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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: credit card related
Here is that stat on paying off only minimums:
-An $8,000 debt, at a rate of 18% interest, will take over 25 years to pay off and cost more than $24,000 in the long run".
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Posted 1/6/06 12:20 PM  |
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LadyMaravilla
Fall Is Here
Member since 5/05 12023 total posts
Name:
Sonia
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Re: credit card related
Posted by Elbee
Here is that stat on paying off only minimums:
-An $8,000 debt, at a rate of 18% interest, will take over 25 years to pay off and cost more than $24,000 in the long run".
 
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| Posted 1/6/06 12:22 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: credit card related
Posted by PrincessP
I understand the idea behind it BUT wont it put more people into bankruptcy? I mean lets say using your 8k idea...that payment doubled would put my household with mass problems.
If doubling a mimimum payment is enough to cause "mass problems" in a household.... they better accept the fact that they ALREADY have mass problems. Doubling a minimum payment will not make a difference.
Besides... most americans are LAZY people. They claim it will cause "mass problems"... but these people that claim it will cause mass problems are usually the same people leasing that Lexus, have a $200 cable bill, a $100 cellphone bill, etc etc.
Most people can very easily cut back on some "luxuries". Sell the new car you are driving and buy a used beater. Eliminate your cable bill and just get broadcast basic. Cancel your cellphone. (You can still dial 911 from any cellphone even if it doesnt have paid service).
The 8k figure that I read was average "household" debt... so I guess that includes husband and wife.
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| Posted 1/6/06 12:22 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: credit card related
Posted by mommy2Alex
I hear ya! DH and I don't believe in cc debt. The only cc debt we have was from renovating the house. The only reason why we did that was because we got a 0% interest rate and figured we would do that rather than a HELOC.
I am doing the same thing. Chase sent me a free 0% card for a year so I am using that. I will probably run up a 15k balance by the time I am done... but it WILL be paid off before the promo ends.
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| Posted 1/6/06 12:23 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: credit card related
Posted by PrincessP
this doesnt include student loans, does it?
Just credit card debt.
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| Posted 1/6/06 12:24 PM |
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DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
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Re: credit card related
Posted by PrincessP
Thats not a bad idea! I am gonna look into the 0% cards. I hope since they are recognizing this as a problem they up the age for credit card responsibility. By time I was 21, I had a 6,000 dollar availability. I was young and in college. I didnt use all 6,000 but I used enough to buy my books and party. I dont always think its the consumers fault. I think it lies on both sides of the issue.
Remember that even though you can transfer balances to a 0% card... most banks will "charge" you for doing this. I think Chase's fee tops off at $75 for a balance transfer.
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| Posted 1/6/06 12:25 PM |
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PrincessP
Big sister!!!!!!!!!!
Member since 12/05 17450 total posts
Name:
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Re: credit card related
8k seems easy to pay off on 2 incomes. JMO
I thought it was per person.
Message edited 1/6/2006 12:26:59 PM.
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| Posted 1/6/06 12:26 PM |
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LadyMaravilla
Fall Is Here
Member since 5/05 12023 total posts
Name:
Sonia
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Re: credit card related
Posted by PrincessP
8k seems easy to pay off on 2 incomes. JMO
It can be done....I feel that as long as you have a J.O.B. and can cut off luxuries it can be done.
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| Posted 1/6/06 12:28 PM |
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metsgirlie
How did you get blue eyes?
Member since 11/05 3763 total posts
Name:
LC's Mommy
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Re: credit card related
Posted by DjPiLL
Posted by PrincessP
Thats not a bad idea! I am gonna look into the 0% cards. I hope since they are recognizing this as a problem they up the age for credit card responsibility. By time I was 21, I had a 6,000 dollar availability. I was young and in college. I didnt use all 6,000 but I used enough to buy my books and party. I dont always think its the consumers fault. I think it lies on both sides of the issue.
Remember that even though you can transfer balances to a 0% card... most banks will "charge" you for doing this. I think Chase's fee tops off at $75 for a balance transfer.
Yes it was a $75 transfer fee but you will save more in the long run.
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| Posted 1/6/06 1:03 PM |
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LuckySV
LIF Adult
Member since 10/05 4675 total posts
Name:
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Re: credit card related
Posted by DjPiLL
Posted by PrincessP
Thats not a bad idea! I am gonna look into the 0% cards. I hope since they are recognizing this as a problem they up the age for credit card responsibility. By time I was 21, I had a 6,000 dollar availability. I was young and in college. I didnt use all 6,000 but I used enough to buy my books and party. I dont always think its the consumers fault. I think it lies on both sides of the issue.
Remember that even though you can transfer balances to a 0% card... most banks will "charge" you for doing this. I think Chase's fee tops off at $75 for a balance transfer.
But you can find charges that won't charge a balance transfer fee. I transferred DH's balances 2x (before we were married) and both times there were no fees to transfer the balance.
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| Posted 1/6/06 2:17 PM |
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Elbee
Zanzibar
Member since 5/05 10767 total posts
Name:
Me
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Re: credit card related
Posted by npbride
But you can find charges that won't charge a balance transfer fee. I transferred DH's balances 2x (before we were married) and both times there were no fees to transfer the balance.
Here's One:
Citi® Platinum Select® MasterCard
* 12-month 0% Introductory APR on Balance Transfers and purchases
* No Balance Transfer Fee during the introductory period
* No annual fee
* Apply online and get an instant response
Here's Another:
Citi® Driver's Edge® Platinum Select® Card
• 0% APR on balance transfers for 12 months, plus no balance transfer fee
• No annual fee
• Good credit is required to get approved
Message edited 1/6/2006 2:31:26 PM.
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| Posted 1/6/06 2:30 PM |
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