Vanquishing My Debt

I'm 29 and trying to get a handle on my finances so that, one day, I can buy a home of my own. I've been reading personal finance blogs recently and decided to start one chronicling my own struggles and success (hopefully). I am lucky, considering the amounts of debt and tales of tragedy I've read about... but I am making some positive changes and moving in the right direction.

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Location: Los Angeles, CA

Thursday, December 28, 2006

Another generation of minimum payment makers?

I was sent a link to this list of "50 Things We Know Now (That We Didn't Know This Time Last Year)," which is a brief summary of dozens of news stories from 2006. This is an interesting list, especially if you have some time on your hands.

Check out the financially-related #27:

27. Of the 10 percent of U.S. teens who uses credit cards, 15.7 percent are making the minimum payment each month.

So does this mean that the other almost 85% pays in full every month? That's wonderful if it's true.

Or does it mean that the other 85% are paying less than the minimum payment or skipping payments altogether? This is ghastly if it's true.

I hate incomplete summaries.


Blogger the Prince of Thrift said...

I think it means that some are making late payments, some make payments in full and others are making more then the minimum.

3:05 AM  

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