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credit balance


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14 replies to this topic

#1 of 15 OFFLINE   Bryan_K

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Posted September 09 2003 - 08:11 AM

How much of a balance do you normally have?

Reason i ask is that I read that the average American has between 3-5 thousand in credit balance.


Also, is your balance on just one card or several?

I have one card with a balance of $1500 (i just moved into a house & had furniture & moving expenses) My dads wife (i refuse to call her my step-MOM) is always complaining that i have to much $ on credit. She lived in squaller before she met my dad....."she is funny.........like a heart attack"

Posted Image


P.s i usually pay my balances of as soon as possible. So far i payed over 5 grand in 10 months.

#2 of 15 OFFLINE   SteveA

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Posted September 09 2003 - 08:15 AM

Carry a balance? You mean from month to month? People really do that? Posted Image

#3 of 15 OFFLINE   Dave Poehlman

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Posted September 09 2003 - 08:18 AM

Quote:
I read that the average American has between 3-5 thousand in credit balance.

I guess that makes me above average!... or is it below average... no wait!

#4 of 15 OFFLINE   Malcolm R

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Posted September 09 2003 - 08:26 AM

My dads wife (i refuse to call her my step-MOM) is always complaining that i have to much $ on credit.

You're 33 years old. It's none of her damn business. Tell her so.

I always thought the average was higher, though perhaps I'm thinking of "the average American family."

I'm low-average at the moment (about $3K), but expect to have it all paid off within 4-6 months.
The purpose of an education is to replace an empty mind with an open mind.

#5 of 15 OFFLINE   Justin Lane

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Posted September 09 2003 - 08:29 AM

I carry a zero balance on all cards (unless there is something like a 0% financing deal at Best Buy from time to time). I was always taught that if need to carry a balance, you probably cannot truly afford what you are purchasing at this time. Of course there are always exceptions, like if you are out of work and need the essentials. Furnishing a new home can also be expensive, but then again it is also not necessary to have everything in place and brand new from day one either.

J

#6 of 15 OFFLINE   Jack Briggs

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Posted September 09 2003 - 08:37 AM

In our continuing efforts to stabilize After Hours, it would be preferable if people do not post very personal information about their credit, credit balance, and credit ratings here. Try to talk in a roundabout way if possible. Thanks.

#7 of 15 OFFLINE   Chris Lockwood

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Posted September 09 2003 - 10:11 AM

Or at least post the account numbers & expiration dates. Posted Image

#8 of 15 OFFLINE   Jack Briggs

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Posted September 09 2003 - 10:47 AM

That too! Posted Image

#9 of 15 OFFLINE   Scott L

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Posted September 09 2003 - 01:49 PM

Um.. I'll try to be as vague as I can but I stay under 4k. Should also have it all paid in off in about half a year.

#10 of 15 OFFLINE   nolesrule

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Posted September 09 2003 - 03:46 PM

Anything I put on a credit card gets paid off before interest can accrue. For most, that's monthly, for others, it's 3 or 6 months (with the occassional 12-18 month deals) but I never extend myself to the point where I have to pay out of savings...except my wife's grad school tuition, but we get reimbursed by her employer at the end of each semester.

#11 of 15 OFFLINE   Eric Samonte

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Posted September 10 2003 - 12:31 AM

When credit card companies call offering low low rates on balance transfers, they r usually surprised when I say I don't have any. I guess they feed off of the "average American".
My wife has taught me not to carry over balances on a card when I came over from the Philippines last 1994. I guess it stuck to me. This is what I always try and teach "newcomers" in this land of plenty....where everything and I mean everything u can get on credit.

#12 of 15 OFFLINE   Kevin P

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Posted September 10 2003 - 12:59 AM

I never carry a balance. My card has a $500 limit, so even if I max it out I can pay it off in full, and I only use it for convenience when eating out or buying gas. Larger items are payed for with cash/check/M.O. I've been in the revolving credit boat in the past and I'm glad to be out of that vicious cycle.

#13 of 15 OFFLINE   Philip_G

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Posted September 10 2003 - 01:05 AM

I have some, it's used in emergencies. I have little other use for it with the advent of visa check cards. I even get cash back every year for using my check card (about 80 bucks this year)

#14 of 15 OFFLINE   Andrew Pratt

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Posted September 10 2003 - 02:10 AM

We never carry a ballance either though given we want all the travel miles we can get we put everything on the visa. For us its just a matter of buying what we'd normally buy and put it on the visa and then pay it off at the end of everymonth like every other bill.

#15 of 15 OFFLINE   Yufeng

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Posted September 10 2003 - 05:36 AM

Nothing wrong with carrying a credit card balance as long as you don't have to pay interest.

I have 60k, 0% until 03/2004. The money is invested in i-bond which pays 4.66% percent + about 1.5% cash rebate from amex. I will cash in the ibond in 03/2004 and pay off the balance. Its like over 3000$ free money (well, minus tax)