Quoted: ETA:  After I paid that off, they raised my rate!

Bastards.




Hopefully in a few months I'll be debt free and I'll NEVER....you here me?  NEVER get another CC again.   I've realized the evil of banks and their CCs.  

They still send me offers every month though, but they can roll those offers into a tight little ball and shove 'em up their asses!

I was at a party once where the guy running the tab for the whole bar was doing so on a credit card.

I asked the guy how he could afford all that and he said, "I can't, I'm just going to declare bankruptcy anyway."  

Quoted: I asked the guy how he could afford all that and he said, "I can't, I'm just going to declare bankruptcy anyway."

Not an uncommon way for people to "pay off" their credit card debt (I guess the new laws have made it a little more difficult this year).

My brother in law had about $50,000 in credit card debt, mostly from supporting his heavy cocaine habit.  He declared bankruptcy, and still live in his house (FL lets you keep that when you declare bankrupcty) and drives a better and newer car than me, and has all the amenities - sattelite, tivo, big-screen tv, surround sound, etc.

less than $600 thankfully

I had to use CC's to finance divorce costs and then living on a shoestring budget during the year I had to pay the ex monster spousal support.  

Wound up going as high as 9K.  

For those of you who have them, a 401K account usually includes a mechanism where you can borrow money from YOURSELF to consolidate those debts.  That's what I have done.   I rolled all the card debt onto a singl 401K loan, and am paying it off over a few years.   Much increased cash flow that way, and every penny of interest I "pay" on the loan actually winds up in my 401K account.  In other words, I'm paying myself interest.    So long as the market is performing in  a lame way anyway, having that money out on a loan to myself is a nice hedge.  I'm guaranteed a rate of return of prime plus .25, and although I'm paying that interest, its going to me and not the CC company.   Now, if the stock market shot to the moon, this could be a bad move because that money would be making more return if it was still in the 401K account.   But the overall savings I'm going to have are HUGE doing it this way.

Some tips for living frugally:  

(1) ditch the cable TV.   I haven't had it for years, and don't miss it.   I read more, I go out more for hikes, etc.

(2) Use a "money envelope" for food and meals.   Here's how it works:  You pay yourself CASH when you get your paycheck in the amount you've got budgeted for that week for food, eating out, etc.  You only use that cash for such purposes.   When you run out, you don't eat.   Food, meals, and that sort of crap eat up a lot of money if you're not paying attention.  

(3) Go through the garage and eBay the hell out of your old crap.   I sold a bunch of old computer parts (late 90s timeframe technology) for $250 last year using eBay.   That money went straight to debt payoff.

(4)  Blankets are cheaper than heating oil/gas;  Candles are cheaper than electric.    I set my thermostate to 50 degrees at night while I am sleeping and I use a big old comforter.  In my condo, all the pipes are located in interior walls, some of which are shared with my heat abusing neighbors -- I'm basically relying on them to keep my pipes from freezing.   When I'm sitting around watchign TV, I'll light a couple candles for light to get around.   Leave the computer off when you're not using it, and avoid having lights on in rooms where you're not staying.   Replace outdoor lights that are on all night with the energy savers.  

(5)  If you've got wireless and a fat pipe, you can usually find a neighbor willing to pay some of your internet expense in order to share.   Probably not completely kosher with the internet company, but virtually undetectable by them if you're using a good router.   Set your wireless router up so it only lets you and your neighbor's mac addresses access the system.   The girl next door to me pays half my internet connection bill to have access in her place...  she prepays me $150 every 6 months.  Win-win situation for both of us.

(6)    Stock up on underwear, and wash that underwear often...  but don't wash your regular clothes just because they've been off the hanger for half a day.   In Colorado, its dry and cool a lot of the year...  no sweat, not BO, no need to wear out clothes and cause yourself expense by washing and drying all that stuff.

(7)   MAKE A BUDGET.    Be honest in it.   If you go shooting a lot, budget for ammo.   But then stay within the budget.  Track how you're doing.

(8)   Recreational Purchase (Yes, that includes guns) should be cash on the barrel-head only.  Never borrow money for that sort of stuff.  

Its pretty easy to come back from disaster as long as you keep working (and keep performing at work) and also keep your head about you.  

ZERO!

depends on what kind of firearm catches my eye!

One gas card I'm paying off in May. Then zip. Credit cards are a rip. I pay interest on my house loan and thats enough IMO.

zippy.

The only credit card I have is a Corporate AMEX for work.

i ALWAYS paid my balance off as soon as the credit card bill came in the mail

however, stupidity set in when i got married and i let the wife do all the number crunching

when she left me 6 months ago she left me with $15K at 19.23 percent

at present i am at 11K at 3.99%

i'm looking at 14 months until i am debt free.  this is when we start saving for an '09 camaro.  i plan to have my mid-life crisis early.

several cards - no balance

$0 but my wife makes a lot of dough and that helps keep it at $0.

Pay yourself first

Quoted: Month to month? ZERO. I use cards for convenience but I waste no money on carryover.

+1 - We have one card (pays 1% on all purchases with no limits).  We use it for every purchase we can and pay it off every period.

Quoted: Month to month? ZERO. I use cards for convenience but I waste no money on carryover.

+1

Quoted: Month to month? ZERO. I use cards for convenience but I waste no money on carryover.

+1   Anybody that buys a second gun and more than 20rds of ammo while indebted to credit cards is crazy.

Thanks for supporting the convienient little bastards just the same.

ZERO!

$2,000 will have it gone in 3 more months.  The best way is first ask them to lower the intrest rate or transfer to a lower intrest or 0% on balance transfers for a year.  Don't use the card at all.  Stop eating out and live as cheaply as you can.  The more you put on it, the less you will get hammered with intrest charges.

None.

Too much but I am working on it.

My student loan should be paid off next month, my card in a year, one of my wifes cards will be paid this month or the other by July.

Debt sucks


check out  Dave Ramsey


http://www.daveramsey.com/

It's down to about $65K from over $120K (divorce is expensive as hell).  I think my $65K of current CC debt is more than everyone else who's responded to this thread combined.  I guess that makes me the winner.    

But the payoff has been budgeted for a bit over 3 years now, and unless I lose my job or something in the meantime, I'll be free of it by November 2007.  Just about the time I'll need a new car.

-$16.10

Yes, they owe me money.

Quoted: in after credit cards are evil folks! Credit cards are TOOLS! They're not free money! If you can't handle that responsibility leave them alone. I have them. I love them. They are a tool of convenience to me.

+1

Quoted: -$16.10 Yes, they owe me money.

Too bad you can't deposit money in your credit card acct and THEY pay YOU at the agreed upon APR.

I'd never have to work again!

Quoted: It's down to about $65K from over $120K (divorce is expensive as hell).  I think my $65K of current CC debt is more than everyone else who's responded to this thread combined.  I guess that makes me the winner.     But the payoff has been budgeted for a bit over 3 years now, and unless I lose my job or something in the meantime, I'll be free of it by November 2007.  Just about the time I'll need a new car.

Damn that makes me feel good about mine.

Quoted: in after credit cards are evil folks! Credit cards are TOOLS! They're not free money! If you can't handle that responsibility leave them alone. I have them. I love them. They are a tool of convenience to me.

When I rent a car using my VISA, one of the benefits is I can skip the high priced Damage Loss Waiver insurance rider from the rental car.  It doesn't cost extra and if you pay the bill off each month, it saves you some serious money versus the insurance offered by the rental agency.

Oh yeah, extended warranty on goods bought with CC.  

VISA Benefits

Like every tool, they have their place.

Trey

Quoted: Quoted: in after credit cards are evil folks! Credit cards are TOOLS! They're not free money! If you can't handle that responsibility leave them alone. I have them. I love them. They are a tool of convenience to me. When I rent a car using my VISA, one of the benefits is I can skip the high priced Damage Loss Waiver insurance rider from the rental car.  It doesn't cost extra and if you pay the bill off each month, it saves you some serious money versus the insurance offered by the rental agency. Oh yeah, extended warranty on goods bought with CC.   VISA Benefits Like every tool, they have their place. Trey

I primarily use my Amex blue cash and gold charge for some decent benefits.

With good discipline you can have good credit and recieve some pretty nice rewards.

Quoted: Month to month? ZERO. I use cards for convenience but I waste no money on carryover.

+1

Didn't have to read beyond the first response to see my situation described exactly.  We put everything on one card (GM Gold Mastercard, 5% back in rebate $$$) and I write one big check each month - no carryover, no interest, no CC debt...

Zero debt.

I get 1%/5% cash back from all my purchases.

I also use the car rental insurance very frequently.  I don't own a car so when I need one, I rent.  And that is usually 2x per month.  The rental insurance has already kicked in to cover two accidents (one my fault, one not) so it's well worth the money.  Especially because the LDW insurance is $20/day if you pay separately!

$0 balance.  I pay it off every month.

It's handy for hotels, online orders, racking up points but I don't need a short term high-interest loan for anything.

Quoted: ... No since in paying it if they aren't charging me to hold it.

Well, sense you put it that way...

(Sorry... couldn't resist.)

Quoted: Quoted: -$16.10 Yes, they owe me money. Too bad you can't deposit money in your credit card acct and THEY pay YOU at the agreed upon APR. I'd never have to work again!

It was a mix up... yea interest on it would be sweet. I would never get rid of the card and never use it, if thats how it worked.

About 10 K between 3 major cards and  a variety of smaller cards.

Quoted: About 10 K between 3 major cards and  a variety of smaller cards.

Three cards, one is my internet payment / purchase card, currently has $850 on it (car payment, electric bill payment and the last Garand I bought). 4.25% interest.

One card with $0, debating if I should cancel it. 21.75% interest

One card with $1200, going to be paid off by the end of April. 12.8% interest.

Quoted: Quoted: About 10 K between 3 major cards and  a variety of smaller cards.

Thats about average; the number of folks here who report zero are the exception rather than the norm.

about $3000 due to BRD. My very first debt is from this site

Quoted: Quoted: Quoted: About 10 K between 3 major cards and  a variety of smaller cards. Thats about average; the number of folks here who report zero are the exception rather than the norm.

+1

I remember hearing the average household CC debt is around that.

a little less than $2k.  Still trying to pay off a machine gun and a engagement ring

I went the other route, I paid off the smaller cards / debts, then rolled those payments into the next higher amount card payment.

When I got to the point where the remaining cards were at an almost equal owed amount I then went with paying off the highest interest card first.

I also shopped around for a card with a lower interest rate and asked for interest rate reductions.

On my highest interest card I asked for a reduction in the interest, they responded by RAISING the interest rate.

Quoted: A few tips from Clark Howard ( a syndicated radio show host on finances ) : here are several steps you should take to get out of credit card debt. Paying off several thousand dollars or more in credit card debt takes time, so you must discipline yourself. 1) If you have several cards, your first goal is to pay off the card with the highest interest rate. This process is called laddering.                   2) Pay more money toward that credit card and slightly less toward the other cards, and eventually you can rip it up. Then you move onto the next card, and so on, and so on...                   3) One proven way to pay more toward the most expensive card - and to get rid of it faster - is to make a separate payment every 14 days to the credit card company. Mark your calendar every 14 days and write that check or send your online payment that day. Making a payment every 14 days equals one extra month's payment you've made at the end of the year. Work these payments around your statement cycle to avoid paying lates fees.

If I had the cash to pay it off, it would also be enough to buy a Registered M16.  Poor financial decisions on my part in the last few years.

once the check clears 0

Let's see...

Credit cards paid off?  Check.

House paid off?  Check.

Car paid off? Negative. Owe about 11,000 (zero interest) on the Saturn.

Have extreme positive cash flow every month? Check.

Life is good, if you don't try and live beyond your means, regardless of income level.

Incurred a bit of debt when I got out of the military, and going through the academy.  Credit cards can be a good thing, but they can also be the work of the devil.  Once I get rid of them, that's it.  I'm keeping one for emergencies, but not to use.  Never again.

zero. pay off every month.  use it for 1-10k a month.

Usually I use one for gas, but pay it off every month.  It gives me 5% back on gas purchases.

the other CC, I just racked up to ~$411 when I bought my Super Sniper scope

I use my credit card for convience.  I put just about everything on it.

Then, at the end of the month, I write one check and pay it off.  Completely.  Every month.

I own a credit card.  It doesn't own me.

I dont have a credit card.

None.

Credit cards are the devil.

My home is also paid off, as are all my vehicles.  Soon, I'll no longer be a slave to the utility company either.



Sheep