Do you have outstanding credit card debt?

[Feruk]

So I was listening to the radio on my way to work this morning, and this idiotic DJ indicated that he believed 99% of people have credit card debt By that, he meant that 99% of people don't pay off their card every month. I don't believe that to be true at all, but I'm interested to see if at least 50% of people have outstanding credit card debt.

Now I know beyond is just for ballaz who only use credit cards because it's cool and wipe their bottom with twenty dolla billz, but let's make a poll anyway.

[Pahnda]

$1000 of debt carried over on a credit card is small? I can't think of any excuse to carry over $1 on a credit card regularly...

[Cos]

BMO offered me a 1000 towards my outstanding balance on my card if I signed up for a new card. I told the guy I didnt have a balance but if they gave me a 1000 I would sign up for the card.

Buddy had to ask his supervisor if we could do that as he had never met anyone who wanted the card who didnt have a balance.

I believe there are lots of people who carry a balance. I know of people at my work who if their monthly minimums can handle paying it (say $30) then they can afford to buy a 3k watch (or whatever)

[Feruk]

Originally posted by Pahnda
$1000 of debt carried over on a credit card is small? I can't think of any excuse to carry over $1 on a credit card regularly...

100% agreed, but I considered $1000 to be a number most working adults can easily pay off on 1 month's salary, ie small.

[Tik-Tok]

I only use my credit card for the travel rewards, and booking reservations. I use it for everything I can, and pay it off every week.

I do have a LOC with debt on it, but that's strictly for my car, and I pay into it monthly, just like a car payment.

[D'z Nutz]

Originally posted by Pahnda
I can't think of any excuse to carry over $1 on a credit card regularly...

That's me too. I'm a cheap ass Chinaman, so even a couple bucks of interest the following month infuriates me. Hell, I clear off my balance every other week just to be sure.

Of course, I'm one of those people who never spends outside of one's means. With the exception of a car and home, I won't buy something I can't pay off with cash then and there (though I could easily pay off the rest of my car and not think twice about where my next meal is coming from).

[G-ZUS]

Originally posted by D'z Nutz


That's me too. I'm a cheap ass Chinaman, so even a couple bucks of interest the following month infuriates me. Hell, I clear off my balance every other week just to be sure.

Of course, I'm one of those people who never spends outside of one's means. With the exception of a car and home, I won't buy something I can't pay off with cash then and there (though I could easily pay off the rest of my car and not think twice about where my next meal is coming from).

[Canmorite]

I pay it off month to month. Student loan debt on the other hand...haha

[Tarrantula]

I.... am a bad example. I have 2 cards.. one at around 5000.. and the other around 2400

I blame Saits food court.

[adam c]

I use mine for everything I can and pay it off at the end of the month

[Mitsu3000gt]

I use my CC for everything I possibly can, even a $5 purchase. I've never carried a balance either. I don't know why anyone would carry a CC balance at 18.5% when the banks hand out 5% LoC's like candy. If you don't have the money to pay it, at least borrow from the LoC to pay off the CC.

[Xtrema]

Originally posted by D'z Nutz


That's me too. I'm a cheap ass Chinaman, so even a couple bucks of interest the following month infuriates me. Hell, I clear off my balance every other week just to be sure.

Of course, I'm one of those people who never spends outside of one's means. With the exception of a car and home, I won't buy something I can't pay off with cash then and there (though I could easily pay off the rest of my car and not think twice about where my next meal is coming from).

Cheap Ass Chinaman I am.

[ericchoweg]

i just use mine for gas and parking mainly everything else gets paid for with cash and i pay off the balance every statement

[ercchry]

EDIT:^^^ i do that too, but the issue was the time i spent in school... i was not able to do that, still chipping down what i racked up then, soon it should be good and it does not increase month to month, so i feel like it is manageable.... and coming out of school with under 4k in dept, i am miles ahead of some other people.

Originally posted by Mitsu3000gt
... If you don't have the money to pay it, at least borrow from the LoC to pay off the CC.

i know someone who did this.... and then filled both the LOC and the CC over time

[thrasher22]

I only ever really use mine for large purchases like flights and stuff, so it varies from <$1000 to close to 3000 pretty frequently.
I could pay it down to zero tonight if I wanted to, so I'm not that worried about it.

[Tomaz]

I guess I am a bad example...

Overdraft on my card >$5000, been that way for a about a year.

I have always learned my lessons the hard way.

[dj_rice]

I recently got a credit card 4 months ago to gain credit, but I pay off my whole balance every month, is this recommended or should I just pay the minimum?

[Cos]

Originally posted by dj_rice
I recently got a credit card 4 months ago to gain credit, but I pay off my whole balance every month, is this recommended or should I just pay the minimum?

Pay it off. Making your payments is all they are reporting on.

Only suggestion I have is to wait until you get the invoice THEN pay it off.

[cet]

I carried a pretty large ballance for a long time. I worked really hard to pay it off and now make sure I don't carry one off. Thinking of all the money I wasted in interest over the years kills me.

[Xtrema]

And really people, there is no point for credit debt. I'm sure anyone with a job can get a LOC at prime +2-4% which beats CC's 20%+.

If you need to carry the debt longer than 30days, LOC is much cheaper.