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View Poll Results: How Much Credit Card Debt Do You Have?
None. Zero, Zip. Zippo 104 55.03%
Less than 1k 24 12.70%
1k to 5k 29 15.34%
Over 5k 32 16.93%
Voters: 189. You may not vote on this poll

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      10-25-2007, 04:40 PM   #23
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im usually 1-5 (around 2-3 to be specific) every month, but i pay it off right away
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      10-25-2007, 05:32 PM   #24
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I pay it off every month at all costs.
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      10-25-2007, 05:46 PM   #25
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Quote:
Originally Posted by samoe93 View Post
As one of the 0% promo rate users, I have to question your financial wisdom - if I can get a credit card company to give me money at 0%, why would I not use the credit and invest the money I would otherwise have spent in something with a higher rate of return, even if it's just a savings account? Same goes with student loans - I have student loans, but due the timing of my graduation from law school and a promo available at the time, those loans are locked in at 2% for the life of the loan. Obviously there is a psychological benefit to being completely debt free, but only an idiot would pay off loans locked at 2% for 25 years when you could invest that same money in the market, which in the long term returns on average 4-5 times as much.
I tried to make that easy to read into specifying "actual" debt and people using the 0% APR as separate things. Of course using the 0% APR is a wise decision.

Paying 10%++++ daily compounded interest on purchases is not.


I don't carry cash, all I use is a credit card. I pay it off at the end of each month though. Most goods have the fee business owners pay to accept credit cards built in. Not using a CC is like paying those 3% points other people earn.

Paying the ridiculous finance charges and driving a luxury car on the other hand, is just not right.
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      10-25-2007, 05:53 PM   #26
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Quote:
Originally Posted by samoe93 View Post
I have the same deal - Citibank Dividend card, but you can cash out your rebate anytime they owe you more than $50. I use it for everything and pay it off... probably collected a good $350 of free money so far this year.
wow $350....but how much did you charged? $3 mil

anyone have airline cc? any good?
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      10-25-2007, 05:55 PM   #27
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I've always paid it in full.
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      10-25-2007, 06:00 PM   #28
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I have credit card debt.Its a part of life for some people.Unexpected homeowners expenses, having a baby, making his playroom,etc,etc.Im not ashamed of it.It will get paid off eventually.You guys act like only complete morons have cc debt.the yukon is paid off and my car payment is a little over 400.00.Im not living beyond my means.I make double the minimum and way pay it once I get tax returns.for most americans debt is a part of life.
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      10-25-2007, 06:00 PM   #29
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I have an airline credit card, I put 75k on it last year... (and almost never carried a balance, its zero right now)

I now have enough airline miles to get 6 first class tickets to anywhere...

Its like free first class tickets just for channelling all my purchases through the AMEX

but there was a time where I had over 50k in cc debt... sometimes life gets rough, ad you gotta let someone else pay for stuff for a while...
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      10-25-2007, 06:29 PM   #30
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slightly

For those interested Etrade is doing 4% SAVINGS account with no minimum balance right now! I can't get that on a Mutual Fund!!!!
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      10-25-2007, 06:36 PM   #31
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my baby just had his baptism and he got a crap load of money.now to figure out where to put it. I was thinking ING orange or something.decisions,decisions.
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      10-25-2007, 06:40 PM   #32
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Quote:
Originally Posted by O-cha View Post
I tried to make that easy to read into specifying "actual" debt and people using the 0% APR as separate things. Of course using the 0% APR is a wise decision.

Paying 10%++++ daily compounded interest on purchases is not.


I don't carry cash, all I use is a credit card. I pay it off at the end of each month though. Most goods have the fee business owners pay to accept credit cards built in. Not using a CC is like paying those 3% points other people earn.

Paying the ridiculous finance charges and driving a luxury car on the other hand, is just not right.
Sounds like we actually agree then, my mistake on the interpretation!
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      10-25-2007, 06:43 PM   #33
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Quote:
Originally Posted by ska View Post
wow $350....but how much did you charged? $3 mil

anyone have airline cc? any good?
I guess about $32K a year, averaging 1.2% cash back or so (slightly higher cash back on the gas and groceries than other stuff) - but I put EVERYTHING on it... even charitable contributions (hey, might as well get a discount on those too!).
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      10-25-2007, 07:23 PM   #34
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Carrying debt is a part of modern finance. Those who do not include it are short-changing themselves in more ways than they think. Debt is an accepted and required reality of finance. If you do not have it you have no financial clout. That is not to say one should over-extend themselves.
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      10-25-2007, 08:10 PM   #35
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Credit card debt has owned me for most of my adult life. I began living above my means when I got my first card at age 18. By the time I graduated college (1998), I was about $30k in the hole. When I got a real job I lived closer to my means but couldn't overcome all the interest and minimum payments, so I sunk further into the hole. I maxed out at $60k in 2003, then tried to get out unsuccesfully until I really buckled down a year ago.

I lived like a pauper, transferred all my balances to 0% cards, and sold some stocks and stock options I had. I ordered my car so that the first payment would coincide with me getting to zero, which will happen in December with a little luck.

I had planned to actually experience being debt-free (aside from mortgage) before buying the car, but then I decided I would enjoy the car more than being debt-free. It's still massive debt, but at least I could sell the car if I had to.

Here's the ugly history (yes, I got carried away with car upgrades there at the end):
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      10-25-2007, 08:34 PM   #36
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Credit cards, mortgages, school loans, car loans ect. Everyone owes something, very few dont.
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      10-25-2007, 08:35 PM   #37
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Quote:
Originally Posted by Taittinger View Post
Carrying debt is a part of modern finance. Those who do not include it are short-changing themselves in more ways than they think. Debt is an accepted and required reality of finance. If you do not have it you have no financial clout. That is not to say one should over-extend themselves.
Carrying "debt" is one thing. People do this with things like mortgages and car loans because they have relatively low finance charges. Credit card debt is NOT a part of modern finance, anyone who carries a debt on their credit cards with 10+% interest is NOT getting financial benefit.

Any one who carries debt because its actually debt and not simply a loan they did not require in the first place is also not doing themselves a financial service.

If you could not buy something without getting a loan for it, you should NOT have bought it in the sense that your not helping yourself by getting the loan and going into debt.
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      10-25-2007, 08:36 PM   #38
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Quote:
Originally Posted by ZuerstBMW View Post
Credit cards, mortgages, school loans, car loans ect. Everyone owes something, very few dont.
Owing something and being in debt are two different things. Every millionaire, billionaire ECT out there "owe" money. Most of them are not in "debt" though.
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      10-25-2007, 08:42 PM   #39
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That's really impressive - congrats on kicking the credit card debt habit. I haven't always been credit card debt free either... did the same thing as you when I was in school and buckled down after finishing. Pushing through and making that last payment to wipe it clean was one of the best feelings ever.

Quote:
Originally Posted by jtmccabe View Post
Credit card debt has owned me for most of my adult life. I began living above my means when I got my first card at age 18. By the time I graduated college (1998), I was about $30k in the hole. When I got a real job I lived closer to my means but couldn't overcome all the interest and minimum payments, so I sunk further into the hole. I maxed out at $60k in 2003, then tried to get out unsuccesfully until I really buckled down a year ago.

I lived like a pauper, transferred all my balances to 0% cards, and sold some stocks and stock options I had. I ordered my car so that the first payment would coincide with me getting to zero, which will happen in December with a little luck.

I had planned to actually experience being debt-free (aside from mortgage) before buying the car, but then I decided I would enjoy the car more than being debt-free. It's still massive debt, but at least I could sell the car if I had to.

Here's the ugly history (yes, I got carried away with car upgrades there at the end):
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      10-25-2007, 08:50 PM   #40
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Quote:
Originally Posted by O-cha View Post
Owing something and being in debt are two different things. Every millionaire, billionaire ECT out there "owe" money. Most of them are not in "debt" though.
The last time I checked the definition of debt it meant to owe something.
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      10-25-2007, 08:53 PM   #41
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Quote:
Originally Posted by ZuerstBMW View Post
The last time I checked the definition of debt it meant to owe something.
That is what I thought as well but then I did not major in economics or English.
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      10-25-2007, 09:01 PM   #42
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Quote:
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The last time I checked the definition of debt it meant to owe something.
Hehe....plain and simple.

My wife and I have a mortgage and 2 car payments. That's it for debt, and my bimmer is acutally covered by the company I work for (Car allowance is between 600-1000 dollars a month). After going through what I did after college (dodging collector's phone calls, lying to family) I put my foot down.

Now I sit in my loft, watching my 2 week old daughter sleep and enjoying the peace of mind.

BTW, I'm so glad I own my home since the market in Alberta has gone crazy. It has slowed down a bit, but if I sell I'll be able to stick $100k in the bank after fees and such.
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      10-25-2007, 09:13 PM   #43
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I carry no debt what-so-ever. I also pay every bill in full each month. I exclusively put everything on my Amex Gold, Blue and BP rewards Visa and love the points.

My only debt left is my student loans. I graduated and owed 18k; my last payment is the end of this month. Paid it off in 2 years. I thought I was saving before, now I can really get to saving
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      10-25-2007, 09:27 PM   #44
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Quote:
Originally Posted by ZuerstBMW View Post
The last time I checked the definition of debt it meant to owe something.
Quote:
Originally Posted by Taittinger View Post
That is what I thought as well but then I did not major in economics or English.
Really guys? The last time I checked putting something in quotations was meant to express that the word was not being used in literal but in context in lieu of any other word for description. The context there being that "debt" was meant to be owing money you could not pay off freely at any time, and "owing" was when you could pay it off at anytime. I'm sure this was clear to anyone not trying to be a smart ass.
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