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how much credit card debt do you have?

  • $40,000 +

    Votes: 0 0.0%
  • $20,000 - $40,000

    Votes: 1 1.9%
  • $10,000 - $20,000

    Votes: 6 11.3%
  • $5000 - $10,000

    Votes: 7 13.2%
  • $1000 - $5000

    Votes: 11 20.8%
  • $500 - $1000

    Votes: 1 1.9%
  • $100 - $500

    Votes: 3 5.7%
  • zero! zip! nada! woo hoo!

    Votes: 24 45.3%

  • Total voters
    53
1 - 20 of 40 Posts

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Good-bye Curby...
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8,727 Posts
Discussion Starter #1
we just had our work 401K meeting and we were talking about credit and how to get out of debt. i've always had some CC debt, but not much. i know this is a very personal question, so i thought i'd post it as a poll instead asking. please note: NO ONE can see who posted what.

i've always been curious how i fare in my credit card debt, as opposed to others. the laws have changed recently about minimum payments and it's going to mean bigger monthly payments for all of us.

keep in mind, you can answer this as an average (ie: i always seem to have a running CC balance of $500). or, you can answer it as how much debt you've got RIGHT NOW. either one.

so, how much you got?
 

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That Crazy Belgian Guy
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2,816 Posts
Creditcards in the States have another way of working than in Europe.

When we buy something with our creditcard, you don't have monthly payments, but the amount you purchased just goes of your account at the end of the month...

So when I buy something today, 5th December, my bank will take that amount out of my account the next month...
 

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Good-bye Curby...
Joined
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8,727 Posts
Discussion Starter #4
BeetleJuice said:
Creditcards in the States have another way of working than in Europe.

When we buy something with our creditcard, you don't have monthly payments, but the amount you purchased just goes of your account at the end of the month...

So when I buy something today, 5th December, my bank will take that amount out of my account the next month...
here that's called a debit card...sort-of. when we use our debit (bank / atm) cards, it comes out of our account in 1-2 days.

so you don't have credit cards in europe? probably a good thing.
 

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<-----No More Beetle :(
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18,312 Posts
Credit cards are the devil!! :devil:
 

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strange things are afoot
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1,535 Posts
all of our credit card debt is tied to our home equity line of credit.

it is a high amount, but at least the interest is working for us.

our emergency credit card only has the cost of my tires on it ($400)

the equity line otoh... well. lets not go there.
 

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ToD Maiden Voyager
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3,403 Posts
we never carry a balance---a painful lesson learned in college...had a lot of work done on my car (including new brakes, exhaust, and a set of tires).

laid off from my part-time job a week later. was only able to pay the minimum payment for about 10 months...got to watch my balance continue to grow over time. :lol:

never again if i can help it.
 

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Diesel Inside
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359 Posts
0 - only current debt is the mortgage...which is fine. We are now focusing vigilantly to pay that off as fast as possible.

The law going into effect to rasie minimum payments is for the best. Credit card companies were shafting people by making the payments so low that you would never have it paid off...not even paying the interest. But...you should be paying more than the minimum anyway.

We use our credit card as if it was a debit card. Actually...a good habit to get into is to deduct the amount spent on a credit card from your checking register...keep track of it in another section of the register. That way you know it's covered cause money you've spent isn't showing up in an available balance.
 

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Registered
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60 Posts
Used to have quite a bit. But our house has shot up in value a tremendous amount, so we got a HELOC and used part of it to pay off all the credit card debt (plus one of the cars), and the rest has gone towards home improvements that will increase the value of the house further. In essence, our house has paid off our debts for us.
 

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That Crazy Belgian Guy
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2,816 Posts
callisto9 said:
here that's called a debit card...sort-of. when we use our debit (bank / atm) cards, it comes out of our account in 1-2 days.

so you don't have credit cards in europe? probably a good thing.
Not like you all have, but it is called a creditcard (Visa, Mastercard, American Express, ....
 

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Premium Member
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2,717 Posts
I only have a small balance one one of my cards, the others are paid off and will stay that way. ;)

Credit cards are good, so long as you use your brain and don't "buy" more than what you can afford to... well, buy. :D

-Des
 

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a.k.a. porkchopzz4
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890 Posts
Fowvay said:
Zip Zero Nadda None :D

Car payments:
Pomelo = Zip
Oscar = Zip
Focus = Zip

I Hate owing money to anyone :mad:
Ditto here :)

I've also finally got my "6 month emergency fund" together - it took about 3 years. Next step is to raise 401K contributions to the max (only doing about half the max now).

BTW, for those wanting a decent savings vehicle I'm loving I-bonds right now... almost 7% return right now, no commissions and can be bought in increments as low as $50. Go to www.treasurydirect.com if you're interested.
 

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a.k.a. porkchopzz4
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890 Posts
Steve Meister said:
Used to have quite a bit. But our house has shot up in value a tremendous amount, so we got a HELOC and used part of it to pay off all the credit card debt (plus one of the cars), and the rest has gone towards home improvements that will increase the value of the house further. In essence, our house has paid off our debts for us.
Uhm... you still have the same debt then - just a lower interest rate (hopefully).

However, HELOCs have a variable rate which means you've probably seen a big increase over the past 2 years in the interest you're paying. The good news about this is my simple savings account is now paying me almost 4% :)
 

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a.k.a. porkchopzz4
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890 Posts
YEAHIDRIVEABUGSOWUT said:
no credit card debt, no car loans, nothing but a big-fat-lame-azz mortgage! :mad: Mortgages suck!:mad: Should've kept renting!
So your home is depreciating in value?
 

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Write it like it's hot!
Joined
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2,556 Posts
Porkchop said:
Ditto here :)

I've also finally got my "6 month emergency fund" together - it took about 3 years. Next step is to raise 401K contributions to the max (only doing about half the max now).

BTW, for those wanting a decent savings vehicle I'm loving I-bonds right now... almost 7% return right now, no commissions and can be bought in increments as low as $50. Go to www.treasurydirect.com if you're interested.

So.........it might be smart to cash in any older EE bonds and buy the I bonds.
 

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a.k.a. porkchopzz4
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890 Posts
angelworks said:
So.........it might be smart to cash in any older EE bonds and buy the I bonds.
Heck yeah.. EE's are dogs compared to I-bonds -especially with inflation going up right now. *IF* inflation continues at the rate increase of last month, annual inflation would be at 14% - that's insane and I don't think that will happen - but its a good time to be a saver and not a debtor ;)
 

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Write it like it's hot!
Joined
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2,556 Posts
Porkchop said:
Heck yeah.. EE's are dogs compared to I-bonds -especially with inflation going up right now. *IF* inflation continues at the rate increase of last month, annual inflation would be at 14% - that's insane and I don't think that will happen - but its a good time to be a saver and not a debtor ;)
Thanks--will look into cashing and switching.

You know PC when I see those ellen/amex commercials with the little boy who saves all his $$ I think of you!
 

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a.k.a. porkchopzz4
Joined
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890 Posts
angelworks said:
Thanks--will look into cashing and switching.

You know PC when I see those ellen/amex commercials with the little boy who saves all his $$ I think of you!
hey, I was very poor once... I never want to be in that situation again. :)
 
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