Well me and my friends were sitting around talking the other day about what to get for Xmas and all. Then most of them were talking about how they would have to watch/limit themselves because of their current credit card debts, and I was surpise when most of them said it was over 10k and that's 3 outta 5 of them. So, I was wondering do most people carry around a BIG credit card debt. One of my friend would said if he owed 9k in debt and paid it down to 2k that he'll feel he had extra limit to spend and wont hesitate to make another BIG purchase. You dont have to respond with how much your debt is I just wanted to see a poll.
Zero revolving credit card debt. I repeat.... Zero revolving credit card debt. The only credit card I have is an American Express, and I pay it off each month. It is the only way to live. Believe me. The best thing you can do for yourself is wipe out all of your revolving credit card debt, and never, ever run it up again. It's the best thing you can do for your financial health.
I'll run a balance where it makes sense to - ie if they're going to offer a low (or no) interest period where I can make a higher return on that money in other investments. Paying off a credit card isn't always the smartest idea if you have the means to deliver a return higher than the credit card rate elsewhere... However, those instances are rare and usually limited to low rate offers from the credit card companies.
And don't be late on a payment....the cool-sounding low interest rate quickly turns into a 30% APR albatross around your neck.
$0.00 I paid all my credit cards off in 2002 using Consumer Credit Counseling Service. It was tough, but worth it. Now I pay my (1) credit card in full every month, no questions asked. Capital One recently figured out that they weren't making any money off of me (because I don't pay finance charges) so they thought they would be smart and raise my limit from $500 to $2,000. I called them and told them to lower it back to $500, thank you very much.
Zero baby !! It took me 7 years to pay it off...and that was 4 years ago....and now I pay it off monthly... GET OUT OF DEBT...it is worth it. DD
Yeah I should have maded ZERO an option but I guess Under $1k would be almost the same even if you charge up something that month or if is under 1k it shouldnt be to hard to just pay it off.
I said $1-3k because our monthly bill usually runs around 2500 but we pay it off each month. Only 1 time in the 25 years that I've had a cc have I not paid it off. This next month will be a hefty one though. Maybe a record for not having a big purchase and excluding just came back from vacation bills.
$0.00 I only use my credit card when I don't have the money in my checking account at the moment (e.g. buying car insurance), but I always pay it off every month. I'd rather put off a big purchase until I have the cash than let those credit bastards take my cash.
I hear that its not good to have all of your cards paid off, hence why I leave some on both of mine. Im about middle of the road, but definitely less than the national average.
It's not good to pay them off and never use them. I believe it's good to use them every month and pay them off every month. It shows potential creditors that you can handle your debt, which ironically enough is better than not having any debt.
Working on it... The trip to the Carribean was worth it however and I would do that again. But that's it.
I stronly agree. My Amex have balance of 3000 @ 0% Promotional APR until next May. I have used those extra 3000 to invest in 2000 shares of JDSU@1.5, JDSU is now 2.35, I have made 55% ROI on those 3000. Usually I would like to pay off them every month, but when opportunities such as 0% APR of 12 month with a combination of good investment opportunites such as extremely under value stock come, I would take chances. In order to have the strategy work for your favor, you need to have extra money on bank which would allow you to pay off your card balance when promotional period end while your investment does not go as you would like. Also, if you have balance of 0% promotional APR on your credit card, don't add up any balance on that card since those adding balance will be charged with regular APR. All the payments you made are towords 0% APR balance instead of your high regular balance.
Ha over 15K, Ya I borrowed on three 0% credit cards and makes 4% for about 15month. I will pay them off as soon as the introductory period is over. That's a close to 800 free dollars, plus I get 1% rebate on the card I transfer to these cards for everything from electric bills to gas for cars and every other things you can imagine. I am going to sign up for another one before next April when the first card's introductory rate expire and they find out I won't carry a balance.
