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View Poll Results: Do you have credit card debt
I have no debt...i pay my cards off monthly 24 40.00%
I have some debt >$1000 13 21.67%
I have a good amount of debt >$1001-$3000 13 21.67%
My credit is screwed 10 16.67%
Voters: 60. You may not vote on this poll

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Old 12-16-2007, 11:50 PM   #1
flip326
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Thoughts about Spending, saving, and debt

SO after reading the retirement thread responses, I decided to make another thread regarding debt, if you have it, and why.
  • About 43% of American families spend more than they earn each year.
  • Average households carry some $8,000 in credit card debt.
  • Personal bankruptcies have doubled in the past decade.
  • www.cardweb.com shows Their statistics that the average debt per American household with at least one credit card was $8,940 in 2002, the last year for which figures are available.

speak your peace on your thoughts about debt.
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Old 12-17-2007, 12:28 AM   #2
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When I was young (a long time ago) I was told that the average American middle class worker spent about 50% of their income during their working lives PAYING INTEREST.
I figured if I could suck it up for a few years and get ahead of that curve I could have TWICE as much without earning any more if I wasn't giving half of it away in interest.
There are of course all kinds of views to take on this, but I think all financial wizards will tell you credit card debt is BAD NEWS. I have always paid my credit card bill in full - each month. I've been doing that since I was right out of high school and got my first credit card, and that has been a long time - longer than a lot of you have been alive, and no I did not have parents with money - I've made my own since well before being out of high school.
Credit Card Debt is BAD NEWS!
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Old 12-17-2007, 12:46 AM   #3
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I use my CC for gas and then pay them off i have rewards for using my gas cards. Plus with it being the christmas season i put a couple of things on there, but other then that they are used as an emergency.
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Old 12-17-2007, 12:53 AM   #4
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Credit Card Debt is BAD NEWS!

+100000000 @ 29.5 APR! :/:
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Old 12-17-2007, 01:31 AM   #5
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Haha I got $10000 in credit cards and $18k left of my darn car. Time for some debt consolidation. Luckily I work at a bank so I can deal with all this mess. Pay ur debt off ppls, you'll feel a lot better.
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Old 12-17-2007, 01:32 AM   #6
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I just heard one of the money wizard/tv gurus - say if you have an $8000 credit card debt and always pay the minimum payment it will take 24 YEARS to pay it off!
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Old 12-17-2007, 04:53 AM   #7
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I voted "I have a good amount of debt >$1001-$3000 "

But I'm including mortgage and school loan. Other than that, I'm debt free. All vehicles are mine and credit cards get paid off every month.
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Old 12-17-2007, 08:00 AM   #8
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credit isn't screwed but my wife just finshed school, and has $40k in loans. and we have our car financed, about $21k left. other then that we have not debt.
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Old 12-17-2007, 08:19 AM   #9
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I had a lot of CC debt at one time, now its down to about 1K, boy it was a relief paying those off. NEVER again. Like Radar said, so much of it goes to intrest. I am paying for my car/truck/bike. So I am still paying alot of intrest. I hope that these are the last vehicles I buy on credit.

If you have rewards then useing them and paying them off every month can be benificial.
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Old 12-17-2007, 08:53 AM   #10
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40K is school loans, 5K on credit cards, paying extra on those every month, financed bike, gf's financed mustang... but i have pretty good credit. no choices applied to me
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Old 12-17-2007, 09:13 AM   #11
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The best thing a young person can do is buy a house, as soon as possible.

Even with todays somewhat stricter lending guidelines, it's still very feasible to buy one with very little down.
Don't get an ARM, but instead choose a fixed rate, even if it's a bit higher, you'll thank me later.

The advantages of owning your own home are many; tax deductions, your house note won't go up like rent, and you're paying your equity, not someone elses.

Once you get a house, pay what you can on your amortization; For every additional principle payment you make, you'll remove the interest associated to it.

If you get started now, say in your mid-20's, you can be sitting very pretty in less than 10 years.


As far as credit cards, use them wisely.

If you're going to use them for large purchases, opt for lower interest cards, and buy the item at the beginning of the card billing cycle, so you can float their money longer.

Know going in how much you're going to spend, and how long you plan to take to pay it off.

If you don't, you'll just dig yourself into a deeper and deeper hole that can be very difficult to get out of.


If you're there already, get with one of the many free credit consulting / repair places and work out a plan to get out from under the debt.

It will take some discipline on your part to do, but the end results are worth it.
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Old 12-17-2007, 09:17 AM   #12
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Quote:
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If you're there already, get with one of the many free credit consulting / repair places and work out a plan to get out from under the debt.

.
i agree w/ everything Patricks said except this. you can clear up your credit w/o these guy's and many times they really don't help you out financially in the long run.

check into www.daveramsey.com

his basic premise if your already in debt problems is the debt snowball, pay the smallest CC off first, once tht is paid off ,then roll that into your next smallest debt and so on.
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Old 12-17-2007, 09:19 AM   #13
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i agree w/ everything Patricks said except this. you can clear up your credit w/o these guy's and many times they really don't help you out financially in the long run.

check into www.daveramsey.com

his basic premise if your already in debt problems is the debt snowball, pay the smallest CC off first, once tht is paid off ,then roll that into your next smallest debt and so on.
i listen to him on the raido almost everyday AM950 at noon
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Old 12-17-2007, 09:28 AM   #14
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Are his books worth it or just more spent money?
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Old 12-17-2007, 09:34 AM   #15
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Are his books worth it or just more spent money?
well it boils to discipline, you can read all you want, but if you don't work his plan it's pretty useless.

we did an 13 week program w/ wife's church. it was good, we could be more disciplined, but we could also be worse.
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Old 12-17-2007, 09:39 AM   #16
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Are his books worth it or just more spent money?
just listen to him on the radio a few times... i think his books would be worth it for the non-listeners. but since i listen to him , i think i get the point without having to buy the book
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Old 12-17-2007, 09:43 AM   #17
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Quote:
Originally Posted by Patrick View Post
The best thing a young person can do is buy a house, as soon as possible.

Even with todays somewhat stricter lending guidelines, it's still very feasible to buy one with very little down.
Don't get an ARM, but instead choose a fixed rate, even if it's a bit higher, you'll thank me later.

The advantages of owning your own home are many; tax deductions, your house note won't go up like rent, and you're paying your equity, not someone elses.

Once you get a house, pay what you can on your amortization; For every additional principle payment you make, you'll remove the interest associated to it.

If you get started now, say in your mid-20's, you can be sitting very pretty in less than 10 years.


As far as credit cards, use them wisely.

If you're going to use them for large purchases, opt for lower interest cards, and buy the item at the beginning of the card billing cycle, so you can float their money longer.

Know going in how much you're going to spend, and how long you plan to take to pay it off.

If you don't, you'll just dig yourself into a deeper and deeper hole that can be very difficult to get out of.


If you're there already, get with one of the many free credit consulting / repair places and work out a plan to get out from under the debt.It will take some discipline on your part to do, but the end results are worth it.
Just be careful on who you pick to do this, I tried a debit consulting/ repair place about 6 years ago and they made my credit worse than it was to begin with. There are legit places out there just research them before you go with them..
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Old 12-17-2007, 09:44 AM   #18
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Ed is correct. In the end, it's all about using discipline.

You can get the road map to financial success anywhere, but it's having the discipline to follow the map that will get you there.

It's no different than paying for a gym membership but never going, you won't see any results.
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Old 12-17-2007, 09:50 AM   #19
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Quote:
Originally Posted by sbfuller View Post
just listen to him on the radio a few times... i think his books would be worth it for the non-listeners. but since i listen to him , i think i get the point without having to buy the book
Can you listen to it on the Internet? I usually go to lunch with my coworkers at noon.
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Old 12-17-2007, 09:54 AM   #20
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Debt? Well let's see.... house, truck, boat, 2 out of 3 bikes, student loans (me), and a handful of credit cards between the 2 of us (each >1k)...yeah...we're living The Dream.
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