| How much credit card debt is acceptable for you?
Posted: 8/31/2007 8:47:15 AM | | Yeah I had 3 credit cards, $7500, $8000, and $5000. I got rid of the two and just have the one now. Also ditched the $20,000 line of credit. In a pinch I could always get another one so I'm not worried about not having them. | |
|
| How much credit card debt is acceptable for you?
Posted: 8/31/2007 9:37:39 AM | In response to post 58.
Oh come on people....I am finding this hard to beleive that almost everyone who has posted a response to this subject doesn't have any CC debt?
I have past experiences with my first husband bankrupting us on $120k in credit card debt. I HATE credit cards because of what happened with him. I honestly have $0 credit card debt. Hard way to learn a lesson but I did learn!
Sorry, to bust the numbers but as a single homeowner who works pay check to pay check and is in the process of getting a 2nd job to maybe afford some luxuries (like food and gas) my CC holds a balance of about a thousand bucks due to out of the ordinary expenses like the car breaking down (that was the latest). Can't wait to see what might happen if the AC unit goes kaput.
This is because you let your money control you instead of you controlling your money. I learned to live without credit cards. To not impulse buy (I hate shopping anyway) and to cut back on unnecessary expenses and you know what it works! The relief I feel not being in debt is worth the sacrifices made to get there! | |
|
| |
| How much credit card debt is acceptable for you?
Posted: 8/31/2007 1:18:10 PM |
1) Inadequate income to qualify for the loan. (Strange... I had the cash and couldn't get a loan? but true. )
Not that strange and probably not the real reason. If you use cash for everything and have no credit cards, you have little or no credit history. Logically, having NO credit history should be preferable to having a bad one, but it's not. There's no logic there.
I don't usually ask a man to provide a financial statement of their credit card debits.
Same here. It's only my business if things progress to a point where he wants to pool/share expenses. | |
|
| How much credit card debt is acceptable for you?
Posted: 8/31/2007 1:37:30 PM | Folks great responses! As someone with Ph.D. in business I definitely appreciated your (in most cases) proper financial responses. I laredy have learnt all those credit scores, refinancing, loans years ago. LOL. I hope I will see more --and more related to dating/relationships!
Let's restate you are serious about girl/guy. Then you learn she/he has 1- 3-5-10 K in credit card debt (without well justified reason).
Will you go toward marrige deal (if other variables look fine) or won't? | |
|
| |
| How much credit card debt is acceptable for you?
Posted: 8/31/2007 2:06:13 PM |
If you use cash for everything and have no credit cards, you have little or no credit history. Logically, having NO credit history should be preferable to having a bad one, but it's not. There's no logic there.
Actually there is logic there. No credit history means you have shown no ability at all to pay a bill in a timely manner. You have no established pattern and even worse... they can't tell how much money you're spending in a months time and if you're going to be able to adjust to having that bill each month. They have nothing to trend your habbits with paying bills off of. | |
|
| How much credit card debt is acceptable for you?
Posted: 8/31/2007 2:23:23 PM | Hi OP,
As far as my own credit card debt is concerned, I like to keep my balance at zero. I only really use mine in an emergency or to order something online, such as purchasing concert tickets and unfortunately, THAT rarely happens...haha!!! I hate debts and I feel trapped if I owe any money anywhere, so even my car is paid for and if I can't afford to buy my next one "cash" after this one dies, I'll simply walk , use public transportation, or ride my bicycle to get where I need to go.
If I met someone and things got serious, I would need to know that he can live within his means, even if it isn't much, that's okay too as I don't need much neither. But I wouldn't automatically discount the person simply because he had some debts.... even with the best of intentions, sh!t can still hit the fan and we may find ourselves financially strapped for whatever reasons....but as long as he'd be serious in paying it off as quickly as possible, and I could see that he's happy living a simple and modest life, then everything would be fine with me.....as long as it's okay with him too, of course! 
Love and peace...
Old... | |
|
| How much credit card debt is acceptable for you?
Posted: 8/31/2007 3:04:50 PM | It's relative. Mainly, is it in line with their income and ability to pay?
Sometimes you can use the various offers to advantage. Many times I've transferred a balance at high interest to a zero interest credit card offer and paid it off before interest started accruing. Saved a LOT of money in interest that was avoided! So, sometimes CC debt can be smart. | |
|
| How much credit card debt is acceptable for you?
Posted: 8/31/2007 3:15:35 PM | "when it comes to credit cards loans anything like that thats private its nobodys business as long asyou carry yourown weight in a relationship and viseversa"
Beg to differ. In any rel, the other's fin problems have a funny way of becoming your own too. Reality says. | |
|
| |
| How much credit card debt is acceptable for you?
Posted: 8/31/2007 5:52:28 PM | Zero or at least paid to zero each month is the only acceptable credit card debt in my opinion. And no, I wouldn't head down the marriage path with anyone who felt otherwise. Been there, done that, got a lot of t-shirts when it comes to having credit card debt and I won't go there again.
As to other debt (mortgage, car, etc), I also believe that it is better to live below what you can truly afford (mortgage companies will often pre-approve you for 3 times your income but that doesn't mean that is what you should spend) so that you can put a significant amount into retirement savings and still have disposable income to spend on some fun things like travel .
 | |
|
| How much credit card debt is acceptable for you?
Posted: 8/31/2007 6:11:21 PM | Within about a year, it will be zero. It's not really that much now, and a lot of that came from getting divorced and moving out with basically nothing, and starting over again.
Without the cards, I would have never had had the luxury of getting my freedom, so they were a great godsend.
Paying it down means not doing as many things as I'd like to do, but the reward is more than worth it. When it's all paid, I'm totally free to get on with the rest of my life.
The worst part is that the SOB's actually keep upping my credit limit , unrequested, and with this wonderful "If you DON'T want this increase, mail us a latter at this address by this date " type of automated response - every time I make a large payment (most months, actually).
That should be against the law, and I can see how that can hook people with less self control than myself. " Oh, look...I can buy a Corvette with my credit card ! " 
I think they hire ex-heroin dealers to work in their marketing department.  | |
|
| |
Dug01
|
Joined: 1/3/2007
Msg: 90 | |
| |
| |
| How much credit card debt is acceptable for you?
Posted: 8/31/2007 6:35:43 PM |
Within about a year, it will be zero. It's not really that much now, and a lot of that came from getting divorced and moving out with basically nothing, and starting over again.
Exactly, lets see. I had to buy a new living room set, new tv, new bedroom set, new kitchen set, new dishes, new towels, so yeah coming up with a big chunk of change all at once wasn't really in the cards, so you do what you have to do. | |
|
| How much credit card debt is acceptable for you?
Posted: 8/31/2007 7:31:06 PM | umm she asked about credit card debt, not mortgage or car payments.
but yeah, ideally zero would be good. Judging by the fact you had to ask this question, I am going to go out on a limb and say you are ass deep in credit card debt. | |
|
| How much credit card debt is acceptable for you?
Posted: 8/31/2007 9:31:03 PM | It's relative to their income and other assets. Here your overall credit score/ payment history is more important than your credit card debt.
As to other debt (mortgage, car, etc), I also believe that it is better to live below what you can truly afford (mortgage companies will often pre-approve you for 3 times your income but that doesn't mean that is what you should spend) so that you can put a significant amount into retirement savings and still have disposable income to spend on some fun things like travel .
Student loans, anyone? | |
|
| |
| How much credit card debt is acceptable for you?
Posted: 8/31/2007 10:25:40 PM |
Student loans, anyone?
That would depend on many things. The amount. Did they work while in college to help offset the bill or did they just keep racking up more debt while playing student.
The chosen career field. The potential income ( what are they going to be making annually compared to the debt).
I have seen people come out of school with loans for over 60K and a education that would only pay 35K. Not a real smart move in my opinion. | |
|
| How much credit card debt is acceptable for you?
Posted: 9/1/2007 12:16:20 AM | Interesting threat, I read it yesterday, and today decided to go back to it.
To Sasyecat, if you that worried about your credit card, find a Credit Counsellor in your area, who can help you with the plan of knocking your debts down, and you won't have to pay high interest rate on your credit card. This will scrow your credit rating, but if you can't pay your bills, building your good credit history is not your goal right now, but rather paying your bills. Once that's done, your credit score goes back to high again, and you are free to apply for a credit card again, but you should be cautious.
How much credit card debt is accepptable for you? There isn't magic number, depends on the circumstances. Zero balance is ideal, if you are reaching $5,000.00, this is where one should start thinking and worrying. Anything over that, is insane. After reading some of the responses I got the sense the OP attracted people who pay their credit cards on time, done fabulously with their finances, have some sound investments in real estate market. Good for you.
While, I don't judge people base on their finances matter, I have found follwing true and am speaking from my own personal experience. I think everyone has their own unique experience in financial field and judging a person on the balance on their credit card is crazy. Just because your life is perfect it doesn't mean someone elses's is. I have met few well off, wealthy individuals, not because they made it on their own in life, but inheritance, highly paying jobs allowed keeping off the balance on their credit card from rising. On the other hand, I don't believe credit card should be used for emergencies, but you should plan for it, if you can, or at least ask for a credit line with the bank with low interest rate.
I believe people do get carreid away with credit cards usagae in North America, I don't know what it is like in Europe, but it is true there are many people (these are the ones, that didn't repsonded to the thread), with crazy balance on their credit card.
I wouldn't date someone who is financially irresponsible, thier financial worries would become mine eventually.
I also ask questions, how have they accummulated such high debt, is it because of student life in poverty that lead them to cc, is it a bad divorce. Personally, I know life is not perfect. In my early thirties I did fabulously financially, I had investments, almost bought my first condo, I got approved for it, I was a beacon, but I decided to go back to school and pursue my dreams. Of course it came with the price tag attached to it. Oh, I pay for it now, some days I hate it. But I have done a fabulous job so far, and am very close to pay off my debts. If I went back in time and was given the choice of going back to school or not, I would do it again.
Overusage of credit cards in North America is a serious issue and I believe we should get educated. In fact many Credit Counsellors visit local schools theses days, and teach kids abouot finances. It is true, that Credit Card companies portray the vision, that life with cc is an easy one, which is bull shiet. | |
|
| How much credit card debt is acceptable for you?
Posted: 9/1/2007 12:48:23 AM | | I would not want to date seriously who had any debt at all. If it was just a casual fling then I would not be privy to his private matters. But if he wanted it to last longer, he'd have to pay off all his debt and have some savings. | |
|
| How much credit card debt is acceptable for you?
Posted: 9/1/2007 8:36:01 AM |
How much credit card debt is acceptable for you? .....Unless it changes the course of one's life, it's not anyone's business. I'm credit card free. I don't like them, and I don't own a credit card. If I meet someone that does have a credit card, then I wouldn't make it MY business to know all about it, casuse I wouldn't want to know.
As my father once said to me.....If you don't have the CASH, then you can't afford it.
Simple. | |
|
| How much credit card debt is acceptable for you?
Posted: 9/1/2007 8:41:21 AM | Guess I won't be dating anyone from Europe....Unfortunately if it were not for my cr cards I would not have gotten thru school. I'm in debt and I know it but I am working hard to change that. | |
|
Home
login 
