I have a credit card bill of $ 5,000, is excessive debt? I take home $ 4000/mois. I pay $ 500 a month on my credit card bill and hope (with interest) to have paid by December. Would you think it would be considered excessive amount of credit card debt when I search for a new job and they do background check / credit? My score is 740.
If you do not lose your current job, then you'll be fine. However, any debt is excessive. Remember that you lose the money you could have been earning interest in a savings account, for example.
That's all I know.
If that is all your debt, then no, it is not excessive. However, if you owe on a car loan, etc., which could have reached a high point. It will not be a problem for a background check of new jobs. But I will repay as soon as possible. Can you pay more than $ 500 a month?
Yes, it's excessive leverage. The average deposit balance for cards is $ 2.200, or about 5% of family income. Some families have much more, while others have no credit cards at all. Nearly half of all Americans carry balances on credit cards.
Posted on January 30, 2010.
