Do you pay off your credit card balance in full?

[AP]

And if you don't, how much credit card debt do you carry over from month to month?

If you don't want to answer for yourself, answer for someone you know.

I just got an offer in the mail for a credit card I never use: I've been approved for $50,000 in unsecured credit at 7% with monthly payments of no more that $500 for a "limited time."

I just think that unless you're using this to make money, or to pay of secured debt, you'd have to be mad to take on this kind of debt, but I bet a lot of people take advantage of these offers. I also can't help but feel this is part of big push to get a lot of Americans heavily into debt.

[GreenPartyVoter]

1. We went bankrupt from those things.

[LittleApple81]

2. I use mine for convenience, airline miles, and a free loan. Always pay

whatever I charge. I have not paid interest ever.

[DinahMoeHum]

3. Same here. In full and on time every month.

n/t

[LTR]

4. I pay much more than the monthly minimum

Often leave $100-200 on it. The credit bureaus like this, so I've been told.

I do pay on time, though. And often, I get a statement saying I owe nothing.

They don't seem to like people who pay the whole balance off every month. Unless it's an American Express, which mine isn't. It's a simple Visa card.

[AP]

20. If you can afford to pay it all, you're crazy to do that. Add up what you'

are paying each year in interest based on advice you don't even know is true.

You'd be better off with that money in your pocket than you are trying to buy the love of some credit card company.

[nickinSTL]

5. used to pay it off

every month, but then, due to the Bush economy, and my fiancee being out of work for 3 years, I needed to charge more than usual.

I'll be paying for it for years to come, more than likely.

[West Coast Democrat]

6. Yes, I pay it off in full if I am being charged interest

[Q3JR4]

7. I've been carrying debt from

month to month since I got my visa (payment issues with work and such). This month I plan to pay it off in time to go back to school.

[TexasSissy]

8. My dad said, "If you can't pay for it, you can't afford it." So I've only

used credit cards for convenience. I never buy anything with a credit card that I don't have the cash for at the time of purchase.

Exceptions have been my house and my car. But I'm saving to buy my next car with cash (unless interest rates are high enough on investments to outweight car finance interest rates).

One of the few good things my no-good, two-timing, worthless dad ever said. Funny I remember him saying that. Probably because he wasn't around much for me to remember much else.

(But my dad is okay now. He's changed his wicked ways....except he became a born again Christian and is a ....dare I say it? ....Republican!)

[CaTeacher]

10. I don't have credit cards--not because I can't qualify,

but because I like the idea of going cash only. Too many people get caught in bondage to the creditors. I do have a check cashing card which can be used like a visa, but takes the $$ directly from my checking account.

[LDS Jock]

27. I've done the same thing

I can use my check card which helps me keep better track of my money anyway, plus not have to pay any interest or keep up with another bill. I've seen others get their lives taken over by their debt, borrowing from one card to pay on another. I don't want to be trapped like that.

[CaTeacher]

11. I don't have credit cards--not because I can't qualify,

but because I like the idea of going cash only. Too many people get caught in bondage to the creditors. I do have a check cashing card which can be used like a visa, but takes the $$ directly from my checking account.

[Speck Tater]

9. Where is "OTHER"?

I usually pay it in full every month, but sometimes unexpected dental expenses or emergency car repairs make it necessary to pay it down over two or three months instead.

[CaTeacher]

12. oops--that is weird--I didn't even think I did anything wrong--

don't know why there was a double posting, but sorry folks.

[Piperay]

13. I don't use credit cards

period. Credit cards caused a lot of trouble between my parents when I was growing up and I have a complete aversion to them. :puke:

[On the Road]

14. I Have About $5,000 Right Now

although I have slightly more than that in the bank. A good chunk is due to vacation. I will pay it off once I make sure I can clear all expenses.

I did have the experience last year of putting almost $100,000 on credit cards in order to buy a couple of cheap houses. The regular financing channels weren't fast enough, so I got a ton of cash advances. It's amazing how much money you can borrow that way.

The plan was to immediately go back and get traditional mortgages to pay everything off. Problem is, that debt killed my credit rating and mortgage companies started to give me insultingly high rates and upfront costs -- I mean offers like 13% with four points.

What's really a scam about those credit card offers is that if you do actually take them up on their offer and borrow the $50,000, that same credit company will use your lower credit rating to raise your interest rate to 21-25%. It's really not an honest offer and should be illegal. On Edit: MBNA was one of the companies that did this.

Eventually Bank of America came to the rescue and offered me a good deal. But the trip through financial purgatory was astounding -- it became very frightening for a few months. I will never ever go through that again.

[AP]

19. It just goes to show you, making money is the purview of the already...

...wealthy. A well connected business could have leveraged istslef ot the same degree without incurring dire consequences. But a regular person takes the exact same proportional risk, the banks put you through hell...and that's even though individuals are better risks than corporations (which default at much higher rates).

[Bandit]

15. Who does this company contribute to mainly?

MBNA is the Republican's largest contributor. If you want your money to go to the republicans then go for it. I am not sure about Capital one which this offer sounds like.

[booksenkatz]

16. Oh my goodness

Do I hear a few smug holier-than-thou tones from folks who've never been jobless in this rotten economy and/or have never had a catastrophic medical condition and/or have never been one paycheck away from homelessness? Surely not at DU, right? Credit cards aren't always about obtaining shiny trinkets, you know.

I try very hard not to get too smug or too judgmental about anything, because there but for the grace of God (if he/she exists) go any one of us. I never brag about being financially solvent or able to pay my bills... you just never know what's around the corner. For example, I bet lots of those Enron employees were proud that they were solvent and able to pay their credit cards on time, too.
:scared:

[West Coast Democrat]

17. Those kinds of circumstances are understandable....

but the problem is when people with pretty good jobs and no catastrophes often end up with a lot of credit card debt because of our consumer-driven culture.

[AP]

18. If that's what people are using them for, then it's a shame that we've

privatized unemployment insurance.

The banks are making huge profits off of misery.

No wonder Bush is increasing the number of unemployed people.

[skippysmom]

21. Pay it off every month

It's a habit I got from my parents. I just use my credit card for convenience more than anything.

[kiahzero]

22. Carried some debt for a while

Now I've got a job at school, so I pay it off every month.

Right now, I basically use the card to defer payment a month: I charge something now, that I've got money in my savings to cover. I get the interest on the money that's been sitting in my account, then pay the statement.

Basically, the bank ends up getting paid less than what the stuff I bought costs, since they get no interest payments from me, and pay interest on the money that I've essentially borrowed from them.

[Commie Pinko Dirtbag]

23. There are only two sane options:

1) Paying in full
2) Not paying anything because your life went kablooie.

I've been in both places.

[Lisa]

24. can you believe, I'm 36 and got my first credit card yesterday ...

I was impressed by my new bank (VanCity) because the financial officer didn't shout "come look at the freak, everybody!" I opted for their Enviroplan (which gives an automatic donation to local environmental projects whenever I use it).

She did ask me how I'd managed this long without one. (Personal cheques, postal money orders if I'm buying things from the US on eBay, and a debit card which I use 3 or 4 times a year if I'm caught without cash or need to make an emergency purchase.)

p.s. I'll probably pay the thing off every month because, like TexasSissy, I just don't like the concept of buying things I wouldn't be able to afford if I lost my job tomorrow ...

[Debi]

25. Still paying...

my husband's ex's credit card bills....she got the $$ he got the debt!!!

Some day we'll get to focus on our debt...ah....happiness.

[mede8er]

26. Debt free...

No slave here........