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As someone who used to have a lot of credit card debt, I can tell you anyone who has a high balance will probably not even peek into this thread as it will probably cause queasiness- debt stresses people out. I had about 10K in cc debt when I was around 22, mostly because I had no idea how to handle money. I started reading Dave Ramsey's books and started following his snowball technique and I can now say I have no credit card debt. It takes time but stick with it. Good luck
I agree with stress levels. I always "plan" on making more money every year and I know this is a horrible logic. I graduated college with about $3k in CC debt and it skyrocketed in past 6 years. No extravagant purchases or livestyle. Just restaurants in Manhattan (dating), bars, clothing for work (suiting/shirts), dry cleaners, gas, metrocards, etc, etc, etc. I bought a new car after college (which is now paid off!) and still have about $25k in student loans. I live OUTSIDE of Manhattan (in queens) so housing is relatively inexpensive ($1350 1 bedroom) but could do a lot better with a roommate. Anyway, I know what I need to do (not looking for financial advice, haha) but I am a little surprised everyone is paying in full every month. Congrats to you guys!
I pay mine off every month too. Sometimes I get a free gift of $50 from the credit card company. This seems to happen about twice a year. I'm not sure what triggers it -- probably a lot of purchases. They are probably hoping one day I will screw up and forget to pay on time one month and they can then charge me lots of late fees and increase my interest rate, and all the nice things they put in fine print.
I don't think credit card debt has anything to do with living in NYC. It's a huge problem throughout the country. I think it has to do with a budgeting problem and not so much with the region in which one lives.
Truer words never spoken. It doesn't matter where you are... If you can't control yourself financially you will have debt.
That said. To OP, on 70k you have debt? People here make way less and support families.
I really don't care if the banks jerk up the rate to 50% or even 100%. If my credit cards stop giving me bonus points, I will stop using them. If they charge me membership fee, I will cut them up.
22 years ago, I received an invitation for an American Express Card. I asked a coworker, if I put down "unemployed", can I still get the card? He said no and I said yes. We bet $50. I filled out the form in front of him. Asset: $1000, income: $0, employer: unemployed. 2 weeks later, I got my GOLD card and won $50, but I had to pay $75 for membership. That was the last time I paid any credit card fee. I canceled my gold card 10 months later to avoid another $75.
I really don't care if the banks jerk up the rate to 50% or even 100%. If my credit cards stop giving me bonus points, I will stop using them. If they charge me membership fee, I will cut them up.
22 years ago, I received an invitation for an American Express Card. I asked a coworker, if I put down "unemployed", can I still get the card? He said no and I said yes. We bet $50. I filled out the form in front of him. Asset: $1000, income: $0, employer: unemployed. 2 weeks later, I got my GOLD card and won $50, but I had to pay $75 for membership. That was the last time I paid any credit card fee. I canceled my gold card 10 months later to avoid another $75.
Last year (and maybe this year too) Southwest airlines was offering 50,000 miles after $500 dollars in purchases within 6 months. So I went ahead, got the card, spent $500 dollars and got 50,000 worth of miles but I had no place to flight to, so instead I redeemed them for gift cards.
I got $500 dollars worth of credit with Amazon. Before they charged me any annual fees (which was $75 a year) I paid it off, and closed the account.
It worked great for me, I got free money for just spending money I had to spend anyway.
Now, I'm looking foward to seeing another similar deal.
Carrying Credit card debt is a stupid way to run one's finances. The rates areusurious and should be better regulated.
I think you can get better rates from some of the neighborhood loan sharks...like Bruno "The Plumber."
I saw an ad on the TV last week for "Western Sky" financial, trying to reel in people in bad situations with promises of easy money. The rates were in small print, difficult to see on the TV, but I thought I saw "69% APR". It seemed so ridiculous I looked up their website - they start at 69% APR and go up to 350% APR. Now that is ursury - and the people who'll end up in this trap are probably the least financially savvy and least able to pay.
I saw an ad on the TV last week for "Western Sky" financial, trying to reel in people in bad situations with promises of easy money. The rates were in small print, difficult to see on the TV, but I thought I saw "69% APR". It seemed so ridiculous I looked up their website - they start at 69% APR and go up to 350% APR. Now that is ursury - and the people who'll end up in this trap are probably the least financially savvy and least able to pay.
That's not a credit card....that's those same day loan things....we're talking about credit card debt....
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