Just paid off 3 credit cards - at once!

[Hossenfeffer]

Originally posted by: DevilsAdvocate
Woohoo!!! 3 down... 2 to go.

Of course, one of the cards has like a $7,000 balance

Anybody else in deep shiz with their credit cards?

Yep, I'm in quite deep... Keep hoping to land a great acting gig that will pay off at least one of em

 

[Shockwave]

Nope, no debt other then student loans and house payment. Everything is paid for otherwise. Course, I also have no CC so that helps too.
No, i suck at managing money. Hence, no CC, not because I'm good at managing money, but because I'm smart enough to admit I would be sunk in a matter of weeks if I had one.

 

[Hector13]

Originally posted by: halik
bah,
people with CC debt have poor money skills.
It is not how much the stuff you want now gonna cost in the future, thats inflation at most.

CC debt is the credit companies ripping you off on high APR.
No matter what you think, you cant spend more money than you have, you just acnt. If you need cash, get a loan.

A CC is pretty much a loan, usually a high interest one, though (some cards give low intro APRs however).
And regardless what you think, people can/do/must spend more than what they have; how else would you ever buy a car or house (with a breifcase of money)?

CC by themselves are a good thing. Having debt on them can be a good thing; you just need to make sure you know what you are doing.

 

[Elbryn]

I dont understand how credit card debt could be good at all. They all have high interest rates, later on if not now. The debt carried on it doesnt do you anything except owe more money whereas other loans like a mortgage gets you something back or a car loan, which is pretty much unavoidable and needed. I can see that when you're a student for example you could have the need to carry a debt. The funny thing i see from some friends is that they have credit card loans but would rather put their money into a savings account thinking they are getting ahead. Then i point out that the 5k they have sitting in savings is making them less than 1% interest whereas the debt they have is costing them 17% or higher.

 

[rufruf44]

Originally posted by: Elbryn
I dont understand how credit card debt could be good at all. They all have high interest rates, later on if not now. The debt carried on it doesnt do you anything except owe more money whereas other loans like a mortgage gets you something back or a car loan, which is pretty much unavoidable and needed. I can see that when you're a student for example you could have the need to carry a debt. The funny thing i see from some friends is that they have credit card loans but would rather put their money into a savings account thinking they are getting ahead. Then i point out that the 5k they have sitting in savings is making them less than 1% interest whereas the debt they have is costing them 17% or higher.

CC debt definitely can work with their low interest offer (some as low as 0%), as long as you use it to pay off other outstanding loan, and have the discipline to paid off when the promotional rate expire. I have done it repeatedly in the past to cut back on my mortgage amount.

 

[Viper GTS]

Long distance relationships are hell for CC debt.

I dunno how many thousands I spent on plane tickets, hotel rooms, etc, etc, etc.

Don't have a damn thing to show for it though.

Viper GTS

 

[CPA]

I've got you all beat:

4600 on GMCard @ 6.9%
5000 on MBNA @ 8.9%
3300 on Mitsu CC @ 0.0%
2400 on Yamaha @ 3.9%
2300 on John Deere @ 0.0%
450 on Home Depot @ 0.0%
1500 on Sears @ 0.0%

19500 Total.

 

[Viper GTS]

Originally posted by: CPA
I've got you all beat:

4600 on GMCard @ 6.9%
5000 on MBNA @ 8.9%
3300 on Mitsu CC @ 0.0%
2400 on Yamaha @ 3.9%
2300 on John Deere @ 0.0%
450 on Home Depot @ 0.0%
1500 on Sears @ 0.0%

19500 Total.

Christ, $20K on credit cards?

Just wait until RossMAN shows up, but I don't think he has that much on CC's...

that damn Accord keeps his total up in the stratosphere.

Viper GTS

 

[Mr N8]

I've got around 9500 between 3 cards, and am looking at consolidating very soon. I've also got $17k in school debt left, but the interest on that is minimal.

Who would you guys recommend for getting a debt consolidation loan?

 

[sciencetoy]

Congrats on paying off cards. What a great feeling, no matter how you got into it.

 

[Hossenfeffer]

Originally posted by: CPA
I've got you all beat:

4600 on GMCard @ 6.9%
5000 on MBNA @ 8.9%
3300 on Mitsu CC @ 0.0%
2400 on Yamaha @ 3.9%
2300 on John Deere @ 0.0%
450 on Home Depot @ 0.0%
1500 on Sears @ 0.0%

19500 Total.

As much as I hate to admit it... No you don't. :disgust:

 

[RossMAN]

Originally posted by: Viper GTS

Originally posted by: CPA
I've got you all beat:

4600 on GMCard @ 6.9%
5000 on MBNA @ 8.9%
3300 on Mitsu CC @ 0.0%
2400 on Yamaha @ 3.9%
2300 on John Deere @ 0.0%
450 on Home Depot @ 0.0%
1500 on Sears @ 0.0%

19500 Total.

Christ, $20K on credit cards?

Just wait until RossMAN shows up, but I don't think he has that much on CC's...

that damn Accord keeps his total up in the stratosphere.

Viper GTS

Fortunately (for me) CPA beats me by a little.

But once you add the 2002 Honda Accord (AKA good debt) into the equation I no longer have the upper hand.

Also most of my debt has been rolled around a few times, I LOVE BALANCE TRANSFER INCENTIVES!

0% for 18 months CitiBank MC
3.9% for the life of the loan CitiBank VISA
4.9% for the life of the loan BOFA/Alaska Airlines cc
9.9% as long as I'm an employee of my bank includes cash advances

I did payoff and close an $8k line of credit with my bank a few years ago, great feeling!

I really need a part time job to keep me away from AT Hot Deals. I pleaded with the mods to ban me from that forum but they never complied

 

[CPA]

Originally posted by: RossMAN

Originally posted by: Viper GTS

Originally posted by: CPA
I've got you all beat:

4600 on GMCard @ 6.9%
5000 on MBNA @ 8.9%
3300 on Mitsu CC @ 0.0%
2400 on Yamaha @ 3.9%
2300 on John Deere @ 0.0%
450 on Home Depot @ 0.0%
1500 on Sears @ 0.0%

19500 Total.

Christ, $20K on credit cards?

Just wait until RossMAN shows up, but I don't think he has that much on CC's...

that damn Accord keeps his total up in the stratosphere.

Viper GTS

Fortunately (for me) CPA beats me by a little.

But once you add the 2002 Honda Accord (AKA good debt) into the equation I no longer have the upper hand.

Also most of my debt has been rolled around a few times, I LOVE BALANCE TRANSFER INCENTIVES!

0% for 18 months CitiBank MC
3.9% for the life of the loan CitiBank VISA
4.9% for the life of the loan BOFA/Alaska Airlines cc
9.9% as long as I'm an employee of my bank includes cash advances

I did payoff and close an $8k line of credit with my bank a few years ago, great feeling!

I really need a part time job to keep me away from AT Hot Deals. I pleaded with the mods to ban me from that forum but they never complied

I do the same thing, and when half my cc debt is 0% it's not such a bad thing. A dollar today is worth more than a dollar tomorrow. So if I keep my cash and spend it on things that are must have or investments, then it is worth it. It's all about the cash flow, baby!

 

[RossMAN]

I need some 0% balance transfer cc offers but they don't come anymore.

I tried REALLY hard this year to stop on the cc inquiries but I already have about 5

CC inquiries is da debil

 

[Banana]

Originally posted by: Viper GTS

Originally posted by: CPA
I've got you all beat:

4600 on GMCard @ 6.9%
5000 on MBNA @ 8.9%
3300 on Mitsu CC @ 0.0%
2400 on Yamaha @ 3.9%
2300 on John Deere @ 0.0%
450 on Home Depot @ 0.0%
1500 on Sears @ 0.0%

19500 Total.

Christ, $20K on credit cards?

He's a CPA, so he must know SOMETHING about $$.

 

[Howard]

Why do people have more than 1 credit card?

 

[CPA]

Originally posted by: Howard
Why do people have more than 1 credit card?

Limits, special financing, better incentives....

 

[catnap1972]

Originally posted by: CPA

Originally posted by: Howard
Why do people have more than 1 credit card?

Limits, special financing, better incentives....

Not having to think one company has you under their thumb permanantly (cough...Crap 1...cough)

 

[Spac3d]

Wow, most of you people are terrible with managing your money:disgust:

 

[Marauder-]

It's the WebBoom era that probably got most of us hooked on the buy now to save later idea of spending money. Unfortunately, it doesn't work when the CC interest starts piling up.

 

[JeffreyLebowski]

well good for you. Luckliy for me no one will give me a another credit card so I don't have to worry about these kinda things anymore.

 

[TJN23]

stop spending so much at newegg

 

[kt]

I do that all the time... every month to be exact.

 

[FracturedSoul]

Earlier this year I got out of debt of about 10K which was a lot considering I was in the military... and it took a couple years as a civilian to pay it off. Now that is done I am working on rebuilding my credit and using a new credit card for big purchases only, i.e.-the box I bought last month, plane trip home, road trips to work races, etc. I will probably be in debt the rest of the year although with OT from work(60 hours in Nov/Dec) I might have it payed off fully. But I am doing this much smarter, have the money in savings to back it up if necessary.

 

[sciencewhiz]

Originally posted by: CPA
I've got you all beat:

4600 on GMCard @ 6.9%
5000 on MBNA @ 8.9%
3300 on Mitsu CC @ 0.0%
2400 on Yamaha @ 3.9%
2300 on John Deere @ 0.0%
450 on Home Depot @ 0.0%
1500 on Sears @ 0.0%

19500 Total.

I have
$35 Amex
$0 united visa
$0 other visa
$0 mastercard