What's your total credit card debt?

[prolesunited]

I was surprised to learn that the average American has about $8,000 in credit card debt. This is only credit card debt, so don't include school or car loans.

So, how do you rank? Don't forget to add in your holiday expenses.

[motely36]

1. Mine is really out of control right now

[Jack_Dawson]

43. So is mine

See: "Home Equity Line of Credit"

[prolesunited]

59. You really have to be very, very careful

when using that option. Right now, they can't do anything but harass you, but if you put your house up for collateral, they can take that as well.

I think you really need a really solid strategy for preventing debt from accumulating and paying the equity line off.

Hope you can make it all work out.

[arcane1]

2. ZERO

not sure if it's good or bad, but I've managed to never have a cc

[GOPFighter]

9. Wow!

Excellent!

[arcane1]

13. only because I have abstained

I'm sure had I done otherwise, I'd be buried under a mountain of debt by now :)

[GOPFighter]

64. Just Say No!

heh-heh

[arcane1]

65. exactly

:toast:

[MindPilot]

17. It is odd, but not having a credit card balance hurts your credit score

While I was in the process of a refi I had access to a web site that showed my credit score. They had a feature where I could make hypothetical adjustments to my credit record. If I increased my credit card balance--which at the time was zero--my credit score actually improved.

[arcane1]

20. what if you don't even so much as have a card?

knowing credit conpanies, that probably works against me too

[MindPilot]

26. yep--that really hurts you

I've heard having no credit card not only hurts your credit score--actually more than having lates and overlimits--but actually casts suspision on you. If you have enough money to operate on cash, the assumption is you're probably getting it illegally.

[arcane1]

27. I wish

:)

[ProfessorGAC]

41. That's Not True!

I am on the board of directors of a small bank. That's is one of the great myths of finance. As long as you HAVE a credit card and you use it, the credit score is based upon the recycle time of payment. So, as long as that is short, the credit score goes up.

Also, since overall borrowing leverage is based upon total household income vs. total debt, the lower the average balance the higher the score, and that's the single most important factor in the scoring.

Now, if one is quite young, one's credit score is almost zero (nobody with an income has a zero). So, if you've never borrowed anything in your own name, there is no credit history. Using the credit card, and carrying a small balance, then paying it down WILL raise the score.

But, after a few years, not carrying a balance has no negative effect on the final score.

If you're interested, PM me. I can get the scoring formula for you and send it to you.

But, trust me on this. NOT CARRYING A CC BALANCE DOES NOT NEGATIVELY INFLUENCE CREDIT SCORES! This is a myth! Started by whom: THE CREDIT CARD COMPANIES! Things that make you go "Hmmmmm!"
The Professor

[MISSDem]

46. Didn't hurt mine. When I

applied for pre-approval to buy my house, the loan person said "squeaky clean credit report". I had no credit card at all.

[Radical Activist]

3. Credit Cards are the devil

When I pay mine off I'm never charging it up again.

[Dora]

4. $8000, how average of us

But we're moving our debt load around and paying them off this week or next.

[MindPilot]

5. mine is a little over 4K, but it's an equity line

so the interest is low and deducible.

[GOPFighter]

6. Pay them off at the end of each month, plus..

...I get a 1% rebate on purchases on one card and a 5% rebate on all gasoline purchases on the other (AAA). I hate paying good money to a bank for letting me use their money.

[tridim]

7. I had zero debt until 2001

when my compensation as a web developer dropped by more than half. Thanks * for the roaring economy.

[flygal]

8. Zero - paid off $3000 ten years ago

I am married to a tightwad which helped a lot. He's never carried a balance. I keep reading frugal-type books which keep me motivated. After I had my first kid I started spending again but got it in check. Right now I'm reading Afluenza about over-consumption! It's Great! And Fast Food Nation helps you cook at home :)

[Theres-a]

81. affluenza

I saw a PBS documentary on that,it turned my stomach.I still feel uncomfortable if I overspend.Most of the time I don't,but when I do,I have a conscience about it.

[midnight armadillo]

10. Medical care related

Ours is about 90% due to sinus surgery on my wife a few years ago when we were both students. Damn shitty health insurance didn't cover much - did you know antibiotics can go for $10/pill once you blow through your drug coverage in a month? She was on them 3x/day for 6 months until the scheduled surgery...

It'll all be paid off next January, at long last.

[LincolnMcGrath]

11. $0.00

[RaleighNCDem]

12. I did have about $9,000, but I withdrew from my 401k to pay them off...

I know it's a no-no to do that because of the penalty, but the debt was driving me crazy. I'd rather work another year before retirement than have to worry about debt right now. :shrug:

[Misunderestimator]

19. I did that some years ago... and that's paid off too...

better to pay your retirement account back with interest than a bank.

[RaleighNCDem]

23. My thoughts exactly. n/t

[Nadienne]

50. I did something like that, too

figuring the interest I was paying my credit card was more than the interest I was getting on my retirement account. Before doing that, I was not making ends meet and had to depend on a different credit card for things like groceries. Now, I am making ends meet, and I'm putting money aside from each paycheck besides - not to mention slowly paying back the debt that indebtedness incurred.

[ProfessorGAC]

14. Zero - For More Than 10 Years

We use them as charge cards. Convenience cash, sort of thing. When the bill comes in, Paid In Full!
The Professor

[eyesroll]

15. Right now, I'm in a bit more limbo than I'd like...

I normally don't carry a balance at all -- I use credit cards with no annual fee (my new one even has cash back!) for convenience, but pay them in full every month.

However, with my recent change in living situation, I've had moving and related expenses, and I've needed to carry a balance. (I'm not overspending my means, but I did have a bunch of necessary expenses come due all at once.)

Once my house sells, I'll be able to pay it off and I'll be back on the zero-balance plan.

[phusion]

16. Has anyone...

Ever used one of those CareOne or other credit settling/consolidation services (FIRE?) that are advertised on Air America?

I wonder if they work...

[KittyWampus]

36. Credit Counseling Service Of Maryland/Delaware. When I Signed Up

every cent of my payments went to paying off the credit cards.

I have 1 1/2 years left.

Many of these consolidation co's take too much money monthly for service fees etc.

But they do work... the interest payments are much less.

[Susang]

18. One hundred million dollars!

[Squatch]

21. Zero, but I still have about 10g's in available credit

for emergencies. I use my credit card for all purchases and pay off each month. It's a miles card.

[shanti]

22. ZERO

(so happy to say that!) when i refinanced my house last may, everyting was paid OFF!

OH, WHAT A FEELING!

[Wcross]

24. I just got my first card last year-at age 40!

I found out credit is hard to get without a credit history. I have no balance on the card and NEVER use it because I have a 40 year history of paying cash. I am planning on taking out a home construction loan for an addition to my (paid for) home so I decided to get a card to "improve"the rate I will be offered.

[prolesunited]

32. Actually, just having it will NOT improve your rate

What they want to see is a responsible use of credit — that you can charge things and repay them on time over a period of months.

[loudestchick]

25. we always seem to be between 750 and 1000...but our rate is only 5%

Our car loans have higher interest rates:shrug:

[RevolutionaryActs]

28. I ain't gots credit cards, so its really hard to get into debt. lol

:D

[nickgutierrez]

29. Not me. Yet.

I've yet to own one of those vicious pieces of plastic. :)

[BeTheChange]

30. Paid in full each month

I have 4 cards that I basically live on for the month and then pay off at the end of each month. It lets me accumulate travel points, get rebates and build my credit score. Im getting married soon and we would like to finance 50% of a reasonable priced house in 5 years. Id like to do it at best rate possible. After I have a house, I wont have any credit cards.

[sniffa]

31. i can heLp you get out of debt

there's this guy from nigeria who stands to inherit a huge amount of inheritance. if you give him you banking info he'LL give you a chunk of money for the service.

[Catchawave]

47. LOL - I won the Netherlands 5 million dollar lottery yesterday !

...until I snopes the email :(

[shawmut]

33. around $12,000

that's down from $14,000 about a year ago.


everything is on cards with fixed rates no higher than 3.9%, all from balance transfers. i have some on a card at 0% through the end of the year.

[Solon]

34. Never had one...

I have only one car that I paid off on my credit report, no debt, the only card I have for CC purchases is a Debit card. Can't overcharge on that, plus I already have the money in the bank. I don't like credit cards, I'm just not comfortable with the idea that borrowing money from someone at outragious rates actually means your responsible, never made sense to me. :shrug:

[curse10]

35. $10K +

don't ask.

[NewJeffCT]

37. we put all our expenses on a credit card, but pay it off each month

We have a ton of airline miles now, however. Somewhere between 1 & 2 free tickets from the East Coast to China.

[Renew Deal]

38. I just got engaged

And the ring doesn't pay for itself. I am carrying some credit card debt for the first time in a while.

[prolesunited]

40. So, how are you paying for the wedding?

What do you have in mind for the budget for the wedding and honeymoon?

[Renew Deal]

55. I have no idea.

It's been 5 days so we haven't gotten into that much. I think most of the wedding money is coming from her side, but we'll see what happens.

[bigwillq]

39. Minimal-I only have one card and it only has a $500 limit

I only use it in an emergency.

I learned my lessons from my folks who went into credit card debt when I was little. My mom didn't work so I guess they had to do it in order to pay bills, etc..


They have since paid off the debt and make decent money now.

[hfojvt]

42. not a fair question for me

I have $7400 in credit card debt, but the rates are great. I have $2500 which is fixed at 3.9%. I have $3000 which is 1.9% until August. I have another $1000 which is 2.9% until July, and I have another $1000 which is the laptop I bought at 0% for two years.
One reason I have been running up my credit card debt is that they offer 3.9% or prime rate. So I max the card out and use that money to pay on my mortgage where the rate is 5.5%. So it is like I am being paid 1.6% to borrow that money. The irony is that the credit card company and my mortgage company are the same company.

[LSK]

44. paid in full every month , 1 card since 96

There was a few months in late 97/early 98 where ran a balance but it never went over 1k. Currently my card has the potential balance of $26000, not that I'd use any of it.


Soon I will have my car paid off and then its time to put most of my money into IRAs/investing.

[MISSDem]

45. Zero

never again.

[Zenlitened]

49. "Never again." That's how I feel, too.

Getting out of debt was better than any amount of Prozac, for me!

:hi:

[Patiod]

48. And just added $900 to it

New computer - the old one got fried by a lightening strike through the telephone

[Gothic Sponge]

51. Zero. I refuse to have a credit card

[GOPisEvil]

52. It was zero 6 months ago when I bought my house.

Now it's about $2,000 due to home repair, car repair and other things. That's $2,000 and dropping, thank goodness! :-)

[prolesunited]

53. But, it sounds like you're using your credit responsibly

You used it for a set purpose and have a plan for paying it off.

[GOPisEvil]

56. Let's just say I learned a HARD lesson.

At one point in my life I was in debt in excess of my annual salary. :spank:

[prolesunited]

57. Whoa!!!

Perhaps you would like to post some pointers or Web sites for those still struggling with debt.

Congrats on your financial reform.

[GOPisEvil]

58. *cough - Chapter 13 - cough*

:-( I'm a little over half-way through the 10-year credit hit, but I still was able to buy a house.

[prolesunited]

60. I didn't think that was possible

Did they really nail you on the rate for your mortgage?

[GOPisEvil]

61. 6.125% for a 30-year fixed.

A friend of mine with better credit got a 6% loan. But, it's hard to get really good credit card deals. I always get hammered on interest there. I'm just now starting to get decent deals.

Also, retail outlets tend to NOT grant me credit. Discount Tire turned me down after I bought my house. The furniture store required a 50% down payment when I bought my bedroom furniture. So...:shrug:

[prolesunited]

67. They'll let you a house but not tires?

Crazy. :eyes:

[GOPisEvil]

68. Tell me about it.

:eyes:

[LSK]

69. " But, it's hard to get really good credit card deals"

Whyyyyyyyyyyyyyyyyyyyyyyyyyyy are you looking to get more credit cards????????????????? You need to STOP USING THEM.

[GOPisEvil]

70. Thank you Mom.

Sometimes you need them for emergencies, and sometimes you have to leave a balance until you can pay them off.

Any more suggestions on how to live my life?

[LSK]

71. make sure you do your laundry, dont let it pile up

[GOPisEvil]

74. Done!

I separate my clothes and use hampers. ;-)

[dr.strangelove]

54. I am over $30,000

I charged all of law school that the scholarship and student loans didn't not cover. I kept it rotating until I got a few low rates locked until paid off. Now I have all of it under 4% until paid. My student loans are about the same after I refinanced them. So it really makes no difference. Its just another student loan payment.

[Worst Username Ever]

66. 3.9% fixed until paid off

In the same boat. Cheaper than a home equity loan for home improvements.

[dr.strangelove]

78. There is no tax deduction option

That is the only drawback.

[Worst Username Ever]

79. That does not matter, if I took out a home equity

I would be in th 7-8% range due to DTI (I used to be a loan officer). Given that with my current deductions I am in the 15% tax bracket, I would pay more on a HELOC even with the tax deduction.

On top of that, no appraisal, no closing costs, no paperwork. just called up Chase and said "wire the money." Sweet.
The only other drawback is that if you or I ever are late on a payment, even one, they will kick us to the floor and kill us with a new rate. I've never been late on a payment for anything, ever, so I am not too worried.

[supernova]

62. Zero

I hava VISA through my brokerage account, but it gets paid off every month.

[elperromagico]

63. ZERO. ZIP. ZILCH. NADA.

I've never even owned a credit card. Or a cell phone, for that matter.

And I'm damnably proud of it. :D

[GOPBasher]

72. Over 10,000

[Wapsie B]

76. Yeah, same here.

Well over 10k, but I'm working on paying it off. Speaking of credit cards, if any conservative friends start talking about how reagan cut taxes and spurred the economy, remind them that his henchmen took away our ability to deduct personal interest off our taxes.

Edit: If that's not a huge tax increase I don't know what is.

[GOPBasher]

77. Yes, that would help normal people,

instead of the filthy rich. Can't have that.

[Zech Marquis]

73. down to $890 total

I'll have it paid off by the summer :bounce: and I wo't EVER touch a credit card again LOL I learned my lesson screwing up during college.

[Donkeyboy75]

75. $45.

I had saved up just enough money for a New Year's turkey, when I fell asleep while roasting it. Fuck. I had to charge another turkey.

[IronLionZion]

80. ZERO, credit card debt is easily avoidable

If you need a loan, get it from ANYWHERE ELSE!!! Credit card companies make like 90% of their money from interest.