Credit card Debt...do you have any??

[Mike G]

No credit card debt, and no mortgage.

Only have one vehicle payment.

I will be securing a home equity line of credit to do some work on my house, and to send my oldest daughter to college this coming fall.

I ran into CC trouble right after I got married, and swore up and down that I'd never travel down that road again.

We do use one credit card but it gets paid off each month.

 

[RGRAY]

No credit card debt, and no mortgage...Only have one vehicle payment...We do use one credit card but it gets paid off each month.

Same here except no car payment.

 

[Andrew Taylor]

I pay off whatever there is at the end of the month and I pay up to the next $5.00 so I always have a credit balance after payment. If I don't spend anything it is great to get a statement that says 'no payment neccessary, you have a credit balance'. They pay interest to me too! The credit card company works for me, not vice versa.

In the main, I use a debit card, so the money comes out of my bank, UK and Canada.

 

[Roadrunner]

I've managed to halve it in the last six months. Two or three more and it will be gone completely and will never come back.

 

[fixer27]

Zero nadda, I have them (it is easier to buy knives that way ) but I always pay off my entire balance at the end of the month.

 

[BaliLover]

I got into a bad spot a few years back, got behind on a couple of card and it screwed me up with my good card. I've managed to get everything into one chunk of debt, but its close to $7000 with a rediculous interest rate.

I do my best to pay it down (I always pay more than minimum) but things around here are still tight and I can't seem to get ahead. They refuse to drop my interest rate (despite having never been late/missed/or payed minimum since I got the card in 2002) and because my credit is shot, I can't get a card with a lower rate to transfer to.

Does anyone know of any good/honest services that help people with their debt? I remember a few years back there was a scandal because many of the major debt relief companies were taking money and not making payments, making payments late, and screwing up the customers credit even worse.

 

[underaged!]

I try not to take out loans, I usually end up working it off...

 

[JohnG]

I

Does anyone know of any good/honest services that help people with their debt? I remember a few years back there was a scandal because many of the major debt relief companies were taking money and not making payments, making payments late, and screwing up the customers credit even worse.

Try this guy:

http://wabcradio.com/showdj.asp?DJID=25328

I can't vouch for Dave Ramsey but his approach is pretty straightforward, and I like the idea of a network of folks to work with, a big plus in my book.

One of the prior credit reconstruction gurus on NYC radio did get bounced for financial improprieties. The field is rife with bad advice and ripoff artists, so it's best to educate yourself before making any commitments

 

[Bob W]

My personal card is nearly paid off, after years of buying gas and covering work-related travel expenses. For the first couple of years I paid the balance each month... but you know how that goes.

What really allowed me to recover? Getting a job that pays in dollars instead of fresh air.

Wife and I have a joint "house card" that we use for funding our home restoration and repairs. It has a significant balance, but below the national average.

-Bob

 

[silenthunterstudios]

I have some cc debt, I'm using whatever money I make from overtime or selling stuff on eBay or here to pay for luxuries (knives and guns ). I was paying the entire amount of the bill every month. Then, I just started using the cc for every single purchase. All three are cut up (YES, THREE), and I will get a new one when they are paid off, and will leave it in a lockbox for emergencies. I was told by a credit counselor to leave a running balance on my cc, just enough to let the cc company charge some interest, or else they will cancel the card. Anybody else hear that? He mentioned the amount of 500 bucks.

My plan is, after I get the cc paid off, to put as much as I can into my TSP at work, ie the maximum(if I stick with my current job and current amount, my retirement looks GOOD). Buy some real estate, houses if I can, for rental properties, have about 5 by the time I'm 50. Put as much aside into a savings account as I can with the bills, my original plan was to save about half my paycheck, but the world doesn't let you these days. I have some stocks, but ones that are guaranteed to keep moving up, I have time to play the stock market, it doesn't really appeal to me. If I don't incur any more cc debt, and keep my gun and knife purchases down, I don't see any problems money wise for the forseeable future.

 

[gordonk]

Very little for me. Re-financed my house to get involved in revenue property so everything got paid off, including credit line, when I did my equity takeout. Just my pool cue and a property management course which will get paid off this week.


- gord

 

[RGRAY]

...I was told by a credit counselor to leave a running balance on my cc, just enough to let the cc company charge some interest, or else they will cancel the card. Anybody else hear that? He mentioned the amount of 500 bucks.

I have been charging about $1,000 a month on my cc (I charge everything; good record of purchases) for over 5 years and paying the balance off every month.

I've never heard anything from my cc company about cancelling it.

The cc company also gets paid by the vendors; so I don't think they would want to loss that part of their income.

 

[Nathan S]

I use a debit card. Very handy.

 

[fruitbat]

I have a mortgage, a truck payment, and some CC debt. Thankfully I'm in better debt shape than I was a few years ago. My 2006 truck is worth over twice what I owe on it. My wife 2004 Honda is paid off. A few years ago owed around $7500.00 to the CC company. Now I owe less than 1/3 that. If I work hard and have a little luck I'll owe close to nothing to the CC by the end of summer. Ain't sure why but right after we had kids, my wife and I decided we to have as little debt as possible. The plan is to have only mortgage,car loan and short term credit(12 months) for funiture or whatever. We will keep CC for online purchases or for some purchases that we want to have a way of tracking if there is ever a problem( some CC will actually fight for you if there is a problem with something you bought with there card). Other than that we'll save our money for the things we want.

 

[silenthunterstudios]

I have been charging about $1,000 a month on my cc (I charge everything; good record of purchases) for over 5 years and paying the balance off every month.

I've never heard anything from my cc company about cancelling it.

The cc company also gets paid by the vendors; so I don't think they would want to loss that part of their income.

It sounded stupid to me too, after finding out what fees small businesses pay in fees alone. I've heard from a few other people about carrying a balance on your cc and paying it down every month.

 

[Danbo]

Yes, I have more credit card debt than I should. I need to stop using my card to pay for gas; it all adds up.

 

[marcangel]

I pay my credit cards off every month, and use Discover or USAA cards whenever possible, particularly for big ticket items. That way I actually get a little cash BACK! I try to stay six months ahead of my mortgage payment and ALWAYS pay an additional principal payment. If I bite the bullet, or become disabled at least I don't have to worry about making the mortgage payment until my insurance kicks in. If you can swing it, it's a great way to build additional equity in your home and save money since you really don't need short term disability insurance then. I try to keep one years salary on hand in a liquid assett (money market, CD, I bonds) in case the manure hits the propeller!

 

[fruitbat]

I pay my credit cards off every month, and use Discover or USAA cards whenever possible, particularly for big ticket items. That way I actually get a little cash BACK! I try to stay six months ahead of my mortgage payment and ALWAYS pay an additional principal payment. If I bite the bullet, or become disabled at least I don't have to worry about making the mortgage payment until my insurance kicks in. If you can swing it, it's a great way to build additional equity in your home and save money since you really don't need short term disability insurance then. I try to keep one years salary on hand in a liquid assett (money market, CD, I bonds) in case the manure hits the propeller!

VERY good advice:thumbup:

 

[Sryth]

I pay my credit cards off every month, and use Discover or USAA cards whenever possible, particularly for big ticket items. That way I actually get a little cash BACK!

My wife and I have a single CC account, we use it for *everything* From gas in the car, to utility bills (eliminates stamps too, which is nice), to eating lunch out, even McDonald's. BUT, we work on the same budget as if we were using cash for the purchases, so the balance is paid in full each month. The CC statement is an excellent way to track expenses and we rack up tons of rewards points. We pay zero interest and still get free plane tickets, gift cards, hardware, etc. (check out visa worldpoints catalog to see what is available). So if you actually have the discipline to use a CC and spend ONLY what you can afford. Those reward programs actually increase your effective income substantially.

 

[tarsier]

I've had the same card for about ten years and never paid a dime of interest. I use my card as a form of payment, not as a way to borrow money.

As for other stuff, I have been debt-free since 1998. If I can't afford to pay cash, I don't buy it.