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Message Board > Miscellaneous > Credit card debt ( Moderated by Deepika, EleanorSews, CynthiaSue)

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Credit card debt
quiltingwolf
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quiltingwolf  Friend of PR
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MD
Member since 12/15/02
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Date: 3/22/12 2:31 PM

I post this kind of topics as I curious as how other people handle these things. Hubby and I have one credit card and have had only one our entire married life. In the last 9 years we pay it off every month even if we have to scrimp on something else. As this card is only used for small fun things but mostly for medical, house needs etc. Do you pay off your card every month? I guess being in accounting/bookkeeper it horrifies me to think of paying 18-29% interest on stuff. It's kinda of our safety net so to speak, for example this week alone our water heater broke $280 and yesterday found out hubby's car needed a $700 repair (there goes all the tax refund lol). We would have gone ahead and done these things even if it meant carrying a balance. But I heard people carrying thousands and thousand of credit card debt. To me it's just living beyond you means we did it when dd was younger for Christmas, vacations etc. Even if you pay half of what you owe each month it's still going to accumulate.

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quiltingwolf.blogspot.com

HarrietHomeowner

HarrietHomeowner  Friend of PR
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Date: 3/22/12 2:42 PM

Lots of talk about money today ...

I look at a credit card as a convenience. I treat it the same way as cash -- that is, I only use it to buy things I could pay cash for. It's just convenient to have to carry only the card around and not a checkbook or wads of bills, and to be able to buy something if I need to without running to the bank. Then, there's only one deduction from the bank account every month instead of many (which would be the case if you wrote checks, withdrew cash, or used a debit card).

So no, I never carry a balance. I also turn down offers for "rewards" cards and so on -- just don't want to get into that.

a7yrstitch
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a7yrstitch  Friend of PR
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In reply to quiltingwolf <<


Date: 3/22/12 3:06 PM

I find that I am incapable of answering this without getting on a bandwagon
-- Edited on 3/22/12 3:10 PM --

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I have no idea what Apple thought I was saying so be a Peach and credit anything bizarre to auto correct.

Plantwizard
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Plantwizard
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Date: 3/22/12 5:35 PM

We pay off our two VISA cards in full every month. One's LLBean so sometimes I put bigger purchases on it to get "points" towards the $10 coupons I can use on clothes. I've actually gotten quite a few clothes that way. Once or twice in our almost 25 years of marriage we've screwed up and missed the deadline due to major family issue (think death and illness) and yowza does it hurt.

Paying credit card interest is about the stupidest financial thing you can do. And never, ever, put major medical bills (not talking small co-pays, prescriptions etc) on a credit card. You lose all negotiating power with the medical provider because they've been paid and this is just another debt as far as the credit card company is concerned.

Jan



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Date: 3/22/12 5:57 PM

We don't have credit cards. If I can't pay for it in cash, I don't get it. I do it the old fashioned way and save for it.



Amy-may
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Amy-may
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Date: 3/22/12 6:05 PM

I use the Discover for virtually everything - and we pay it off every single month. The last exception to that was about 20 years ago when we bought our first washer and dryer. Bought them the same month to only pay delivery charge once, but paid it off in 2 months.

I just can not stand debt. We have a 15 year mortgage that we pay extra on every month, paid cash for our last 2 vehicles...it's been about 14 years since we've had any debt beyond a mortgage - and if we hadn't moved, it would be nearly paid off too!

emg
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emg
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In reply to quiltingwolf <<


Date: 3/22/12 7:34 PM

In 30+ years of credit card use I have never carried a balance. They are a convenience in that I can avoid carrying around a bunch of cash. And you have some protection if they are lost/stolen.

Just watch the Suze Orman show once in a while and listen to these people that have tens of thousands of credit card debt. Interest rates are often how they got that far into debt.

Peggy
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Peggy
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MT USA
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Date: 3/22/12 7:49 PM

Keep doing what you doing. If you can't afford to pay off credit card every month you can't afford to buy what you are buying. You are doing great!

sewbluetiful
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sewbluetiful
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MO USA
Member since 2/8/07
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Date: 3/22/12 7:50 PM

Well, from someone from "the other side", we didn't pay off our bills each month, and you guessed it,, we had to get help,, we went with Consumer Credit Counseling (CCC),,they really helped us in making our payments manageable, they negotiate with the companies to help get you the best interest rate possible,, (if possible) some companies negotiate, some don't,, but still it ties all your bills into one, ( if you have more than one...

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Mickie

http://sew-something.blogspot.com/

Re Becca
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Re Becca  Friend of PR
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In reply to quiltingwolf <<


Date: 3/22/12 7:57 PM

Quote: quiltingwolf
I guess being in accounting/bookkeeper it horrifies me to think of paying 18-29% interest on stuff.

If you have had this credit card that long and have been that responsible with it and they charge 18-29%, you really should shop around.
One argument for using a credit card is that if someone steals the account number the money isn't directly withdrawn from your account like it is with a debit card. Amex has been much more diligent about protecting me from fraudulent charges and identity theft than my bank ever was. Amex called me before approving any suspicious charges, I had to make 3 different phone calls to BOA before I talked to anyone who was helpful.

But, they do help some people through hard times. I remember being pretty greatful that I had one while looking for work.

------
http://beccabeckstuff.blogspot.com/

Damn the muslin, full speed ahead!

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