How much credit card debt do you have?

How much credit card debt do you have

  • $0.00-1000.00

    Votes: 37 72.5%
  • $1000-$10,000

    Votes: 10 19.6%
  • $10,000 - $20,000

    Votes: 0 0.0%
  • $20,000-$30,000

    Votes: 1 2.0%
  • $30,000+

    Votes: 3 5.9%

  • Total voters
    51

MMDad

Lem Putt
Just got through divorce with zero credit card debt. In fact, the only debt I have is my mortgage.
 
My 20 yr old daughter has done so well with managing her first credit card that her limit was raised to $2,500 which is a big deal since she's a full time student with only a part time job. She was schooled from the get go that the entire intent of a credit card was to use it when necessary (food, gas, school stuff, books for class, etc.) but to aim at having the balance paid off before the end of each month. If she has to carry over a balance she cuts back on what she can spend until she get's it back down again and then starts the cycle over again.

Sometimes its hard for me not to put money in her account to cover some of her expenses but I see she is really trying to manage her very little income and many conversations are her figuring out how to save on expenses or to put off a purchase in order to get her debt to 0 first. I see it has a huge accomplishment for a 20 yr old as she's learning about income vs. debt accumulation early in life.
 

MR47930

Member
$0 here. We use a credit card for everything we purchase and pay it off entirely every month. The travel points we earn have saved us $1500 and counting toward vacations. Plus our credit score is top notch. Used correctly they are a great tool.
 

musiclady

Member
We put most of our spending on the card, but make sure to pay it off at the end of the month. Sometimes that is difficult but I don't want to run a balance because it's too easy to get behind and it will be too difficult to catch up again.
 

popsicle

Member
What kind of card do you have, and what are the benefits? I have Hilton Honors and I am wondering if I should switch to something different.

$0 here. We use a credit card for everything we purchase and pay it off entirely every month. The travel points we earn have saved us $1500 and counting toward vacations. Plus our credit score is top notch. Used correctly they are a great tool.
 

JeJeTe

Happiness
$0 here. We use a credit card for everything we purchase and pay it off entirely every month. The travel points we earn have saved us $1500 and counting toward vacations. Plus our credit score is top notch. Used correctly they are a great tool.
I know a couple people who use this method and it seems to work for them. I guess you just keep track of what you spend on the card versus your monthly income to pay it off?
 

MR47930

Member
What kind of card do you have, and what are the benefits? I have Hilton Honors and I am wondering if I should switch to something different.
Barclaycard Arrival Plus World Elite MasterCard. 2x miles on EVERY purchase, not just gas or groceries. Can be used for any travel expenses and redeeming is as simple as it gets. 40,000 point bonus if you spend $3k in the first 3 months which equals $400 in travel credit.
 

MR47930

Member
I know a couple people who use this method and it seems to work for them. I guess you just keep track of what you spend on the card versus your monthly income to pay it off?
Every time we make a purchase on the credit card we deduct that amount from our checking account and put it in our savings. At the end of the month we then take whatever the total credit card bill is out of our savings account since we have already "paid" the bill from our checking account. It does takes dedication not to fall behind and not to forget to do the transactions. I went to school for finance and can tell you that used right credit cards are great, but 99% of folks look at them as blank checks.
 
I typically create $1,000 to $2,000 worth of credit card debt over the course of a month, but then I zero it out and the cycle starts again. I don't use credit cards for credit (or out of a need for credit), I use them for the other benefits I get - ease of paying, reduced need to carry lots of cash, ease in keeping track of expenditures, an extra layer of protection between me and sellers, the rewards that I accumulate over time and can use to pay for other things.
 

Bann

Doris Day meets Lady Gaga
PREMO Member
I typically create $1,000 to $2,000 worth of credit card debt over the course of a month, but then I zero it out and the cycle starts again. I don't use credit cards for credit (or out of a need for credit), I use them for the other benefits I get - ease of paying, reduced need to carry lots of cash, ease in keeping track of expenditures, an extra layer of protection between me and sellers, the rewards that I accumulate over time and can use to pay for other things.
^ This^ Except, I rarely charge that much in a month.

WR, I recommend a budget. I have had a budget for years and I stick to it. Budget EVERYthing...savings, too.
 
I suck at life.
The only ways to suck at life are to (1) not enjoy it to the extent possible given the circumstances and (2) not treat others well.

Do you do either of those things? If not, then you don't suck at life.

You may suck at, e.g., finances or budgets or credit or whatever, if that's the point of this thread. But that doesn't mean you suck at life. It just means you suck at those things. :buddies:
 

migtig

aka Mrs. Giant
My credit cards are paid off at the end of each month. I don't carry the debt. I use one card strictly for online shopping and another for local shopping, both of which give me either rewards or cash back. And JJT, yes, I check my charges online.
 
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