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Started By
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re: Your current total credit card debt balance?
Posted on 3/12/22 at 7:40 am to bayoubengals88
Posted on 3/12/22 at 7:40 am to bayoubengals88
I probably have a balance of $1500 or so in 0% interest purchases that I will pay off over the full term. I'll take advantage of them on purchases I can make in full as often as i can.
0
Posted on 3/12/22 at 8:48 am to Turf Taint
$114 currently because I just filed up both cars. Gotta get them flyer miles.
Posted on 3/12/22 at 8:48 am to LSUnatick
quote:
Between wife and kids $7-9K per month. Pay it off every month. 823 credit score.
Same, except my credit score is 824, no shite.
Posted on 3/12/22 at 9:00 am to Turf Taint
Have no idea.
I think it’s whatever is on Amex right now.
I think it’s whatever is on Amex right now.
Posted on 3/12/22 at 9:01 am to slacker130
848 here. Pulled it this morning.
ETA: our Amex runs around $12k month
ETA: our Amex runs around $12k month
This post was edited on 3/12/22 at 9:02 am
Posted on 3/12/22 at 9:06 am to CharlesLSU
quote:
848 here. Pulled it this morning.
ETA: our Amex runs around $12k month
So post it, or I'm going to automatically assume it's 648.
My Amex is $8k, maybe $2k on a visa that my college kids use. I haven't paid CC interest in a decade or better.
This is an expensive time in my life and I'm not a fan. One of my offspring is graduating in May and has a job, Hallelujah! 2 more to go. Might be broke as a joke by then.
Posted on 3/12/22 at 9:07 am to Turf Taint
2-6k. Use it for everything, and pay it down to 0 twice a month. Have paid for multiple trips with my rewards.
I have no debt, but taking advantage of credit card rewards are easy. I haven't paid a dime of interest in years.
Dave Ramsey and I will never agree on this, or people not taking a 401k match if they have any debt.
I have no debt, but taking advantage of credit card rewards are easy. I haven't paid a dime of interest in years.
Dave Ramsey and I will never agree on this, or people not taking a 401k match if they have any debt.
Posted on 3/12/22 at 9:10 am to bayoumuscle21
quote:
and pay it down to 0 twice a month
Out of curiosity, what's the thought process behind this? Not that I have an objection, but I've never understood the point.
Posted on 3/12/22 at 9:16 am to Joshjrn
I buy everything through CC and pay it off every month.
Used to not use CC but realized I’m losing on all the bonus points.
Used to not use CC but realized I’m losing on all the bonus points.
Posted on 3/12/22 at 9:35 am to TheWalrus
quote:
I’m OCD so I basically pay it off daily
Glad I'm not the only weirdo that does that. I don't necessarily do it daily, but at least once a week.
Posted on 3/12/22 at 10:10 am to Joshjrn
quote:
Out of curiosity, what's the thought process behind this? Not that I have an objection, but I've never understood the point.
I get paid bi-monthly so it's just an easy reminder. I also don't want to get charged interest fees.
Posted on 3/12/22 at 10:12 am to bayoumuscle21
quote:
I get paid bi-monthly so it's just an easy reminder. I also don't want to get charged interest fees.
But if you're paying it in full, why not just set it to auto draft the balance once a month when it's due?
For people who don't pay the full balance, I get it. You don't want your finances to run too far. But if you pay the entire balance basically, or literally, every month, extra manual payments sound pointless compared to a single automatic payment.
And like I said, I don't have an objection; I just don't understand
Posted on 3/12/22 at 10:16 am to Joshjrn
quote:
But if you're paying it in full, why not just set it to auto draft the balance once a month when it's due?
Didn’t know I could do that
Posted on 3/12/22 at 10:17 am to Joshjrn
quote:
But if you're paying it in full, why not just set it to auto draft the balance once a month when it's due?
Lol its a great question and my best response is, I started doing it this way and it's working and it takes 5 seconds. Creature of habit I guess. I may switch it up soon though because it's a valid point.
Posted on 3/12/22 at 10:24 am to danilo
quote:
Didn’t know I could do that
Different financial institutions use slightly different language, but pretty much all of them will allow you to set up an automatic payment with at least three options. These are the options from Chase:
1. Minimum payment due
2. Statement balance (this is the one you want)
3. Fixed amount
And the "payment date" info is: "We'll make payments to this credit card account each month on your due date (or, if it falls on a Saturday, the Friday before)."
So on or about my due date, Chase automatically pulls and pays my previous statement balance in full. Which because I've almost certainly made other charges since then, won't drop my balance to zero, but means I pay zero interest.
It pulls on time, every time, just like my mortgage, etc. Assuming you're not going to run into issues where you might not be able to pay the full balance in a given month, you just set it and forget it.
Posted on 3/12/22 at 10:35 am to efrad
quote:
Is $5k-$10k a month in expenses for a household really that much?
I mean $10k? Yes, that is a shite load. Especially when you consider that mortgages are not included in credit card expenses.
Also $5k is much different than $10k, so I am not sure why you grouped them together as if they're the same.
Posted on 3/12/22 at 11:09 am to Joshjrn
I just assumed everyone just paid their balance monthly. If you don’t you’re an idiot.
Posted on 3/12/22 at 11:21 am to slacker130
quote:
my credit score is 824
Ever consider that a very high credit score may mean you are leaving $ on the table (not be using credit to the fullest extent to maximize your total return - other peoples' money to earn on your money).
Well done overall
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