The political system is the PROBLEM; NOT the SOLUTION. A political solution is almost never going to fix the individual's problem and in my opinion, usually only makes things worse overall because compromises by their nature are at best a tolerable outcome that satifies the most number of people.

There are more ways to change things than by becoming an elected official. When the issues are local, you can go to the city council, county council, state legislature, etc. and speak to your representatives. In almost every jurisdiction, citizens can sign up to speak at every public meeting. You can go to your state capital and talk with your representatives, including the governor (if you can get an appointment). And yes, you have the right to setup a meeting with your representatives in congress!

 

I am not an elected official, but I attend city and county open meetings as my time permits--especially for issues I am concerned with. I recently attended a public meeting regarding the discussion of the county budget for FY09. I was allowed to speak for three minutes and availed myself of the time. A copy of my speech and background materials were left for the county council members and the county executive.

 

Although you think the political system is the problem, you have to work with the system that exists. You cannot change it, so why try? Do what you can within the system. I am not talking about Mr. Smith Goes to Washington. I am talking about the grass roots. I am talking about mobilizing your neighbors or other like-minded people to make your views know. I am talking about taking a day off from work on a cold January day to board one of twelve buses to go to the state capital to talk with the legislators about cancer-related and health care issues affecting Marylanders.

 

Does it work? You bet it does! These folks know which side their bread is buttered and if that many of their constituents are willing to take that amount of time and show up to give them cogent reasons to vote a certain way, it affects what they do. In Maryland, it restored the trust fund from the tobacco company settlements so that anti-smoking initiatives (e.g., assistance to those who quit) and children's health care are paid for from this fund. I am proud to be one of the 300 who did this!

 

All you need to do is understand how the game is played and be prepared with a cogent discussion of why you are right. This goes beyond picking the sound bite from your favorite news channel or their spin. It means researching the issue and understand what is being said so that you can formulate an argument that does not sound like all you did was snip a headline.

 

I answered Jackson64 the way I did because I also live in Maryland and watch what the governor and legislators do in Annapolis. I know the issues because I watch them. I know the arguments because I participate in them. In know the concerns because I also have them! So I learn both sides of the issue before making my views known to my legislators in both houses and the governor.

 

I am not a fan of politicians but I follow them because what they do effects me. I ensure I know the story before making pronouncements and appropriately castigate those who need it. I also know that politicians think most people are stupid and don't take the time to understand the issues. Rather, they work on the premise that they can show the public the surface of the issue to mold it anyway they can. As the saying goes, the "poop" rises to the top, and unless you look beyond the poop, the politicians will give you the biggest snow job in history--so that you can elect them and they continue giving you the poop!

 

Not me.

 

Scott

[jackson64]

Scott...I feel your pain my friend up there in Montgomery...I grew up there, graduated from Walter Johnson (lived in Kensington)..got married there and bought my first home in Germantown....my mom still lives in Randolph Hills in Rockville (you actually pay city tax too in Rockville)............

 

 

To get back on topic, my wife and I will be getting the full $1200...I just spent my half this weekend on a fishing trip in Cape Hatteras with a few buddies...

 

1 Citation Blackfin Tuna (38 lbs--World Record is 42)

6 other smaller yellowfin and blackfin

2 Mahi Mahi

1 Large Amberjack....................It was very stimulating!!!!

 

 

 

PS: Common Sense by Thomas Paine is always a good read.... (thumbs u

[CHABSENTIA]

It is in our State Constitution that there can be no State income tax unless over 50% of the Voters approve it. I didn't use to worry about it until a large percentage of people voted gainst the reduction in Property taxes. Recently I received a bill in the mail for $60.00 for the next six months for Storm Water drains which is supposed to be used for repairing the drain systems that back up when it rains and flood the streets. They haven''t done anything about them for 15 years.The City Council actually stated : we have to insitute this tax because the people voted to reduce the Property tax".

 

I t may work in soem areas but it is sheer idealism when people think that by attending Public meetings etc that anyhting will be be accomplished. A few local newspaper columnist are actually blaming Governor Crist for the reduction in spending for such program for Disadvantaged children while the City Council has given about a billion dollars in Tax payer Money to the Jaguars since they have been here. The one City Councilman that warned of this was defeated in his Election because he didn't want Jacksonville to have a Sports team at any cost.

 

Politicians act like they care at these meetings and then do what they want anyway because they know that over 90% of the incumbents are re-elected in City ,State and Federal Government..It is worth $60.00 every six months to see the outcry and the whining from these people who have allowed the situation to materialize while Gas Prices and Food Prices are high. I saw on the news yesterday where some place in Michigan has a gallon of regular gasoline at $4.99.

 

 

[World Colonial]

If that works for you. then I think that is a good thing and I commend you for your efforts. The issues I am interested in I do not believe are susceptible to the grass roots strategy that you use which is why the logical thing for those who are able to do so is to vote with their wallet and their feet.

[CHABSENTIA]

If that works for you. then I think that is a good thing and I commend you for your efforts. The issues I am interested in I do not believe are susceptible to the grass roots strategy that you use which is why the logical thing for those who are able to do so is to vote with their wallet and their feet.

 

My sentiments exactly. That may work in some areas but it hasn't worked here and it won't work as long as Voters continue to re-elect at least 90% of the Incumbents.

 

If one had an employee and that employee was given an automatic raise in pay every year no matter how the employee performed even though the employer complained every once in a while and the employee was still retained then they are not going to change their behavior.

[bsshog40]

Well if this don't beat all. My step-son checked his bank acct. a couple weeks ago and found out he got $1200 deposited into his acct. Thought it was his income tax return.Not too long after that, his income tax preparer told him she hasn't even filed his taxes yet. He's on an extension. I also found out that checks should be direct deposited, we closed our acct. since then and know that ours should be mailed due to this. My wife is on my stepsons bank acct. His last name isn't the same as ours of course. Guess What?? The IRS deposited our stimulus check into his acct., son thought it was his, and Wham, spent in one day. Don't that beat all?

[CHABSENTIA]

Well if this don't beat all. My step-son checked his bank acct. a couple weeks ago and found out he got $1200 deposited into his acct. Thought it was his income tax return.Not too long after that, his income tax preparer told him she hasn't even filed his taxes yet. He's on an extension. I also found out that checks should be direct deposited, we closed our acct. since then and know that ours should be mailed due to this. My wife is on my stepsons bank acct. His last name isn't the same as ours of course. Guess What?? The IRS deposited our stimulus check into his acct., son thought it was his, and Wham, spent in one day. Don't that beat all?

 

When I got to the part about your wife being on your step sons account I guessed what had happened. So are you going to get your $1200.00 back? What happens if your stepson only gets $600.00?

 

 

Look at it his way. Since you had closed your account then the IRS knows about the other and made the jump.

[bsshog40]

We''ll get our money from our step-son. May be a month or so. What I didn't get is that this acct. is under my step-sons name. My wife is merely a signer on his acct. My name is not on his acct.. I would have been the primary SSN for our taxes. I wondering if this would be the IRS's fault or the bank for accepting this Dir. Dep. and then putting it in his acct. just because it had my wifes name on it. Doesn't seem like that should have been the way to distribute this check properly??

[astrostu]

I still won't get mine until June 27 ...

[jgrinz]

Got you beat - One of the last shipped MID JULY arrrghhh

 

On a Bright note I have been seeing a lot of these for car payment repairs

People have been neglecting there cars for so long they are realizing that that "NEW CAR" may not be in thier future as they thought ..

 

 

[pendragon1998]

Mine should have gone out a week ago. I'll believe it when the money's in my cold, dead hands.

 

 

No, wait. That's not right. .

[just-john]

I won't be doing anything with mine because i'll save it for a rainy and it's going to start raining SOON .New # say 1 in 4 homes behind in payments thats 25% = IF that # is close

THEN my guess is that 50 to 60% of people are behind in their Credit Card type payments WHICH most are unsecured they can't repo last weeks gas or food they have no reason to repo SUV SPEED BOATS Motor Homes and things that wont move if sold at auction .SO i will be looking to the banking industry to start taking big hits in the next few month .Just came on the BBC NEWS EXXON AND MOBIL are selling their gas station business in the USA now USA bumping bio fuel in Europe selling it to cheap now I know why my frosted flakes went up in price so much

 

Ever wonder what it was like for the Roman's when their empire fell O well most people in Rome seemed happy to me last time I was there

 

Rant over going to bed quit smoking yesterday again 3ed time a charm plus $5.75 pack SMOKES AND $4.04 gal GAS I may have to get a job

[CHABSENTIA]

I won't be doing anything with mine because i'll save it for a rainy and it's going to start raining SOON .New # say 1 in 4 homes behind in payments thats 25% = IF that # is close

THEN my guess is that 50 to 60% of people are behind in their Credit Card type payments WHICH most are unsecured they can't repo last weeks gas or food they have no reason to repo SUV SPEED BOATS Motor Homes and things that wont move if sold at auction .SO i will be looking to the banking industry to start taking big hits in the next few month .Just came on the BBC NEWS EXXON AND MOBIL are selling their gas station business in the USA now USA bumping bio fuel in Europe selling it to cheap now I know why my frosted flakes went up in price so much

 

Ever wonder what it was like for the Roman's when their empire fell O well most people in Rome seemed happy to me last time I was there

 

Rant over going to bed quit smoking yesterday again 3ed time a charm plus $5.75 pack SMOKES AND $4.04 gal GAS I may have to get a job

 

You stated almost exactly the same thing in another Forum here . Repeating inaccuracies several times doesnt make them true because they are repeated over and over.

 

You need to look at the Facts. According to the latest statistics the average credit card debt is $5000.00 per person. These Credit card debts started long ago before the present problems. Just as a large percentage of the Foreclosures are due to irresponsible Financial situations so is the Credit card situation. The Housing situation was alslo aggravated by people using the equity in their home for revolving credit and when the Foreclosures started mostly because of poor financial decisions then the prices of houses were driven down which erased this Equity causing further problems.

 

Repeating things like this without assigning the blame because of poor decisions is also irresponsible. If people can't afford something then they shouldn't buy it until they can afford it.

[Just Bob]

Rant over going to bed quit smoking yesterday again 3ed time a charm plus $5.75 pack SMOKES AND $4.04 gal GAS I may have to get a job

 

Good luck with quitting smoking - hope it works this time!

[just-john]

average credit card debt is $5000.00 per person.Got to love the numbers now if they say $5000.00 per person is that per card per person ? Does it mean if i have 10 CC and no balance does somebody have that $50,000 in debt to keep the average going. If 3 million company' s pay their balances monthly is that in there.Now if that $5000.00 average is for every body in the country and my 3 yrs old Grand daughter owes $5000.00 on average and most of this is OWED to banks that will never see it never never never ------feels like a Bear Stern market coming for banks. BUT I COULD be wrong but on average Hummmm

 

[CHABSENTIA]

average credit card debt is $5000.00 per person.Got to love the numbers now if they say $5000.00 per person is that per card per person ? Does it mean if i have 10 CC and no balance does somebody have that $50,000 in debt to keep the average going. If 3 million company' s pay their balances monthly is that in there.Now if that $5000.00 average is for every body in the country and my 3 yrs old Grand daughter owes $5000.00 on average and most of this is OWED to banks that will never see it never never never ------feels like a Bear Stern market coming for banks. BUT I COULD be wrong but on average Hummmm

 

Average means that some people have more than $5000.00 in debt and some have less and when I say $5000.00 per person that it means "per person". Why would you think it meant per Credit card? What don't you understand about the term " per person".

 

What is "paying your balance monthly" have anyhting to do wih it? If a person owes only $2000.00 and makes the minimum payment every month then it will take them 15 years to pat it off Your three year old Grandaughter would only be counted if she had a Credit card. . Why would she be counted otherwise.If somebody stated that the "average car owner" is......... then would your three year old Grandaughter be counted?

 

You seem to have some reading difficulties

[astrostu]

Average means that some people have more than $5000.00 in debt and some have less and when I say $5000.00 per person that it means "per person". Why would you think it meant per Credit card? What don't you understand about the term " per person".

 

What is "paying your balance monthly" have anyhting to do wih it? If a person owes only $2000.00 and makes the minimum payment every month then it will take them 15 years to pat it off Your three year old Grandaughter would only be counted if she had a Credit card. . Why would she be counted otherwise.If somebody stated that the "average car owner" is......... then would your three year old Grandaughter be counted?

 

You seem to have some reading difficulties

 

Why do you choose to be so confrontational in your posts? This was a legitimate question because I myself have heard so many different numbers about the "average credit card debt." I've heard anywhere from $1000 to over $7000 "per person." The most likely reason is that people consider different things when making these claims. Some just take all the debt in America and divide by 3 million. Some do it per card. Some do it per household with 4.4 people per household. Some do it actually per person with a credit card.

 

What's your source for the $5000 per person per card? What does your source actually say?