(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 : (269 votes)
    64 %
    Amount that can be paid off in more than 1 month but less than 1 year : (76 votes)
    18 %
    Amount that can be paid off in more than 1 year less than 3 years : (47 votes)
    11 %
    Amount that can be paid off in more than 3 years but less than 5 years : (20 votes)
    5 %
    More than that : (9 votes)
    2 %
  • Post # 91
    Member
    145 posts
    Blushing bee
    • Wedding: August 2016

    View original reply
    MrsCallalily:  I have an 820 credit score, I don’t need financial help. We put one grocery trip a month on the smaller cards and leave minimal balance. I’m sorry if you would miss the maybe $1 interest charge we get, because we don’t. People waste more than $1 a day on coffee, so less than $5 a mo in interest doesn’t matter.

     

    Post # 92
    Member
    1249 posts
    Bumble bee

    View original reply
    16MrsToBe:  Like I said I was just trying to help. You’re paying a $1 in interest for no reason and yeah, on of principle I would miss that money. The cc companies don’t need money for interest from me because I’m able to pay off the balance. 

    At least the people spending $1 on coffee get something in return for their money. You’re spending $50 a year on absolutely nothing. 

    Anyway, I can’t change your mind and that’s fine. I’m just surprised that anyone would choose to keep a balance on their cards and pay interest every month. It doesn’t make sense but to each their own. 

    Post # 93
    Member
    1752 posts
    Buzzing bee
    • Wedding: February 2015

    View original reply
    MrsCallalily:  I don’t understand why people would be penalized credit score-wise for paying balances in full monthly.

    Post # 94
    Member
    2080 posts
    Buzzing bee

    We have $0 credit card debt.

    We use credit cards to earn rewards and airline miles, and to get department store card-holder discounts, but they’re paid off in full every month.

     

    Post # 95
    Member
    355 posts
    Helper bee
    • Wedding: March 2016

    None. My view on credit cards is that you should use them:

    1) To establish credit. Use one card for everyday purchases, but pay it off in full each month.

    2) Only when you have to like to rent a car or in the event of an emergency like the refrigerator or air conditioner going out and there isn’t enough cash on hand to purchase a new one.  Even then, I recommend trying to pay it off in 6 months or less.

    I try to pay cash for EVERYTHING.

    Post # 96
    Member
    752 posts
    Busy bee

    I had $8,000 in credit card debt. I am almost done (about $300 away) from paying one that was $4000. The other are $2000 a piece. Once the last $300 is paid on the biggie I’m going to blast one of the other cards, while paying the minimum on the other card and so on

    Post # 97
    Member
    752 posts
    Busy bee

    My goal is to pay off the remaining cards and my car loan by the end of this year. I am waiting on a settlement check which will pay off my car loan but won’t leave money for anything else. However, with both the car payment gone and the biggie card paid off I will have no problem using the snowball method to pay off the other two. I will then keep one card for emergencies only and cut up the other two. I will still have student loan debt, but nothing else. 

    Post # 98
    Member
    9123 posts
    Buzzing Beekeeper

    View original reply
    wonderlily:  I put zero because we only carry a balance on a 0% interest card that we technically could pay off whenever we wanted to, but why take cash out of an interest bearing account to pay off an interest free debt? That’s just bad math. We set up automatic payments so that it will be paid off 2 months before the promotion expires and just forget about it. 

    Post # 99
    Member
    1157 posts
    Bumble bee
    • Wedding: June 2016

    $423 exactly. Emergency water heater 🙁

    Post # 100
    Member
    1903 posts
    Buzzing bee

    I don’t have a credit card however I did and re-financed it into a personal loan.

    I’ll have that balance paid off in September and then will be debt free!

    Post # 101
    Member
    7550 posts
    Bumble Beekeeper
    • Wedding: April 2019

    None! I have debit cards but not credit cards. When I was growing up my parents instilled the risks and problems re: credit cards into my sister and I, so instilled strong values about them into us.

    Fiance also doesn’t have credit cards and so, no credit card debt. The only debt between us is the HECS/HELP debt from my university studies. 

    Post # 102
    Member
    839 posts
    Busy bee

    I use my credit cards for everything. My monthly balance is rarely over $2K and I have never not paid it off in full. 

    But, I work in finance. I would be strung up by my ankles and hung out the window if I didn’t know the best practices for using credit, and I know better than to use debit. 

    Post # 103
    Member
    184 posts
    Blushing bee
    • Wedding: April 2017

    Zero! My SO and I have no credit cards, everything is paid for with cash that we’ve saved! 🙂

    Post # 104
    Member
    912 posts
    Busy bee

    I pay it off every month, more than once actually because I have a low limit. I just use it for everything during the month!

    Post # 105
    Member
    1099 posts
    Bumble bee

    Zero. I pay everything on my CC to get cash back, but my credit limit is significantly lower than the amount I have in my bank account, so even if I go a little wild one month I’ll still pay it off in full.

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