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july06bride
I'm a mom!
Member since 5/05 3966 total posts
Name:
Nicole
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CC debt? Poll...
How much CC do YOU think is too much? is bad?
feel free to just answer the poll and not include a response
Not sure how to qork this poll really- however I am curious about the results...
Dh and I do have some CC debt- basically DH came with it- mostly college stuff-nothing I find astronomical- I think some people would consider it a lot though, but honestly, we pay it each month and we do fine- we would LOVE to not spend the money on this bill, but it happened...
Message edited 5/28/2007 3:14:34 PM.
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Posted 5/28/07 3:13 PM  |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: CC debt? Poll...
Honestly, IMO anytime you cannot pay your CC balance is bad. That mean you are spending more than you can afford. I made the mistake once to pay a school semester on my CC instead of taking the student loan. I got slammed with much higher interests.
If you need to carry a balance, I would not go past 3 months. After that, it start to go into a vicious circle. You get a lot more interests. You get discouraged and you keep adding more to it.
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| Posted 5/28/07 3:41 PM |
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SweetestOfPeas
J'taime Paris!
Member since 3/06 32345 total posts
Name:
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Re: CC debt? Poll...
Posted by smdl
Honestly, IMO anytime you cannot pay your CC balance is bad. That mean you are spending more than you can afford. I made the mistake once to pay a school semester on my CC instead of taking the student loan. I got slammed with much higher interests.
If you need to carry a balance, I would not go past 3 months. After that, it start to go into a vicious circle. You get a lot more interests. You get discouraged and you keep adding more to it.
ITA
IMO, even $500 is bad, unless you have a 0% interest rate
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| Posted 5/28/07 3:42 PM |
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johnsae
Sip.
Member since 3/06 18677 total posts
Name:
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Re: CC debt? Poll...
Posted by SweetestOfPeas
Posted by smdl
Honestly, IMO anytime you cannot pay your CC balance is bad. That mean you are spending more than you can afford. I made the mistake once to pay a school semester on my CC instead of taking the student loan. I got slammed with much higher interests.
If you need to carry a balance, I would not go past 3 months. After that, it start to go into a vicious circle. You get a lot more interests. You get discouraged and you keep adding more to it.
ITA
IMO, even $500 is bad, unless you have a 0% interest rate
I agree
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| Posted 5/28/07 3:52 PM |
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azoodie
Member since 8/05 8377 total posts
Name:
Team SEXY BACK
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Re: CC debt? Poll...
ITA that any debt is bad debt....
But if I was to think about the amount of debt that wasn't too bad and that I could handle - it would probably be an amount I can pay off in less than a year while maintaining my lifestyle if that makes any sense?
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| Posted 5/28/07 7:38 PM |
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Re: CC debt? Poll...
It depends- during college, I owed about $1,000, which is not a lot for us now- DH and I charge this much now in a month, between gas, groceries, etc, but we pay it in full every month. But $1k when you're a full time student is bad.
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| Posted 5/28/07 7:49 PM |
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KrisT
Two Boys for Me!!
Member since 1/07 5213 total posts
Name:
Kristin
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Re: CC debt? Poll...
Posted by SweetestOfPeas
Posted by smdl
Honestly, IMO anytime you cannot pay your CC balance is bad. That mean you are spending more than you can afford. I made the mistake once to pay a school semester on my CC instead of taking the student loan. I got slammed with much higher interests.
If you need to carry a balance, I would not go past 3 months. After that, it start to go into a vicious circle. You get a lot more interests. You get discouraged and you keep adding more to it.
ITA
IMO, even $500 is bad, unless you have a 0% interest rate
I agree too
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| Posted 5/28/07 8:02 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: CC debt? Poll...
Posted by johnsae
Posted by SweetestOfPeas
Posted by smdl
Honestly, IMO anytime you cannot pay your CC balance is bad. That mean you are spending more than you can afford. I made the mistake once to pay a school semester on my CC instead of taking the student loan. I got slammed with much higher interests.
If you need to carry a balance, I would not go past 3 months. After that, it start to go into a vicious circle. You get a lot more interests. You get discouraged and you keep adding more to it.
ITA
IMO, even $500 is bad, unless you have a 0% interest rate
I agree
I feel the same way. The only balances we carry are at 0% and those balances were used for home improvements.
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| Posted 5/28/07 8:07 PM |
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lucyloo
nope
Member since 1/06 9758 total posts
Name:
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Re: CC debt? Poll...
We never pay interest... we always pay the balance in full.
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| Posted 5/28/07 9:53 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: CC debt? Poll...
I think it's relative to your expenses, savings and income.
If you own a house I think you are more prone to cc debt due to unexpected issues that come up.
In our case, we have a few that are 0%.
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| Posted 5/28/07 10:00 PM |
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Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
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Re: CC debt? Poll...
I've had a credit card since before leaving for college.
Never, ever carried a balance.
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| Posted 5/28/07 10:15 PM |
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Re: CC debt? Poll...
It depends on so many things like income, expenses, whether you're married or single, etc. I would not expect many people to even consider themselves to be in CC debt if the total was only $5,000 or so.
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| Posted 5/28/07 10:28 PM |
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KGools
Happy
Member since 9/06 9532 total posts
Name:
Kim
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Re: CC debt? Poll...
Posted by smdl
Honestly, IMO anytime you cannot pay your CC balance is bad. That mean you are spending more than you can afford. I made the mistake once to pay a school semester on my CC instead of taking the student loan. I got slammed with much higher interests.
If you need to carry a balance, I would not go past 3 months. After that, it start to go into a vicious circle. You get a lot more interests. You get discouraged and you keep adding more to it.
I don't necessarily agree. I carried quite a large cc debt but I had (and still have) phenomenal credit. By not paying your cc in full each month it shows that you can MANAGE debt which looks good on a credit report.
Living with that debt though, that's a whole other story 
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| Posted 5/29/07 9:34 AM |
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MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: CC debt? Poll...
DEBT IS NOT ALWAYS BAD!!!
someone said "anytime you can't pay off your balance it means you are spending more than you earn". so not true!
I have CC debt right now. ALL at 0% interest. I woudl rather pay my minimum amount, and put what I would have paid on my CC into the bank earning 5% interest. When the 0% runs out, I pay off the CC and I just made money. ANY time you can borrower cheaper than you can invest is a smart idea.
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| Posted 5/29/07 9:43 AM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: CC debt? Poll...
Posted by CoopersMom01
Posted by smdl
Honestly, IMO anytime you cannot pay your CC balance is bad. That mean you are spending more than you can afford. I made the mistake once to pay a school semester on my CC instead of taking the student loan. I got slammed with much higher interests.
If you need to carry a balance, I would not go past 3 months. After that, it start to go into a vicious circle. You get a lot more interests. You get discouraged and you keep adding more to it.
I don't necessarily agree. I carried quite a large cc debt but I had (and still have) phenomenal credit. By not paying your cc in full each month it shows that you can MANAGE debt which looks good on a credit report.
Living with that debt though, that's a whole other story
I think paying your balance is a better way to show cc management and not pay money (interest) just to borrow money.
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| Posted 5/29/07 10:23 AM |
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BabyAvocado
Happy New Year
Member since 5/05 17334 total posts
Name:
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Re: CC debt? Poll...
For me, any credit card debt that I cannot pay off within two months is too much. So it can vary drastically for me and for anyone else.
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| Posted 5/29/07 10:24 AM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: CC debt? Poll...
It has much less to do with any dollar amount a whole lot more to do with your debt to income ratio, the percentage of your credit limit with respect to the balance on the credit card, how many revolving credit accounts you have, the interest rate on the cards, and what sorts of purchase(s) you used the cards for...
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| Posted 5/29/07 10:51 AM |
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DRMom
Two in Blue
Member since 5/05 20223 total posts
Name:
Melissa
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Re: CC debt? Poll...
Posted by MrsBlueSash
Posted by CoopersMom01
Posted by smdl
Honestly, IMO anytime you cannot pay your CC balance is bad. That mean you are spending more than you can afford. I made the mistake once to pay a school semester on my CC instead of taking the student loan. I got slammed with much higher interests.
If you need to carry a balance, I would not go past 3 months. After that, it start to go into a vicious circle. You get a lot more interests. You get discouraged and you keep adding more to it.
I don't necessarily agree. I carried quite a large cc debt but I had (and still have) phenomenal credit. By not paying your cc in full each month it shows that you can MANAGE debt which looks good on a credit report.
Living with that debt though, that's a whole other story
I think paying your balance is a better way to show cc management and not pay money (interest) just to borrow money.
Actually thats not true. Although thye algorithims used to make up a credit score are somewhat secret(like the Illuminati almost ) some smarties have figured it out. I used to do credit repair. As the other poster said-it is better to use about 50% of your debt every month and NOT pay it fully as far as your credit score is concerned.
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| Posted 5/29/07 11:05 AM |
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MrsBlueSash
Love my sailor
Member since 6/05 5793 total posts
Name:
Christian
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Re: CC debt? Poll...
Posted by melijane
Posted by MrsBlueSash
Posted by CoopersMom01
Posted by smdl
Honestly, IMO anytime you cannot pay your CC balance is bad. That mean you are spending more than you can afford. I made the mistake once to pay a school semester on my CC instead of taking the student loan. I got slammed with much higher interests.
If you need to carry a balance, I would not go past 3 months. After that, it start to go into a vicious circle. You get a lot more interests. You get discouraged and you keep adding more to it.
I don't necessarily agree. I carried quite a large cc debt but I had (and still have) phenomenal credit. By not paying your cc in full each month it shows that you can MANAGE debt which looks good on a credit report.
Living with that debt though, that's a whole other story
I think paying your balance is a better way to show cc management and not pay money (interest) just to borrow money.
Actually thats not true. Although thye algorithims used to make up a credit score are somewhat secret(like the Illuminati almost ) some smarties have figured it out. I used to do credit repair. As the other poster said-it is better to use about 50% of your debt every month and NOT pay it fully as far as your credit score is concerned.
I think it depends on the point of view. The CC reports are for CC companies who don't want you to pay off the balance. Of course you're rating is higher when you carry a balance and make on time payments. BUT IMO if you are managing your credit you are more proficient at it if you pay off you balance.
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| Posted 5/29/07 11:54 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: CC debt? Poll...
QUOTE]
I think it depends on the point of view. The CC reports are for CC companies who don't want you to pay off the balance. Of course you're rating is higher when you carry a balance and make on time payments. BUT IMO if you are managing your credit you are more proficient at it if you pay off you balance.
this is great in theory and makes sense- but credit reporting agencies who give you your score- love people who have balances and pay them off over time
I have great credit and normally carry a balance- then pay off a HUGE chuck
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| Posted 5/29/07 12:00 PM |
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Kissy331
My two miracles!
Member since 5/06 17826 total posts
Name:
Kristen
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Re: CC debt? Poll...
Posted by SweetestOfPeas
Posted by smdl
Honestly, IMO anytime you cannot pay your CC balance is bad. That mean you are spending more than you can afford. I made the mistake once to pay a school semester on my CC instead of taking the student loan. I got slammed with much higher interests.
If you need to carry a balance, I would not go past 3 months. After that, it start to go into a vicious circle. You get a lot more interests. You get discouraged and you keep adding more to it.
ITA
IMO, even $500 is bad, unless you have a 0% interest rate
I could not agree more! If you know you will not be able to pay the monthly bill, you should not purchase it in the first place
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| Posted 5/29/07 12:05 PM |
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smdl
I love Gary too..on a plate!
Member since 5/06 32461 total posts
Name:
me
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Re: CC debt? Poll...
I agree with being able to manage "debts" with 0% CC.
Unfortunatelly, a lot of people who have CC debts don't manage them rationally or correctly.
A lot of people with CC debts have debts because they overspend or don't know how to manage money and debts.
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| Posted 5/29/07 12:05 PM |
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2PreciousBlessings
The Perfect Pair
Member since 5/06 19861 total posts
Name:
Best Wife & Mommy
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Re: CC debt? Poll...
Posted by KrisT
Posted by SweetestOfPeas
Posted by smdl
Honestly, IMO anytime you cannot pay your CC balance is bad. That mean you are spending more than you can afford. I made the mistake once to pay a school semester on my CC instead of taking the student loan. I got slammed with much higher interests.
If you need to carry a balance, I would not go past 3 months. After that, it start to go into a vicious circle. You get a lot more interests. You get discouraged and you keep adding more to it.
ITA
IMO, even $500 is bad, unless you have a 0% interest rate
I agree too
ITA!!!
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| Posted 5/29/07 12:08 PM |
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saraH
happy birthday sweet kate!
Member since 5/05 16555 total posts
Name:
I know that God exsists, I held her in my arms...
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Re: CC debt? Poll...
we have debt. probabaly around 5k. i know, it shocks some, but we pay more then the minimum every month. we only use the card when we have to, and we have not had to in a while. people have different attitudes towards money and i don't think that carrying a balance makes you irresponsible about money.
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| Posted 5/29/07 12:16 PM |
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beautyq115
New Year!
Member since 5/05 13729 total posts
Name:
Me
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Re: CC debt? Poll...
I have none...And no more CC....Was able to get rid of it about a year or so ago and swore off CC for good!
Now I have student loans since I went to undergrad and grad school but thats another story
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| Posted 5/29/07 12:35 PM |
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