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BMW 3-Series (E90 E92) Forum > BIMMERPOST Universal Forums > Off-Topic Discussions Board > Credit Card Debt...



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, 09:59 PM   #45
Kiemyster
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i dont rock credit cards. i have one, and its never used. only for use in emergencies. otherwise, i use my debt card all the time. its simple and nice: throw in all my money, and have it readily available. no bullspit, no gimmicks. its my money, no worries.
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      12-18-2007, 06:04 PM   #46
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i got debt from just ordering rims and for a vacation I got planned in january. Bahams FTW!! I usually rock around 1-2k but for about 3-4 months i'll be rocking 5-6k. I dont have other debt except car payment and student loans, live at home so I can pay off 5-6k in like 3-6 months. My CC has a low interest rate anyways and if it goes up I can transfer, my other ccs are all at 0 but have like 1.9% transfer rates!!
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      12-18-2007, 06:22 PM   #47
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it would be fun to add another few lines for..

over 10k
over 20k
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      12-18-2007, 06:26 PM   #48
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lol, I pay cc balance every week.... if i can't afford to buy it cash I won't buy it, hate paying interest (lease is an exception tho, company write off)
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      12-18-2007, 08:28 PM   #49
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Mine varies - I've pulled as much $10k at <4% out to make a quick market play. Made $15k in 1 month. But you have to be ready to lose the whole thing too.
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      12-18-2007, 09:59 PM   #50
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Carrying debt for a corporation or a business owner is not a bad thing.. But for a normal person it is.. If I recall right the average American is about $9k in debt on each credit card they own.. And the average American has between 2-3 cards.. Heck I am in my 20's and have 3 cards, 2 personal CC and 1 thats a business card. And the thing about business is you can write off your debt as either a loss or for something like a depreciating asset, but for small business owners this isnt something you want to mess around with that much.
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      12-18-2007, 10:04 PM   #51
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Quote:
Originally Posted by Kiemyster View Post
i dont rock credit cards. i have one, and its never used. only for use in emergencies. otherwise, i use my debt card all the time. its simple and nice: throw in all my money, and have it readily available. no bullspit, no gimmicks. its my money, no worries.
I would totally agree with you... But I never use my debt card on anything more than $20-50, reason being is buying with a credit card gives you protection and leverage in the event something goes wrong. With a credit card its simple to dispute things and if you win it gets wiped out, debit cards you are fighting for your money back.

Also if your debit card gets stolen and you dont notice it for a while (even a few days) you can be liable for I think 5-6 times more than you would be if your credit card was stolen which if I recall right is max liability of $50 or $100.
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      12-19-2007, 02:38 AM   #52
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Quote:
Originally Posted by O-cha View Post
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.

+1
There are multiple kinds of debt.



Personally, I really don't like the things. I generally refer to CC's as debt enhancement machines.
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      12-19-2007, 07:32 PM   #53
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I have around a 2k debt. Using my referral bonus (4k) to pay it off on the 31st! I also take advantage of those 0% for 24 month deals. Got a macbook pro with that along with employee discount (younger bro used to work there).
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      12-19-2007, 10:57 PM   #54
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The closest thing I ever came to a credit card is a Bank Debit card with the Visa logo and it draws directly from my account.
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      12-20-2007, 11:24 AM   #55
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We squashed our 350K mortgage into 20 years to save 10 years of interest, so I'm running a little behind and have about 9K on a single cc. Plus with Christmas and my brothers-in-law moving in, we needed to buy some more beds and things, that all went on that cc. I get 1% back on teh card to use at Harley-Davidson. I'm about to do a transfer to a lower rate card for the payoffs.
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      12-21-2007, 02:44 AM   #56
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only reason I use my CC is cuz u can pay cash online...
I never spend more than what I have on my CC... thus it's always paid off

I do all my shopping on my CC (get the Reward Points) and when I'm done, head to a bank machine and pay it off
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      01-23-2008, 08:00 AM   #57
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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.
Yes, it is part of modern finance, but I avoid it at all cost. I pay everything off. A friend of mine think I'm stupid (yeah really) since I'm not leaveraging my mone. The only loan I have is my house loan. I paid my 15 year mortgage in 12 years. All cars are paid for. My credit score (last I check) was 847! I think I'm doing something right!
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      01-23-2008, 08:22 AM   #58
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out of college, I was carrying over 5K in cc debt.

Wised up to finance and paid it off in the first 6 months out of school.

Now we primarily use our Amex rewards and Dinersclub, both of which require immediate payment (AMEX offers to extend payments on big ticket items, but WE pay it off)

Coming out of the holidays, my amex bill this month is >15 grand. Yow - just in time for valentines and my wifes bday too.

Ugg - My wifes bday and my kids' birthdays are all in March. Time to pony up...
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      01-23-2008, 09:51 AM   #59
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Less than 1K..Other than my fixed debt but I dont think that counts.
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      01-23-2008, 10:12 AM   #60
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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.
You have spent 35,000 on your CC this year already?!? It's only been 23 days!

I pay mine off every month as well, but I charge almost everything to get the points as the posters above... I should look into one of those 1% cash back cards since all I can get with my points are gift cards
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      01-23-2008, 11:42 AM   #61
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I don't have a credit card for this very reason!
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      01-23-2008, 11:44 AM   #62
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i have 3-5k debt every month, but i pay it off right away. I dont know if that's considered debt. I would never let them charge me interest and so forth, that's an endless loop
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      01-23-2008, 11:44 AM   #63
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Quote:
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I don't have a credit card for this very reason!
lol... i keep shredding cards that i use too much... one day i need to shred the user, not the card
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      01-23-2008, 11:47 AM   #64
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Quote:
Originally Posted by samoe93 View Post
Pay it off every month... on a rare occasion I'll take advantage of 0% interest promo periods and carry a balance during the promotion because it's free use of someone else's money, but I'd always pay it off before I pay a dime of interest.
+1
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      01-23-2008, 11:49 AM   #65
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Quote:
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lol... i keep shredding cards that i use too much... one day i need to shred the user, not the card
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      01-23-2008, 11:56 AM   #66
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Damn, I need to do what you guys do for a living. Spending 3-5k a month and paying it off?

Boy, am I in the wrong business.

Any of your rich guys hiring in NYC/NJ???

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