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Luke | Is having credit card debt okay as long as you can pay it off? |
I have about $5 grand of credit card debt now which can be brought down to 0, in less than a year, depending on how much I really want to pay it off. However, is carrying large amounts of debt (even if you CAN pay it off) bad? I don't see how. Isn't that the entire BUSINESS of credit cards anyways?
To allow you to buy now and pay later? Don't they make money off of interest percentages? I don't see how this is bad for your total credit score, as long as you keep paying the monthly minimum or more.
Also, lets say you DO have a $5G balance on one card, with an APR of lets say 13%. guess what? That means that every month you're ONLY going to accumulate $50 worth of interest. and compared to 5 grand, that's nothing. and if you keep making payments, and slash that in half, the interest will be lower, as it's calculated on the balance you have.
SO, I don't see how credit cards are evil and how this system is god awful, if we pay interest on other loans as well, car/school.
Additional Details
and you don't hear people complaining about those as being evil, they just accept it. :eye roll:
I think credit cards are fine as long as you have the right card, and it doesn't have an extremely high interest rate. |
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SlimMick
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If you have good credit and a decent income....apply for a new card that will give you a 0% balance transfer....I balanced transfered $5K in debt from a card charging 18% to a fixed 0% for two years....I've saved over $1K in interest charges. This enabled me to pay the debt off in installments without interest charges.
Low-interest/zero-interest balance transfers are the best friend of consumers with good credit |
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Uncle Red
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Some debt is good!!!
NO it isn't, because you are always paying to use someone else's money. Get rid of all your debt, and if you then say I can't get a loan without any credit. Why would you need a loan. Save your money and pay cash. If it is a car you need just get what you can afford. then when the guy at the dealership say you have no debt you say and that is preventing you from selling me a car. No it won't they'll sell you one and then you barter for a low low interest rate or go down the street. Credit is the evil that is destroying our economy. we are all as bad as the US Gov't. but gee I guess it's different for us HUH! |
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Trying2BNice
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For cryin' out loud, spend less than you earn. Get that balance to zero and keep it there. Pay the balance every 30 days--no exceptions. |
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Jen
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The problem with credit card debt is that the normal balance carrying person does not pay it off and the interest just keeps accumulating, and then they charge more getting farther into debt.
Now if you pay more than the minumum, and don't use a card for a year, then there is not a problem with carrying some debt, and it actually can improve your score than to have zero balances across the board.
I have accounts that I payoff each month, and others I don't, and some with a rate at 12% and others at 4% so it's all a matter of whether the user is trying to pay it off, or just get farther into debt to the point that all one can afford is the minimum and still charging more. |
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SPIFIMAN1
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There is nothing wrong with credit cards as long as you use them correctly.
Your balance should never exceed 30% of your credit limit in any given month or your score takes a hit.
Use them for everyday things never exceed 30% of your blance and pay in full every month and you will be fine. |
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junecleaver1213
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I have found in my experience that having some debt is a good thing. Making payments shows companies that you are financially responsible for debt and that you are capable of paying it off. I had a heck of a time getting my first car loan, however, after being in debt from it, and paying on it responsibly, everyone wanted to loan me money.
So, I would say that debt doesn't have to be a bad thing - as long as you are responsible in paying it off. |
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Marysue
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Credit cards aren’t bad. Just make sure your debt is less than half of the balance (recent advice from my mortgage lender). Otherwise, it can throw off your debt to income (DTI) ratio. Ideally, you want to be able to pay your balance each month, but when you’re young and starting out, it’s acceptable to change items like work clothes and car repairs if you don’t currently have the income to cover them, but expect to in the future.
I use mine all the time, mainly because of the consumer protection they provide. If I have an issue with a product, I can turn credit card company for assistance in getting it corrected. If I end up with erroneous charges with on or off line purchases, I can easily dispute them. It’s so much simpler to complete my credit card company’s online dispute form than to go into my bank and wait in line to fill out a fraud report. |
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heybulldog
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Wow! i dont know how to begin to answer this question. Some one who likes paying interest.
If you cant see the answer here then.........All i can say is .....wow.
Thats the perfect example of brainwashing by the credit card industry.
Wow! |
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Dottie928
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Having credit cards is actually good for your credit score IF you never make late payments, always pay at least the minimum, and keep below 50 percent of your high credit limit.
There is nothing wrong with carrying the debt, if you dont mind paying the interest. The problem comes in when people spend more than they have budget for, and make 1 late payment, and interest goes up to 28 percent, which makes minimum payment higher and so the cycle of debt goes. |
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