 I want to buy a new car but my credit score is only 680. Is this good enough? |
| I also have on my credit report a few old debts and one judgment which is already paid and have a student loan on good stading.I will pay all of my old debts before trying to apply for a car loan. T... |
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 Am i building up credit this way? |
| Ive had a credit card for a few years now, and I pay off my credit card bills online. My in laws told me that if i want to avoid intrest charges I should pay off my credit card a week or two before ... |
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 Serious Credit Card Debt! What should I do? |
| I am a student with about 3 years left of school before I start making money and I have some serious credit card debt! I owe about $12,000 to Visa and about $7,000 to AMEX. Most of that money has ... |
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 How do you ERASE your credit history!!!? |
| As a young adult, I destroyed my credit and went bankrupt. Afterwards I have 1 credit fraud and cant prove it wrong without hiring another lawyer. I need the bottom line secret to cleaning my credit ... |
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| Can a debt be reported to the credit bureaus if I am making payments? |
| I have a $13500.00 debt that is owed for a rental car that was totaled in an accident. The rental car company wants their money for the car and I am willing to make payments, but they keep ... |
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 How to repair your credit? |
| Once you have paid off your debt how do you increase your credit ... |
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 Co-signer is paying, how to make it last? |
| A few months back I got someone to be a cosigner for my new car, but my girlfriend and friends are high maintenance and I don’t have the extra money for the car’s monthly payments and I stopped ... |
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 I'm getting my first credit card, what's the best way to build credit? |
| i'm thinking about just using it to buy gas for my car than paying it in full when the bill comes would that be a good idea?... |
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 The credit crunch, who's to blame? |
| Anyone else think the Government created it to make Gordon Brown look like he's doing something useful to help people out ie dropping the VAT to 15% woo wee I save £2.50 everytime I spend £100,... |
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 Need to borrow some money, my credit rating is good, is it cheaper to use credit card or bank loan? |
| need to borrow some money, found a credit card that offers 0% interest for the first sixteen months. Or i could arrange a bank loan. What is the cheapest way of borrowing the money, i could pay back ... |
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 What's the best way to avoid paying back a bank loan? |
| Hi, i have took my name of the elctoral role and was told that if the bank coulnd'nt find me, they couldn't do nothing?... |
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 Because gas is going up so high do you think credit card companies will start to throw people in prison? |
| If they can not pay their minimum balance and people can no longer afford to pay them first when everything goes to pay for basic needs will these companies throw people in jail or automatically draw ... |
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 What is the difference credit card and a debit card? |
| My parents are leaning to finally give me something which I can use to buy my own stuff. So, your answers will be great. Thanks!... |
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 U.K. or U.S.A? |
| which offers the best benefits to the ... |
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 $18,000.00 in debt and I'm only 22 HELP!!!!? |
| Having an unexpected child, having my appendix removed, my job closed for business, and going to school all at once caught up with me. Wasn't able to pay bills, so i got credit cards. I didn�... |
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Jeremy J | How do people get into such deep debt? Like over 10,000 dollars of credit card debt? |
Ok so I have seen questions about how people can get out of over 50,000 dollars of credit card debt. My question is:
How in the world can you get that much credit to begin with? Do they have like dozens of cards? Or was their credit rating really good so it allowed them that much credit, and one day they just went crazy. |
 |
 
v b
 |
Let's see in my family:
1) The person whose financial ego was so shaky that he responded to every (free) credit card offer he got just to see if they'd give him the card! (I saw a letter from one company that very politely told him to stick with the cards he already had.)
2) The person who psyched himself into thinking that all he really owed was the minimum amount on the bill *this* month. He would block out the fact that the same mimimum would be on next month's bill! He also could block out the end of year total for how much he was paying in finance charges alone.
3) The person who lost her income and used the cards to maintain her lifestyle. ZERO reality check. We're not talking food from the grocery store--we're talking continuing to go to expensive restaurants, high priced clothing and vacations to Hawaii. Even after several years of deficit spending, her solution was to try and refinance her money pit house and get cash out of it. She'd absolutely reject the suggestion that she sell and move to a cheaper neighborhood...and then ask if you could loan her money.
4) The rest of us. We'd screw up one time in our lives, see the hole before it got too deep, climbed our way out and vowed never to do it again. While not all of us pays our bills each month, most have a within 6 months rule for big purchases and within 12 months for emergencies. |
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Heatherrrrrrrr
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My husband and I got into over 100,000 in credit card debt when we were young and in college. Since we had good auto credit and a few small cards they started sending us offers for 10,000 limits or more. We used our credit cards for tuition, rent, books etc. We basically used them as income. We also didn't have insurance as students so we used them for healthcare after we were in an accident together. Then we used them to pay for our wedding and voila. $100,000 in about 5 years.
Then one day the minimim payments got too much when I got laid off. You never realize just how far it has gotten until you can't pay for whatever reason. |
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Jewel J
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Women can't get enough shoes. |
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sminthian1980
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If you don't have alot of credit card debt, good for you, you're now the minority. Most people think of credit as money that isn't real for 29 days of the month and only realize that they have to pay it back when they get the bill. |
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Dana Katherine
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The debt can increase if a person is making minimum payments and the interest keeps piling on, and in the meantime they continue using the card. Then the credit card company raises their limit in an attempt to get more interest off the balance. Then, if people are late or go over their limit, the fines and charges start mounting up and it becomes worse if the person gets behind on making payments. It just snowballs out of control.
I know this because a friend of mine (yes, it was really a friend and not me) had a cc balance that was in collections. The credit card co. charged him $50 a month or so in interest; the interest rate was high because he was delinquent. Since he ignored it, the interest charges eventually caused his balance to go over the credit limit, and so they charged around $50 a month for that. Then as the balance grows so do the charges. He did pay it off eventually (it was only a couple thousand) but it is easy to see how a person can eventually be $50K in the hole. |
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Dee Dee
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because they dont know how much debt a credit card can put people in they just think about shopping and some people have like 10 credit cards |
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gutter300
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i can answer this from personal experience. with credit it allows you to buy what you dont have the money for, but you convince yourself i will just make this purchase and pay for it. then you do it again and again and again. then you start to buy gas on the card and food. next thing you know you owe 50k and a large chunk of your monthly payments is interest. i owed 30k, but unless you are equating the interest into your monthly payments it will take a long time to pay. |
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[][][][]
 |
First they get into a debt of like $5000, then they receive more credit card approvals in the mail. They use them to buy more and more stuff. Still, more credit card approvals come in the mail. The reason is that the credit bureau's can freely give out your personal information, unless you say otherwise. Many of these credit cards have high interest and annuals too. It's so easy for teenagers and old people, who don't know what they're doing, to get their hands on credit cards. I think that there should be a law it which the credit card companies have to make absolute sure that the person will be able to pay off the credit cards and current debt. If they don't, and nothing changed (like the persons job), then they should take it as a bad investment. Isn't that how the credit card companies are supposed to be making their money, interest. |
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jessicapacha88
 |
its an addiction! |
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coleblondehead
|
Yes, although I dont owe that much, its
exactly what happens, I moved to the us
about 10 yrs. ago no credit at all, but
I started building my credit until almost
perfect 790 credit score and they start
giving you credit increases something
that goes like this, Dear Mrs. We are
increasing your credit line due to your
preferred status bla,bla,bla and suddenly
from owing 3000 I blink and now I owe
amost 10k, Its so overwhelming to think
that I owe so much by myself because
I dont own anything yet, my home has a
mortgage still so I did what I needed to do
cut up all my cards, just use what i truly
need and save,save,save. I went into
debt validation trying to cut down my
credit cards with creditors. I hope they can
save me. So my advice to you is only
have 1 credit card for emergencies, THAT
IS ALL. |
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contemplating
|
They tend to do it over time. If you manage your debt well, banks will continue to raise your limit and others will continue to offer you more credit cards (which you'll apply for, since you can't live off of what you're making and your debt keeps increasing).
There is also an issue on how "credit card" debt is sometimes calculated. My HELOC (home-equity line of credit), which I used to pay off my 2nd mortgage and mortgage on an investment property (much better rate and no escrow requirements), looks like a credit card on my report.
This makes it look like I carry credit card debt in the 10s of thousands (when in reality I carry no credit card debt and it's part of my mortgage that they're looking at).
So I'd take the statistics with a grain of salt... |
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answerman3
|
yes, they have lots of credit cards. they get lots of lines available and the card companies are willing to give them generous "open to buys" or high dollar limits for spending.
they are poor money managers. they want what they want right now and that's called "instant gratification" a poor money manager spends what they don't have, and also spends more than they make. to be wealthy, you have to make more money than you spend.
they probably didn't go crazy in one day. it's a gradual hole they dig. (with interest rates, it's a much harder hole to dig yourself out of) |
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THEREALSPECIALONE
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THERE IS SOMETHING CALLED SAVING, TRY TO SOME TIME!!!
That is as blunt as it gets, you never used to be able to spend money you never had because credit cards and banks didn't officially exist. You would just borrow from your friend or the local Jewish guy that had 20 shops. Nothing wrong with working hard and earning cold hard cash. Cash is king and that is the only way to go. |
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