Credit Card and Consumer Debt

[Natasha]

I'm surprised at the poll results, to be honest. I have a little over $1000 in credit card debt (I just realized that it was less than I thought...yay!!!) but I have over $30,000 in student loans. For the record, if you're in public safety and make payments for 10 years, you can have the rest of your student loan forgiven. The catch is that it only went into effect like last year and my 11 years so far doesn't count. BOO!!!

 

[Maulds]

Nope. I used it to buy my kiddo a much needed bed today. Depending on when my financial aid comes from the school and stuff, I may use it to purchase my books. Mostly, I'll just use it to make sure I use it for a few months, and then let it sit at a 0 balance and hopefully get it taken care of that way. Fortunately, it only has a $700 limit, so I can't go too crazy even if I want to.

Thats good but you're gonna be "rewarded" with higher credit limits pretty soon after you start making payments on the card. Just dont let it go to your head. Temptation rears its ugly head when you really want something and that card is sitting in your hand smiling at you.

 

[anathelia]

Thats good but you're gonna be "rewarded" with higher credit limits pretty soon after you start making payments on the card. Just dont let it go to your head. Temptation rears its ugly head when you really want something and that card is sitting in your hand smiling at you.

I was actually considering getting a safe for just that reason. Lock it up after a few months, that way it's not easily accessible.

 

[Guyzerr]

I use my credit cards for all major purchases such as camera and related gear, TV's, appliances etc. only because Visa doubles the warranty and adds replacement insurance as a bonus. Besides those benefits I get a whack of points for using it. I convert those into gift cert's of some sort. I have been tempted to get a cash back Amex card but haven't done so yet and I keep asking myself why not. I rarely carry a balance and if I do it's for a max of 1 month and only for a large purchase. I hate the banks making money off of me.

I have a pile of dough avail in loc's and overdrafts but I haven't had the need or felt the urge to use it. I plan on keeping it that way. I don't mind the prime rate as it stands now but I hate the + 3%.

My vehicles are secured but when I buy I always wait for the 0% or at most 1.9% annual int. rate. I learned my lesson in 1981 when I bought my first new car with a int. rate of 21 1/4%. I actually got a deal :24: because the day after I applied for the load the rates increased to 21 3/4%. :eek Those were the days....................

 

[Darrell]

I have my Jeep, and my credit card. Right now it has a $1200 balance, with a max of 30000. I will pay it off next month.

 

[Guyzerr]

I was actually considering getting a safe for just that reason. Lock it up after a few months, that way it's not easily accessible.

You can still get into a safe if you own it. A cheaper way is to place your cards into a milk container, fill it up with water and freeze it. At least then you gotta wait and thaw it out if you get the urge to use it. By the time that happens your urge may have passed.

 

[Guyzerr]

I have my Jeep, and my credit card. Right now it has a $1200 balance, with a max of 30000. I will pay it off next month.

Wow... a 30k limit. You should have bought a new Jeep and told the bank to try and find you in the hills.

 

[Darrell]

Wow... a 30k limit. You should have bought a new Jeep and told the bank to try and find you in the hills.

I think it's because I was once a homeowner. They assume I have money.

 

[Guyzerr]

I think it's because I was once a homeowner. They assume I have money.

As I understand it with a 30k limit and a few of your own bucks you could once again be a homeowner. There's some great deals south of the 49th right now. One of the guys at work has been buying up a chunks of Phoenix so you better act fast.

 

[anathelia]

You can still get into a safe if you own it. A cheaper way is to place your cards into a milk container, fill it up with water and freeze it. At least then you gotta wait and thaw it out if you get the urge to use it. By the time that happens your urge may have passed.

Ooh. Now THAT is a good idea.

I was going for the out of sight out of mind thing..but I think that might be a better idea.

 

[Darrell]

As I understand it with a 30k limit and a few of your own bucks you could once again be a homeowner. There's some great deals south of the 49th right now. One of the guys at work has been buying up a chunks of Phoenix so you better act fast.

I've been looking but I can't decide if I want to stay here or I want to keep saving, and move somewhere else.

 

[anathelia]

I've been looking but I can't decide if I want to stay here or I want to keep saving, and move somewhere else.

Just don't actually move to Phoenix. It's miserable here.

 

[Darrell]

Just don't actually move to Phoenix. It's miserable here.

LOL yeah, Phoenix is not on the list. :24:

 

[Springsteen]

I have no debts. I don't have a credit card either, just a debit card which works well for both parties. My basic policies are "if I ain't got it, I can't spend it" and "don't borrow my brother any money, you won't see it for a while". I know its harder for other people to not to have debts and such, but I'm happy not to.

 

[Boomerang]

Unfortunately, right now is one of the rare times that I have about $600 on a credit card (it is 0% interest for the next 5 months though). We are good at only buying what we need but have not been able to save enough to cover big unexpected bills like new tires. Who knew tires were so dang expensive! I should have it paid off within the next 3-4 months and then I will be debt free once again!

...other than my mortgage.