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- cross-posted to:
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Is this basically just a map of average net worth? Cumulative credit card debit doesn’t mean much, when you can use your card and pay it off immediately. High values just mean you have more money to spend, and doing it via credit card is convenient.
Yeah this is an incredibly dumb map.
I don’t think I understand the metric.
If two people spend $10k a month, and person A puts it all on credits cards that they pay off every month without accruing interest, while person B uses physical dollar bills…
Does person A “accumulate” $120k per year in credit card “debt?”
Yup. A more interesting metric would be lifetime credit card interest.
It would, but I don’t think that data is available. AFAIK, the closest we have is “credit utilization”, but it’s misleading because someone who pays their credit card bills in full each month (and never owes interest) could have a similar “credit utilization” as someone who only pays the minimum amount and accrues a large amount of interest.
I feel like I am speedrunning this total.
Hopefully context from the source clears up the questions.
That source really doesn’t provide any actual analysis at all. It just regurgitates the same information in words. No insight or deeper analysis.
You looked into the data from JG Wentworth?
I did not, perhaps link directly to that instead?
