[QUOTE]Originally posted by LoudMusic

 

$1500 in CC debt.

 

Had over 30k and now after two years of cruch I am down to $0.00. Only thing I got is the S wich will be paid off mid next year and my house wich will be paid off in 2011.

 

$0 on credit card balances. It's pretty dumb to carry a balance on a credit card, IMO, given that there are much better ways of borrowing at lower rates.

Just don't buy anything unless you have the cash to spend.

 

$2400

 

1. If you're not paying 18% it's the same as making it.
2. Only write checks from home and only for bills (never a bounced check).
3. Own 1 credit card and use it for everything therefore you have a recipt at the end of the month, make sure you pay it off every month in full, even if you have to starve.

People don't realize that credit cards aren't only costly, they hurt your credit rating because they show as open credit, even when they're not being used. Keep only one.

I have 2 kids and make $60K a year, I claim 0 (yes I know I'm letting the government borrow my money for free) and always end up with a $7K tax return. This is how I paid off my student loan, bought my 53" TV, put down payments on cars, etc. Nice trick.

$0 credit card debt.

 

Actually, that isn't quite accurate. I have zero debt basically, the only exception being my car loan and student loans (i.e. no credit card balance). My credit score is mid 700's (800 being perfect). One of the things that's LOWERING my score is that I don't have many sources of revolving credit (i.e. credit cards... I've only got one).

That's fine with me though. I'd rather take a small hit on my credit score than have more than on credit card.

Unfortunately, my wife wasn't in the same boat... or even sailing the same sea as it were. She had a ton of debt, credit card and otherwise. So we've been working to pay it down. Hopefully in another year or two it'll finally be gone, at which point we're cash only.

 

[QUOTE]Originally posted by heffergm

 

When I got out of college I had $18k on two cards. Paid it off in three years. Those three years paying off the credit card and school loans made me hate credit. The only debt I have now is my mortgage.

 

$2K to Best Buy, but I have 24 months no interest. I always use the no interest ways. Best Buy and Home Depot. Then I can buy a little larger item, and pay it off with no problems.

I have one real CC, and it never carries a balance. Even though it is interest free for another 6 months. At that point, I will look for another interest free card, and transfer anything from my current card and cancel it.