Political Crossfire Forums

ubikk · Joined: 27 Jul 2006 Posts: 2091

Economic reports continue to show American consumer debt rising at an alarming rate. Some people say it's because people are careless, others say that much of the debt is the result of people legitimately trying to make ends meet. Many people also charge vacations but then pay them off soon after. Do you have debt? What did you use your credit cards for most of the time?

LostSoul3412 · Joined: 11 Feb 2005 Posts: 7657

No credit cards, no problems, no debt.

Balanced budget, baby. 8:)

Brooklyn · Joined: 03 Mar 2006 Posts: 1039 Location: New York City

My debt is pretty low considering mine and my wife's income. Give me two months of a toned-down lifestyle and I could pay it all off. Most of it is from when I turned 18 and charged my lifestyle. So really I have nothing to show for it. It is almost all paid off though, so, live and learn I guess.

gavnook · Joined: 18 Jan 2006 Posts: 1828 Location: Arizona

I went heavy into credit card debt when I got laid off while my wife was pregnant just after we moved into a new house.

I'm divorced now and it's all paid off.

ubikk · Joined: 27 Jul 2006 Posts: 2091

I make sure that my total credit card debt never exceeds the balance of my short-term savings account. I pay everyday expenses off monthly, and carry limited balances on larger purchases that I pay down quickly.

beachbum bob · Posted: Wed Sep 06, 2006 5:37 pm Post subject:

gavnook wrote: I went heavy into credit card debt when I got laid off while my wife was pregnant just after we moved into a new house.

I'm divorced now and it's all paid off.

the credit card debt or the ex-wife??
or did ya sell the wife to pay off the debt???

Winchester · Joined: 23 Aug 2005 Posts: 5938 Location: Montana

I have no consumer debt at all. I do use a credit card to buy stuff, but I've always paid it off at the end of each month. I've also never had more than one card at a time and a my max limit is $5,000.

I've also purchased my last 3 vehicles with cash, took a while to get in this possition as my first 2 I had to finance.

gavnook · Joined: 18 Jan 2006 Posts: 1828 Location: Arizona

beachbum bob wrote: gavnook wrote: I went heavy into credit card debt when I got laid off while my wife was pregnant just after we moved into a new house.

I'm divorced now and it's all paid off.

the credit card debt or the ex-wife??
or did ya sell the wife to pay off the debt???

Sort of. I got the house and the debt so I re-financed the house to pay down the debt, and I only owe 60% of the appraised value on the house.

Classically Liberal · Joined: 02 Jan 2005 Posts: 2256 Location: Charleston, WV

I play the 0% game and keep my balance low. It's nice to be able to finance larger purchases over a peroid of time.

Winchester · Joined: 23 Aug 2005 Posts: 5938 Location: Montana

Classically Liberal wrote: I play the 0% game and keep my balance low. It's nice to be able to finance larger purchases over a peroid of time.

I've heard you can hurt your credit score by doing that, of course it depends on how often you're opening up new credit cards chasing the 0%.

Nathyn · Joined: 25 Sep 2005 Posts: 7341 Location: The Great Satan

ubikk wrote: Economic reports continue to show American consumer debt rising at an alarming rate. Some people say it's because people are careless, others say that much of the debt is the result of people legitimately trying to make ends meet. Many people also charge vacations but then pay them off soon after. Do you have debt? What did you use your credit cards for most of the time?
Because I'm a rationally self-interested individual who wants to voluntarily pay multiple times the cost of goods, through racking up interest to Visa to the point that I am bankrupt and homeless.

foadi · Joined: 09 Nov 2005 Posts: 13304 Location: bangkok thailand

I have never needed a credit card. I have always have enough cash to purchase anything I might want.

ubikk · Joined: 27 Jul 2006 Posts: 2091

Quote:
Sort of. I got the house and the debt so I re-financed the house to pay down the debt, and I only owe 60% of the appraised value on the house.

Cross your fingers that housing values don't drop much further... :)

Iriemon · Joined: 18 Apr 2006 Posts: 621 Location: Miami

Why do you have credit card debt? Because I want to buy stuff I don't currently have the non-earmarked cash to afford. Lack of self control, I guess. It's never been a problem, though you could certainly make an argument it doesn't make sense to pay the CC interest.

evil muppet · Joined: 17 Aug 2006 Posts: 316

credit cards might be good for an emergency but you should never use credit to engage in consumption. The only thing you should use to purchase on credit is some kind of investment. Something that will not depreciate in value. Never borrow unless it is to make more money.

TheKrava · Joined: 05 Feb 2006 Posts: 564 Location: Minneapolis, MN

I owe credit card company about 10% of my annual income, or 25% of my total credit limit.

I think I am in a good shape.

Why do I owe these money? Simply because sometimes I buy s**t I don't need. :)

Mastea · Posted: Mon Sep 11, 2006 6:45 am Post subject:

TheKrava wrote: sometimes I buy s**t I don't need. :)

Word.

chenmon_1983 · Posted: Mon Sep 11, 2006 10:52 am Post subject:

I don't even have a credit card..........

LetsGetReal · Joined: 26 Aug 2004 Posts: 5787 Location: Peoria, AZ

Between jobs needed money and also buying stupid crap I didn't need...hopefully be paid off by the end of the year...I HATE INTEREST :1evil:.

Eugene_C · Joined: 11 Sep 2006 Posts: 25

My debt currently consists mostly of dental bills. About $3000 worth.