Poll of the Day > Credit card debt

(+) Yeah! (+)

Credit card debt

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Not really. It's not zero but it's not 5 figures.

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No, mine is temporary while I wait on payments.
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Kyuubi4269 posted...

No, mine is temporary while I wait on payments.

This. I pay it off every paycheck.

It blows my mind that anyone could ever accumulate credit card debt. Like, why.

miki_sauvester posted...

It blows my mind that anyone could ever accumulate credit card debt. Like, why.

Well, things come up (car trouble, for example).

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No, because I pay it off every month.

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miki_sauvester posted...

It blows my mind that anyone could ever accumulate credit card debt. Like, why.

My cousin is the most financially responsible guy I know. Last year they changed his commission structure and hes been forced to use his credit card for food. Thats crazy when you think about it... this man is using a credit card for groceries.

I keep telling him to come live with me for a while so he can save some money but he is also the proudest man I know, so he keeps rejecting the offer. And that kinda makes him dumb.

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I pay it off each month

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miki_sauvester posted...

It blows my mind that anyone could ever accumulate credit card debt. Like, why.

Not hard to do when people start using CCs when they're short on cash. I've actually witnessed people charging coffee and breakfast sandwiches on their cards and this is something that costs less than 5 bucks.

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SilentSeph posted...

I pay it off each month

I'm at zero and I only carry one card and my personal limit I set for myself is $500 but I hardly ever get to that because I never use my card unless I have to.

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BUMPED2002 posted...

I've actually witnessed people charging coffee and breakfast sandwiches on their cards and this is something that costs less than 5 bucks.

Plenty of people do that for the cash back rewards. Not that uncommon.

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BUMPED2002 posted...

I've actually witnessed people charging coffee and breakfast sandwiches on their cards and this is something that costs less than 5 bucks.

It keeps your card active and builds your credit score.
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Yeah why are people acting like its weird to pay for stuff like groceries and coffee with a card? Its much faster that way (as long as youre not one of those stupid old people who dont know how to use the card touch pad lmao).

Plus you get rewards points. I used to pay with cash as much as possible because my bank had a coin counting machine, so I would save my coins in a jar and cash it.

But now they charge 10% even if you have an account with them so I dont really have that incentive to use cash anymore.

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rexcrk posted...

Its much faster that way

In the civilised world we use contactless or a 3 second pin input.
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RCtheWSBC posted...

Plenty of people do that for the cash back rewards. Not that uncommon.

Aye or for other similar rewards such as travel points. So long as one is financially responsible enough to pay off each monthly bill to avoid interest charges and there are no special fees/criteria, the user is literally gaining "free money".

Hell, think one of my friends purposely open up new credit cards to get their promotion (i.e. $100-500 cashback if you spend X amount in 90 days) since to him the hit to his credit score for opening a new credit card account is minor enough and worth the the promotion reward.

rexcrk posted...

Yeah why are people acting like its weird to pay for stuff like groceries and coffee with a card?

Maybe credit card in general has a bad reputation due to the irresponsibly folks thinking credit cards are "free money" up until the bill comes in and they owe more money than they have? Overall I do feel not everyone who gets credit card truly understand how they work and/or the fees and other criteria involved.

I can understand banks are still a business to make money but I do feel they are a little too eager when it comes to approving credit card applicaitons. One kinda need really bad credit to be turned down I'd imagine.

Kyuubi4269 posted...

It keeps your card active and builds your credit score.

I can't emphasize the importance of the latter enough when it comes to major spending/loans. My brother-in-law had to co-sign for a car years ago because he had no credit history. When I financed a car three years ago I had no issue doing it myself since I had a well established credit history by that point.

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KJ StErOiDs posted...

No, because I pay it off every month.

This.
And if I ever ran into economic hardship, paying for stuff I can't afford w/ a credit card would be the 3rd to last option I'd try (after pay day / title loans and literal loan sharks, who yes are 2nd worst after pay day / title loans).
Literally any other avenue besides those is better.

rexcrk posted... Yeah why are people acting like its weird to pay for stuff like groceries and coffee with a card? Its much faster that way (as long as youre not one of those stupid old people who dont know how to use the card touch pad lmao).

Plus you get rewards points.

Exactly. I get 2% cash back on groceries w/ my card (and till end of March, 5% w/ Discover). And it's faster. And it means the money I'd spend up front is sitting in my bank account for almost a month earning interest.
The fees they charge businesses make shit more expensive, but that happens whether I use my card or not. Only time i use cash is if I can't use card or they actually give a discount for it, b/c the business wants to avoid paying the swipe fees.

BUMPED2002 posted...

've actually witnessed people charging coffee and breakfast sandwiches on their cards and this is something that costs less than 5 bucks.

Why would I not do that? It takes less than a second to tap my phone and be done with it. Cash is so slow.

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Aye, cards are best used for the 1-2% rewards. You treat them as cash and use them for whatever you were going to buy anyway and then pay off in full at the end of every month. It's nothing huge, but it builds your credit as well on top if the small bonus, and that is a big deal

I got a credit builder card to get a low apr credit card and now I'm better off using my credit card than getting a loan. I don't want to buy anything notably more than what I have saved so loans are completely worthless to me.
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is -100 too much?

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St_Kevin posted...

is -100 too much?

Everything is relative.
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i pay it off as soon as i bought something even if its still pending