What is your credit card debt? (Page 2)
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2008-11-15 11:07 AM in reply to: #1809255 |
Master 2125 | Subject: RE: What is your credit card debt? I own a credit card but to me it's like a loaded gun. I never use it unless I'm forced to (such as car rentals or hotel rooms). Otherwise, I'm debit card only. In 2004, we did daveramsey.com and got ride of off 65k in debt (20k was a car we dold and 45k was cc debt we paid off) in 18 months. Plus during that 18 months, we also put 3 months of living expenses in the back as an emergency fund. We pay cash for just about everything. Given the current times, I'm very, very glad my wife and I did that. |
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2008-11-15 11:13 AM in reply to: #1809255 |
Extreme Veteran 359 Guelph | Subject: RE: What is your credit card debt? |
2008-11-15 11:47 AM in reply to: #1809415 |
Master 1529 Living in the past | Subject: RE: What is your credit card debt? graceful_dave - 2008-11-14 4:01 PM ...We have 3 credit cards left with a balance. We've paid off two and canceled those accounts. We haven't added anything to them in a year. We are looking at having them all paid off in another year. I was prepared to write that unless the two other cards created a temptation you could not resist, for the sake of future applications for credit, you might have considered keeping them open as it can have a positive impact on your credit score ("properly managed revolving credit is looked upon favorably), but then we're living in different times than even 3 months ago, so who the heck knows, so nevermind..... |
2008-11-16 12:41 AM in reply to: #1810022 |
Pro 4311 Texas | Subject: RE: What is your credit card debt? the bear - 2008-11-15 9:35 AM max - 2008-11-15 8:53 AM Mine is zero as well. I have two outstanding monthly debts, my car payment, which I'm paying extra each month to eliminate it very shortly, and my mortgage payment. Because of the possibility of an economic crisis, I'm doing everything I can to stabilize things. Fortunately when I was 59-1/2 I had the foresight to take everything out of my 401-K (over 6 figures) and put it into a fixed rate account...and I did this 4 months before the stock market went into the tank. Whew!
[slight hijack] Most 401Ks have fixed-income investment choices, you don't have to be 59-1/2 or take your money out of the 401K to diversify away from stock market risk. My 401K has been invested 70% in bonds for the past few years. People would be better off if they learned a little bit about investment choices and the importance of having a balanced portfolio. [/slight hijack] Yea but if they did, the rest of us would have to work harder to make money. |
2008-11-16 1:06 AM in reply to: #1809255 |
Champion 9430 No excuses! | Subject: RE: What is your credit card debt? |
2008-11-16 5:42 AM in reply to: #1810084 |
Extreme Veteran 710 Wilmington, NC | Subject: RE: What is your credit card debt? TimmyMay - 2008-11-15 12:13 PM
I'm keeping the balance at zero.....too much risk of layoff's hitting our area. TimmyMay...that's sad but true about your area. My dad is retired from the Sterling Truck Plant in St. Thomas. It's now closing which is so hard to believe. Back in the 90's my dad worked for Northern Telecom in London which also closed. He had worked there for 27 years. Job security is a scaring thing! |
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2008-11-16 8:33 AM in reply to: #1810065 |
Elite 3022 Preferably on my bike somewhere | Subject: RE: What is your credit card debt? max - 2008-11-15 11:32 AM the bear - 2008-11-15 10:35 AM
[slight hijack] Most 401Ks have fixed-income investment choices, you don't have to be 59-1/2 or take your money out of the 401K to diversify away from stock market risk. My 401K has been invested 70% in bonds for the past few years. People would be better off if they learned a little bit about investment choices and the importance of having a balanced portfolio. [/slight hijack] Unfortunately, my 401-K plan choices offered no clear opportunity to avoid losses. With retirement now only 19 months away, I opted for the prudent option of avoiding all losses whatsoever.
That's awful Max. I'm on the 401k committee at my work and while our choices are limited (meaning we don't have 10 different Mid Caps to choose from), we have something for everyone. It's too bad your employer is paying attention. If they are not careful, they are opening themselves up for a lawsuit. Oh yeah - did you have to pay penalties? Edited by D.Z. 2008-11-16 8:35 AM |
2008-11-16 9:09 AM in reply to: #1809255 |
Member 279 DC Metro | Subject: RE: What is your credit card debt? I have 2 credit cards I use regularly due to cash back options. The balance on those is paid off every month. I also have a cc balance from when I was young and not so smart. The interest rate is 2.9%. I have enough money in the bank to pay it off but I wasn't for a while since my savings accounts were near 4-5%. Also I had other things like student loans and car loans to pay off that were at a higher apr. So now that my savings accounts are in the 2% and all other debts are paid off other than the mortgage, I'm looking towards them again. As for 401ks, we are lucky to have a couple options that will increase slightly and not go down if we want. I put about 60% of my 401k funds into the bonds related funds a little over a year ago. My more cautious husband put about 90% of his 401k funds into the bond options 3 or so years ago. As a result, my 401k has stayed pretty stable with a slight dip. Once the market went down, I started putting a little more of my salary into my 401k. |
2008-11-16 11:11 PM in reply to: #1809255 |
Expert 1277 St. Paul, MN | Subject: RE: What is your credit card debt? I got into a bit of trouble in college. Backpacking was a new hobby for me then, and there was so much great shiny gear out there. Those few thousand dollars worth of debt accumulated over a couple years kept me from joining the Peace Corps, something I'm still kind of bitter about. But it was my own fault. I paid everything off about four years ago and went without a credit card until I got married two years ago. Now we have one that, like many others here, we pay off each month. |
2008-11-17 1:30 PM in reply to: #1809255 |
Champion 10471 Dallas, TX | Subject: RE: What is your credit card debt? |
2008-11-17 1:34 PM in reply to: #1812697 |
Sensei Sin City | Subject: RE: What is your credit card debt? $0 After getting into trouble when I was in college, and clawing my way out of it, I never have a balance on my cards. |
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2008-11-17 1:56 PM in reply to: #1809255 |
Champion 7931 Sequim, Washington | Subject: RE: What is your credit card debt? I got my first-and only-credit card last year. It is really hard to get a credit card when you are 26 years old-I didn't have bad credit-just not much established credit at all. I started with a savings account dedicated to the credit card and a $400 limit. Now? $10,000 limit. |
2008-11-17 1:59 PM in reply to: #1812763 |
Subject: RE: What is your credit card debt? mchally - 2008-11-17 2:56 PM I got my first-and only-credit card last year. It is really hard to get a credit card when you are 26 years old-I didn't have bad credit-just not much established credit at all. I started with a savings account dedicated to the credit card and a $400 limit. Now? $10,000 limit. Dude, what kind of credit card do you have? I've had a credit card since I was 21 (started off witha $1200 limit), always pay it off every month, and my limit isn't even half of that. I also don't have the kind with any monthly fees, it doesn't earn rewards, and it has a low APR, so maybe that's why. I don't really NEED that much of a credit line, but in an emergency, I'd sure feel better if I did. |
2008-11-17 2:03 PM in reply to: #1812771 |
Davenport, IA | Subject: RE: What is your credit card debt? wurkit_gurl - 2008-11-17 1:59 PM mchally - 2008-11-17 2:56 PM I got my first-and only-credit card last year. It is really hard to get a credit card when you are 26 years old-I didn't have bad credit-just not much established credit at all. I started with a savings account dedicated to the credit card and a $400 limit. Now? $10,000 limit. Dude, what kind of credit card do you have? I've had a credit card since I was 21 (started off witha $1200 limit), always pay it off every month, and my limit isn't even half of that. I also don't have the kind with any monthly fees, it doesn't earn rewards, and it has a low APR, so maybe that's why. I don't really NEED that much of a credit line, but in an emergency, I'd sure feel better if I did. That's not unusual. The only one I've had that's not a $10k plus limit is the one from my Credit Union. Which, once I get them all paid off is the only one I'll keep. |
2008-11-17 2:06 PM in reply to: #1812771 |
Pro 4339 Husker Nation | Subject: RE: What is your credit card debt? wurkit_gurl - 2008-11-17 1:59 PM Dude, what kind of credit card do you have? I've had a credit card since I was 21 (started off witha $1200 limit), always pay it off every month, and my limit isn't even half of that. I also don't have the kind with any monthly fees, it doesn't earn rewards, and it has a low APR, so maybe that's why. I don't really NEED that much of a credit line, but in an emergency, I'd sure feel better if I did. After we paid off about $10K of debt my credit limit with a card I had at my bank went from $2500 to $3,000... to $5,000... to $9,000, all in less than a year. I was holding out for the call from them begging me "PLEASE DON'T STOP USING THIS CARD!!!" I eventually just canceled it [after we built up 3 months worth of expenses in our savings account of course]. |
2008-11-17 2:09 PM in reply to: #1812771 |
Elite 3371 | Subject: RE: What is your credit card debt? wurkit_gurl - 2008-11-17 2:59 PM mchally - 2008-11-17 2:56 PM I got my first-and only-credit card last year. It is really hard to get a credit card when you are 26 years old-I didn't have bad credit-just not much established credit at all. I started with a savings account dedicated to the credit card and a $400 limit. Now? $10,000 limit. Dude, what kind of credit card do you have? I've had a credit card since I was 21 (started off witha $1200 limit), always pay it off every month, and my limit isn't even half of that. I also don't have the kind with any monthly fees, it doesn't earn rewards, and it has a low APR, so maybe that's why. I don't really NEED that much of a credit line, but in an emergency, I'd sure feel better if I did. Have they just given you the higher limits in the past? Or did you as for them. Mine has always just gone up on its own. I have a $5,000 limit now (started at $500 when I was 16). For people who are in good standing, most credit card companies will be eager to increase your limit. Just call them and ask. Be sure they don't change your interest rates. |
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2008-11-17 2:10 PM in reply to: #1812771 |
Master 1704 Long Island, NY | Subject: RE: What is your credit card debt? wurkit_gurl - 2008-11-17 2:59 PM Dude, what kind of credit card do you have? I've had a credit card since I was 21 (started off witha $1200 limit), always pay it off every month, and my limit isn't even half of that. Our Citibank Credit Card has an available credit line of $32,000!! INSANE. When I was in Banking(1990-1995), you had to walk on water to get 10k unsecured... When I bought a Dyson Vacuum at Target, sales clerk sold me on the 10% off New Account holders and she exclaimed I must have excellent credit, when I asked why, she said they just approved you for $12,500!! In under 1 minute...at Target..Hmmm...glimpses into why this country is in the mess we're in.....? btw: Zero CC debt, or paid in full each month. |
2008-11-17 2:16 PM in reply to: #1812795 |
Subject: RE: What is your credit card debt? steveseer - 2008-11-17 3:09 PM wurkit_gurl - 2008-11-17 2:59 PM mchally - 2008-11-17 2:56 PM I got my first-and only-credit card last year. It is really hard to get a credit card when you are 26 years old-I didn't have bad credit-just not much established credit at all. I started with a savings account dedicated to the credit card and a $400 limit. Now? $10,000 limit. Dude, what kind of credit card do you have? I've had a credit card since I was 21 (started off witha $1200 limit), always pay it off every month, and my limit isn't even half of that. I also don't have the kind with any monthly fees, it doesn't earn rewards, and it has a low APR, so maybe that's why. I don't really NEED that much of a credit line, but in an emergency, I'd sure feel better if I did. Have they just given you the higher limits in the past? Or did you as for them. Mine has always just gone up on its own. I have a $5,000 limit now (started at $500 when I was 16). For people who are in good standing, most credit card companies will be eager to increase your limit. Just call them and ask. Be sure they don't change your interest rates. Yeah, they just raised my limits and sent me a notice saying they were doing it. I never had to ask them. |
2008-11-21 3:01 PM in reply to: #1809255 |
Elite 3471 Evergreen, CO | Subject: RE: What is your credit card debt? Used to pay it off every month, then my kids became teenagers. Last month's dental bill was around$4000 for the 3 of them -- included 8 wisdom teeth extractions -- which I put on my cc to get the 20% discount for paying right away. They're eating everything in sight and the youngest is outgrowing clothes every 3 months. Yada yada yada. Maybe someday the cards will be paid off again. In the meantime, I get cash back from Costco on 1 card and gift certificates from Amazon on my other so my toys tend to be "free" |
2008-11-21 3:06 PM in reply to: #1820479 |
Member 1699 | Subject: RE: What is your credit card debt? I have been called by more than one credit card telling me they raised my limit, and I told them not to do it. If they don't ask or tell me, I don't have the initiative to complain, but I don't want a high credit limit on my cards. I assume they will be stolen someday, and figure the less fraud available, the less hassle I will eventually have. |
2008-11-21 3:13 PM in reply to: #1809255 |
Expert 3974 MA | Subject: RE: What is your credit card debt? I've had a company raise my limits by as much as 100%. I call back, tell them to put it back to what it was, and they tell me "I'm sorry sir, I cannot do that. You do not have the option to change your limit in any direction." So I exercised my option to close the account. Happened twice. They actually tried to bully me into higher limits I didn't want. Screw that. I have no credit cards right now. Just one home equity Mastercard that carries a small balance. |
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2008-11-22 2:27 PM in reply to: #1809255 |
Extreme Veteran 468 Webster, Ma | Subject: RE: What is your credit card debt? I owe the credit card companies nothing! In fact one of my cards has a negative balance so they've owed me .62 for like 6 months now. |
2008-11-22 2:32 PM in reply to: #1821254 |
Pro 4909 Hailey, ID | Subject: RE: What is your credit card debt? staylor36 - 2008-11-22 1:27 PM I owe the credit card companies nothing! In fact one of my cards has a negative balance so they've owed me .62 for like 6 months now. If only you could charge them default interest and late fees like they do. Probably be a few 1000 dollars by now! |
2008-11-23 12:35 PM in reply to: #1809255 |
Extreme Veteran 414 Reston, VA | Subject: RE: What is your credit card debt? |
2008-11-24 12:40 PM in reply to: #1820489 |
Champion 10471 Dallas, TX | Subject: RE: What is your credit card debt? chadtower - 2008-11-21 3:13 PM I've had a company raise my limits by as much as 100%. I call back, tell them to put it back to what it was, and they tell me "I'm sorry sir, I cannot do that. You do not have the option to change your limit in any direction." So I exercised my option to close the account. Happened twice. They actually tried to bully me into higher limits I didn't want. Screw that. I have no credit cards right now. Just one home equity Mastercard that carries a small balance. Help me out here... how does it hurt you if they raise your limit? Assuming that you are able to use will power to not charge to that limit...???? Just curious as I'm sure I don't know all the in's and out's of credit. |
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