How much credit card debt do you have?

How much credit card debt do you have?

  • More than $10,000

    Votes: 3 8.3%

  • $5,000 to $9,999

    Votes: 3 8.3%

  • Less than $5,000

    Votes: 30 83.3%
  • Total voters
    36
S

Sculli

Guest
Mirroring the current CNN quick poll.

Current CNN results (>10k 19%, 5k to 10k 14%, <5k 68%).
 
None. We have Visa Debit cards only. If you don't have it, don't spend it. We're old school. We put so much money per week in our savings account, we use the old fashioned way of a Christmas Club for Christmastime, and if it isn't in the checking/savings account to spend, then you really didn't need it at that point in time in the first place.

We also have always promised ourselves to wait a minimum of 24 hours to think about if we really want something, before we purchase it. In other words, do we really want to take the money out of the savings for this particular thing? Then we go from there.

*Edit*

I also want to point out we get "pre-approved" major credit cards in the mail at least 3 times a week. Half the time Steve doesn't even see them. I cut them up as fast as I get them^^.
 
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I carry about 10% of my balance on my card. Credit Card company's have three basic rating they can give you: positve, neutral, and negative. You need to carry a balance so that the CC company makes a little money off you and in turn they give you a positive score instead of neutral. If you carry a high balance (you get a postive score for them making money off of you but carrying a high balance shows a lack of control which is a negative) or no balance you end up getting a neutral score as long as you pay on time. Negetive is given for late payments obviously.

I have my Fico score in the 800 range. =D Low apr for me. Once I finally buy a house I probably will carry a little less on the card though. Savings wise I put 20% into my 401k and $100 a week into savings. Whatever is in checking gets spent on bills, rent, eating, and activities. I don't know if this is the perfect way to go about things but I am happy with the results so far.
 
Sounds nice Kurgon. We put 30% in our American Funds out of Steve's paycheck and then AgTech matches that at the end of the year. My paychecks go in the savings every week no matter what the amount, and then $15 a week from November to November in the Christmas club fund. Like you the checking account is for bills, allowances, entertainment and groceries.

I should add Steve gets a Christmas bonus from AgTech and that also goes for Christmas gifts.
 
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Heh if it wasn't for direct deposit my savings would probably be a lot worse. :D
 
Absolutely none, my room might be a pigsty, I may be chronically late for work by a few minutes(like I will be today,) but financial responsibility I do not slack on.
 
None. I pay it off every month. This gets me the cash back from using the credit card without any interest or monthly fees. You do not need to carry a balance for credit card companies to make money Kurgon. Businesses pay a % of every credit card payment to the company everytime someone uses a card at their store. So just using your card and paying it off every month earns the CC money.
 
All I know is that I was hovering ~740 on my Fico forever while paying off my balance and the only thing that changed was I spoke to a loan officer friend of mine and he gave me that advice. Since then I am in the low 800's. /shrug
 
Credit cards are the devil. They do have their uses, but if one takes a step back and looks at how much money one has to pay back for every dollar spend, then it's just plain crazy (which is why Washington Mutual continues to be one of the best investments there is).

I have been using an Alaska Airlines Bank of America Visa Debit card for some time now. I rack up some 20k-ish frequent flyer miles a year on that. That's a free round trip airfare for just spending the money I would be spending anyway.

I am with everyone else in saying thank god for direct deposit.
 
I should also add we have 2 life insurance policies on Steve. None on me. He's so screwed if I die first^^. Anyway one is for 350k,The other 100k. The 350k one is term life, the 100k is whole life. We got the 100k one when we first got married in 1993. The 350k one we got in 2001 I think it was. Anyway, the guy is definitely worth more dead than alive, but what the hell, I guess I'll keep him^^.

*Edit*
I'd just like to thank my parents for raising me to be money smart. In this case especially my Mom. She may squeek when she walks, and be one helluva of a materialistic bitch, but she knows how to invest and invest right. She also knows how to crunch when it matters, and make a penny stretch. Guess that's what makes her such a damn fine Accountant^^.
 
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Kat said:
I should also add we have 2 life insurance policies on Steve. None on me. He's so screwed if I die first^^. Anyway one is for 350k,The other 100k. The 350k one is term life, the 100k is whole life. We got the 100k one when we first got married in 1993. The 350k one we got in 2001 I think it was. Anyway, the guy is definitely worth more dead than alive, but what the hell, I guess I'll keep him^^.
Click to expand...

The toaster fell in the bathtub!
.... on his head!
 
Actually Westyle, when we first set our assets up, it was all for "if" he died and it would just be Heather and I. You do the things you do for your children, and then your childrens children^^.

Just like if my parents were to pass away tomorrow, God forbid, I'd be a pretty well off woman^^. Thing is, my parents will probably outlive me. They are always on the go.

Anyway, sorry for hijacking a tad. I just see so many young people these days who just live from paycheck to paycheck and don't think about their future. I'm hoping mebbe it'll open some eyes for those of you who don't think about it. Even if some of you put as little as 1% into a retirement program and start now, you'll be sitting pretty darn good by the time you're 65+. You cannot count on Social Security. I'll just about bet my last dollar there will be no such thing by the time it comes for you to retire.
 
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Kat said:
Actually Westyle, when we first set our assets up, it was all for "if" he died and it would just be Heather and I. You do the things you do for your children, and then your childrens children^^.

Just like if my parents were to pass away tomorrow, God forbid, I'd be a pretty well off woman^^. Thing is, my parents will probably outlive me. They are always on the go.
Click to expand...

And why were your parents also in the bathtub, ma'am?
 
haha, too cute^^.
 
Life insurance is a joke. If you are in good health, on the average people you would be better off investing the money. If you are in bad health...well you won't get insurance anyway. In our modern society of both men and women entering the work force, it is no longer needed in case of the males death as he is no longer the only bread earner.
 
ZERO BABY!!! credit card debt sucks :| now student loan debts >.> oye!
 
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