| How much credit card debt is acceptable for you?
Posted: 8/29/2007 4:06:59 PM |
It’s better to be free, and look like a beggar, then to look like a king, and be owned by a financial institution for years, or even for life.
This way, I am not owned by my job either. If I get really tired of it, I can quit, perhaps tighten the belt for a awhile, and move on. Or save up, and take an extended vacation, without having to consider if my employer (master) will approve my vacation request.
If they don’t, I just quit, and do as I please.
Hah! That's my attitude too! No chains on me! | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 4:14:14 PM | Most posters seem to be taking this opportunity to beat their chest (metaphorically) and get it out there that "I pay mine off every month!".
...and hell, why not. Me too! Bravo moi (bows, pats self on back) 
I can't speak for Yanks, me being a Limey, but I've a friend who works as a mortgage broker in the UK, and he says he's met tons of clients in all walks of life (blue collar, professionals etc) with horrendous cc bills, hoping to lump it on a re-mortgage.
For myself, it would be a big red-flag if a potential SO had this, though I'm not sure how/when I'd find out...(other than through POF forums  ) | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 4:16:59 PM | No credit cards for me, so zero debt there. Debit cards work just fine...comes straight out of my checking account. Just like cash. I drive a P.O.S. ... 2 of 'em... paid cash. Only debt I'm willing to carry is for some land of my own. The credit game is a national crisis waiting to happen IMHO.
My best friends call me cash. John E. Cash. | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 4:17:00 PM | I am a captalist, but having a mortgage is not IMO "debt free".
When one pays cash, one can get a discount over listed price
"You have to make a bad choice in a house to lose money on it": What markets does the poster refer to? Not heard of "bubbles"?
As an MBA, I love "success stories". But from what I understood from the Finance courses I took, for each one who succeeded, how many failed? One has to take into account expected return AND expected risk. Ex post facto analyses do not help future decisions. And recipes change constantly, as market dynamics change!
I do not believe in borrowing for anything and I believe in buying only what one has the money for. Especially in these volatile and mobility times. Capitalism has become too finance and tax credit oriented, IMO. | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 4:42:53 PM | | None, nada, zippo. I'm a "dead beat" credit card user...I pay the balance off every month. I would expect my future significant other to have the same financial responsibility. | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 4:59:04 PM | I refuse to pay credit card interest rates. They are cheaper ways to finance things, if and when required.
I've had my credit card on auto-pay-in-full since '93. I had to push my Canadian bank to set this up. To this date, I've yet to meet another Canadian with this arrangement. (This is very common in Europe of course.) | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 5:26:49 PM | msg 25
fredhh
1) You were inadequate to qualify for the loan....OK
2) It was a good tax shelter for me...
3) Real estate appreciates...It will do that rather you paid "cash" or not.
4) Enron was one stock...Mutual funds are many in one "fund" to keep from being an "Enron". One could get a Money Market instead (no risk). Calculated risks are a part of life...
By the way,
I am retired also and at a younger age than 47, and was also able to Co-found a company as a "hobby". | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 5:37:56 PM | | POF forum posters must be much more financially savvy than the average American considering the average American household carries over $9000 in credit card debt. The attitudes here of not carrying any credit card debt certainly do not reflect the attitudes of this nation as a whole which is awash in credit card debt and has a negative savings rate. Certainly, if you believe in keeping your credit card debt at zero or very low, then you would have problems with another person who is deep in credit card debt or financially irresponsible in any kind of long term relationship. | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 6:15:33 PM |
POF forum posters must be much more financially savvy than the average American considering the average American household carries over $9000 in credit card debt. The attitudes here of not carrying any credit card debt certainly do not reflect the attitudes of this nation as a whole which is awash in credit card debt and has a negative savings rate.
I wouldn't say that it is because we are all financially savvy. It is more likely that we have seen other people go belly up financially, due in large part to being irresponsible about credit card debt.
I know that I have seen many people have to struggle to make ends meet and eventually have to declare bankruptcy.
Therefore I live strictly within my means.
If it is an emergency I might use a piece of plastic but, all in all if I want something I save for it.
I might use my card once a year.As a matter of fact I haven't used it at all this year, I prefer cash. | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 6:24:09 PM | | I don't usually ask a man to provide a financial statement of their credit card debits. However, if he lives within his means, pays his bills on time and can still save money for a rainy day. He's ok in my book! | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 6:25:12 PM | | I try to keep my credit cards at zero. I currently have a very low balance on one card with 0% interest and will have it paid off in 1 or 2 months max and I also have my appliances on another with 18 months same as cash (scheduled to be paid off completely by Feb 2008). | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 6:27:46 PM | | I have a 2nd career that is seasonal and short (3 months). I don't like any credit card debt above what I can pay off from those 3 months worth of income, and that includes my Christmas shopping. | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 6:40:05 PM | | Here's my theory... if they can pay more than the minimums and the cards aren't maxed then great! I personally have $0 credit card debt and prefer it to stay that way! If I can't pay cash for something I just don't buy it! | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 6:47:00 PM |
Zero, but then I am a European ... in Europe.
Zero here too, and I'm American. Not all Americans are in debt.
I don't usually use credit cards, but I do have them for travel and for business. You can't rent a car with a debit card.
I have a house... I paid CASH. (Realtor's jaw dropped looking at my income and then I said CASH...)
LOL, so I'm not the only one in the world. I paid for my first condo with cash when I was 31. Living below your means is a great thing.
I've never had a mortgage, a car loan, or credit card debt that wasn't paid off at the end of the month.
And while I don't ask men on the first date, or even the 10th, about their financial situation, if it were to get to a point where we would be combining finances in anyway or getting married, I would certainly want to know his status and insure that any bad habits of his didn't effect my credit rating. I would also want to keep assets separate if he hadn't shown good judgment in his personal finances. In Virginia a spouse can't be held responsible for debts that are totally separate, but this isn't the case in every state, so make sure you know before getting too involved.
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 7:30:13 PM | | None. I am european and canadian. I would not want anybody with debt in general (I am talking about a formal committed relationship), any kind of debt. Wisdom also means to leave according to one's own means.........on this matter europeans are wiser. | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 7:54:19 PM | | Zero. I just have them to take advantage of the perks like cash back and rewards. I would never carry a balance unless I become broke and was desperate and needed food and shelter. Even then I would do it as a last resort. Shouldn't spend money you don't have. | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 8:14:00 PM |
It is interesting to see how many are posting that zero credit card debt is acceptable or that is what they have. This is certainly not typical in the U.S. where the country is buried under massive credit card debt.
It certainly is typical in my world.
I use my credit card as a tool. If they want to float me a no interest loan for a month, then that's fine by me. Plus there are extended warranties and other benefits from using a credit card. I pay off my balance each month and so I am considered by the credit card companies to be a "deadbeat". What a turnabout of terms.
Strange, I've never seen the no interest loans for one month. And I have no idea what extended warranties have to do with credit card debt. In addition, I have a very high credit rating and I have paid off my credit card debt monthly for many years. So saying that you're considered a deadbeat makes no sense whatsoever. | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 8:20:33 PM | Fredhh..you couldn't get the loan because you had insufficienct annual (monthly) income to pay the debt. There was no guarantee you'd use your settlement (or whatever you want to call it) to pay your debts.
And yes, the income tax is as great as I think. I'm not taxed on my mortgage interest payments. And it IS that much.
I have no idea what your mom's unfortunate stock experiences have to do with credit card debt.
Good for you..retired at 47. Personally, my goal is to retire and have the disposable income to continue to travel several times a year as well as live comfortably. | |
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| How much credit card debt is acceptable for you?
Posted: 8/29/2007 8:46:05 PM |
How much do you Americans will find appropriate for a person you may be willing to settle down?
I think every situation is different. Obviously someone younger in life might have more debt to start. (I.E. college loans, opportunity cost of school versus working to train for a better paying job down the road) That being said, some older people have more time in their life to screw up their finances.
No two situations are the same, the base issue though is does the person have solid financial values. If they do, even if they have some debt for some reason (i.e. school loans), they probably are of a mindset where you can find some kind of common ground. There's room to work on things. If they have no values and handle their money with no regard, then no matter how much money they have or don't have, it's a plan for trouble.
It's like an overweight person getting liposuction. You can take out the fat for the short term. But if the person doesn't change the habits that got them there, it's going to come back. You can bail someone out of their financial mess, but if they are an idiot about money, they'll get back there eventually on their own.
Would I be hesitant around someone with credit card debt? No, I don't know the circumstances as no two situations are the same.
Would I be hesitant around someone who had poor financial values? Absolutely. It's a deal breaker. | |
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| How much credit card debt is acceptable for you?
Posted: 8/30/2007 1:23:36 AM | | Depends on if I know what he spent it on. If i'm close enough to get serious with him, then I'm sure this would be available information to me. If it's a $2,000 vet bill for his dogs, or from a medical bill for himself, or car repairs (no, that doesn't mean lights and rims that spin pictures) then that's fine with me. If it's a bunch of shit he didn't have the money for because he was living outside his means, then he isn't going to be compatible with me. | |
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| How much credit card debt is acceptable for you?
Posted: 8/30/2007 1:28:48 AM | Msg 48
It's like an overweight person getting liposuction. You can take out the fat for the short term. But if the person doesn't change the habits that got them there, it's going to come back.
THAT was funny and true to a point. Fat never comes back in the place from which it is removed, but the other cells in the body that have to absorb the excess will balloon. Ie. Credit card debt becomes a consolidation loan and rather than showing in the belly, makes an appearance on the hips. | |
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