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wondering | Is $3700 a lot in credit card debt? |
My husband and I make around $80,000 a year and have 2 kids. He recently found out that I had credit card debt of $3700 and is livid. I don't think that is a high amount and believe most families have WAY more debt than that. I have a 0% interest card so I am not even paying any interest.
Additional Details
We keep our finances completely seperate he has bills he pays, I have bills I pay. So it's not like I am spending "his" money. |
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Samham
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He's wondering what else you are hiding from him. |
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Studly
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I can probably hang up the best answer points for this...but.....
You gotta be kidding me! If you make $80k and have no other credit debts, $3700 is nothing.
If you have a mortgage, car, personal loans, and other debts...and your budget is already tight, then finding the $120 minimum payment could pose a problem.
So, I'm going to but that the latter is your situation, and this is why your husband blew a cork when he found out.
When you start hiding personal finances from your spouse you are looking for problems. |
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wwpetcemetery
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It's not to much..usually if it's below 10% of your income your good..but that 0% interest is temporary & will go up so better start paying it down as fast as you can...and you're right most people with your income owe have an average of $20k dollars of credit card debt.
http://articles.moneycentral.msn.com/Banking/CreditCardSmarts/1In7AmericansCarries10CreditCards.aspx?GT1=9113 |
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tkquestion
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Combined income of $80K is respectable but not in the range of amount where you can pay $3700 and not have any impact, especially if you have two kids.
Comparing yourself with people who has far more debt and say that your debt is nothing to be upset about is entirely missing a point. If you cannot or do not pay it off at the end of the month it incurred, then it is your family liability. A debt is a debt.
I think your husband is justified. |
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Carman Nguyen
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I wish I only have $3700 credit card debt.Myself I have right now almost $40,000.Yes,40 grands.So cheers up yourself.Congratulation. |
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huycaguy
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No it's not! We still in debt for more than that on credit card. Moreover, we got lot of things to pay: mortgage, car payment, appliances payment, utilities payment...
Anyway, you are better to pay them off within 3 or 4 months before the interest kills you. |
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Anjell
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You can't compare yourself to other people. Every tub has to sit on their own bottom. Your husband is looking at the household picture and I'm sure he doesn't feel consolated by thinking "well gee most other households have way more debt than that so my wife's debt is minisculed".
Although 0% interest is great it doesn't change the fact that you still owe $3700. It is what it is.
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eldarwen996
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To me, it is a lot of debt. There are quite a few people that have a lot more debt than that. If the credit card debt is in your name only, then he is not responsible. Seeing that you said that he was livid, maybe it is time that you and your husband need to talk about money. Sometimes things change money wise. |
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infinite crisis 247
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that isn't a huge amount, but you probably should have let him know about it. i think that's what he's mad about. i would simply let him know that you are paying more than the minimums, and show him that you are. be careful...0% interest cards can lull you into a false sense of security. that 3700 can turn to 6700 before you know it by continued usage. |
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servingseniorcitizens
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you husband needs to chill. it's really not a lot, especially considering your income. most families have like five times that amount. doesn't mean you shouldn't pay it off asap, though. even with the 0% interest, it brings your credit down. don't get any more debt, though! it adds up fast and then you'd be in over your head.
maybe he's mad because he didnt know about it- maybe you guys need to have regular conversations about finances. |
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bm
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Not really with a dual income of 160k and having $3.7k at 0% seems fine... mbna offers 0% up to 100k and you could use that to invest but it's not really debt if you're covered. Net worth is Total assets minus debt. |
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Mrs. M
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Thats alot to keep from your HUSBAND!
pay it off |
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