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Credit card debt

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I'm curious what it's like for other people with infamous credit card debt. If your credit card allows a $10,000 limit and you easily surpass it do you just say screw it and pay the minimum monthly amount due. Or do you limit yourself to never go over $10,000 as you can and make sure your cards are paid down to 0 as much as quick as you can.
Personally I enjoy living under my financial goals so I make it a stress to have everything paid off as much as possible. If I don't need something that's $500+ I constantly say to myself why do I need this thing that's $500. This way of thinking has helped so much in paying bills and making sure I can get by with grocery trips while still managing to wait on some electronic device I may want to get I can buy it later down the road.
 
Only spend on things you really need because that's money you need to pay back, and if you don't, they'll make it even more expensive to pay all back.

And as for using it for an "emergency", you'll have 30 days to pay it back so hardly a real emergency if there really was. Just put money in a separate account for such a scenario.

Some of it learned it myself, some thanks to Dave Ramsey (his show was great years ago, now it's other hosts who talk most of the time).
 
K3Nv4 said:
I'm curious what it's like for other people with infamous credit card debt. If your credit card allows a $10,000 limit and you easily surpass it do you just say screw it and pay the minimum monthly amount due. Or do you limit yourself to never go over $10,000 as you can and make sure your cards are paid down to 0 as much as quick as you can.
Personally I enjoy living under my financial goals so I make it a stress to have everything paid off as much as possible. If I don't need something that's $500+ I constantly say to myself why do I need this thing that's $500. This way of thinking has helped so much in paying bills and making sure I can get by with grocery trips while still managing to wait on some electronic device I may want to get I can buy it later down the road.
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I pay off mine in advance. I often get "overpaid; here's a few pennies back" letters from my bank.

how did people get _that_ sort of debt? I _never_ let my credit line hang above zero for long.
 
for as long as I was a teenager (and that was a hell of a long time ago) I have used debit cards
and then in my 30s I was lured into getting a credit card because they had all those cool benefits.
so I got one, I set up a full autopayment from my bank account every month
in the end, this doesn't feel any different than a debit card (there are no fees or interests or anything as long as I pay the debt in full every month) except I get those cool benefits
I wouldn't recommend getting one if you arent sure you can pay it off on a regular basis. Interests can get really nasty.
 
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Costello said:
for as long as I was a teenager (and that was a hell of a long time ago) I have used debit cards
and then in my 30s I was lured into getting a credit card because they had all those cool benefits.
so I got one, I set up a full autopayment from my bank account every month
in the end, this doesn't feel any different than a debit card (there are no fees or interests or anything as long as I pay the debt in full every month) except I get those cool benefits
I wouldn't recommend getting one if you arent sure you can pay it off on a regular basis. Interests can get really nasty.
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I get that, honestly my money gets direct deposited into my debit card then I like using my credit card as a way to make monthly payments. It doesn't make much sense but in a way it's how I keep track of how much I actually spend a month even though both show transitions. If I pay $100 a week towards my credit card it makes me feel better knowing I only paid $100 that week from my debit account.
Also considering how crap most credit card companies are say if one gets stolen mines threatened to charge $15 for a replacement then spend another $15 for rush delivery if I have stolen information online. Given how sensitive and easy data gets stolen these days it should be free of charge no matter how many times it happens. Even the best of us gets our information wiped from under us without realizing it.
 
I only really use mine for buying more expensive things (especially from a company I haven't bought from before) or buying stuff in a foreign currency. My credit card is fee-free so gives a better exchange rate than PayPal.
 
retrofan01 said:
I only really use mine for buying more expensive things (especially from a company I haven't bought from before) or buying stuff in a foreign currency. My credit card is fee-free so gives a better exchange rate than PayPal.
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If you're in the US most banks do offer secured loans aka money loans to where you pay yourself back over time. You pay for it but the money essentially gets locked in another account so over time you make payments to yourself and you get the money for the item back.
 
I only have a credit card because I wanted to build credit for when I bought a car, but that never happened. I only buy things on my credit card that I know I can easily pay off with the money in my checking and savings accounts.
 
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I buy everything with my credit card, except restaurants where I usually pay cash, for some reason. I set a reminder in my email client to inform me to pay by a certain date every month. I pay in full, not paying any interests. The only time I ever missed a payment, therefore paying interest that month, was when the COVID shit happened and there was a shutdown of everything. For some reason, it disrupted me so much that I completely forgot about paying it.
 
I only have debit cards, you cant overdraw it and its your own money rather than borrowing the banks money and paying it back later.

But there are benefits, cash back usually 2-3% in most cases on all purchases, you can build your credit score so in the future if you do need a large line of credit for lets say a new car or a home mortgage you should have less of a problem getting it.

There is too many financially irresponsible people, mainly younger millennials and gen z who blow their entire paycheck on pointless crap, micro betting, sport gambling, finance an expensive luxury car with $0 down and with a $2000 monthly payment, put a $10 taco bell order on a 6 month repayment plan with klarna on ubereats then complain they have no money and its everybodys elses fault for it.
 
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Dust2dust said:
I buy everything with my credit card, except restaurants where I usually pay cash, for some reason. I set a reminder in my email client to inform me to pay by a certain date every month. I pay in full, not paying any interests. The only time I ever missed a payment, therefore paying interest that month, was when the COVID shit happened and there was a shutdown of everything. For some reason, it disrupted me so much that I completely forgot about paying it.
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I tend to pay most things with a credit card I have because it accumulates cashback at the end of the year so it's a nice incentive.
 
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I don't own any credit cards, I just use a debit card that comes out of my savings. If I can't afford something then I don't need it, or I can save until I can afford it.

My brother is very irresponsible with his money though. 11 years ago he ran up $40 grand on credit cards, filed bankruptcy, then somehow got more credit cards. Then again ran up thousands in debt, and last year filed bankruptcy again. Not sure but I'm sure he's getting more credit cards today, somehow. Seems unfair really, to be able to file bankruptcy multiple times, esp for the same reason.
 
Last edited by BigOnYa,
BigOnYa said:
I don't own any credit cards, I just use a debit card that comes out of my savings. If I can't afford something then I don't need it, or I can save until I can afford it.
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I agree and people shouldn't spend money they don't have.

It doesn't make sense to me why people who are broke and/or unemployed go on vacation as if they can afford it. They should think about their future, but clearly they don't.

Moreover, my sister years ago used an Amex card I had, I added her to the account (I trusted her) and as time went on she made loads (iPhone, flights, food, makeup, etc) of purchases like there was no tomorrow... Long story short, I ended up paying most of the debt as it was on my name. I'll never do that again.
 
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I only got a credit card for the following reasons:

  • Builds credit rating in case I need to take out a loan or a mortgage
  • Better consumer protections compared to a debit card (at least in the UK)
  • Provides an alternative form of payment

As a result, my credit rating is close to perfect though I've not taken any kind of loan out. When a retailer went bust where I made some preorders for figurines, I was able to get my money back. finally payment infrastructures can have issues, I would recommend having payment cards , I hold Visa and MasterCard debit/credit cards.

Just don't buy shit you can't afford. That's how you get sucked into debt.
 

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