[ARCHIVED THREAD] - Credit Card Debt (Page 1 of 3)
Posted: 9/7/2012 7:15:16 AM EDT
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Saw another thread and people were talking about their CC debt.
How much do you have? Poll incoming. |
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Quoted: $0 Have always refused to get a credit card. I am thinking of getting one strictly for buying gas that I will pay off monthly.. just to help the credit score. If you're responsible enough it's stupid not to. I get ~$500 in rewards/airline tickets annually. I've never paid a dime in interest. |
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Quoted:
$0 Have always refused to get a credit card. I am thinking of getting one strictly for buying gas that I will pay off monthly.. just to help the credit score. Even better, get one that pays 3% back on gas. I charge a lot on credit cards each month, but I pay in full every month. |
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I pay it off monthly.
Occasionally, I'll carry a balance of $400-$500 for a month, but it's never more than a few dollars in interest. Sometimes keeping free cash flow is worth that minor expense. I probably pay $30-40 a year in interest on mine, but the cash back offsets it. |
I have $70 left over from a joint account with my ex-wife. She hid the statements from me when we were married, I never carried a balance on mine, and we agreed that they were for emergency use only. During the divorce, I found out she racked up about $4K on her card (Starbucks and food ). Since I was the primary on the account, I took it over, and am almost done paying it off. That would have been some ANPVS-14's..... . Maybe next year....
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Would you like to know how to do a fee free/int free cash advance?
Take a zero % offer with no balance transfer fees. Apply, then pay off a credit card that's already paid off. Call up company and ask for overage back in the form of a check. Wallah! I card hopped around 18 grand for 5 years with zero percent interest. Paid around $500 in fees and interest on it (couple of 1.9%s). Not bad. The odd part. My credit rating was consistently excellent. I'm zero today with a healthy E*Trade account balance. |
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I use my credit cards for all my purchases and I pay them off very quickly. When I charge something on a card, I just deduct the amount from my checking account. If I order something that needs to be shipped or delivered, I pay it off as soon as the item arrives and the transaction posts to my account. If the purchase was immediate delivery (e.g. buying gas, groceries, etc.) I pay it off as soon as the transaction posts. I use credits for security, post-purchase leverage if things go south and earning points (Chase/Amazon card). I have a simple rule - if I charge on a card I have a plan to pay it off. Period. I haven't carried a balance or paid interest since I can remember. |
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Quoted:
Define debt. I have 7-18k a month on the cards. It is paid off each month and the cards are used to pay for anything they can. I assume that he means the balance that is carried over from month to month. Charging something to card and paying it off when the bill comes is not a debt, any more than using electricity and waiting to pay for it until they send your monthly statement is not a debt. |
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Quoted:
Quoted:
Define debt. I have 7-18k a month on the cards. It is paid off each month and the cards are used to pay for anything they can. I assume that he means the balance that is carried over from month to month. Charging something to card and paying it off when the bill comes is not a debt, any more than using electricity and waiting to pay for it until they send your monthly statement is not a debt. It's still debt, it's just revolving. 
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Quoted:
It's still debt, it's just revolving. Maybe it technically fits the definition of debt, but noone actually considers you to be in debt to the electric company just because they send you a monthly bill instead of making you prepay for your service. Is your cable bill a revolving debt? What about if a local business provides a good/service and agrees to just send you a bill for it a week later? |
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I have a small balance on mine from an unanticipated expense. I could pay it off now, but will do so next month rather than use my buffer money to cover it.
It's paid off at the end of the month usually, but there are times where it has a balance for a month or two. I don't have a house payment or a car payment 
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Quoted:
Quoted:
It's still debt, it's just revolving. Maybe it technically fits the definition of debt, but noone actually considers you to be in debt to the electric company just because they send you a monthly bill instead of making you prepay for your service. Is your cable bill a revolving debt? What about if a local business provides a good/service and agrees to just send you a bill for it a week later? Any money owed is a debt, doesn't matter how the billing is done. Entertainment services are atypical since you (typically) pay in advance. I was just messing with you man. 
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