Post # 1
Inspired by conversations about money on here lately and because I find it really fascinating!
This does not include student loans or mortgage debt. It is only for revolving balances you carry – big name credit cards and/or store specific credit cards, etc.
Poll included, not about to ask anyone to lay bare their finances if they’re not comfy with it! Also I went with ranges related to length of payments because a raw number is meaningless without knowing the income you have to pay it off. Someone who makes $1500/mo is going to be affected differently by a $2000 debt compared to someone who makes $5000/mo.
I guess I am more interested in your approach than in your actual debt number.
Post # 2
Zero! Fiance and I don’t have credit cards. We pay for everything with cash.
Post # 3
Years ago I had the terrible mentality of: take my $xx in interest so that I can have all this STUFF or this vacation… it was a horrible way to look at credit.
Obviously I grew up… and then Fiance and I started to plan for a home so I’ve carried no more than a $400-500 balance for 2 years. As of right now it’ll be paid off this month.
Post # 4
Since we’re not talking about student loans (which is good or my blood pressure will go through the roof when I think about it), I voted for zero debt on my credit cards. I do have a few but they don’t have an annual fee and I have them for emergencies only. If I don’t have the savings to pay for something outright, I simply don’t buy it. But that’s probably because I’m a student with an eye-watering amount of student loans so shopping for non-essentials isn’t really a regular occurrance for me.
Post # 5
I put zero, but we do carry a balance right now on one credit card because it’s at 0% interest for another 6 months, we will pay it off completely once the 0% runs out. We use credit cards for basically everything, the cashback is too good to pass up, but we pay them off every month.
There was one instance in the past when we had a bunch of unexpected charges and weren’t able to pay off one of our cards, and wouldn’t have been able to do so for many months. For that, we used a balance transfer offer to transfer the debt to a 0% card to avoid paying the interest rate on the original card, there was a small fee for the balance transfer, but nothing compared to what the interest would have been.
Post # 6
- Wedding: May 2015 - Walnut Hill Bed & Breakfast
Pay them off every month. Its a good way to accumulate rewards and keep credit scores up. My husband does have 1 card that he currently has a balance on, but it’s an intro 0% APR period. He put my ring on it and should have it paid off very soon.
Post # 7
These always make me feel bad, haha. Life happens! I’m a poor teacher. I don’t have an extra $1000 to spend on my dog’s emergency overnight hospital stay (which happened to me last night and is probably why I’m grumpy 😖). So yeah, I carry a balance. 🙁 But I make more than the minimum payment every month and always pay on time, and my utilization ratio is low, so I still have excellent credit. #stillwinning
Post # 8
I only have $2,500 worth, but a 5K loan (paying off in three years). We just bought a house and let’s just say a went a little crazy in decorating/painting. Not proud of it! But there is a plan to pay off all debt in three years. Student loans is another thing thought LOL
My Fiance however, my lovely man, has almost 30K in CC debt! he went through a divorce so moving fees, he had two dogs so putting them on flights (moved from Hawaii to east coast) and having them checked out, and then lawyer fees, etc. But once again, we have plan to take care of it in 3 years!
Post # 9
I am usually really responsible with credit. One card is paid off and I make small purchases (gas, a couple grocery trips, small wedding things) and pay them off every month to build my credit rating. The other is higher than I would like. I had a 5 month plan to pay it off but having my hours severely cut at my previous job, in grad school, having a part time job with a lower income than I am used to, being laid off for several months this year and wedding planning blew that plan out of the water. It’s embarrassing but I’m sure normal in this circumstance. When I financially stabilize again I will make a new plan to pay it off. It should take about a year.
BTW- I can’t stress it enough. Call your credit card company every 3-6 months. As you pay off debt your score rises and the interest rate could go down. Worth every little percentage when paying down debt.
Post # 10
Zero, we don’t even have credit cards.
Post # 11
I use my cc same as cash (pay off each month). Like others have said, earn rewards points and keep my credit active and my score high.
Post # 13
I didn’t get my first credit card until I was 30! I’d started traveling for a job and got a credit card so I wouldn’t be in a tight spot while on the road. In my family, credit cards were always looked at as emergency use only.
Then along came Fiance. He has a different mindset about them than I do – and he’s much better at managing $ than I am, so we use his system and not mine. He uses the cards for almost everything – certain cards for different kinds of purchases. He’s big on maximizing reward points and cash back. We pay them off every month and since he’s added me to his 2 cards, my credit score has improved. He has one card that is no interest for 1 year and we are putting some wedding and honeymoon purchases on it but it will be paid off within 2-3 months of the wedding.
Post # 14
I use my credit cards to pay for everything I can, but then pay it off every month. That way I get to take advantage of the cash back rewards. I’m so grateful to my mom for instilling such financial responsibility in her kids. Seeing her sacrifice and scrimp when I was a child, never spending frivolously, and working her a** off to pay the bills when we fell on hard times taught me the importance of living within your means. She’s also a huge proponent of having emergency savings. Even though my car just needed a $2k repair and the dog had a $250 vet bill, I’m fine thanks to that cushion. Things like vacations, new clothes, and going out to eat are put on hold until my savings are built back up since those aren’t necessities. I’ll admit I really miss takeout and sushi right now, but it’s worth it for financial stability and peace of mind!
Post # 15
I was a teacher as well. You should get Care Credit. You can put various medical expenses on there and it offers no-interest for certain amounts. A $1,000 charge would qualify you for no interest for at least 12 months.
I just recently paid all of my credit cards off, and the amount was crazy! I got a bit carried away over the past year, but vow to only charge what I can immediately pay off. I kick myself when I think about all of the things I could have spent that money on opposed to debt lol. I’ve learned about cash back incentives and which cards are best from reading threads on here (You bees have provided a wealth of information, and my husband has the nerve to not understand why I’m still on here after the wedding lol!). So, I just recently got a couple of new cards that offer incentives on various categories and will use those and immediately pay them off. I just put more stuff on a credit card yesterday but I have accumulated hella rewards on that one, and will pay it off at the end of this month.