Jude
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I think the key is to always pay more than the minimum required and don't get carried away with it (credit). It's good to transfer your balance as you are doing, so long as you don't then use the new credit cards when the deal has come to an end, to make more purchases. It sounds like you are being responsible and keeping on top of things. We (me and my husband) got into quite a bit of debt when we were first married, we have managed to get ourselves sorted now and are debt-free - apart from the mortgage that is! But it is so easy to get credit and very easy to let it get on top of you. |
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Ollie
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Hi,i have never had a credit card & never will.I have a loan that will be paid in july it was for £6,000 got it over 2 years the interest is only £342.
PS/ have a look at this link http://moneysavingexpert.co.uk
Good Luck i personally reckon if you can afford to pay a loan then in the long run it will work out a lot cheaper.Less interest |
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l h
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£200 credit card (I've had it as high as £9200 only 2 years ago) and personal loan of £1600 (it started off as £8,000). Light at the end of the tunnel :-> |
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Greg S
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I only owe on my house, I don't have any other loans or debts.
No credit cards, no student loans, no auto loans, no pay day loans.
And it feels great. I am proud of this, as I went through a lot of struggle to get back to this point. |
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Scooby Doo
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just sorted mine out, I was paying £160 worth of interest a month for two cards and the debt wasn't going down, now I pay the same £160 and the bill goes down the £160 p/m |
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Tim
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i had cleared my debt in 2006. |
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IAmLegend
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Well... my monthly credit card minimum payment is more than most people's mortgage payment... Why?, Because I made stupid choices as a young kid...
I went to a local credit union and explained my situation, they offered me a fixed rate credit card with 9.9%, I expect to have my major credit card debt paid off in 5 years barring any unforseen messes... |
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gerrifriend
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I have no consumer debt at all. I don't have a credit card. Generally speaking, with the obvious exception of houses. If you can't afford to buy something outright, you can't afford to buy it on credit. Credit cards are without a doubt an expensive way to borrow money. If you are generally undisciplined with your finances you may find a consolidation loan some help as they are cheaper on monthly basis but you will be paying it back over a longer period of time. You don't have the option to pay it all off in one go with you do with credit cards. The danger of reducing your monthly outgoings is that if you are a spender by nature you may just use the funds you have freed up to get more stuff on credit which will just put you deeper in debt.
In the long run the best way out is to stop spending money on none essential items for a while, be ruthless when deciding what is essential, use the spare money to clear your credit card debt as soon as possible, then get in the habit of paying them off monthly. You will be much wealthier as a result. |
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Jen
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50,000 |
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leambi
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I dont have any debts (apart from a mortgage) i was brought up not to live beyond my means and if i wanted something i had to save for it. I have had a credit card for about 2 years now that gets paid off in full each month. |
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JeffyB
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Other than my mortgage (which is paid up to date) I have zero consumer debt. I don't believe in buying things on credit. It's almost a guarantee that people who buy in credit will remain poor, because they pay so much more for everything in the longrun. Good Luck. |
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Elizabeth Dreams
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$60,000 (about average?). |
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delete
 |
Luckily i am not in consumer debt.My only debt is my mortgage which isnt to high. |
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casl
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Never had any finance or credit or debts!
However, now I have no credit record and thus no mortgage or loan... you can´t win either way. |
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Italrish
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None, me engineer. Hope debt not continue for you. |
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Mrs. Nâ„¢ - APBT & Mutt Owner
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when my husband and I met I had credit cards out the butt and he had a credit card maxed out and a personal loan. And on top of all that... I decided to buy us a new set of furniture that we couldnt afford... then I didnt like that, so I bought ANOTHER set we couldnt affort, along with a new t.v. Dumb, right? So we decided to do a consolidation loan for everything, even dumber. We can meet our monthly payments, but it leaves us tight for extra spending cash. I think we only owe about 13,000 or so, but thats not including interest. And the sad part is.. compared to a lot I see, $13,000 isnt jack squat. |
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Gerry Atrix
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None for me.
Take out a loan pay off your cards then cut them up and curb your spending.
Harsh I know but stopping spending for a while concentrates the mind wonderfully. |
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Heidi M
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We just have our car payment and our mortgages. (Our home, and 3 rental properties.) Luckily we have no student loans, and no credit card debt. I do believe in using credit cards, a lot of people were against it, but if you use them responsibly, it's a positive thing. We put all of our gas and groceries, etc... on the same credit card each month, and then pay it in full at the end of the month. It builds good credit, and by paying in full we never pay any interest. It's also a rewards card, so we use the points to get plane tickets when we fly out to visit family. We have 3 kids, so that's a lot of plane tickets to have to buy. But we get most of them free by using our credit card points. So we're really winning with the credit card. |
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Teri
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2,000 my mom..not me |
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Buddy
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None thankfully |
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dizzy
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8,250 |
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stevexnelson
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I have zero consumer debt.
Because of medical bills from an unexpected illness I was forced to declare bankruptcy about nine months ago. |
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White Rose
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None thank heavens,have been when i was younger,Pay everything by DD now,only normal living costs to pay. |
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Sahara
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Too much. Over $11K in credit cards. (maybe less) Mortgage is high but we have a decent equity amount. Most of the credit card debit is my husband's. I'm working and going to school part-time so I will have student loans to pay. I'm working on a graduate degree so I'm hoping that I'll be able to make more money or put in more hours elsewhere. Overtime isn't possible at my work. It is harder to stay out of debt these days and a lot of people don't know how to handle their finances. They have trouble distinguishing between needs and wants. It is not a black and white situation. It should be taught in schools for every student. When I was in high school, only the brightest students had access to this course. Why? I have no idea. I went to a very competitive high school with some brilliant students. My parents taught me about finances. I also worked in investments and banking which offered additional training and education. But my husband didn't have that benefit. It is really hard getting him to understand it now. His parents I'm sure tried to teach but they seemed to have done it such a way that totally turned him off. They are very hard people. black/white. right/wrong. There is no shade of gray. very strict and cruel.
This is why finance should be taught in schools for EVERY child. No exceptions. Life today has gotten too complicated. |
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Andrew C
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don't owe anyone a penny |
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abstractfallacy
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Besides my house, my wife and I are about $46,000 in debt. We recently consolidated most of it into a home equity loan and have no credit card debt. And we just bought a new car so that is $16,000 of it. We'll be all set in about 6 years once all that is paid off.
Also... our credit is phenomenal. We could probably get a loan to buy an island in the Pacific or something. |
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Melissa L
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None now i am in bankruptcy |
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