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How much credit card debt do you have right now?

Forum Opinion Poll
$0-5k 206 57.87%
$5-10k 46 12.92%
$10-15k 37 10.39%
$15-20k 23 6.46%
$20-25k 12 3.37%
$25k+ 32 8.99%
 

Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted By Message
Pages: 1 2 [3] 4

ave1024
I Took The Wrong Road

Member since 12/07

6153 total posts

Name:
That Led To The Wrong Tendencies

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by jellybean1420

Right now?

$316,735.12... all on 0%

And no i'm not joking.





That's amazing...how did you get that? I'm assuming it's for your house




No I also have a mortgage. I have a high credit card balance because I play credit card games.

I have over 400k in credit card limits. I find as many 0% offers as I can get and I pull money from them and put the money into a high yield savings.

So in essense I have 0 credit card debt since I actually have that 316k in my various savings accounts earning between 4% and 5.5%.

This is kind of like a second job for me, without really doing any work. I make about $1200 a month doing this, or $13,400 a year.

Look at it this way, you know how people are always looking for part time jobs or "work at home jobs?". This income is equivalent to working a $13/hr job, 20 hours a week. Except I can sit home and do nothing. Chat Icon Chat Icon

Oh and remember how I talked about how credit card rewards are so much better than paying things with my credit card? So far this year with my credit card games I have earned $2230 in rewards alone. Enough to pay for a nice 52" 1080p LCD flat screen currently sitting in my living room. This doesn't even include the interest I was talking about above.

Posted 5/12/08 11:24 AM
 

nov04libride
big brother <3

Member since 5/05

14672 total posts

Name:
Me

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by ave1024

Posted by jellybean1420

Right now?

$316,735.12... all on 0%

And no i'm not joking.





That's amazing...how did you get that? I'm assuming it's for your house




No I also have a mortgage. I have a high credit card balance because I play credit card games.

I have over 400k in credit card limits. I find as many 0% offers as I can get and I pull money from them and put the money into a high yield savings.

So in essense I have 0 credit card debt since I actually have that 316k in my various savings accounts earning between 4% and 5.5%.

This is kind of like a second job for me, without really doing any work. I make about $1200 a month doing this, or $13,400 a year.

Look at it this way, you know how people are always looking for part time jobs or "work at home jobs?". This income is equivalent to working a $13/hr job, 20 hours a week. Except I can sit home and do nothing. Chat Icon Chat Icon

Oh and remember how I talked about how credit card rewards are so much better than paying things with my credit card? So far this year with my credit card games I have earned $2230 in rewards alone. Enough to pay for a nice 52" 1080p LCD flat screen currently sitting in my living room. This doesn't even include the interest I was talking about above.



What does that do to your credit score to have so much outstanding debt? Chat Icon

Posted 5/12/08 11:26 AM
 

ave1024
I Took The Wrong Road

Member since 12/07

6153 total posts

Name:
That Led To The Wrong Tendencies

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by nov04libride

What does that do to your credit score to have so much outstanding debt? Chat Icon




If you don't know what you are doing this can trash your credit scores. But I have a pretty vast knowledge of how the credit scoring system works so I know how to maximixe my scores.

Most if these balances are on business credit which does not appear on your personal credit report.

Right now all my scores are in the low 700s with my highest being around 750. And I still have over 60k in personal credit card debt showing on my report. Why are my scores still relatively high? Because I have HUGE credit limits so my debt to credit ratio is still very low. (this is why you should NEVER close credit cards)

If I paid down all the balances tomorrow, my scores would probably jump back up to 800.

So many people are afraid of credit card debt and their credit score. I welcome it!

My motto is "what good is GOOD CREDIT if you never plan on using it". Chat Icon

The banks hate me because I love making money off them. Chat Icon

Posted 5/12/08 11:33 AM
 

kmac
Two under two!

Member since 5/07

3703 total posts

Name:
Kris

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

We were over 30 grand in debt when we got married...we've worked hard in the past 2.5 years to be down to under $5!!! Chat Icon Chat Icon Chat Icon

Posted 5/12/08 11:48 AM
 

wannabemom
look who's freshly baked!

Member since 12/07

7364 total posts

Name:
aka marriedinportjeff

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by Stacey1403

Not meChat Icon

I pay my CC in full every monthChat Icon



Ditto!

it's very rare that we carry a balance for a month or so... usually it's becuase of extenuating circumstances (ex. we have to pay all upfront expenses for a business meeting... the one in june I had to shell out a whopping 3.5k out of pocket, and won't get reimbursed until july)
We still managed to pay that puppy off by now, though... can't wait for that fat check!

Posted 5/12/08 12:17 PM
 

Babe49
M...

Member since 4/08

1880 total posts

Name:
Maria

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

None, we paid off the 4K we had outstanding when we got our tax $ back in March. We try to pay cash for whatever we can.

Posted 5/12/08 12:24 PM
 

antoinette
boy mamma

Member since 5/05

2975 total posts

Name:
Antoinette

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

under 5k but I hate having debt at all, but there is sometimes no way of getting around it. Its on a .99 % interest rate so im not too concerned. We have alot of home improvements so things add up.

Posted 5/12/08 12:29 PM
 

sunflowerjesss
Mommy to 3!

Member since 10/05

20369 total posts

Name:
Jesss, duh.

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

$0.

But it took us 5 long years to get there. We had about 20k in debt (that's just credit card debt).

DH and I are now at a point in our lives where we are living comfortably. Took us a while to get here and with the determination we were able to do it. Unfortunately, when we first started living together our expenses were more than our income which put us in the debt we had.

We have since learned our lesson and try really hard to stay afloat.

Posted 5/12/08 12:34 PM
 

Kara
Now Zagat Rated!

Member since 3/07

13217 total posts

Name:
They call me "Tater Salad"

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by Stacey1403

Not meChat Icon

I pay my CC in full every monthChat Icon



Same.

We used to pay if off to like $100 to carry a small balance -- but then decided that wasn't helping us in any way... so we pay them in full every month.

Posted 5/12/08 2:31 PM
 

ReduceReuseRecycle
LIF Zygote

Member since 5/08

13 total posts

Name:

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

$0

I've never carried a balance on a credit card.

Posted 5/12/08 2:32 PM
 

Mommy2Boys
My Boys!!!!

Member since 6/06

14437 total posts

Name:
C

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

I have over 400k in credit card limits. I find as many 0% offers as I can get and I pull money from them and put the money into a high yield savings.

So in essense I have 0 credit card debt since I actually have that 316k in my various savings accounts earning between 4% and 5.5%.




So, you open a credit card with 0% interest for 1 yr. or whatever. If they give you a 5k limit let's say, you use it as cash and take the 5k and put it in a high yield savings account to earn interest on it but pay back the 5k you took off the card within the year at 0% interest. Do I have that right or am I confused? Chat Icon So in essence, your paying back the 5k but at the same time earning interest on it in the long run.

Message edited 5/12/2008 3:51:32 PM.

Posted 5/12/08 3:50 PM
 

julz33
i run for bacon

Member since 5/05

20584 total posts

Name:
julz

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by KrisT

Posted by CathyB

None. We pay it off every month.



Same here.



same

Posted 5/12/08 3:52 PM
 

ave1024
I Took The Wrong Road

Member since 12/07

6153 total posts

Name:
That Led To The Wrong Tendencies

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by jellybean1420

So, you open a credit card with 0% interest for 1 yr. or whatever. If they give you a 5k limit let's say, you use it as cash and take the 5k and put it in a high yield savings account to earn interest on it but pay back the 5k you took off the card within the year at 0% interest. Do I have that right or am I confused? Chat Icon So in essence, your paying back the 5k but at the same time earning interest on it in the long run.




Yeah that's pretty much it but I wouldn't bother doing this on a card with just a 5k limit. I shoot for 10k limits or higher. My average limit on a card is about 30k. One card has a 65k limit.

Posted 5/12/08 3:55 PM
 

CaMacho
Sisters :)

Member since 7/06

15112 total posts

Name:
Jess

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by ave1024

Yeah that's pretty much it but I wouldn't bother doing this on a card with just a 5k limit. I shoot for 10k limits or higher. My average limit on a card is about 30k. One card has a 65k limit.



Don't you have to pay the minimums on all these cards every month?

Posted 5/12/08 4:00 PM
 

DaniJude
You're My Home <3

Member since 11/06

14815 total posts

Name:
Danielle

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

on credit cards? about 800 dollars. we bought some furniture and put it on credit - we paid most of it off - just that little bit left. i'm still waiting for my tax refund which is taking forever - then, with part of it, i'll pay that off and that will be it.

Posted 5/12/08 4:05 PM
 

Mommy2Boys
My Boys!!!!

Member since 6/06

14437 total posts

Name:
C

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Don't you have to pay the minimums on all these cards every month?



Yeh that's what I was wondering.

How long do you generally have the 0% interest for...just a set time period or the life of the card (which I have never seen)?

Posted 5/12/08 4:07 PM
 

Sassyz75
Turning a new page

Member since 5/05

9731 total posts

Name:
Dina

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by ave1024

Posted by jellybean1420

Right now?

$316,735.12... all on 0%

And no i'm not joking.





That's amazing...how did you get that? I'm assuming it's for your house




No I also have a mortgage. I have a high credit card balance because I play credit card games.

I have over 400k in credit card limits. I find as many 0% offers as I can get and I pull money from them and put the money into a high yield savings.

So in essense I have 0 credit card debt since I actually have that 316k in my various savings accounts earning between 4% and 5.5%.

This is kind of like a second job for me, without really doing any work. I make about $1200 a month doing this, or $13,400 a year.

Look at it this way, you know how people are always looking for part time jobs or "work at home jobs?". This income is equivalent to working a $13/hr job, 20 hours a week. Except I can sit home and do nothing. Chat Icon Chat Icon

Oh and remember how I talked about how credit card rewards are so much better than paying things with my credit card? So far this year with my credit card games I have earned $2230 in rewards alone. Enough to pay for a nice 52" 1080p LCD flat screen currently sitting in my living room. This doesn't even include the interest I was talking about above.




This intrigues me... I have CC's w/ those types of limits.
so you write one of those offer checks to yourself and then deposit it? Where are you getting that type of interest in savings now? ING is so low. Do you have these in CDs or are they just savings accounts.

I didn't realize you could get points for using the offer checks- I thought you only get points for purchases
Chat Icon Chat Icon

you should do some type of workshop on this!

Posted 5/12/08 4:09 PM
 

skew
LIF Adult

Member since 5/05

6794 total posts

Name:

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by Stacey1403

Not meChat Icon

I pay my CC in full every monthChat Icon



same

Posted 5/12/08 4:13 PM
 

CkGm
They get so big, so fast :(

Member since 5/05

13848 total posts

Name:
Christine

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by Stacey1403

Not meChat Icon

I pay my CC in full every monthChat Icon



Same!

Posted 5/12/08 4:43 PM
 

ave1024
I Took The Wrong Road

Member since 12/07

6153 total posts

Name:
That Led To The Wrong Tendencies

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by Sassyz75

This intrigues me... I have CC's w/ those types of limits.
so you write one of those offer checks to yourself and then deposit it? Where are you getting that type of interest in savings now? ING is so low. Do you have these in CDs or are they just savings accounts.

I didn't realize you could get points for using the offer checks- I thought you only get points for purchases
Chat Icon Chat Icon

you should do some type of workshop on this!




The points I was referring to were typically into points for opening the card. The last time I did this I opened a ton of new cards which netted me bigtime points.

I wouldn't advise anyone to do this unless you really do your research and can committ the time to it. One late payment and your credit is hosed.

I also wouldn't advice anyone do this if you plan on getting a mortgage in the next two years because it does trash your credit initially. I already have a mortgage so it's no biggie to me, reason why I said "what good is good credit if you don't use it".

http://www.mymoneyblog.com/how-to-make-money-from-0-apr-balance-transfers

I locked in my high rates back in November when they were still good.

Posted 5/12/08 5:39 PM
 

ave1024
I Took The Wrong Road

Member since 12/07

6153 total posts

Name:
That Led To The Wrong Tendencies

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Let me also add that you typically have to open a new credit card with a 0% offer, then somehow try to move your credit limit from one card to the card with the 0% offer (within the same bank). That's how you have to do it since most of your existing cards with big limits don't have good offers.

Not all banks will do this too. It requires a LOT of research.

Posted 5/12/08 5:43 PM
 

MrsPorkChop
Twinning!!

Member since 5/05

9941 total posts

Name:
Missy

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by Stacey1403

Not meChat Icon

I pay my CC in full every monthChat Icon


same

Posted 5/12/08 7:26 PM
 

LemonHead
Sour Girl

Member since 3/08

5271 total posts

Name:

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by Stacey1403

Not meChat Icon

I pay my CC in full every monthChat Icon



Same here. I've never carried a balance over from month to month. If I don't have enough money, I can't afford it! I'm cheap!

Posted 5/12/08 7:29 PM
 

MegZee
My bunny

Member since 5/06

8777 total posts

Name:
Meaghan

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

Posted by ave1024

Let me also add that you typically have to open a new credit card with a 0% offer, then somehow try to move your credit limit from one card to the card with the 0% offer (within the same bank). That's how you have to do it since most of your existing cards with big limits don't have good offers.

Not all banks will do this too. It requires a LOT of research.



you are like a little bank - good for you!!

Posted 5/12/08 7:30 PM
 

jennyb
Expecting #3 in Sept!

Member since 8/07

2174 total posts

Name:
Jen LIW: jenafee

Re: Spinoff to credit or debit post: How much credit card debt do you have? w/poll

None Chat Icon

Posted 5/12/08 10:50 PM
 
Pages: 1 2 [3] 4
 

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