(Closed) How much Credit Card debt do you have?

posted 6 years ago in Money
  • poll: How much credit card debt do you have?

    $0 or pay it off every month and carry no balance

    Amount that can be paid off in more than 1 month but less than 1 year

    Amount that can be paid off in more than 1 year less than 3 years

    Amount that can be paid off in more than 3 years but less than 5 years

    More than that

  • Post # 61
    Member
    145 posts
    Blushing bee
    • Wedding: August 2016

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    gingerkitten:  we’ve gotten notices on non use on more than one. We have minimal interest on all of the cards we have. Fiancé went nearly three years without use of two of his cards. Id rather have $200 total on non used cards to have over 15k of extra avail credit than risk losing that

    Post # 62
    Member
    8674 posts
    Bumble Beekeeper
    • Wedding: July 2016

    none… I’m good at spending within my means, but mostly I have the privilege of having well to do (generous) parents and a high earning fiancee.  

    Pretending it’s all me would be wrong–I earn 13k a year and while generally I spend within my means, there are definitely items I wouldn’t have been able to afford without help or going in to debt, wedding included.  (My Fiance and I budgeted the wedding to what WE could afford, but if I’d had to pay exactly 50%, our budget would’ve been about 20% smaller.)

    Post # 63
    Member
    2417 posts
    Buzzing bee
    • Wedding: September 2015

    I’m currently sitting around $2500 in credit card debt, but because I work seasonal construction and the weather and jobs that my company bids on varies so much year to year (and even month to month), I haven’t been able to pay it down as quickly as I would like. 

    My only card is a low interest one, and my current plan is to open a card which has cash back incentives, and transfer my monthly automatic payments etc (Netflix, Car insurance, cell phone) to it, and then focus on getting rid of the outstanding balance.  The only charges I make on my credit card besides the auto stuff is reloading my Starbucks Gold card lol.

     

    Post # 64
    Member
    7382 posts
    Busy Beekeeper
    • Wedding: January 2011

    We pay off the balance each payment period.

    We have multiple cards for different things.  Almost all purchases go on CCs for better protection, rewards, warranties and to increase our cash flow.

    I can’t imagine being this age without one.  Here, it can be difficult to book a hotel room without one.

    Post # 65
    Member
    1249 posts
    Bumble bee

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    16MrsToBe:  I’m sorry, but I just don’t understand. You are paying the credit card company interest for no reason. What country are you from? Like PP said, unless you are from somewhere with differerent CC rules, not paying interest is what you should strive for. Not the opposite.

    I had a credit card that I didn’t use for two whole years and never once got a notice. I did eventually cancel it and they tried to talk me into keeping it, even though they could see I’d never used it. I don’t know why you would get a notice of an unused card, because I feel like credit companies would want you to have an account with them, even if you aren’t using the card. They WANT you to have that $15k available in case you ever need it. Just like you do. They want you to have to pay them interest (which you have to if you carry a balance) which is why they give such large amounts of available credit. They want to screw people over, but can’t if people know how to use the cards right.

    But as for the card you are using, you shouldn’t have to keep a balance of $2500 on it to have good credit. Use it and pay it off every month and that will give you good credit.

    I feel like you should speak with a financial advisor because you seem to be very misinformed about how credit cards work.

    (I hope this post doesn’t come across as harsh, I’m really just trying to help you!)

    • This reply was modified 6 years, 2 months ago by MrsCallalily.
    Post # 66
    Member
    4464 posts
    Honey bee
    • Wedding: December 2014

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    16MrsToBe:  
    View original reply
    MrsCallalily:  

    I have had credit cards close themselves due to lack of use and I’m in the US, it happens after years and not all credit cards do it. It does happen, but I think the key is just that you have to use it, not that you have to carry a balance, you can charge something every now and then and then pay it off right away and it’s fine.

    On another note though, I have heard that it is better for your credit score to have a small balance than to have a $0 balance. Even still, most card companys report your balance when the statement comes out or at some other time, not at the due date, so you’ll still likely show a balance even if you pay it off by the due date every month. So there’s really no reason not to pay off the balance every month and avoid interest if you are able.

    Post # 67
    Member
    331 posts
    Helper bee
    • Wedding: July 2016

    None! Whatever amount I put on my credit card is automatically collected from by bank account and I wouldn’t have it any other way.

    Post # 68
    Member
    277 posts
    Helper bee
    • Wedding: July 2015

    We currently have a small balance on our credit cards, but they will be paid off by the end of the year. I have over $30 000 CAD in student loans that need to be paid off, so that’s going to be the one that takes forever to pay off lol

    Post # 69
    Member
    249 posts
    Helper bee
    • Wedding: October 2015

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    KC-2722:  Well, you can build credit by consistently paying your utilities on time or by paying rent on time. It takes longer, but it can be done. My Fiance also has no credit cards, but he has paid off a couple of loans – he paid off his school loans and a car loan, but that was way before he and I met. 

    Post # 70
    Member
    1249 posts
    Bumble bee

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    SithLady:  Even so, I think having the cards close themselves or just using the card once a month and paying it off right away is WAY better than paying $x amount every month to the credit card company in interest. 

    And actually, I pay my credit card off every month but very rarely have a 0 balance on it. If my statement comes out and says I owe $200 and my payment is due in 5 days, I pay it off in full, but spend more money during the next pay period, the next statement comes out and now I $300 but I already paid the $200 from before, this is for the next pay period. So it’s a very short time that I ever really have a 0 balance. I have never had to pay interest. 

    Post # 71
    Member
    3797 posts
    Honey bee
    • Wedding: December 2013

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    wonderlily:  Typically, zero, because I don’t like adding a montly credit card payment to our bills. I like to put as much as possible in savings and spend within what we earn. However, sometimes it is necessary to use our credit card and pay off over a series of months. Right now, we have 0 on our credit card (just paid off), but will be putting a sizeable charge on when we move in a few days for our short-term apartment until the house we’re moving into is finished being built. This way, we can pay off over a few months while keeping our savings where we want it to be. I think as long as you have a plan for how to pay off quickly and not continue to accumulate, you’ll be okay. It’s when you pay off minimally and continue to add and add charges that things get out of control.

    Post # 72
    Member
    45 posts
    Newbee
    • Wedding: August 2015

    We charge everything on credit cards and pay it in full every month. I have never carried a balance.

     

    I hope that people will take the advice and opinions of other bees in this thread with a grain of salt, there is a LOT of misinformation in here. Make sure you do your own research and educate yourself about finance and credit cards and try not to take this thread too seriously!!

    Post # 73
    Member
    4464 posts
    Honey bee
    • Wedding: December 2014

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    TheFutureMrsShah:  That’s only true if your utility company or your landlord/management company report to the credit bureaus. Not all of them do and mine never have. Other loans do help though, like student loans and auto loans.

    Post # 74
    Member
    4464 posts
    Honey bee
    • Wedding: December 2014

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    MrsCallalily:  That’s exactly what I said.

    Post # 75
    Member
    4113 posts
    Honey bee
    • Wedding: September 2014

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    TheFutureMrsShah:  Ah, I see. You mention it not being as fast as building your credit with credit cards.. I’m wondering if you can build your credit as well as you can with credit cards? My husbands credit score is near perfect, can you obtain that without using credit cards?

    I don’t expect you to answer all of those questions.. I’m just curious.. Haha.

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