How much credit card debt do you have?

At one time I had about 5k in credit card debt. At that point I decided it was time to make a change. I cut up my cards and payed everything off so now I have no credit card debt. At the time I only had two credit cards but it is more than enough for me to rack up some debt that I shouldn't have. In my opinion, no one really needs a credit card. The fact that many people believe you can't live without them is a myth that has been spread by the credit card companies to get you hooked.

 

I've managed to get it down to zero but in the past I have been known to carry more than I should. It's important to get spending like that under control. It took me a while.

 

None! I pay off my balances every month no matter how much it kills me. I make sure the cards I get have some type of reward system so the credit card companies actually pay me every year to use their card. Sweet!

 

At the present time I have no credit cards and no debt. If I want something g I pay cash for it or I do without it. I drive an older car but it gets me where I'm going. It is dependable. I started over after over on my own after my twenty year marriage fell apart so I am very conscious about what I buy and what I really need. So far this works for me.

 

I also have no credit card debt, except my current balance which I pay off at the end of every month in full. We do not consider our credit cards to be advance cash or means to pay for things we cannot afford. They are simply a tool to make check-out faster and to keep better track of our spending.

I like that credit cards provide an added measure of security on purchases, keep a perfect (and organized!) record of spending, and provide rewards in the form of airline miles or cash back. That is why I will never cut mine up and go to a cash only system. They are a very keen budgeting tool if used correctly.

 

I'm in the minority, as we carry more than we should My husband travels some for work, so we charge that, but sometimes it's hard to use the expense money to pay them off, when you need it to live. I'm working on a plan now to reduce ours to zero in the next few years. It's very overwhelming and stresses me out. I wish I had been taught at a young age to not let it get out of control.

 

My husband and I don't have any credit card debt, luckily. We're pretty good about using it and then paying it off right away (at least when the month comes around). The only time when we really racked up some credit card debt was when we first moved and had to get furniture and stuff, but we paid that off as soon as we can.

 

It might be hard to believe for some, but I have never possessed a credit card in my life, and I have also never had any debts.
I rather live frugally for a while instead of borrowing money form institutions or friends. I figure that as long as I have enough money to buy what I urgently need, I am fine. I very rarely overspend. It really helps that I can't stand shopping in general. I much prefer to take my bike and go for a long ride in the countryside instead of hanging around shopping malls.

 

I think it would be safe to say - that I too am debt free and apart from having had a company credit card whilst I was working which was paid by the company - I haven't had or got any credit cards either.

In fact apart from the few occasions that I've had small mortgages on property - I've never been in debt - for the simple reason that I never ever borrow money and prefer to live within my means - even though at times it has meant having to sacrifice something in order to do that.

Which is possibly aided by the fact that I am what you might call somewhat of a frugal sort and therefore normally choose the most cost effective way of doing things before parting with any money - which means - apart from never letting anything go to waste and of course using the household utilities wisely etc - that although my first priorities are always to make sure that there is enough money to pay for the roof over my head as well as to cover the cost of the various utilities and food - I only ever buy things that are really needed or really wanted - or put simply - if I can't afford something I don't buy it.

 

I am down to one credit card and one credit card payment monthly now. I have to admit, I have been very irresponsible with using credit cards in the past. It is so easy to just hand over that piece of plastic. I am trying really hard to pay this last card off and only buy what I can afford. Easier said than done, but I need to focus and get out of debt. Debt will smother you.

 

At this very moment? I think $7 from Netflix monthly fees. I do my damndest to pay off my credit card debt every month, as the thought of interest piling on top of interest seems abhorrent. I've heard way too many horror stories from friends who went too long without paying off their credit card bills and having to take second and third jobs just to get out of debt. Seems to happen most often to those going back to school for further education, though not always.

 

Five years ago, I also had that problem. It all started when one bank gave me two credit cards. At first, I had only had a minimum credit limit for both but I noticed every month they would increase it. It was during the holidays that I maxed out both credit cards and my bill was almost 3k. I had no choice but to use my emergency fund. I was devastated because it was my life savings.

Now, I just keep one credit card. Although at times there are instances that I use it on unnecessary things, I make sure that I pay the full amount when the bill arrives. But as much as possible, I really try to control the use of credit card.

 

I once had a $5,000 credit card debt from a credit card I had about 5-6 years ago, but now I am down to $3,000. I am hoping to have most or all of it paid off by the end of this year. It is a pain but because of the irresponsible choices I made, I have to deal it. This was definitely a lesson learned.

 

I have a couple thousand sitting on one of mine. I usually pay it off in full every month but I had an unexpected situation come up a couple months ago that I'm still trying to get caught up from now. I should be caught up in another couple months hopefully.

 

Since we use credit card for the gasoline, groceries and purchases of appliances, our average monthly balance of purchases reaches $1,000 up to $2,000. But during December when we normally buy appliances, we had a debts of $5,000 last year because of the new cooking range and the tv. It's a good thing that we can pay the installments promptly.

 

I have some friends who put every single purchase on their credit cards . They do this because they get frequent flyer miles. They have a lot of money, so they pay off their balance every month! I, on the other hand, do not have a lot of money, so I don't do that. In the past, I had about 6 credit cards, on which I carried thousands of dollars worth of debt. When I got divorced, I found myself in a real bind! It took me a long time to pay them off, so I decided, no more cc's for me...ever!

 

I have a decent amount of debt but the main thing I look at it in my ability to do the repayment based on what is actually plausible. I don't want to put myself in the position to where I worry about how much I actually go and then get myself tango up into refinancing or getting another credit card to pay off another credit card that would all make absolutely no sense whatsoever so I think that it's very important that I don't really look at the bigger number I look at breaking down nice my credit card payment but everything on my credit report to a suitable reasonable amount that I'm able to pay as a whole vs just trying to play around and okay I'm perfectly fine oh you know paid $5,000 and less than 2 months it's not going to happen.

 

At one point I had about 10 in credit card debt , but have managed to whittle it down to about $800. It took me a little over 4 years to pay it all off and it has been an exhausting road. I do not wish that on anyone. If you don't have cash to buy it with, spare yourself and realize that you do not need it

 

This is not something to brag about, really, but I'm still happy to share that I have zero credit card debt. That is not to say I have no debt whatsoever but I have always endeavored to purchase in cash or through debit. I used to have a credit card but was left with little choice but to cut it because the bank failed to send me my bills for three months in a row. The next thing I knew, a letter came demanding me to pay three months worth of "accumulated debt." I also got calls from so-called lawyers. After I paid everything in cash, I cut ties with the bank that offered me that credit card. Problem solved.