POLL: are you in debt to your credit cards?

[CRXican]

Originally posted by: Summitdrinker
Zero CC debt, was in debt over 30,000 once, never again.......................cut your cards up now

The OP in this thread could probably use some advice from you:
http://forums.anandtech.com/messageview...atid=38&threadid=1617000&enterthread=y

and in regards to your Brewery of the week, I had a bottle of the Alaskan Amber last night, good stuff

 

[KarenMarie]

Yes... $20,000. worth


When we renovated the house... we did it outselves after getting screwed by a contractor.

So, buying materials + time off work to renovate = credit card debt.

We paid for the house in cash the day we got it, so we have not mortgage or loans against it. All of our vehicles were paid in cash the day we got them, so there are not leases, payments or loans against them. Everything in the house was paid for in cash, too. So, in essence, our entire debt is $20k.

It stresses me out the wazoo... I mean REALLY... but the b/f says... no worries. And my neighbors/friends with mortgages and kids and car loans... they WISH they only had my debt.

It makes me sad though.

 

[Don Vito Corleone]

Originally posted by: KarenMarie
Yes... $20,000. worth


When we renovated the house... we did it outselves after getting screwed by a contractor.

So, buying materials + time off work to renovate = credit card debt.

We paid for the house in cash the day we got it, so we have not mortgage or loans against it. All of our vehicles were paid in cash the day we got them, so there are not leases, payments or loans against them. Everything in the house was paid for in cash, too. So, in essence, our entire debt is $20k.

It stresses me out the wazoo... I mean REALLY... but the b/f says... no worries. And my neighbors/friends with mortgages and kids and car loans... they WISH they only had my debt.

It makes me sad though.

Why don't you take out a home equity loan to pay off your credit cards? You'd save a fortune.

 

[KarenMarie]

Originally posted by: DonVito

Originally posted by: KarenMarie
Yes... $20,000. worth


When we renovated the house... we did it outselves after getting screwed by a contractor.

So, buying materials + time off work to renovate = credit card debt.

We paid for the house in cash the day we got it, so we have not mortgage or loans against it. All of our vehicles were paid in cash the day we got them, so there are not leases, payments or loans against them. Everything in the house was paid for in cash, too. So, in essence, our entire debt is $20k.

It stresses me out the wazoo... I mean REALLY... but the b/f says... no worries. And my neighbors/friends with mortgages and kids and car loans... they WISH they only had my debt.

It makes me sad though.

Why don't you take out a home equity loan to pay off your credit cards? You'd save a fortune.

other ppl have suggested that... i will never ever ..not ever.. borrow against this house. Never. It is paid for... clean and clear.

If, God Forbid, anything were to happen and we were forced to default on the credit cards... we will ruin our credit and be very ashamed.

If we borrowed against the house and, God Forbid, anything were to happen... and we had to default on that loan... we would be HOMELESS and very ashamed. I will never, ever.. not ever... put us in a position where this house is up for grabs by anyone.

Poor financial decisions got us here and the penality for stupidity is high interest payments on credit card debt. At $1,000-1,500. a month payments it will be paid off shortly. I have learned to stop spending on stuff i want but dont need now.

 

[JRock]

Nope...

 

[Summitdrinker]

I actually don't know if I have ever had alsakan beer, maybe. but I found the brewery website to be interesting. I would like to try it if I could get some fresh stuff

 

[jdub1107]

I have no debt. But I'm only 24.

 

[akubi]

Originally posted by: KarenMarie
other ppl have suggested that... i will never ever ..not ever.. borrow against this house. Never. It is paid for... clean and clear.

If, God Forbid, anything were to happen and we were forced to default on the credit cards... we will ruin our credit and be very ashamed.

If we borrowed against the house and, God Forbid, anything were to happen... and we had to default on that loan... we would be HOMELESS and very ashamed. I will never, ever.. not ever... put us in a position where this house is up for grabs by anyone.

Poor financial decisions got us here and the penality for stupidity is high interest payments on credit card debt. At $1,000-1,500. a month payments it will be paid off shortly. I have learned to stop spending on stuff i want but dont need now.

dunno for sure but I think if you default on the credit cards the first thing they will take is your house anyway.

 

[Noirish]

Originally posted by: Nik
The average American household has eleven credit cards. Eleven.

wow, just wow.
i only one 1 card for each major issuer, (master, visa, discovery, amex)

 

[91TTZ]

Originally posted by: KarenMarie

other ppl have suggested that... i will never ever ..not ever.. borrow against this house. Never. It is paid for... clean and clear.

If, God Forbid, anything were to happen and we were forced to default on the credit cards... we will ruin our credit and be very ashamed.

If we borrowed against the house and, God Forbid, anything were to happen... and we had to default on that loan... we would be HOMELESS and very ashamed. I will never, ever.. not ever... put us in a position where this house is up for grabs by anyone.

Won't they just take the house anyway if you can't pay off your debts? Your assets become theirs I thought? I'm no expert on this though.

 

[fenrir]

Originally posted by: KarenMarie

other ppl have suggested that... i will never ever ..not ever.. borrow against this house. Never. It is paid for... clean and clear.

If, God Forbid, anything were to happen and we were forced to default on the credit cards... we will ruin our credit and be very ashamed.

If we borrowed against the house and, God Forbid, anything were to happen... and we had to default on that loan... we would be HOMELESS and very ashamed. I will never, ever.. not ever... put us in a position where this house is up for grabs by anyone.

Poor financial decisions got us here and the penality for stupidity is high interest payments on credit card debt. At $1,000-1,500. a month payments it will be paid off shortly. I have learned to stop spending on stuff i want but dont need now.

Not to sound harsh, but did you even take the time to investigate it? If you didn't, I cannot understand why you wouldn't take the time to save some money. I hate to say it, but another poor financial decision probably cost you more money. If you did investigate it, ignore me.

I was offered "insurance" that I could buy, so in case something did happen the payments would be covered for the house.

Matt

 

[Don Vito Corleone]

Originally posted by: KarenMarie

other ppl have suggested that... i will never ever ..not ever.. borrow against this house. Never. It is paid for... clean and clear.

If, God Forbid, anything were to happen and we were forced to default on the credit cards... we will ruin our credit and be very ashamed.

If we borrowed against the house and, God Forbid, anything were to happen... and we had to default on that loan... we would be HOMELESS and very ashamed. I will never, ever.. not ever... put us in a position where this house is up for grabs by anyone.

Poor financial decisions got us here and the penality for stupidity is high interest payments on credit card debt. At $1,000-1,500. a month payments it will be paid off shortly. I have learned to stop spending on stuff i want but dont need now.

Respectfully, I think you're making a poor choice. I don't know about your specific card or cards, but if you're paying, say, 10% interest, you could save $1-2K/year by putting this on a home equity loan, plus the interest would be tax-deductible. Obviously if you have a higher-interest card, the savings would be even greater. It sounds to me like you are consolidating your debt in the worst possible place (from both an interest-rate and taxation standpoint), and I suggest you talk to a certified financial planner or someone similarly qualified rather than continuing to throw money down the credit-card toilet.