Azat Posted December 22, 2004 Report Share Posted December 22, 2004 (edited) This may be more of the case in the US than in other countries as in US people are very credit hungry and are horrible at saving money Few shocking facts -BusinessWeek says that total household debt in the US was more than 130% of our disposable annual income last year. Now that is scary. -The total consumer debt is at 2.1 trillion dollars. (You can visualize a trillion dollars as a stack of $100 bills placed one on top of the other, flat side on top of flat side, reaching 740 miles high.) -The personal credit card debt carried by the average American is $9,215 and the total interest paid in 2003 was $53 billion.... an average of $1080 in interest per consumer. The average consumer caries 13 cards and 20% of cards are maxed out. -There were 1.4 credit card holders declaring bankruptcy in 2002. Bankruptcies have exceeded 1 million per year every year for at least 7 years now. --------------------------- How many of us fall in at least one of these categories? I have to say that I was always careful with the way I managed my credit in the old days when I did not earn much, but as my income had gone up so has my debt. without giving any numbers I can say that I have 3 credit cards and one gas card, I only use 1 of the cards, keep another 1 in my wallet just in case and 1 at home JUST in case. Obviously the other 2 cards are at 0 but one of my cards is out of whack. I own probably 2 months of my take home salary on it and each month I seem to pay 2000-2500 and cant get the stupid thing to go down. Other than that I have a huge mortgage but that is under control and not too much I can do. I do pay half my tax return as an extra payment each year to make the darn thing end faster and in 6 years I have cut an extra 6 years from the length. How do you guys manager your credit cards? other dept in general? Edited December 22, 2004 by Azat Quote Link to comment Share on other sites More sharing options...
dianjan Posted December 22, 2004 Report Share Posted December 22, 2004 I am very careful with my credit, but it's a little bit different for me. I still live at home with parents, thus I do not have all of the expenses. I know my limit of how much I can spend a month, and I try to spend within that limit. I give my self a little cussion, so that if I need to spend more, I do not go in debt. I like using credit cards, because they are easier to use, and I don't like to carry cash. I always make sure to pay the full amount every month, and I think I only paid half once. Quote Link to comment Share on other sites More sharing options...
DominO123 Posted December 22, 2004 Report Share Posted December 22, 2004 No problem for me, I don't have a credit card... the problem is in the hand of the one from whom I borrow it... because that person has always to run after me, so I pay him back. Quote Link to comment Share on other sites More sharing options...
Sasun Posted December 22, 2004 Report Share Posted December 22, 2004 I don't like to owe money, but I use credit cards as much as possible to earn points. But I always pay my credit card bills in time (at least I try, as I have forgotten to pay a few times). One thing I don't like is I have about 10 credit cards but use only 1 or 2. And I can't close the rest because I heard it is not good for credit history. Quote Link to comment Share on other sites More sharing options...
ExtraHye Posted December 22, 2004 Report Share Posted December 22, 2004 I have about 10 credit cards And almost all of them are maxed out. And lets forget about all the late mayments. Quote Link to comment Share on other sites More sharing options...
MosJan Posted December 22, 2004 Report Share Posted December 22, 2004 I have about 10 credit cards And almost all of them are maxed out. And lets forget about all the late mayments. style_images/master/snapback.png Extra jan late mayments are ok but if you have late Paymants - ohh gooood your in Deeeppppp S&8 Quote Link to comment Share on other sites More sharing options...
Nané Posted December 22, 2004 Report Share Posted December 22, 2004 Credit card companies prey on naive/optimistic college students. On your first day, as you walk to class, you are seduced with cheap gifts and entrapped in the world of "buy now, pay later." And the "later" seems much brighter with a 4 year degree under your belt. Such BS Quote Link to comment Share on other sites More sharing options...
Siamanto Posted December 22, 2004 Report Share Posted December 22, 2004 I don't like to owe money, but I use credit cards as much as possible to earn points. But I always pay my credit card bills in time (at least I try, as I have forgotten to pay a few times). One thing I don't like is I have about 10 credit cards but use only 1 or 2. And I can't close the rest because I heard it is not good for credit history. style_images/master/snapback.png Like you, I don't like to be or feel in debt! I only use it to - shop online - pay my bills - pay for big items I usually pay in full! I'm not good at paying my bills on time, that is why I subscribe to automatic payment plans. Also, in order to avoid late payments of my credit card bills, I avoid credit cards that do not offer the option to automatically debit my bank account! I have better things to do in life than balance my check books....something, I've NEVER done! I can't see myself counting and adding and...I just can't do it! Too painful! I'd rather put extra hours at work! Quote Link to comment Share on other sites More sharing options...
Azat Posted December 22, 2004 Author Report Share Posted December 22, 2004 Aneta that is how I got my first card as well. and Yes credit card companies really make alot of money on the poor college students. Quote Link to comment Share on other sites More sharing options...
Sasun Posted December 22, 2004 Report Share Posted December 22, 2004 (edited) I usually pay in full! style_images/master/snapback.png Oh, I pay in full too, and it time. I don't imagine myself buying stuff while my pockets are empty. I would never rely on credit cards. Edited December 22, 2004 by Sasun Quote Link to comment Share on other sites More sharing options...
Sasun Posted December 22, 2004 Report Share Posted December 22, 2004 Credit card companies prey on naive/optimistic college students. On your first day, as you walk to class, you are seduced with cheap gifts and entrapped in the world of "buy now, pay later." And the "later" seems much brighter with a 4 year degree under your belt. Such BS style_images/master/snapback.png The best thing to do is to pay all your bills on time and disappoint them. Quote Link to comment Share on other sites More sharing options...
Nané Posted December 22, 2004 Report Share Posted December 22, 2004 (edited) The best thing to do is to pay all your bills on time and disappoint them. style_images/master/snapback.png But pulling their strings is much more fun Edited December 22, 2004 by Sulamita Quote Link to comment Share on other sites More sharing options...
Sasun Posted December 22, 2004 Report Share Posted December 22, 2004 But pulling their strings is much more fun style_images/master/snapback.png Perhaps, but don't you think that type of fun is too costly? Quote Link to comment Share on other sites More sharing options...
Nané Posted December 22, 2004 Report Share Posted December 22, 2004 Perhaps, but don't you think that type of fun is too costly? style_images/master/snapback.png Nothing is too costly when it comes to emotional satisfaction Quote Link to comment Share on other sites More sharing options...
Sasun Posted December 22, 2004 Report Share Posted December 22, 2004 Nothing is too costly when it comes to emotional satisfaction style_images/master/snapback.png Well, if that's the case, feel free to buy me expensive Christmas gifts on your credit cards and hit the cap Quote Link to comment Share on other sites More sharing options...
Nané Posted December 22, 2004 Report Share Posted December 22, 2004 Well, if that's the case, feel free to buy me expensive Christmas gifts on your credit cards and hit the cap style_images/master/snapback.png See, X-mas shopping irritates me, which in effect causes emotional dis-satisfaction. Sorry kiddo, no can do Quote Link to comment Share on other sites More sharing options...
Sasun Posted December 22, 2004 Report Share Posted December 22, 2004 See, X-mas shopping irritates me, which in effect causes emotional dis-satisfaction. Sorry kiddo, no can do style_images/master/snapback.png Well, don't give up yet on your emotional satisfaction. Think about it, there maybe workarounds. For example, you could lend me your credit cards and I would be happy to do all the shopping and return your credit cards to you. Deal? Quote Link to comment Share on other sites More sharing options...
Nané Posted December 22, 2004 Report Share Posted December 22, 2004 Well, don't give up yet on your emotional satisfaction. Think about it, there maybe workarounds. For example, you could lend me your credit cards and I would be happy to do all the shopping and return your credit cards to you. Deal? style_images/master/snapback.png OK. That one works. But in the meanwhile, you have to shop for everyone on my list Quote Link to comment Share on other sites More sharing options...
Sasun Posted December 22, 2004 Report Share Posted December 22, 2004 OK. That one works. But in the meanwhile, you have to shop for everyone on my list style_images/master/snapback.png Ahh, thanks, I think I would rather use my own credit cards Seems like you have learned some stuff from credit card companies. Quote Link to comment Share on other sites More sharing options...
Azat Posted December 22, 2004 Author Report Share Posted December 22, 2004 Sas, what happened to your candle bud? Quote Link to comment Share on other sites More sharing options...
Siamanto Posted December 22, 2004 Report Share Posted December 22, 2004 (edited) Sas, what happened to your candle bud? style_images/master/snapback.png Azat, Please pay attention! I don't imagine myself buying stuff while my pockets are empty. I would never rely on credit cards. style_images/master/snapback.png Kisher Pari! Edited December 22, 2004 by Siamanto Quote Link to comment Share on other sites More sharing options...
Armen Posted December 22, 2004 Report Share Posted December 22, 2004 Sas, what happened to your candle bud? style_images/master/snapback.png Yeah Sasun, where is the candle! ? Quote Link to comment Share on other sites More sharing options...
Azat Posted December 22, 2004 Author Report Share Posted December 22, 2004 (edited) Azat, Please pay attention! Kisher Pari! style_images/master/snapback.png what did I do now? Bari Gisher sireli Siamanto Edited December 22, 2004 by Azat Quote Link to comment Share on other sites More sharing options...
Sasun Posted December 23, 2004 Report Share Posted December 23, 2004 Sas, what happened to your candle bud? style_images/master/snapback.png Saving energy Azat jan Quote Link to comment Share on other sites More sharing options...
Sip Posted December 23, 2004 Report Share Posted December 23, 2004 (edited) I am sick of being in debt. About a year ago I decided I was going to clear up all my debt except mortgage as soon as possible ... this includes the 20K in student loans, the 10K on credit cards, the 18K still left on the jeep and the 8K left on the blazer. Since the blazer was at 9% (it was my first real big loan on my own and it was back in early 01 but the rate wasn't bad for the time), obviously that was my first choice and I'm glad to say another payment and I'm done with that... more than a year ahead of the scheduled maturity date. The student loans just started charging me intrest but I was able to lock it at something like 3.25% or something can't remember. I'm not too worried about that but my next goal is to pay off the jeep and get rid of the credit card debts ... the credit cards are fortunately at VERY low rates ... about 5K is on 0% so I am not rushing that one! But still, I have stopped spending money on useless things too much and all I do now is basically the travel back and forth to LA and the occasoinal offroad trip ... I have been putting off major jeep upgrades until I clear some of this stuff off. It certainly helps to finally have a JOB though ... but what this all means is that still no TV, furniture, stereo, decorations, and too many power tools just yet. Although I may give in and finally get the air compressor and tank I've been drooling over for the past 6 months My ultimate goal is to get to a position where I can comfortably survive for 2 years even with no additional income (i.e. no job). That would open up some doors for some REAL traveling. Edited December 23, 2004 by Seapahn Quote Link to comment Share on other sites More sharing options...
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