credit card debt - how much do you have?

[callisto9]

we just had our work 401K meeting and we were talking about credit and how to get out of debt. i've always had some CC debt, but not much. i know this is a very personal question, so i thought i'd post it as a poll instead asking. please note: NO ONE can see who posted what.

i've always been curious how i fare in my credit card debt, as opposed to others. the laws have changed recently about minimum payments and it's going to mean bigger monthly payments for all of us.

keep in mind, you can answer this as an average (ie: i always seem to have a running CC balance of $500). or, you can answer it as how much debt you've got RIGHT NOW. either one.

so, how much you got?

[Tommy]

Creditcards in the States have another way of working than in Europe.

When we buy something with our creditcard, you don't have monthly payments, but the amount you purchased just goes of your account at the end of the month...

So when I buy something today, 5th December, my bank will take that amount out of my account the next month...

[Fowvay]

Zip Zero Nadda None

Car payments:
Pomelo = Zip
Oscar = Zip
Focus = Zip

I Hate owing money to anyone

[callisto9]

Originally Posted by BeetleJuice

Creditcards in the States have another way of working than in Europe.

When we buy something with our creditcard, you don't have monthly payments, but the amount you purchased just goes of your account at the end of the month...

So when I buy something today, 5th December, my bank will take that amount out of my account the next month...

here that's called a debit card...sort-of. when we use our debit (bank / atm) cards, it comes out of our account in 1-2 days.

so you don't have credit cards in europe? probably a good thing.

[AmyJane]

Credit cards are the devil!!

[YEAHIDRIVEABUGSOWUT]

no credit card debt, no car loans, nothing but a big-fat-lame-azz mortgage! Mortgages suck! Should've kept renting!

[Growler]

all of our credit card debt is tied to our home equity line of credit.

it is a high amount, but at least the interest is working for us.

our emergency credit card only has the cost of my tires on it ($400)

the equity line otoh... well. lets not go there.

[roamerr]

Zero not counting the $7000 at 0% that will be paid off in July (money is waiting til then).

[warren]

we never carry a balance---a painful lesson learned in college...had a lot of work done on my car (including new brakes, exhaust, and a set of tires).

laid off from my part-time job a week later. was only able to pay the minimum payment for about 10 months...got to watch my balance continue to grow over time.

never again if i can help it.

[jpdeuce]

0 - only current debt is the mortgage...which is fine. We are now focusing vigilantly to pay that off as fast as possible.

The law going into effect to rasie minimum payments is for the best. Credit card companies were shafting people by making the payments so low that you would never have it paid off...not even paying the interest. But...you should be paying more than the minimum anyway.

We use our credit card as if it was a debit card. Actually...a good habit to get into is to deduct the amount spent on a credit card from your checking register...keep track of it in another section of the register. That way you know it's covered cause money you've spent isn't showing up in an available balance.

[Steve Meister]

Used to have quite a bit. But our house has shot up in value a tremendous amount, so we got a HELOC and used part of it to pay off all the credit card debt (plus one of the cars), and the rest has gone towards home improvements that will increase the value of the house further. In essence, our house has paid off our debts for us.

[Tommy]

Originally Posted by callisto9

here that's called a debit card...sort-of. when we use our debit (bank / atm) cards, it comes out of our account in 1-2 days.

so you don't have credit cards in europe? probably a good thing.

Not like you all have, but it is called a creditcard (Visa, Mastercard, American Express, ....

[Deserion]

I only have a small balance one one of my cards, the others are paid off and will stay that way.

Credit cards are good, so long as you use your brain and don't "buy" more than what you can afford to... well, buy.

-Des

[Porkchop]

Originally Posted by Fowvay

Zip Zero Nadda None

Car payments:
Pomelo = Zip
Oscar = Zip
Focus = Zip

I Hate owing money to anyone

Ditto here

I've also finally got my "6 month emergency fund" together - it took about 3 years. Next step is to raise 401K contributions to the max (only doing about half the max now).

BTW, for those wanting a decent savings vehicle I'm loving I-bonds right now... almost 7% return right now, no commissions and can be bought in increments as low as $50. Go to www.treasurydirect.com if you're interested.

[Porkchop]

Originally Posted by Steve Meister

Used to have quite a bit. But our house has shot up in value a tremendous amount, so we got a HELOC and used part of it to pay off all the credit card debt (plus one of the cars), and the rest has gone towards home improvements that will increase the value of the house further. In essence, our house has paid off our debts for us.

Uhm... you still have the same debt then - just a lower interest rate (hopefully).

However, HELOCs have a variable rate which means you've probably seen a big increase over the past 2 years in the interest you're paying. The good news about this is my simple savings account is now paying me almost 4%

[Porkchop]

Originally Posted by YEAHIDRIVEABUGSOWUT

no credit card debt, no car loans, nothing but a big-fat-lame-azz mortgage! Mortgages suck! Should've kept renting!

So your home is depreciating in value?

[angelworks]

Originally Posted by Porkchop

Ditto here

I've also finally got my "6 month emergency fund" together - it took about 3 years. Next step is to raise 401K contributions to the max (only doing about half the max now).

BTW, for those wanting a decent savings vehicle I'm loving I-bonds right now... almost 7% return right now, no commissions and can be bought in increments as low as $50. Go to www.treasurydirect.com if you're interested.

So.........it might be smart to cash in any older EE bonds and buy the I bonds.

[Porkchop]

Originally Posted by angelworks

So.........it might be smart to cash in any older EE bonds and buy the I bonds.

Heck yeah.. EE's are dogs compared to I-bonds -especially with inflation going up right now. *IF* inflation continues at the rate increase of last month, annual inflation would be at 14% - that's insane and I don't think that will happen - but its a good time to be a saver and not a debtor

[angelworks]

Originally Posted by Porkchop

Heck yeah.. EE's are dogs compared to I-bonds -especially with inflation going up right now. *IF* inflation continues at the rate increase of last month, annual inflation would be at 14% - that's insane and I don't think that will happen - but its a good time to be a saver and not a debtor

Thanks--will look into cashing and switching.

You know PC when I see those ellen/amex commercials with the little boy who saves all his $$ I think of you!

[Porkchop]

Originally Posted by angelworks

Thanks--will look into cashing and switching.

You know PC when I see those ellen/amex commercials with the little boy who saves all his $$ I think of you!

hey, I was very poor once... I never want to be in that situation again.