Jump to content

Credit card debt


Square Wheels
 Share

Recommended Posts

So, I bought a fancy bike and took my wife to Hawaii last year and incurred a little credit card debt.  I usually don't do this, but life is short.
 
I only have one card that I owe on, and I only have $2,300 left.  It will be paid off soon.  It's been 0% for a long time and that expires in September.
 
There is a minimum payment notice on their page.  I'm OK with paying interest for money I borrowed, but 13 years to pay back 2 grand?  That's a little outrageous.

 

 

 

 

If you pay only the minimum payment each period, you will pay more in interest and it will take you longer to pay off your balance. For example:
 
 
If you make no additional charges using this card and each month you pay... You will pay off the balance shown on this statement in about... And you will end up paying an estimated total of...
 
Only the minimum payment 13 year(s) $4,270
$79 3 year(s) $2,833 
(Savings =$1,437)

 

Link to comment
Share on other sites



 

So, I bought a fancy bike and took my wife to Hawaii last year and incurred a little credit card debt.  I usually don't do this, but life is short.
 
I only have one card that I owe on, and I only have $2,300 left.  It will be paid off soon.  It's been 0% for a long time and that expires in September.
 
There is a minimum payment notice on their page.  I'm OK with paying interest for money I borrowed, but 13 years to pay back 2 grand?  That's a little outrageous.

 

You're allowed to pay more than the minimum.

Link to comment
Share on other sites

Not sure, but I might just pay it off.  I have a small saving that makes close to 0.  I think it will be 12% or so, and that isn't for all of the debt since it started, just what I still owe.

 

12% annual will be about .5% per month or on $2000 about $10/month.  Maintaining the debt will cost you a bottle of wine per month.

Link to comment
Share on other sites

I use two credit cards, but I pay them off each month.  They are an excellent way to pay and track my purchases and they cost me nothing.

 

yes.  There were a few years when we carried some CC debt (and I don't like to think about it) but we never got in real deep.  We get some rewards points too.

Link to comment
Share on other sites

Not sure, but I might just pay it off.  I have a small saving that makes close to 0.  I think it will be 12% or so, and that isn't for all of the debt since it started, just what I still owe.

Find another 0% offer and transfer the balance if you can.  Free money is free money

Link to comment
Share on other sites

my advice....take it or leave it.

Pay off as much of the CC as you can, but keep $1,000 in savings.  You never know when Uncle Murphy will visit you.

My advice...take it or leave it.

Put a whole lot more than $2000 in savings!  Rule of thumb is six months income, but at least a year's worth is highly desirable.

Link to comment
Share on other sites

My advice...take it or leave it.

Put a whole lot more than $2000 in savings!  Rule of thumb is six months income, but at least a year's worth is highly desirable.

We crossed the twelve months of expenses put away a couple months ago. It wasn't easy to get there but it's a good place to be.

Link to comment
Share on other sites

my advice....take it or leave it.

Pay off as much of the CC as you can, but keep $1,000 in savings.  You never know when Uncle Murphy will visit you.

 

OK, good point, but really how much more can they take?  I already got whacked twice this year for 50k.  You can only squeeze so much blood from a stone.

Link to comment
Share on other sites

Holy crap!  Who wacked you for 50k?  Sorry if it is personal.  

 

Couch

 

See below

 

I assume you are referring to the IRS.  However, there are more Murphys out there than just Uncle Sam.

 

Yup, I like the idea of hanging on to what little savings I have left, thanks for the suggestion.

Link to comment
Share on other sites

OK, good point, but really how much more can they take?  I already got whacked twice this year for 50k.  You can only squeeze so much blood from a stone.

 

If you're not already sending in everything you make, then you're not paying your 'fair share'!  I hope you don't subscribe to the thought that because you earn your pay that you should be permitted to keep any of it.

 

Haven't you seen those bumper stickers that say "TAX THE RICH"?  Get with the program already!  There are boatloads of people out there who are entitled to the money you earn because the government says so.

Link to comment
Share on other sites

If you're not already sending in everything you make, then you're not paying your 'fair share'!  I hope you don't subscribe to the thought that because you earn your pay that you should be permitted to keep any of it.

 

Haven't you seen those bumper stickers that say "TAX THE RICH"?  Get with the program already!  There are boatloads of people out there who are entitled to the money you earn because the government says so.

 

You heartless bastard!  hehe.

 

El Coucho Fang

Link to comment
Share on other sites

Thank you for bringing this subject up before my vacation  :angry:    I do not have $2000 in savings and I do have credit card debt...better than before...but it is still there...and I have what I hope is at least 1/2 of the cash I need for vacation...but...single person,single income, who bought at the near peak of the real estate market... :dontknow:   I can't win....but hey it is better than previous years...and at least I do have a small savings account.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...