How much Credit Card Debt do you have?

[TheRatPack]

We just paid off the majority of our credit card debt and built up a emergency savings....which is almost enough to pay off the last credit card. I'm tempted to pay off that last credit card....our savings is only earning 1% and that credit card is quite a bit more on interest each month.

We had a lot of credit card debt until this year...we'd used our credit cards to pay for surgery and an IVF cycle. I'm glad that's behind us....and it's taught me to not judge others for having credit card debt...sometimes things happen. We shredded all of ours after we sent the final payment....well except for that pretty Disney one LOL It only has a 800.00 limit and I'm thinking we'll start using it for all our month expenses and then paying it off with one of our paychecks. With debit card fees and all the pay at the pump holds (125.00) that are going on lately, it just makes more sense to do that and gain points while we're at it.

 

[arthur06]

We have a small amount of debt, under $3,000 on CC's. My wife had surgery last year and I lost my job. We have money put away and could pay off our CC's but since those things happened, I like to maintain some liquidity!

 

[tink_lover]

None. After thinking I was going to lose my job last year, we took Dave Ramsey FPU. Everything but the mortgage is paid off unfortunately, even though I didn't lose my job, 3weeks ago dh did. We were prepared and feel blessed to be where we are financially right now.

 

[indimom]

We have no credit card debt, but we do have debt. We have about 10 years left on the mortgage, a small car loan, and some medical debt. We hope to be clear of the medical bills by December, then we'll start hammering on the car. My goal is to be "debt free except the mortgage" again by the end of 2012.

 

[RachaelA]

We do have current charges on our Disney Visa, but we pay it off completely every month. Our mortgage is the only debt we have. We live within our means-- if we ain't got it, we don't get it.

This is us.

I don't consider it credit card debt if you are paying it off every month and have the cash to cover it. We use our credit card for the rewards. We always have the cash in our checking account to cover it.

 

[ellone]

None - I have never carried a balance.

My husband did for a while, but he managed to clear out all his debt before we married.

We now have quite a bit of savings since I keep us living below our means.

 

[mpls_mm]

We have less than 1,000k in credit card debt but I have enough other debt to keep us up at night! We definitely don't feel judgmental when we hear others are drowning in debt. I am owed about 80k in receivables, I have a warehouse full of inventory that I haven't paid for yet and 60k in equipment we haven't paid off yet! I have bids out there for half a million dollars, if I get them, I will borrow to fill until I get paid. Some days I go to bed a million in debt...lol. Some days I wake up only 30k in debt, such is the life!

 

[mdrob214]

Nobody on the DIS Budget Board carries a balance!

 

[QVCshopper]

But, you live in NYC, right? My parents live in West Chester County, NY, and no matter how much my dad makes (my mom is basically an invalid) it just covers their bills; since it's just the two of them now, they are doing a little better though. Places with high costs of living are harder to afford. So, I wouldn't be too hard on yourself. I think you're doing a pretty good job, based on all of your posts I've ever read. And good luck with the surgeries!

I'll admit it: I'm in the 5-10K range. And I HATE it!

It just seems we can never, ever get ahead. Ever. I'll get some of the debt paid off and then, bam, something comes up and I have to use a card. There's no way I can do that Dave Ramsey 1K (for starts) emergency fund. We're barely making it paycheck to paycheck and there's nothing left to put aside for savings. I have an upcoming surgery (2 actually) and I don't even want to think about what the deductible is going to be since they're both being done at the same time with top-notch docs at a top-notch hospital.

My only way out of this is to get a part time job or find something I can do to generate income in addition to my full time job. I'm just so exhausted from working all the time that I can't imagine how I would fit in a part time job.

Anyway...... sigh.........

 

[njmom47]

At least dh has no cc debt...and I've been in debt mgmt for 1 1/2 yrs. All my cards participate except one...and that's the one with the largest balance. I should be cc debt free in 3 yrs or less. No car loans either. Just our mortgage, and since it's for a townhouse, it's certainly affordable. Yes, basically paycheck to paycheck but we are building up our savings (until something breaks and then bye bye..but at least we have it).

 

[Swimalie]

I have had at least one credit card for 24 years and only once have I carried a balance and looking back on it, I shouldn't have. I had the money but didn't want to give it up for the card. Stupid move. The only debt we have is our mortgage. Just bought a new car outright 2 months ago. I know I'm lucky. My husband and I started off our marriage both making a decent living and in a cheap area to live. Then we've moved from there and due to that first place, are able to afford to live like we do. And I thank God every day for blessing us.

 

[amoggio816]

We actually help out credit by doing this, but we pay our bills with our credit cards and leave about $5 on it after we pay it off. That way there is always a balance (good for credit companies showing your debt ratio because you "have debt") This also helps make it look like we're paying large payments.
So the bills would be paid anyway and our credit cards look like theyre being used. We also have on credit card we use for gas only. This also helps me track how much gas we use in a month.

The only debt we have right now are medical bills we're trying to fight... that are going NO WHERE!

 

[mom_of_3_mousketeers]

No CC debt (got into CC trouble and paid it all off by working our tails off), no car payments (older cars) and just 1 mortgage payment. It's been a long road, but worth it for us.

 

[undertheradar]

Nobody on the Dis carries cc debt, the kids are all advanced, free trips almost always find them, they all live nowhere near me. How could you ask such a foolish question?

 

[5forDiz]

If I had credit card debt, I wouldn't be planning a trip to Disney. My only debt is my mortgage.

Good to know, but who said anything here on this thread about under what circumstances someone should take trips? jmho that's painting with too broad a brush; what someone decides to do credit card debt or not is their call.

 

[eliza61]

Nobody on the DIS Budget Board carries a balance!

LOL. just once I would love to read "yep, I'm 10K in credit car debt, I've got a big ole house, and planning 3 disney vacations this year and I'm perfectly happy with it"

Just ot watch folks here hyperventilate.....

 

[TEK224]

Unfortunately, I do have cc debt. I'm working to pay it down. I don't like it, but I made it, so I'll pay it.

I also have a Disney trip planned as well as another trip. Life is too short and I work to hard, so I want the time to relax and recharge. It may take me a little longer to get out of debt, but that's the way it goes. I want to enjoy myself while I can. The bills will get paid.

 

[Colleen27]

NO CC debt, I've chosen not to be a customer of the CC industry. Cash only for several years... Never felt better... Have only the mortgage which will be gone next year...

Ditto for us. DH & I played the credit game long enough to get what we wanted out of it - the mortgage on our 'starter' home - and then got out. Now we're completely debt free and bought our current home with cash.

I don't run around bragging about not having cc debt or anything and I certainly don't judge people who are buried in debt. If my life had been different, I could be right there myself. Good luck to anyone who wants/needs to get out from under. One step at a time is all any of us can do.

I am very aware that ours is a "but for the grace of God" situation. There was as much dumb luck and fortunate timing as self-discipline and foresight involved in us getting to where we're at today. One different choice, jumping the gun or hesitating just a little too long, and we'd be struggling to stay out of the paycheck-to-paycheck/living on credit cycle that so many working class families are trapped in these days.

 

[AmandaRG]

While I do aspire to be completely debt free, our reality is that we are not. I do sleep much better at night now that we have less than before, and we have no credit card debt anymore.

I wish all of those wanting to get out of debt well right along with those that do not see the need to do so. My opinion is just that, and is not shared by everyone.

 

[bdcp]

I'll admit it. We have cc debt and a mortgage and one car payment. Our income is about 15% more than our minimum bills/month (that includes everything). I'm paying things down, but it's not going to happen tomorrow and guilt or shame is not part of the package. And, our income went down this year due to DH retiring from the reserves.

What I'd love to see is how many people are prepared for retirement, to me that means more than current cc debt. A lot of people have nothing saved for retirement and we have quite a lot.

I'm not ashamed to say we have 3 cruises and a WDW trip planned in the next 16 months. We've been in and out of cc debt over the last 30 years and have never, ever been close to bankrupt or homeless. We'll be out of it again within 2 years, even doing the vacations we have planned.

What bugs me on this site is it's a BUDGET board, not a "I have no debt and anyone who does is evil or irresponsible" site. Budgeting means planning how to spend your money, not having no debt at all.