Credit Card and Consumer Debt

[Johnfromokc]

Do you carry a balance on credit cards or other revolving consumer debt - like appliances, TV's or whatever? It seems like a majority of Americans do.

What about our international members? How is consumer debt viewed in Europe and Australia and other places?

I have not paid any consumer interest since 1991 and have one of those cards that pays between 1% and 5% cash back that I pay everything I can with and pay the balance monthly. I had one once where they gave you a $50 savings bond for every $2500 you spent.

Sometimes I listen to Dave Ramsey on the way home from work and it's amazing to hear these people who have run up huge amounts of unsecured debt to the tune of $100,000 or more. :eek

 

[Panacea]

I am sooooo lucky not to have a penny of credit card debt, but I have an ass raping's worth of student loan debt. Same difference. *shoots self in head*

 

[Codrus]

but I have an ass raping's worth of student loan debt.

popcorn2::stickit:

ics:

 

[Johnfromokc]

I am sooooo lucky not to have a penny of credit card debt, but I have an ass raping's worth of student loan debt. Same difference. *shoots self in head*

That's the next bubble to pop I think. Student loan debt cannot be bankrupted out of even if you're a quadraplegic. You'll pay till you die. And they make it extremely easy to get student loans. Every single time I flip the radio to Dave Ramsey, without fail, somebody calls with student loan debt from $10,000 to $200,000. :eek WTF kind of degree costs $200,000?

 

[Panacea]

That's the next bubble to pop I think. Student loan debt cannot be bankrupted out of even if you're a quadraplegic. You'll pay till you die. And they make it extremely easy to get student loans. Every single time I flip the radio to Dave Ramsey, without fail, somebody calls with student loan debt from $10,000 to $200,000. :eek WTF kind of degree costs $200,000?

I got my undergrad with 18k in debt, and already doubled that in one year of graduate school, and I'm going part time. I will probably never be able to afford to start a family, my boyfriend and I will have to live like teenagers even when we are married and in our 30s.


Sorry to shift the topic lol

 

[Panacea]

popcorn2::stickit:

ics:

LOL I be sure to post some pics when I get the final bill

 

[freakofnature]

I ran up a balance on my credit cards (I have two) a number of years ago when I worked a job that wasn't able to financially sustain me. Things have been much better since I started my current job. I've gotten the balance on one down to zero and I'm working on the other. Should have it paid off by next year.

 

[Johnfromokc]

I got my undergrad with 18k in debt, and already doubled that in one year of graduate school, and I'm going part time. I will probably never be able to afford to start a family, my boyfriend and I will have to live like teenagers even when we are married and in our 30s.


Sorry to shift the topic lol

No problem on the shift. I hope you knock your grad degree out fast! What kind of interest are they charging? Public or private college?

Sorry for being nosey, but you've got my curiosity up now. It all makes me wonder how we got to this place in America where young people have to start their life out in debt just to get a college degree.

 

[Peter Parka]

I've always believed in buying things when I've got the money if possible. It's this buy now, pay later crap that has got our country into this state. You appreciate things much more if you own them out right and have exercised self control to save up for them.
I used to have credit cards but I cut them all up about 5 years ago and refuse to have them. One of the best things I've ever done. :nod:

 

[Panacea]

No problem on the shift. I hope you knock your grad degree out fast! What kind of interest are they charging? Public or private college?

Sorry for being nosey, but you've got my curiosity up now. It all makes me wonder how we got to this place in America where young people have to start their life out in debt just to get a college degree.

Public university. I may not finish the degree, actually, I'm getting cold feet about owing so much.
I take out subsidized and unsubsidized loans, since I am not eligible for grants as a graduate student and I don't earn enough at my full time job to survive. Guess I should have had a good job by now, eh?

I believe the interest is like 6.8%?? I feel foolish for not knowing for sure, but I have my head in the sand trying to pretend I haven't ruined my entire life by going to college.

 

[HK]

I have one credit card with a balance on it. Normally I wouldn't, but my partner and I have had a redundancy each in the last year so times have been hard. The alternative was to give up our home. I now have full time work and hopefully my partner will soon as well, so we can pay our debt off.

I used to have the mentality that I couldn't understand how people got into debt. But once you're actually in a situation where you have to choose between putting something on a credit card or not paying for it at all, and that something is an essential like a water bill, you quickly lose any trepidation about a little debt if it means you can still keep a roof over your head.

 

[AUFred]

We use ours constantly but zero it after each statement. Even if it means moving money from savings. Credit card interest is ridiculous.

 

[Panacea]

I do pay for rental cars on the card but like Fred, pay it off immediately. I wait around for the charge to drop and pay it right then LOL jackasses

 

[HottyToddyChick]

I picked 5 to 10, but if we add in students loans, I'm well over 10.

 

[Maulds]

I picked zero un-secured. No student loans and I paid off and cut up my credit cards a long time ago. My debt = wifes car payment and the mortgage.

 

[anathelia]

I have no debt unless you count student loans. In that case, I'm at about $6k right now.

I just got approved for my first credit card, which I'll use to build myself some credit so I can eventually get a car and be able to apply for a home loan and all of that sort of stuff. My SO got into hot water with CC debt, and I'll be avoiding it as much as I can.

 

[Maulds]

Just dont buy "stuff" just because you have a card.

 

[Staci]

we have no credit cards and wont buy it unless we pay for it. exception is our cars and our student loans

 

[Maulds]

My Tahoe, Harley and boat are all mine free and clear.......yay

 

[anathelia]

Just dont buy "stuff" just because you have a card.

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.