Who has credit card debt?

[colby25]

I got around 7,000 on a credit card. I signed up for that Chase Saphire Preffered Card- the points suckered me.

Goal is to have it paid off in 6 months we shall see how it goes.

 

[ralphc1]

Here we go again, a shit ton on fucking liars.

Of course i have credit card debt. I am paying it off but its difficult as fuck but its cunt hair by cunt hair.

Black or red?

 

[WinZip]

It's a good idea to notify your credit card company if you will be traveling.

I use credit cards to pay for most things so I don't have to carry cash and to buy online then pay them off and get cash back.

I not only notified them, but I called them, went in person, spoke to someone on the customer service web chat and submitted a letter to the local head office. I was also using my BANK card, not my CREDIT card, and I was trying to withdraw cash, not charge something, since most places didn't take card. I could not have done more to alert them, and I was able to access my account at the beginning of the trip. Then, for no reason and with no explanation given, the bank decided I shouldn't have access to my own money and, despite not having enough cash for a night at a hotel or even a basic meal, it was no longer possible for me to access my account until my return home (2 weeks later).

I wound up going into a local branch with that same company lawyer on our lunch break (he's a friend) and spoke to a branch manager and explained what happened. Suddenly, with the lawyer present, they were incredibly apologetic. Amazing. Now if only they hadn't tried to let me die in a foreign country...

 

[FightsFTW]

About 1500 in debt, nothing I can't manage though, could pay it off, but I choose not to because I have to spread my money across other bills or else I'd be almost broke.

 

[Revolver]

Paid off all credit cards, student loans, both cars are paid for. My job matches my retirement contributions. After the new year, I will have a fully funded Roth IRA. I live very conservatively.
Nobody ever got rich on 1.5% cash back, using up their points or airline miles. Ed McMahon never visited me.
The secret to getting and having a (good) job: Be valuable . Any job that stifles your ingenuity or creativity, leave.
The secret to being wealthy: Investing your time and money wisely (or marry someone rich).

Just used my points to get 3 round trip flights plus hotel for a 5 day vacation. Was a great time. If you're going to spend money you may as well get something from it in return. Saved nearly 4k alone on all of that.

 

[HHJ]

Havent got a credit card but i really should get one, Coulda made a few things alot easier to deal with.

 

[HHJ]

That's where it all starts.

 

[J0N0]

What about optimizing the use of points/miles/cash back?

In 2016 alone combined with my wife we probably get $5000 of 'free' money from optimizing CC points/miles/cash back and churning a few credit cards each without keeping any credit card debt and having continued excellent credit scores. And we are not even hardcore by any means. Go check out flyertalk forums or reddit if you want to learn more. Some guys will MS and churn 10+ credit cards in a year.

no its free money afterwards. as in, i had to pay a $2000 expense for my business. i could use a debit card and get nothing back. or i can use one of my rewards cards and get 2000 airline miles or a free $30 on a cash back card. then i pay the reward card off 2 days later when the transaction goes through.

i still pay the same amount, i just get free shit for forcing the merchant to pay 3.5% transaction fee or whatever their deal is

You guys are probably right as you obviously understand the ins and outs of it much better than I do; more power to you if you're juggling it well and coming out on top. I'm sure that you're in a tiny minority mind you.

 

[Z3N Gambler]

My wife is a fiscally responsible Hong Konger, credit cards get paid off every month. Which is about 5 to 7 grand per month on all of them.

 

[Pwent]

How much risk could you honestly say you assumed in doing so?

I think if you're on top of it, you can get the numbers to work for you, and Kudos to you for doing so. I believe most people don't, and most people certainly don't consider risk in their financial decisions.

When I paid off my debt, messing with credit cards felt like playing with fire again; so I refuse to engage.

0 risk, its the same thing as paying with a debit card, as long as I pay it off immediately

credit cards work if you only spend money that you have and would spend even if you didnt have one. they dont work when people use them to spend future money that they dont have yet

 

[iwhoopedbatman]

How old are you?

38. Started using/paying credit card when I was 19. Got engaged 3 years ago, just finally got married.

 

[Orgasmo]

I carry a balanice of around $300 to $500 each month, but I always pay it off by month's end.

 

[TankAbbott4Eva]

I have about $80 debt at the moment so can't complain.

 

[astrozician]

0 risk, its the same thing as paying with a debit card, as long as I pay it off immediately

What happens when you can't? That's not zero risk. Bad things happen: hospital bills, car transmission go out, theft, fire, etc.
If you do keep an emergency fund or easily liquidable assets, and you have great insurance then forget what I just said.

But if you're doing great and if you're rolling in the bills, why not invest that in something that does better than 1.5 or 2% ? Using my company-match plus guaranteed interest, I make at least 380% on every dollar I invest. I have other stocks that went up 4% in the last couple of months. That's better than any deal coming from a credit card company.

 

[Pugilistic]

I actually got my credit card fairly recently, and I don't spend a lot of money in general. I'm poor as it is, can't go into debt.

 

[Pwent]

What happens when you can't? That's not zero risk. Bad things happen: hospital bills, car transmission go out, theft, fire, etc.
If you do keep an emergency fund or easily liquidable assets, and you have great insurance then forget what I just said.

But if you're doing great and if you're rolling in the bills, why not invest that in something that does better than 1.5 or 2% ? Using my company-match plus guaranteed interest, I make at least 380% on every dollar I invest. I have other stocks that went up 4% in the last couple of months. That's better than any deal coming from a credit card company.

what is the difference between using money from the bank account directly to pay for something, or using a credit card and paying it off immediately. it comes from the same pool, on purchases I would already make, it just goes through a different channel.

none of those scenarios you stated would hit me harder because i paid my bills through a credit card, rather than paying them directly. if anything, it insulates you since you hang on to your money for a few days where you can choose to pay it now or collect interest. I.E. if joe only had $500 cash, paid $500 of necessary expenses and then needed sudden car repairs, he can choose whether it would be worth it to pull money from somewhere else, or pay interest until his next paycheck.

personally i only save 20k in my bank, i invest the rest. im a few months away from moving all my investments into buying a duplex to rent out

 

[Henry Swanson]

I have about 4 credit cards with zero balance on all of them.

I only use credit or cash. No debit cards. I pay off the CC's weekly.

The main reason I use a CC almost exclusively is because it's a safer form of payment. Getting your debit card skimmed is a pain.

 

[loyalyolayal]

Never had one in my life. If I can't pay cash or debit I don't buy it.

A fucking simple concept that people fail to grasp.

 

[Sir Galahad]

Debt free.

 

[Sycho Sid]