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Message
re: How much credit card debt do you carry?
Posted on 6/9/15 at 10:20 am to tigerpawl
Posted on 6/9/15 at 10:20 am to tigerpawl
I'd like to say $0, but I'm the average american have a bit more than $2,000 right now.
I recently applied and was accepted for a Chase Slate card with my AMEX everyday card's 0% interest offer expiring in August so I'll transfer that balance over and have another 15 months to pay that off interest free so I guess I'm not that big of an idiot.
I recently applied and was accepted for a Chase Slate card with my AMEX everyday card's 0% interest offer expiring in August so I'll transfer that balance over and have another 15 months to pay that off interest free so I guess I'm not that big of an idiot.
0
Posted on 6/9/15 at 10:20 am to jennBN
quote:Leasing computers from Dell at a fixed 3.25%.
Name one scenario where paying interest on a credit card is a financial savvy move.
Posted on 6/9/15 at 10:20 am to Mo Jeaux
quote:
So you're saying credit debt is a good thing? Honestly curious here Can debt be used in a beneficial way in certain circumstances? Absolutely.
Yes we all know that some debt is good, but why choose a credit card to carry that debt? Several posters laugh at the notion that people don't carry debt on a CC, but honestly, why pick a CC? Other than a payday loan place, a CC is the worst kind of debt.
(Other than situations like promotional 0%, etc.)
This post was edited on 6/9/15 at 10:22 am
Posted on 6/9/15 at 10:21 am to BabyTac
15k cc debt or debt over all? Big difference. I think if you're under 1k cc debt you're doing well
Posted on 6/9/15 at 10:21 am to Mo Jeaux
quote:
Can debt be used in a beneficial way in certain circumstances? Absolutely.
I know people that have started businesses using CC to fund them since banks wouldn't give them a LoC.
It's also a good tool to use for cash flow purposes if invoices are slow to get paid.
Those are business reasons but there are justified reasons to have some CC debt.
Now, if you think those reasons are to go out and buy stupid shite then yes you are doing it wrong.
Posted on 6/9/15 at 10:22 am to jennBN
quote:
Average American family carries 15K? Wow that is really high if you consider the average income...
I'll give full disclosure here. When I met my future wife - she had $12,000 in credit card debt. In our engagement and early marriage, we ballooned that up to $30,000.
Got serious, paid it off while delaying gratification on housing, cars, etc. I will say something about having that kind of credit card debt (which harms your credit score and gives banks reasons to charge higher interest) - its motivation NEVER to get into that situation again.
We use cards and get the points and pay off every month. I am never over 9% of utilization, which most experts say is the optimal number for credit score purposes.
Posted on 6/9/15 at 10:22 am to BabyTac
None. Statement balance is always paid in full.
quote:
Seems after doing a little research the average American household (that carries debt) stands at $15,706.
Posted on 6/9/15 at 10:23 am to tigerpawl
quote:
Leasing computers from Dell at a fixed 3.25%.
Leasing = bad
Leasing a depreciating assest = really bad.
Posted on 6/9/15 at 10:24 am to stout
quote:
Now, if you think those reasons are to go out and buy stupid shite then yes you are doing it wrong.
This is my point. Generalizing (but the truth), that average American with a ton of CC debt uses it for retail.
Posted on 6/9/15 at 10:26 am to tigerpawl
Is this sarcasm....I am really not sure. If not I don't think paying 3% more than the cost of an item is ever a good move. And I was always taught that leasing is rarely a good idea either...maybe I am wrong.
Posted on 6/9/15 at 10:27 am to BabyTac
$0.00
I have a credit card for emergencies only.
I have a credit card for emergencies only.
Posted on 6/9/15 at 10:27 am to stout
quote:
I know people that have started businesses using CC to fund them since banks wouldn't give them a LoC. It's also a good tool to use for cash flow purposes if invoices are slow to get paid. Those are business reasons but there are justified reasons to have some CC debt. Now, if you think those reasons are to go out and buy stupid shite then yes you are doing it wrong.
This.
Posted on 6/9/15 at 10:28 am to BabyTac
$0.00
This post was edited on 6/9/15 at 10:30 am
Posted on 6/9/15 at 10:30 am to Bear Is Dead
quote:
This is my point. Generalizing (but the truth), that average American with a ton of CC debt uses it for retail.
Yes. I don't think anyone was making a contrary point. I stated that there could be instances where it is beneficial. I was asked (in an obnoxious way) by Jennwhateverhisorhernameis to name one instance where it would be beneficial. Stout provided several.
Posted on 6/9/15 at 10:31 am to BabyTac
$0. I don't have a useless wife anymore.
Posted on 6/9/15 at 10:31 am to BabyTac
$0. Credit cards are awesome but debt on one is retarded.
Posted on 6/9/15 at 10:32 am to jennBN
quote:
If not I don't think paying 3% more than the cost of an item is ever a good move. And I was always taught that leasing is rarely a good idea either...maybe I am wrong.
He probably gets more than that in return as a tax break on it.
There's more to it all than looking at hard costs.
There's also the money he could have tied up buying the equipment outright vs keeping his money invested and beating that 3%. Lot's of ways to come out ahead in that scenario.
Never understood why people are so afraid of debt. It's a great tool if you use it properly.
This post was edited on 6/9/15 at 10:33 am
Posted on 6/9/15 at 10:33 am to BabyTac
0$ Paid off both Student Loans and Credit Cards last month. 
Posted on 6/9/15 at 10:36 am to BabyTac
quote:Too much. All current credit card debt that I have has 0% interest though
How much credit card debt do you carry?
Posted on 6/9/15 at 10:42 am to BabyTac
0
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