Have you increased your credit card debt? [Archive] - Glock Talk

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Dexters
09-23-2011, 06:10
http://money.cnn.com/2011/09/21/pf/credit_card_debt/

I've always thought the most likely SHTF issue for the average person is financial - debt, divorce (split up of assets & child support)

It looks like cc debt is increasing. I'm guessing it is because the people that are out of work for a while are buying necessities and those newly out of work are continuing their spending ways.

boomhower
09-23-2011, 06:22
I just paid mine off, well will next paycheck. Ran them up quite a bit putting my wife through school but it was worth it.


This should be a fun thread just like the last few.

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NDCent
09-23-2011, 08:04
Nope. We've been lucky to stay employeed and saved a few bucks over the years by living below our means.

ArmoryDoc
09-23-2011, 08:05
I use mine often but never carry a balance. I don't like wasteful interest expense. I know others can't help it though. It'll probably get worse as the months roll on and the economy convulses in impending death.

off road
09-23-2011, 09:04
I only use mine for convenience, like mail order or an unforseen emergency. And, I pay it off before the next billing cycle, so there is no interest charge.

bdcochran
09-23-2011, 09:42
Normally, I use one credit card. I use it for internet. I also use it so that I don't have to carry currency to buy gasoline and groceries. I receive "bonus points".

Right now, I am using a different credit card on a promotion that if I spend $500, I receive 22,000 air miles. After I charge $500, then I retire the card. I just sent in payment for $500 in advance.

I pay my credit card at the end of the month.

TangoFoxtrot
09-24-2011, 03:40
http://money.cnn.com/2011/09/21/pf/credit_card_debt/

I've always thought the most likely SHTF issue for the average person is financial - debt, divorce (split up of assets & child support)

It looks like cc debt is increasing. I'm guessing it is because the people that are out of work for a while are buying necessities and those newly out of work are continuing their spending ways.

Thirty years ago I ran two of my credit cards to the max and it took me forever to pay them off. Since then I'm a cash and carry person with no debt outside of normal living expenses.

I think the problem in this country is folks love to live a champaign lifestyle on a beer salary and they don't know how to manage their finances. Instead of just teaching our kids poor values and letting them forfill their instant gratification needs, teach them how to manage their finances.

LongGun1
09-24-2011, 06:48
No credit card debt here!

PirateLookingAtForty
09-24-2011, 12:53
No cc debt, house bought with cash, truck paid for, motorcycle paid for.

I don't owe a nickel to anybody in the world :cool:

4TS&W
09-24-2011, 13:39
Credit cards went away with the ex-wife. I'm not missing either one..

Though, just before I die, I would like to run up one hell of a debt, like that one guy in armageddon. LOL

BORNGEARHEAD
09-24-2011, 14:02
Fug that! No credit cards here.

Stupid
09-24-2011, 15:05
What is credit card debt?

pugman
09-24-2011, 18:52
I charge everything...literally everything I possibly can. Yes, I'm the guy in front of you using a card to pay for a 99 cent bottle of water. I'm also the guy when a group goes out for lunch puts it on my card and everyone gives me the cash.

BUT I treat it like a debit card. I don't know if its the best cash rewards program but I like Discover.

My cash back for last year bought me a new pistol; this year its up in the air but it should exceed $600 (I love the 5% months they run)

I have never paid interest on it

Dexters
09-24-2011, 19:45
I charge everything...literally everything I possibly can. Yes, I'm the guy in front of you using a card to pay for a 99 cent bottle of water. I'm also the guy when a group goes out for lunch puts it on my card and everyone gives me the cash.

BUT I treat it like a debit card. I don't know if its the best cash rewards program but I like Discover.

My cash back for last year bought me a new pistol; this year its up in the air but it should exceed $600 (I love the 5% months they run)

I have never paid interest on it

That is great! But, I think you posted in the wrong thread.

The topic of this one is "Have you increased your credit card debt?"

Obviously, from what you wrote you didn't.

LongGun1
09-24-2011, 21:57
I charge everything...literally everything I possibly can. Yes, I'm the guy in front of you using a card to pay for a 99 cent bottle of water. I'm also the guy when a group goes out for lunch puts it on my card and everyone gives me the cash.

BUT I treat it like a debit card. I don't know if its the best cash rewards program but I like Discover.

My cash back for last year bought me a new pistol; this year its up in the air but it should exceed $600 (I love the 5% months they run)

I have never paid interest on it


Smart use of credit! :thumbsup:


Turn the tables on those who would otherwise enslave you to their wares! ;) :supergrin:

B.Reid
09-24-2011, 22:36
No I wont run a debt anymore. Debt is slavery.

M1A Shooter
09-24-2011, 23:50
i have a card but its still for emergencies and even though ive been out of work for 6 months, we have been smart enough to adjust our budget accordingly.

pugman
09-25-2011, 08:22
That is great! But, I think you posted in the wrong thread.

The topic of this one is "Have you increased your credit card debt?"

Obviously, from what you wrote you didn't.

Right.

I'm of the line of though credit cards are a great cash management tool. I could relay my sister (who is book and not street smart) HAS drastically increased her debt.

Her husband's job is very volatile (college football coach); friends of his have had 4 jobs in five years (but always moving up...this one in particular is finally at a DIV 1 school). He joked with my BIL, with his wife and two kids, if all their stuff can't fit into a 22' truck they have too much.

My sister basically walked away from their house. On the market 18 months without a single offer. Its in Moorhead, MN where the weather is brutal in the winter. Even worse, MN's financial situation is so desperate and North Dakota's is so good (one of a few states with a surplus) they literally can't sell their house.

They have it priced right now they are giving a buyer all their equity...but no one wants to touch it. You can move two miles west across the river into ND which seems like the land of milk and honey compared to Moorhead.

I'm actually expecting her to file a bankruptcy.

UneasyRider
09-25-2011, 08:52
I drive GM trucks so I always use my GM card to build up points, you get an extra 2 or 3 thousand dollars off just for the card points. We put on some debt after my wife had breast cancer 6 years ago and she was in a lets do everything go everywhere mode, it's uncomfortable until you pay it off. We are blessed with good income and good retirement savings but it still feels strange when you live above your income on a credit card. I am more comfortable with a small car loan for 3 years and payed off credit cards blowing what we don't save (we pay ourselves first) and not worrying about it.

Big Bird
09-25-2011, 19:56
If you REALLY believe the US currency is headed towards the monetary scrap heap and hyperinflation is just around the corner you are a FOOL if you don't max out every credit source you can access right now. Then you can pay it all off tres' easy with inflated dollars down the road...

What's the risk? If you really believe that....

Dexters
09-25-2011, 20:08
If you REALLY believe the US currency is headed towards the monetary scrap heap and hyperinflation is just around the corner you are a FOOL if you don't max out every credit source you can access right now. Then you can pay it all off tres' easy with inflated dollars down the road...

What's the risk? If you really believe that....

that doesn't work with credit cards ...

the % cc charge is a variable rate and it is greater than inflation

your salary probably would not keep up with inflation

What you are suggesting only works with a fixed rate long term debt - not variable rate debt. The risk there is if you lose your job and can not pay that debt.

Big Bird
09-25-2011, 20:46
that doesn't work with credit cards ...

the % cc charge is a variable rate and it is greater than inflation

your salary probably would not keep up with inflation

What you are suggesting only works with a fixed rate long term debt - not variable rate debt. The risk there is if you lose your job and can not pay that debt.

But if you believe the US dollar is going down the tubes who cares? When hyperinfaltion kicks in there's no way the bank interest rate is going to match that...

Who cares if you default on credit card debt? Its unsecured and the banks have little recourse if you don't pay.

JDSTG58
09-29-2011, 14:01
.......

Bilbo Bagins
09-29-2011, 14:25
I think for some its an offset. Gas goes up to $4 a gallon, you fill the tank on the credit card, so you can live your $2.50 a gallon lifestyle. People stop putting money into a vacation or christmas club and instead put it on the card. Eventually it catches up with you.

Right now I have $4,000 in credit card debt. Not too bad, at $110 a month it will be paid off in 3 years. I have no problem paying $150

Now someone starting off with $4K in credit card bills , and makes some major purchases, living the credit card lifestyle, are looking down the barrel of 5 digit debt and mimimum payments of hundreds to thousands of dollars. They will never pay it off and if the SHTF and there is a layoff, suddenly they are in a world of hurt.

It bugs be with people who get crazy with S&P stuff. I need a Rifle, I need to buy silver dimes, I need a years worth dehydrated of food, I need tactical gear,...Go Online, put in cart, enter number and BOOM, now you are in debt.

RED64CJ5
09-29-2011, 19:27
I do not have credit cards simply because they do not serve any valid purpose in my life.

I carry a business credit card because it allows me to travel on the company's dime efficiently.

donovan655
09-29-2011, 19:51
nope. no credit cards. paid them off a long time ago.

PlasticGuy
09-30-2011, 10:11
We ran up some credit card debt between my wife getting her master's degree, and moving immediately after. We were very agressive in paying it off though. No credit card debt anymore. The biggest source of personal failures in this country is a lack of income and out of control debt. We are not playing that game.

RED64CJ5
09-30-2011, 10:34
Proverbs 22:7
"The rich ruleth over the poor, and the borrower is servant to the lender."

JohnnyReb
09-30-2011, 11:11
Right now I have $4,000 in credit card debt. Not too bad, at $110 a month it will be paid off in 3 years. I have no problem paying $150


If there is any possible way to pay more then the $150, you really should. You are talking hundreds of dollars lost in interest.

I once found myself in $5,000 in credit card debt. I bought what I wanted, ammo, guns, video games, pretty much when I wanted. For nearly 6 months, I operated on a tight budget and managed to pay it off, and it was a huge relief.

I'm definitely not perfect in my financial decision making, I purchased a truck at an auction with a personal loan around 5 months ago, and currently that outstanding balance is around $6,000. I also have $900 in credit card debt which will be paid off next Friday.

As a technique for saving money, the only thing that I have found that works for me, is to have $500 automatically transferred every month to an online savings account. In order to access this money, and transfer it to my primary account, it takes 3 business days. That seems to help me with my impulse buys.

Everyone's situation is different.

callihan_44
09-30-2011, 14:00
The only thing I feel comfortable going into debt for anymore is a house or vehicle. I use to have credit card debt but NEVER AGAIN! High interest sucks! Getting rid of them felt better than using them to buy something I really wanted.

bdcochran
09-30-2011, 16:17
If you have perfect timing, no assets that can be seized, expect that you will not have a job at which your wages can be garnished, then max out on your credit cards. After shtf (which you know with perfect timing), no one will be able to collect from you.

If you have less than perfect timing, you still have the goodies (or memories of the goodies). You just have to figure out how to pay off the credit cards.

powder86
09-30-2011, 19:56
we have 3 CCs. we carry 1. we use it like a debit card, and pay it off every month and NEVER pay interest. we have the other 2 for emergency. we take them when we travel in case car breaks down or major emergency.
the only debt right now is a small car loan.
i don't consider debt for a reasonable car and a reasonable home loan to be bad... but credit card debt is stupid. rates are so high, and are never (outside of emergency) worth it. live within your means. why throw away money on interest?
we have great credit because we don't muck around with it.

Snaps
10-01-2011, 00:30
mine's going down, I lived off mine for a little while when the state budget wasn't passed and I had to work for no pay. Fixing it now, slowly

snowbird
10-02-2011, 13:01
live within your means. why throw away money on interest?
we have great credit because we don't muck around with it.

Well put.

No debt here either -the Lord has blessed this household, and I'm grateful.

BORNGEARHEAD
10-02-2011, 14:42
Well put.

No debt here either -the Lord has blessed this household, and I'm grateful.

It wasn't from hard work? :tongueout: j/k