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Old 12-09-2012, 06:22 AM
 
28,713 posts, read 24,636,152 times
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Quote:
Originally Posted by SeventhFloor View Post
I used to have a lot of CC debt in college but I paid it all off. Now all I do is run up the card for Xmas and pay it off with my tax return.
you ned a better accountant if your getting money back. lol , that means your paying them in more than you should.
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Old 12-09-2012, 06:28 AM
 
Location: Confines of the 101 Precinct
10,000 posts, read 17,702,016 times
Reputation: 3567
Quote:
Originally Posted by mathjak107 View Post
you ned a better accountant if your getting money back. lol , that means your paying them in more than you should.
I know. I adjusted my W4 to get back exactly what I want. I used to get back twice as much before I found that out. I have a family so the little change comes in handy.
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Old 12-09-2012, 07:59 AM
 
Location: Manhattan
10,978 posts, read 9,988,605 times
Reputation: 4516
Quote:
Originally Posted by bill83 View Post
It seems none has credit card debt except OP so far.
Carrying Credit card debt is a stupid way to run one's finances. The rates are usurious and should be better regulated.
I think you can get better rates from some of the neighborhood loan sharks...like Bruno "The Plumber."
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Old 12-09-2012, 09:44 AM
 
28,713 posts, read 24,636,152 times
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Originally Posted by Hopes View Post
I can understand why most people posting in this thread carry no debt. For New Yorkers who plan to live in NYC their entire lives, there's really no reason to have credit cards. Most don't need to establish credit history since they will be renting their entire lives, nor ever own a car. Also, with rentals taking up a larger percentage of income in NYC compared to other metros, getting sucked into the additional expense of interest rates will significantly lower ones quality of living there. It seems credit cards are only really useful for living above your means there, unless you're in the higher earning brackets and have a hope of owning someday. And
If you think having a good credit history does not matter because you are renting you have a lot to learn.

Everything in your life from auto insurance rates to whether you get hired or not revolve around those numbers.

In fact even if i will rent to you is based on that score.

You live and die by that score as thats all strangers can judge you on.
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Old 12-09-2012, 10:41 AM
 
6,208 posts, read 4,657,828 times
Reputation: 5181
Quote:
Originally Posted by mathjak107 View Post
never paid a penny in interest in 40 years. i use our cards daily for the points but pay in full every month
About the same for 20 years. Can't say I haven't paid a penny, as I've occasionally misplaced a bill and not paid it in time, and Sandy caused me to miss one. I think they've waived the penalty (but not the interest) every time.

Credit cards are convenient, they build up a good credit rating (not quite as vital as mathjak makes it out, but still very useful), and they've got much better fraud protection than debit cards. A lot of rental car companies either won't take anything else (including debit cards) or make it a real pain. But the interest rates on them tend to be usurious; if you have good credit you can get an unsecured personal loan for less than a typical credit card.
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Old 12-09-2012, 10:42 AM
 
Location: Bergen County, NJ
1,612 posts, read 2,130,460 times
Reputation: 1782
No credit card debt here. Credit card is negative debt. If you don't pay it off in full, credit cards are really selling debt. They're evil. If I can't pay cash, I do not want it.

Take a look at that interest rate (if you don't pay it off in full each month). OUCH !

I used to be the credit card Queen, but I paid them all off, canceled all but one in case of an emergency, and now my paycheck belongs to me, as it should !! And, not my creditors.
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Old 12-09-2012, 10:51 AM
 
Location: where people are either too stupid to leave or too stuck to move
3,999 posts, read 2,515,110 times
Reputation: 3451
70k and in debt? Why? A hospital bill or student loan? If you're making 70k and have no major (neccessary)obligations you can easily make it debt free .
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Old 12-09-2012, 10:55 AM
 
Location: Bergen County, NJ
1,612 posts, read 2,130,460 times
Reputation: 1782
70k, if that's all credit card debt, unless you hit the lottery, you'll never get rid of that. Ugh !! I can't imagine being in a relationship with someone who had debt ... not alot anyway.

Doesn't that terrify you ??
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Old 12-09-2012, 11:21 AM
 
6,865 posts, read 11,294,416 times
Reputation: 3943
Quote:
Originally Posted by ImCurlybelle View Post
70k, if that's all credit card debt, unless you hit the lottery, you'll never get rid of that. Ugh !! I can't imagine being in a relationship with someone who had debt ... not alot anyway.

Doesn't that terrify you ??
No, it's a 70K annual salary and 16K in credit card debt.
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Old 12-09-2012, 12:58 PM
 
749 posts, read 957,130 times
Reputation: 537
We need someone in debt to joint in the discussion. We need balance of the force.

Oh, by the way, where is the OP? Don't be shy for a comeback.
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