FINALLY! credit card debt - Chicagoland Sportbikes
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post #1 of 28 (permalink) Old 05-15-2007, 08:45 AM Thread Starter
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FINALLY! credit card debt

I got my first credit card when I was 18 and have had some sort of balance for 10 years now. It got as high as 12k I believe.

I can finally say as of this Friday I am completely paying off my last credit card. I do not want to even know how much $$$$$$$ I have paid in interest.

On a positive note I have a very good credit score and already in a nice house.

Never again will I carry a balance

Josh
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post #2 of 28 (permalink) Old 05-15-2007, 08:47 AM
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I have ZERO credit cards. Cash or Debit cards baby!

Congrats!! Feels great, doesn't it?!

===========
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post #3 of 28 (permalink) Old 05-15-2007, 08:49 AM
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$0 CC debt here. I just have one for emergencies.

Never a bad time to climb... unless the weather is really horrible, and then you climb inside!

I bleed GREEN
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post #4 of 28 (permalink) Old 05-15-2007, 08:50 AM
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Well, assuming a 15% rate and an *average balance* of $8,000....interest comes out to about $1,200 per year....so about $12,000 in interest over the course of 10 years

-Maciek
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post #5 of 28 (permalink) Old 05-15-2007, 08:54 AM
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$0 debt here as well. Took me a long time to dig myself out of a hole as well. Good job!
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post #6 of 28 (permalink) Old 05-15-2007, 08:55 AM
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good for you! Still working on mine but I'm getting there. CC's + being young and stupid = trouble in your late 20's

Eric
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post #7 of 28 (permalink) Old 05-15-2007, 08:55 AM
Sarcasm in every post.
 
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That is one heck of a hole you got yourself out of.

Congrats.

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post #8 of 28 (permalink) Old 05-15-2007, 08:56 AM
I miss mopar
 
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That's awesome!!!!

Quote:
I have ZERO credit cards. Cash or Debit cards baby!
I do have one credit card just in case of an emergency, but I never use it. Debit cards for me all the way!!!!

Steve
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post #9 of 28 (permalink) Old 05-15-2007, 08:56 AM Thread Starter
Back on 2 wheels
 
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Quote:
Originally Posted by Wink View Post
I have ZERO credit cards. Cash or Debit cards baby!

Congrats!! Feels great, doesn't it?!
Yes it does.

I am just lucky I never had to file bankrupsy or take out a loan to pay things off.

Josh
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post #10 of 28 (permalink) Old 05-15-2007, 08:57 AM Thread Starter
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Quote:
Originally Posted by ABSOLUTnie View Post
Well, assuming a 15% rate and an *average balance* of $8,000....interest comes out to about $1,200 per year....so about $12,000 in interest over the course of 10 years
Thanks

wow what a sad thought

Josh
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post #11 of 28 (permalink) Old 05-15-2007, 09:04 AM
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Quote:
Originally Posted by Wink View Post
I have ZERO credit cards. Cash or Debit cards baby!

Congrats!! Feels great, doesn't it?!
Ditto. CONGRATS!

Quote:
Originally Posted by G2G
No one says you have to get drunk everytime you drink.

Quote:
Originally Posted by Snoodles
Isn't that like having sex and not finishing though?
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post #12 of 28 (permalink) Old 05-15-2007, 09:05 AM
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Now maybe you can buy a bike again. Or do some mods to that M tree of yours.

Ian
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post #13 of 28 (permalink) Old 05-15-2007, 09:21 AM
stay classy
 
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Glad to hear someone took the high road and paid off their debt. Credit cards are a double-edge sword. You need to have them to build credit, but its easy to get into trouble by charging everything. If you're young and don't have a ton of money, start slow. Charge only what you can pay in a month. At the least, keep the balance half of the credit limit. After a few years you will have a strong foundation to apply for loans and mortgages.


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post #14 of 28 (permalink) Old 05-15-2007, 09:21 AM
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post #15 of 28 (permalink) Old 05-15-2007, 09:46 AM
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Good to hear. I too recently paid off all my cards. For the past few years I had 3000-6000 debt, so not too much, but nice that it's gone regardless.
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post #16 of 28 (permalink) Old 05-15-2007, 09:50 AM
OBAMA FTW!!!!1!
 
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Congrats!!!

I just paid mine off, I was in the hole for only 5 years and never got as high as you. Currently I have $0 and always pay everything off that I put on there within a 1st pay check

<---- Andy

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post #17 of 28 (permalink) Old 05-15-2007, 09:59 AM
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I had all of mine paid off last year.







Then I discovered the track




HDTony.... Damn glad to meet you!

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post #18 of 28 (permalink) Old 05-15-2007, 10:09 AM
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Quote:
Originally Posted by HDTony View Post
I had all of mine paid off last year.
Then I discovered the track
Had all mine paid off once too... Then I discovered AMT

Everyone Exaggerates

We're being taken for a ride... agaaaaaaain.....


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post #19 of 28 (permalink) Old 05-15-2007, 10:10 AM
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Credit cards don't cause debt, people cause debt. I have had a credit card since 18 and have not once paid a cent to the CC. They pay me to use them.

"The man who makes me your enemy, it is he who be the guilty one....Here I abandoned peace and desecrated law; fortune it is you I follow. Farewell to treaties. From now on war is our judge!"
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post #20 of 28 (permalink) Old 05-15-2007, 10:11 AM
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Quote:
Originally Posted by Arch View Post
Then I discovered AMT
Is that something similar to ATM?

<---- Andy

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post #21 of 28 (permalink) Old 05-15-2007, 10:14 AM
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Quote:
Originally Posted by .:K2:. View Post
Is that something similar to ATM?
I was lysdexic at the time and thought ATM... so I was unzipping my pants, then my CPA told me to bend over.

Won't make that mistake again.

Everyone Exaggerates

We're being taken for a ride... agaaaaaaain.....


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post #22 of 28 (permalink) Old 05-15-2007, 10:30 AM
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Congrats

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post #23 of 28 (permalink) Old 05-15-2007, 11:37 AM
hockey dominates all
 
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How do some of you get by without credit cards? did you have one at one point to get a credit score so you can buy a house/car/etc then not use it again or what?

I recently got my first, basically just charge gas and pay it off so I can get a good score going. I watched my sister be young and stupid with one so I know to avoid doing that

<---- Matt - Xbox Live: MaskedMan13

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post #24 of 28 (permalink) Old 05-15-2007, 11:52 AM
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My story:

I was a typical college student, I got a couple of CC's, charged them up a bit, then couldn't pay off the debt. They went to collection and I eventually settled the debt.

After that I obtained a high interest credit card, made some purchaces, and paid them off over time. I carried a balance on it, and paid always more than the minimum and always on time.

Eventually I got my rate lowered and my credit score started going up. Later I bought a car under my name for the first time, not a great interest rate, but I continued to build back my credit. I showed I could make payments over a period of time, and could make them on time.

After a couple of years I traded the car in on something newer and got a great rate with the new loan. About this time I also paid off my CC balance.

Now my credit is awesome. My only debt is my house and my car. When I went to get my car my bank pre-approved me for $50k without even checking my credit score.

It took most of my 20's to fix the mistakes I made in college, but I'm glad I did.

Never a bad time to climb... unless the weather is really horrible, and then you climb inside!

I bleed GREEN
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post #25 of 28 (permalink) Old 05-15-2007, 09:47 PM
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Just taking care of mine this week... severance money... YAY

Namaste

To the times I'll never remember, with the friends I'll never forget.
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post #26 of 28 (permalink) Old 05-15-2007, 09:50 PM
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Pay cash or do without...... a great plan.


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post #27 of 28 (permalink) Old 05-15-2007, 11:42 PM
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Quote:
Originally Posted by maoisn View Post
Credit cards don't cause debt, people cause debt. I have had a credit card since 18 and have not once paid a cent to the CC. They pay me to use them.
+1 Use credit wisely and your golden. I charge everything....I just pay the bill in full when it comes in....and with online bill paying it makes doing that really easy.

And people wonder I refuse to go back to the track....that will drain cash reserves faster than having 6 kids with 3 different ex-wives Debts cards suck....a friend found out how badly today.

Sometimes goodbye is your second chance.
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post #28 of 28 (permalink) Old 05-15-2007, 11:44 PM
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Quote:
Originally Posted by HDTony View Post



Then I discovered the track
Shoud I say it?

Sometimes goodbye is your second chance.
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