How much CREDIT CARD debt do you owe? (1 Viewer)

[Michael D. Bunting]

0 K (Pay off monthly)

0-5 K

6-10 K

10-15 K

15 K +

Me...I hate to say it...but I'm in the 10-15 K category :frowning:

My plans are to change that this year (if I can!) and get down to the 0-5 K by Christmas 2003 - then hit 0 K (pay off monthly) starting ASAP in 2004!

I don't want this thread to be used to start judging anybody or their financial well being or sickness. Just wanted to see where I fit in the mix.

I'm guessing most folks will be in the 0-5 K range - but who knows...

 

[Carl Johnson]

I'm in the 0-5k bracket but i'm in the process of working my way down to 0 permanently. My balance never gets any lower because I've been in the habit of going thru disposable income way too quickly. Within the past week I set up a new checking account and split my payroll deduction so a lump sum goes into one account which will be for mortgage, car payment, semi annual car insurance, credit cards and gas bills in the winter while still having something left over every month. The second account will cover petty cash and the rest of my utilities.

 

[Jim_K]

0 K (Pay off monthly)

 

[Jeff_A]

Credit card debt?

 

[Joe Bernardi]

0 K (Pay off monthly)

 

[Rand]

How about over $19k?

 

[John Thomas]

About 6 months ago, mine was around 5k but I've slowly gnawed away at it. Now I am free of credit card debt and seriously considering chopping the bastard in half.

 

[Cary T]

No credit card debt

 

[SteveA]

Back in 1997, I was in the 15K+ category. Today, I'm in the 0 K (pay off monthly category). I haven't paid a nickel in CC interest in 2 years.

 

[Scott_G]

$0K ...
Just say no

 

[ChuckDeLa]

My credit card debt is about $3500.

 

[Shane Bos]

$2100

 

[Travis Olson]

About $1000 here, but I'm going to clean it out in 2 payments.

 

[Malcolm R]

Just over $5K.

My new year's resolution is to be at $0 by year's end (or sooner).

 

[Mike Blais]

$7,000, my wife and I enjoyed last year, including a trip to the Grey Cup in Edmonton. Kind of our last hurrah before we have to grow up,have kids and all that.

 

[Rob Lutter]

$0... I don't have a credit card
Go VISA Debit card!

 

[Christ Reynolds]

i used to work with a guy who claimed to have $22,000+ in cc debt, yikes. personally i owe less than 1,000 but i cut the card in half, i dont make enough money to spend the money i dont have...if that makes sense, so no card for me.

CJ

 

[joe goswami]

Lets see here now hmmm......

VISA - $5000.00 US
VISA - $6000.00 CDN
VISA - $950.00 US
2nd Mortgage - $8000.00 US

Ya think I need credit counselling???

But my priority this year was to pay off my $1500.00 balance on my Sony 53" RPTV (HDTV ready). Task complete in January. They can repo my minivan, foreclose on the house but no one can touch my home theater

 

[Justin Doring]

I pay off my balance every month.

What's scary is that I know people who have over $100,000 in credit card debt! What's even scarier is that their annual incomes are well above that amount. One would think that someone making six figures a year wouldn't have a problem with credit card debt, and yet...

 

[Michael D. Bunting]

As the starter of this thread I wanted to report back with an update.

My Credit Card debt is in the process of being "re-channeled" into my pre-existing car loan from my bank.

I put a hefty down payment on my 2001 Nissan Pathfinder when I purchased it in December of 2000. (Back when I had $0 CC debt!)

The balance on the car loan (Pathfinder) is: ~$12,000.00 w/ a 5.25% APR with about 3 years to go on payments of $465.00 per month.

The current value of the Pathfinder was just under $25,000.00 (according to my bank), which means I have about $13,000.00 in equity on the vehicle.

My bank agreed to re-finance the car loan and gave me an even better APR 5.00% APR. They will be paying me cash (bank deposit) in the amount of my credit-card debt ($11,500.00)

With the re-finance, my payments are now ($580.00 per month), (just over $100 more per month than I was previouly paying) - and I now have 4 years to pay on the loan now, versus the 3 I originally had.

Well worth the trade off if you ask me. Sure I lose the equity in the vehicle - but I also managed to cut my APR% rate down on my car loan.

Not to mention those HIGH INTEREST CREDIT CARDS are now going to be payed off (this week!)...I don't even want to say what the interest was on a couple of them (one of my wife's and one of mine) but let's just say it was pretty darn high! What was Jordan's jersey # with the Bulls???

Anyway, what a relief....I should even be able to pay off the re-financed loan 2 years early - now that I'm not paying so much interest.

No more charging up the cards for me either - been there and done that twice - and it's not worth it. From now on - whatever I charge is going to be paid off in full each month