[QUOTE]Originally posted by s2000raj
$0.00

 

12,800.48 dollars

 

Ouch!

 

I put EVERYTHING I can one my credit card, but pay it off every month. Probably spend close to $20,000 a year on my card but never pay a penny in interest and have "cash back" cards so I end up with about $200 a year in cash back rebate checks or credits to my account.

Some debt is good because it helps you get ahead like a business loan or a mortgage, credit card debt is usually to help us buy a bunch of crap that is worthless but we think we need it. I fell into that trap in college, had the nicest stereo, speakers, car, tv all kinds of junk. Ended up still owing lots of money when I finished school for stuff that was old, broken or pointless and making payments long after those things brought me any pleasure. Since it was paid off, I have never done it again. I still end up with things I want or need, but pay cash when I can afford it.

It is usually when we get trapped into thinking buying junk will make us happy, cool, accepted, whatever. I still buy myself nice things, they just don't mean that much to me and I make enough where purchasing them is not a big deal. Most people go through it, most get over it, some don't.

If you have $1300 at 21 years old, you are more under control than I was and probably have your head screwed on straight, if you got $20,000 + at just about any age, you may have issues. Just my worthless $.02.

 

[QUOTE]Originally posted by vader1
Some debt is good because it helps you get ahead like a business loan or a mortgage, credit card debt is usually to help us buy a bunch of crap that is worthless but we think we need it.

 

man, im 21...have a part time job but i live at home so thats how i still am grateful i can pay off the debt i have. i stopped using my credit cards like last summer. i used to have like 5 and i cut them all up and kept one low interest rate one. currently, i am still paying back the CC debt that i owe from the 5 cards before i make any other purchases. i mean the total balance is only 1300 on the 5 cards, but its hard cuz i got a $500 car payment, $250 insurance every month, $80 phone bill every month!! yikes!

 

Paid off every montth. I channel everything I can through the card - sat TV, cell, electric bill, etc. So it's quite a lot each month. My new Worldpoints card should be here later this week so I can start doing the 1% cash back thing. (Saves on stamps too. )

Who knows, the travel rewards might work out too. <shrug>

 

$0

i don't like the idea of paying interest to others

 

I have about 4gs in CC debt right now, with horrible rates (think like 18%+)... slowly but surely paying them off.... Here's a lesson for you kids out there... T-shirts good!!!! Credit Cards bad!!!!

 

I have a lot. Some of it was spending issues, but more was just bad luck...some bad stretches of unemployment before I got out of high tech and got in to the car business.

Now I'm trying to make the balances go the other way. I don't mind leading a frugal life for awhile. As bad as things are...they would have been worse if I couldn't borrow the money when I needed it...but dang, it feels towering.

must....sell....more....Hondas....