I owe $77 on credit cards... I use it for gas (free golf balls), and I filled up both vehicles

Edit: 51 People in way too much debt

Everytime I fill up with gas I use a gas card. i just like being able to see how much I spend in gas each year. I pay off that card every month.

Screw variable rate mortgages - we hot our home at 4.1% fixed rate with 1/4 of the price on a company fixed rate of 2.4%.
The variable rate was 3.4% - worth saving 0.7% now? Screw that!

That's the only debt we have, and only because at paying the loan back at 4.1% over 20 years, it's far wiser than paying outright.

Credit cards? Like mentioned above, since Debit Cards, credit cards are for fools - you don't have it? Don't spend it.

i did have a loan, i just paid it off in one year, i dont need to pay more for my house then its already costed me.

I assumed my wifes debt and its about 10k, i've reduced it by about 5k in about 3 months.

Yup, good plan. You should easily be able to put that cash to work for better than 4.1%, particularly if inflation kicks in and interest rates start climbing. Looks like you're set... nice rate too. :thumbsup

There's still practical applications for CCs... reserving hotel rooms and such. I also find it useful for a breakdown of expenses as it tends to give more detail than interac transaction statements. Debit cards don't do much good for your credit rating either. :winkwink: In terms of daily spending though, you're absolutely right. I never buy anything with the CC I couldn't pay for outright in cash... I just funnel it through there for the convenience or to bump my rating.

all funds $CAD..

gov. student loan (mine) = $25,000
gov. student loan (wife) = $3,000
bank l.o.c. = $15,000

cc #1 = $1,500
cc #2 = $2,200
wife cc = $2,000

renting apartment, own a $12,000 car...

can anyone lend me $48,700?

:Oh crap

My debit card is Visa (in france, Carte Bleue Visa is de rigor for bank debit cards), and it comes with the option to have the transaction automatically come out of your bank, or accrue the transactions and have them all come out of your a/c at the end of the month - this option is great since it's essentially a credit card where you pay off the balance each month.

True though, it adds nothing to the credit rating, but I've not had trouble getting credit, so I don't know where my rating comes from - the number of times I've refused to pay my cell phone bill in full due to disputed charges (wanker cell phone companies!), one would have thought my credit rating would be down the pan!

4.1 is a great rate. Congrats.

Paying in cash for everything you purchase is `cool` but not really a smart thing to do. Building credit is important, you can't say it isn't. It can't hurt to have great credit, so why avoid it. Be smart, charge stuff, but make damn sure you pay it off in full at the end of the month (that's why I only use AMEX for CC transactions, they force me to pay it, those fuckers!) :)

Yeah, rates in continental Europe are pretty low at the moment - a friend last month got 4.0. What was a very nice add on to our mortgage, was a no-fee renegotiation clause (which some bank or other introduced 10 years ago and is now pretty much standard here). When we got our mortgage 2 years ago, I had 3 friends, whose rates were on 5-6.7% but had the same no-fee renegotiation fee. They instantly went to their banks saying they wanted a better offer since they knew such-a-bank was giving 4.1% and they all got more or less the same rate. Thousands off their overall cost instantly at no cost to them - got a few bottles of wine from them all for that bit of info :thumbsup

Ahhh... if only I could borrow from a european lender. :winkwink:

Ah well.

Mine was -$3 the last statement. I overpay on my card many times because there are a lot of services that auto-charge my card and I hate debt:)

I cleared a $1369 credit card debt at HomeDepot recently :Oh crap

Zero, Ziltch, Nada, shit banks owe me money..

zero, null, 0, whatever you call it :) I make more money than I can spend/invest

I agree with azguy, its very inportant to build your credit.
I try to use my card, then pay it off within 30 days. Hopefully when I go to purchase my first home, I should have no problem getting a good apr.

zilch :)

$0 in credit cards, but about $26K in student loans lol. Probably still owe BMG & Columbia house some $, but they'll have to find me ;) lol

Don't you ever go on vacations or someplace where you need to buy stuff that costs more then the cash in your pocket?

this black dude stold my credit card and bought $10k worth of crack with it. :mad:

Credit card debt is for chumps.

Use a CC to pay for everything possible business related. If a designer/programmer flakes, service/product doesn't get provided or is fucked up; it's almost impossible to charge back a debit card. That little lesson cost me $3500 to learn a few years ago.

Just have the discipline to pay it off at the end of the month so you avoid interest (interest's a write off anyway so it's not that big of an issue) and still maintain the level of security that comes with knowing your transactions are in some way insured.

4,167.00 on our mortgage.
5,300.00 on our truck.
219.00 on one business card.
371.00 on different business card (different business).
121.00 on a personal card.
So all in all under 11,000.00 in debt. Which is considerably less than what is in savings.

usually a couple thousand on my mastercard, and that's it.

I find that very odd that you owe less on your mortgage then your truck

:1orglaugh

I think I've spent like $200 on my CC this month.

Liez. There are no black men in Alaberta! :1orglaugh

Now if you'd claimed that a ukranian or romanian gypsy had done it, you might have gotten somewhere... :upsidedow

what if you borrow 100k at 7% invest it and make 15% on it?

ZERO.

Other than a car payment and a house payment I have zero debt. No credit cards what so ever.

I agree. Before I was of age to have a credit card I heard people warning me never to get one because I would fall into debt. If you're responsible there is no reason not to have a credit card. Just don't buy things you can't actually afford. It's that simple. Meanwhile you build credit and that is a good thing.

I remember not planning ahead one New Years. I was stranded with a girl I wanted to fuck but I couldn't make it back home. I didn't have cash on me and no ATM's were around but I was able to get a room at a hotel using my CC. Not to mention all kinds of minor things you can pay for online and offline to avoid actual cash transactions.

Yeah, I got that too. I think there's a perception that once kids (well, teenagers) get a hold of something that approximates real money that they'll wallow in an orgy of frivilous spending. Many do, of course, which is why visa loves sending out brochures to new students. Hook 'em while they're young. :winkwink:

You're totally right though, used responsibly a CC is the ticket to a good credit rating and is helluva convenient to buy things online and other... uh... tasks. :thumbsup

Zero...nada...none.

about 5 grand, i have the cash to pay it off but its 0% for a year so i havent paid it off yet.

I am around 200k left for the house and a car. As for CC i use AMEX pretty much for everything so its paid off monthly. I do have a VISA but never use that for much, just here and there to exercise the credit.

plyndrty

-300



ha

i dont have one :((