Do you carry monthly credit card debt?

[monsoon]

Poll speaks for itself. Do you carry a balance each month on a credit card and hence, pay interest.

[zman9810]

I hate paying interest so only do so on big items like a mortage or vehicle and even then I shop for the lowest rate I can get. Credit card companies abuse the system in my opinion, especially the younger consumers.

[suburban george3]

I try to avoid carrying a balance on credit card/credit line like the plague. The only time I carry a balance is for 2-3 months around Christmas time..

[tombarnes]

I use American Express which makes me pay off the balance each month. Whatever you do, don't be fooled into signing up for their Sign & Travel program which comes with an outrageous 24% interest.

[Raintree21]

I pay off everything I buy on my ONE credit card every month. I don't buy anything I can't afford. I try to be responsible with my finances.

[Neo]

I absolutely hate debt and will do anything to avoid collecting more of it. It is not avoidable to have a debt related to mortgage and car payment for most, but I'm an advocate of paying those things off as quickly as possible.

Americans have way too much debt and is the reason most are in financial turmoil at the present time. I pay absolutely everything with my bank's check card that way it gets drawn out of my account almost immediately. I do not carry around cash and haven't for several years. I do own a credit card that I keep on me, but I can't remember the last time it was actually used, it is with me only if my check card fails me for whatever reason (hasn't happened yet). I break my finances into several accounts spread out and withdraw a specific amount each week to go to each place and I don't touch that withdrawn money. We live off of whatever is left in our checking account and if we don't have the money in that account to pay for something then we just don't buy it. Simple.

[dimebag1980]

I am currently in the middle of the long, drawn-out process of trying to clean up my debts.

So to answer the question, unfortunately, yes.

[NCB]

I pay off my credit card every month, so no, I don't carry monthy credit card debt.

Somewhat off-topic, but another type of debt that is becoming a major problem for far too many college students is that of student loans. Thankfully, I'm not in that group, but it's alarming how many students will be graduating from college(especially the more expensive schools) with massive amounts of debt from student loans that need to be paid off. I know of someone here at Tulane University that will graduating with over $80,000 in student loans that will have to be paid off. And I've heard numbers that went well into the six figure range for graduate students.

[Recchia]

I've never carried a balance on my credit card, I only have one to keep building good credit, and I get a rebate on gas purchases. My only debt right now is student loans, not that much since I went to a cheap school, and my mortgage.

[FromCityToRural]

I carried a balance for two months last year, making way more than minimum payments. Still, before and after, I have always paid it off every month, and I make most purchases (we're talking probably 80+%) on it to help establish my credit.

[Raintree21]

I pay off my credit card every month, so no, I don't carry monthy credit card debt.

Somewhat off-topic, but another type of debt that is becoming a major problem for far too many college students is that of student loans. Thankfully, I'm not in that group, but it's alarming how many students will be graduating from college(especially the more expensive schools) with massive amounts of debt from student loans that need to be paid off. I know of someone here at Tulane University that will graduating with over $80,000 in student loans that will have to be paid off. And I've heard numbers that went well into the six figure range for graduate students.

[kayman]

I actually have a credit care, a Target Visa, but I've yet to actually use the card for any purchases. The only debt I do have is from a student loans, and Raintree21 unless you have a major that you can breeze through with little studying, most students are going to have tough time balancing both without something getting neglected. I tried to work 25-30 hours a week to focus on keeping everything paid off the entire time my first 2 years of school, but my GPA slip after I failed an upper-level Physics course that I worked my ass off the entire semester to pass. It is quite difficult to borderline impossible to do both successfully unless one has a scholarship or parental assistence.

[Captain Worley]

My wife and I both have one card apeice and we both pay them off at the end of the month. Most of the time, the only charges I have on mine is for the ISP and Netflix. Every so often I put an Amazon charge on there. I pretty much pay for everything with my check card and have even considered ditching my credit card, but my BIL, the bank VP, says it is a good idea credit-wise to keep one card, especially since I've had it from 1989.

We're debt free except the house.

[Neo]

I actually have a credit care, a Target Visa, but I've yet to actually use the card for any purchases.

Unfortunately it is coming to light that department store credit cards can actually harm your credit rather than helping it. I would advise anyone that if you do not use the card to just simply get rid of it and go down to one credit card that you keep as a spare in case it is absolutely required for emergency. IMO that card should come from a bank such as Capital One or Bank of America for example.

[dxartist]

I've learned the hard way about credit cards and no longer use them. When I was young and dumb and full of piss and vinegar, spending frivolously and thinking paying it back would be easy, which got me in trouble (25K). It took so long time to get out of credit card debt due to unfortunate circumstances, it was miserable. Lesson learned, albeit a painful one. Wished I had more common sense back then.

I'm strictly cash only guy, but have card for emergencies only.

[ncwebguy]

I try to pay with cash for anything from a locally owned store/vendor/whatever, to keep them from having to pay a transaction fee to the credit card company or bank (check card). Everything else goes on one credit card I pay off every month, since it earns cash back.

I am waiting for the credit market to stabilize and then refinance into a 15 year mortgage or move if we find a "dream house" for a decent price. The car is paid off in a little over a year, and I'd rather keep cash on hand for a down house payment/refinance than what I'd save in interest (5%).

[Neo]

I am waiting for the credit market to stabilize and then refinance into a 15 year mortgage or move if we find a "dream house" for a decent price. The car is paid off in a little over a year, and I'd rather keep cash on hand for a down house payment/refinance than what I'd save in interest (5%).

I'm a big fan of just keeping the standard 30 year mortgage but paying as much as possible (say 60% more than what is required). This way you have cash on hand if you need it since you can always revert to paying an amount closer to the original required monthly payment but if you continue on the track of paying more you pay off the mortgage much sooner. We're doing this method and will have our new home paid off within the 15 year mark without any problem, but we have the safe haven of knowing that if circumstances absolutely required more money we can always get it from the extra we're paying in our mortgage.

[dgreco]

yes, but very minimal, and all stuff that if I wanted I could pay off.

I wonder how much of the 315% increase of credit card debit (According to CNN) is debit that can not be repaid?

[michaelskis]

I am anti-debt, other than a mortgage that is no more than 25% of your take home pay on a 15 year, fixed rate mortgage. I currently have no credit cards, two paid for vehicles, and working on paying off the wife's student loan payments. The wife and I have each have a debt card connected to our checking account and we wait until we can pay cash for things (and always ask for a deal).

I for one don't understand the concept of debt beyond people wanting to buy things that they can't afford.

(sounds like Neo and I are on the same page with money)

[dgreco]

I pay off my credit card every month, so no, I don't carry monthy credit card debt.

Somewhat off-topic, but another type of debt that is becoming a major problem for far too many college students is that of student loans. Thankfully, I'm not in that group, but it's alarming how many students will be graduating from college(especially the more expensive schools) with massive amounts of debt from student loans that need to be paid off. I know of someone here at Tulane University that will graduating with over $80,000 in student loans that will have to be paid off. And I've heard numbers that went well into the six figure range for graduate students.

[suburban george3]

Unfortunately it is coming to light that department store credit cards can actually harm your credit rather than helping it. I would advise anyone that if you do not use the card to just simply get rid of it and go down to one credit card that you keep as a spare in case it is absolutely required for emergency. IMO that card should come from a bank such as Capital One or Bank of America for example.

[michaelskis]

Regarding debt, I am a fan of Dave Ramsey. He has written a couple books, has a 13 week class, and a national tour that sells out. Oh, and a national radio show. You can check him out at www.daveramsey.com

[Neo]

Shred ALL credit card offers received in the mail, deal only with a local bank!

There is an even easier way to handle this, stop receiving these junk offers in the first place! There is a free service that will allow you to permanently opt out of receiving card offers:

https://www.optoutprescreen.com

My wife and I are on the list and it has certainly reduced the amount of junk mail we get by a large amount.

[Soma]

I will admit playing the shell game with credit card companies for a few years to float loans without paying interest. One must read the fine print though to avoid surprises, and never forget the cc can change your terms at will whenever they want to. This past Christmas coincided with several major car repairs and other unexpected expenses. Luckily that coincided with CapOne calling me to ask what can they do to improve services, I told them how about a 0% apr on purchases, they agreed for 6 months and we charged the hellout of that card.

The gods smiled in our direction and a bonus payout cancelled that debt! Now we are down to just one minor balance on a Discover, and our 30yr fixd mortgage, no car loans here. And as soon as that last cc is paid off we are doubling up on the mortgage principal payment.

[swh1972]

I got into some minor credit card problems durring college, and once I graduated and found a job and started earning a steady salary, I have never gone back to carrying a balance from month to month.