How much credit card debt do you have? What did you spend the money on?

When I was in college, I had a lot of credit cards and used them as free money. Maxed them out on useless stuff.

Now that I know how to manage my credit cards, I have 2. One has 0% on balance transfers for a year. I transferred the balances from 2 high interest cards and closed those out. I also cut up the card and I am paying that balance to $0.

The other is my alumni card. 0% interest for a year. I'll max it out in 6 months, then pay it off. The I'll pay it off monthly.

In response..why would anyone pay 18%-25% thru a credit card for educational loans when those loans are 2-9% per year? If they did it that way, they weren't thinking ahead.

Yes, there is a difference between wants and needs. Usually people buy clothes, large appliances like washers, dryers, refrigerators, tv's plus things for the home like boarding up or batteries or generators for a hurricane, etc. People who use their credit cards usually do so for "business" entertainment purposes and travel(I'm not sure if they are allowed to do that a lot anymore because of changes in the tax rules).

Things that you buy on the net now require that you have and use your credit card in some way, and not only pay the shipping and handling but additional costs plus taxes.

I just figured it out...for the Visa card, if you use my bank, over 6 years, and 5 increases, plus their monthly fees and interest, and they allow you to use their money from $400-$1300 over that 6 years, you will owe an extra $2,000 to them for those additional costs. Just think how long it will take you to pay their costs back.

"Americans’ Debt 23 Apr 2006

Posted by Andy Otto in Life, Trends, Money. trackback

The facts: The average American household has) $9,300 of credit card debt. And the national savings rate is below zero. The bottom line, people are spending more than they earn. Irresponsibly. http://thoughtpress.wordpress.com/2006/04/23/ameri...

from wikipedia:

Credit card debt statistics

United States (April 2005) $735 billion [1]

United Kingdom (July 2004) £55.1 billion [2]

Credit card debt is said to be increasing in the industrialized countries. The average U.S. college graduate begins his or her post-college days with more than $2,000 in credit card debt at present. (present probably means 2005)

I am quite poor but have never paid a penny of interest to anyone in my life, still I have a couple of big tvs and plenty of shoes... eat what I want and when I want lol.

I also have a couple of fast bikes, guitars, drum kit a million cds, some 20 pcs in various states of health,a car, a house and a woman am now having a beer and it's saturday and black sabbath are peeling the paint off the walls.. I feel a bit sorry about those folks getting buried in debt for buying tons of useless junk but it's their life after all, nobody likes to be judged so let them spend and pay interests as they please.

$30,000 in mastercard debt. it began off innocently sufficient. i replaced into working in enormous apple appropriate after 9/11 and my inn rates have been $10,000 a month. My business enterprise paid me a re-reimbursement examine the different week yet after my responsibilities have been finished i replaced into laid off and ended up making use of the money to proceed to exist. Then i replaced into caught paying pastime on that debt which replaced into approximately $12,000. Then it grew to develop into truly uncomplicated to start procuring with credit enjoying cards. After a jointly as melancholy began to set in while i could no longer locate paintings and my vehicle started breaking down. motor vehicle upkeep went on the mastercard. Then I met an extremely beneficial "beneficial" female and the subsequent component i understand i'm figuring out to purchase inn rooms, bar tabs, procuring lady buddy high priced presents i could no longer have sufficient money. i think of it is secure to declare what have been given me in debt replaced into irresponsible spending. value It!!!!! Now i'm paying the fee, each and each month. working for no longer something. exams pass directly to Visa, grasp Card, hit upon and American convey. existence is mind-blowing with credit enjoying cards... no longer!!!!

Three credit cards and all at the maximum of $300 no higher. They are gas card, clothing & household cards.

my debt is 6,000, I spend it on schoo.