POLL: How much total credit card debt do you have

[AVID]

Poll question: POLL: How much total credit card debt do you have

Just credit cards, not car or house

http://www.pbs.org/wgbh/pages/frontline/shows/credit/

[Cobalt Violet]

1. $110.00

[Yo_Mama_Been_Loggin]

2. None

I got out of that trap during the Clinton years when the economy was kicking ass.

[AVID]

3. I ENVY you .. .Way to GO!!!

[Shopaholic]

4. Paid of all of mine in the last two years.

What a relief.

[AVID]

5. are you on a twelve step program for shopping?

[Shopaholic]

32. No. I just finally got a job that allowed me to afford my shopping sprees!

And I put myself on a realistic budget so that I don't over-extend myself.

[forgethell]

6. $7000, and

I've paid off credit card debt of $30,000 twice. When this is gone, it will make my 3rd time (to pay off $30K). But now that my wife has returned to work, and the children are almost all grown, I expect it to be the last.

[Skittles]

7. I have never, ever paid a finance charge on credit cards

and I've been using 'em for a loooong time

[flygal]

15. Same with my husband

It boggled my mind. But now it's been 10 years since I've paid off about $3000. It wasn't hard once I just lived below my means by shopping wisely and far less often. I once went two months only buying groceries.

[CarpeVeritas]

17. you're "abusing the system"...

I remember when an exec at citibank said that about people who always pay cards in full every month- my mother almost had a stroke, she was so pissed.

[we can do it]

20. I'm glad it pisses them off

Its even funnier when they give you "rewards" and you pay it off every month. I've been waiting for them to cut me off at any time.

[flygal]

26. We used to get travel awards

but after two years of them not getting a dime from us they suddenly began charging $60 a year. We switched to another card and still get the miles :)

[Betty]

58. I am doing that

I get a 1% rebabte every month and I pay it off in full every month. It's small but the savings add up over time.

[Skittles]

41. LOL

actually, someone told me for credit points I need to pay off a balance but I can't bring myself to do it.

[unblock]

8. my credit card debt would be embarassing

if it weren't for the fact that it's all under 4% for life, and hence makes more sense than using my home equity line of credit, despite the tax deductibility.

for me, it's just a cheaper way of financing my home.

[anonymous44]

9. $0

hopefully i'll stay that way. i don't like oweing someone money.

[Warpy]

10. Cut my credit cards into confetti in 1991

when they all started charging junk fees on top of that 18.5% interest. Silly me, I figured that huge amount of interest should be sufficient for them, and they started charging fees for nearly everything. I decided they were sucker bait and sent them back in pieces.

The odd thing is how little I've missed them.

[American Tragedy]

11. No debt whatsoever.

I wish the federal government could say the same!

[Yupster]

12. No debt here either

cars paid for - house paid for.

[CarpeVeritas]

49. our only debt is our mortgage...

but our house has tripled in value since we bought it 8 years ago-
we intend to sell this year, and the amount of equity we hold will allow us to buy our next house outright, with NO mortgage.

[gottaB]

13. Great Show

I wished they would have explained more about compound interest. Since we emerged from our credit card fiasco many years ago, I have become a devotee of the rule of 72.

http://www.moneychimp.com/features/rule72.htm

http://www.moneychimp.com/calculator/compound_interest_calculator.htm

The average person carrying $8000, they're probably paying at least $1100 per year in interest. Fees too should be considered a cost of borrowing. A lot of people could afford to pay down their credit cards, like the consumers on the show, but they don't seem to see the advantage of doing so. I would encourage anybody in such a position to calculate how much they are paying for credit cards each year, and then to imagine putting that ammount into a savings or investment plan, using the rule of 72, or a compound interest calculator like the one linked above. Instead of paying $1100 per year, you could be earning $1100 per year. It will take time to turn things in your favor, but you can make it happen.

The rates these companies are charging are usurious. Is there an honest investment you can make that will yield 14% or 18% or heavens forfend 29%? Not reliably. If you have a good year on the stock market or your house doubles in value overnight, count your blessings. Don't use your good fortune as a basis for anticipating future gains. The average Joe can't expect to beat the long term average of the stock market, and of course more liquid forms of investment have much lower rates of return. Your bank may offer you 4% on a 5 year cd and 2% on a money market account. What's the best rate you can get on a credit card? Be forewarned. This is an extreme inequality, and only works to the advantage of the credit card companies.

If you have to have credit cards, as most of us do in these times, let Ben Stein be your model. Don't use credit cards to borrow money. Your total available credit limit should be immaterial to you in your day-to-day finances. Don't think of it as how much you can afford to spend. Just don't. If you really borrow at those rates, you will pay dearly for it.

[ComerPerro]

14. None, but, student loans... OMG

A lot of money.

[ally_sc]

16. i have been living off my cards...not smart

totally irresponsible when it comes to money...right now i have no disposable income...it is a crappy place to be. it all started when my dog got ill last may, and then it kind of snow balled from there. it doesn't take long for things to get crazy...also my employer, one of them, promised me hours and then she hadn't followed through with any of it...i am working today. i work two. it just takes that for me. 2 part times...

[Stella_Artois]

18. Usually none

But i've just bought a house (NOT on the visa lol) and just *had* to get a new monitor from Dell, a 20" widescreen TFT at a price i just couldn't refuse :P

So, about $700, but that'll be gone in 2 months.

[we can do it]

21. Screw the banks..

You can really make a difference on your house payoff by always paying at least a little extra towards your principle every month, espescially early on. It works - I am totally paid off. Don't let them give you that "tax write-off" shit, you only get a few cents back from every dollar you pay in interest.

[tsuki]

42. My accountant said it best. Why spend a dollar to save $.20 in taxes?

[SmokingJacket]

19. I usually pay it off every month.

In spite of my best efforts, I put a few hundred bucks on it this year during the holidays.

I'm cutting the damn thing up when this is paid off. NO MORE!

What gets me are the late fees. I'm a space case and think I've paid it when I haven't, and am constantly paying late fees. What a scam.

[Poppyseedman]

22. I was in the $35,000 range

until I paid all of them over a period of seven years living like a pauper. I refused to be a slave to my debt every again

We have "0" debt and will forever.

I freed up over $350.00 a month in interest payments only

[G_j]

23. never had a credit card

people often look at me as if I'm from Mars when i say that..
:shrug:

I do have a checking card but you can't run up debt with one of those.

[Piperay]

62. Same here

almost. My father gave me a credit card (under his name) when I was in college and I got myself into big trouble.:-( I learned my lesson though, that has been over 25 years ago and I have never had a card since and I don't want one.

[Piperay]

63. Duplicate...self-deleted nt

:spank:

[hollowdweller]

24. I'd like to see this poll run on the Republican site. Interesting how low

the debt is, doesn't really play to the big spending democrat stereotype does it? I'd be interested to see how much debt on the Republican site.

[no_to_war_economy]

25. this is encouraging

I was expecting this poll to show alot more cc debt

just goes to show what smart Du people we are!

[annonymous]

27. No credit card debt but do have mortgage and car loan.

My husband wrecked his car and we had to take out a loan to pay for a replacement. Until then, we hadn't had a car loan in over 10 years. We pay off our credit cards every month and there are some months when I do not even use credit cards.

[CrownPrinceBandar]

28. None. But student loans, OTOH............................

are killing me. The car payment isn't helping either.

[ernstbass]

29. Haven't charged anything in 3 years

and will have all credit cards paid off in 2 more years. i had to learn this lesson the hard way. I shudder to think about how much of my hard earned $$ has been put interest fees.

[bikebloke]

30. None, I try to save

Theoretically for old age. Though practically, it'll probably be used for near future survival.

[burned]

31. New transmission

fuel rail
fuel pump
tires
2,500.00

0% interest if i pay it off in a year.

[Shopaholic]

33. And it's not that credit cards are bad--it's accumulating debt on them

that is. Everyone needs at least one credit card or some way to establish good credit, but everyone should do their best to avoid the debt that so often accompanies the credit cards!

[AVID]

34. one kick for good measure

[rockedthevoteinMA]

35. None... don't believe in them

If I can't afford it then I don't need it

(of course a vacation would be nice...lol).

Being in college, they stick the applications for them in my bag whenever I go get my books for the semester - drives me crazy!

[ElsewheresDaughter]

36. NONE! got rid of all but 1 of my credit cards 9 years ago......

and that 1 is used only for emergency

[Tierra_y_Libertad]

37. Just the mortgage. Paying credit card interest is for fools.

We occasionally use them (we have two) for convenience (internet purchases), but only when we have the money to pay them off immediately.

Disclaimer to sainthood: We had to learn the hard way.

[Hello_Kitty]

38. $18,000. What can I say? I love to travel...sigh....n/t

[idiosyncratic]

39. I pay off my Discover card every month. Love their cash back bonus.

I double it and get cool things from The Sharper Image I would normally not buy at all.

[eyepaddle]

40. Nothing! Zero!

I had a credit card once--for about two months! The only thing I remember charging were tickets to a Phish concert. I paid that off and cut up the cards. That was in 1994.

I'd rather save up and then buy something than (effectively) buy something and be forced to save up for it.

The credit card offers I get in the mail are starting to sound desperate and hurt at my contiued rejection of their amorous advances.

Student loan debt on the other hand.....

[Straight Shooter]

43. I keep my credit card for emergencies and online purchases

Believe me, if you saw the piddly selection where I live, you would shop online, too, except for small items. Saves money, too, even including shipping.

I pay my card off every month. I go online and check the balance to make sure it's accurate, write a check and mail it before the statement comes in.

But that Discover card bonus has me thinking I need to get away from MasterCard, it's just that Household Bank is a pretty darn good company, so far.

[hangemhigh]

44. A T&E Card for entertaining clients my co. pays...

And a VISA debit-no car payment anymore, cash all the way! Whew, that was hard won but so worth it!

[Iris]

45. Wait just a minute!

I thought Democrats were all poor, lazy, stupid slackers. How can so many of you be debt free AND some of you even own your houses out right!

[AVID]

53. * says spend - grunt - cc debt good for amurica and patriotic!

[EVDebs]

46. With Americans having more debt on cards and under 2% savings

the morons in the Bush administration want us to gamble what little we have left on a socalled populist stock market
http://www.commondreams.org/views04/0108-15.htm

Average credit card debt is $8562 http://ask.yahoo.com/ask/20040209.html

And a savings rate at around 1% now
www.frbsf.org/publications/ economics/letter/2002/el2002-09.pdf

Let's all sing the praises of USURY !

[mhr]

47. Zero, Nada, Zilch - Just The Way I Like It - Very Low Overhead, Low Stress

eom

[superconnected]

48. none for me

And I won't be gaining any cc debt either.

Now if I can get credit card companies to quit sending their sign up letters to me, so people won't be able to get a hold of them and pull identity theft on me. I recently found out they are still sending those letters to me at an apt I moved out of 4 years ago. Oh that ticks me off, how do I stop it? When I moved I did the change of address with the post office.

[Cuban_Liberal]

50. Zero

We have a line of credit at the bank, but we paid off every card we had when we financed the bookstore, and intend to stay that way.

:)

[Lisa]

51. I didn't get a credit card until I was 36 ...

Managed fine up to now with checks, cash, and money orders. (I did get a PayPal account last year for online purchases and donations.)

Anyway, the credit card company has contacted me twice to complain that months go by when I'm not using the card at all. (And I pay them off promptly, so they don't make any money from me.)

[Zinfandel]

52. Refuse to own one. I just use my business VISA-ATM card.

Never have any debt. Whatever is in my account is what I use.
I don't have any vehicle loans either...My vehicles are a bit older, but look & run perfectly...Who do I have to impress? My only outstanding loan is my mortgage, 4.4% (only a first, no second).

This is no time with this administation in power to be in debt.

[Kazak]

54. Never carry a balance.

:thumbsup:

[Billy Ruffian]

55. pay it off every month

charge everything I can, and get about two free airline tickets every year.

No debt at all. all cars paid for. house paid for. kid's college paid for.

[NNguyenMD]

56. MBNA: loansharks in business suits and stilleto heals

[osaMABUSh]

57. Put many things on CC - $2,000 - $3,000 a month

We 'charge' about $2,500 on our Visa each month but pay it off in full every time. Mostly necessities - food, clothing, utilities, phone/DSL bill, Cell bill, etc. on the Visa. Have many cards but only use the one credit card. Mortgage is a separate payment (try to pay $50 or $100 extra to principal each month) and car (no lease) is another monthly payment (at 0%.) The Visa pays us back in 1% - 3% in Toys R Us 'dollars' so we're talking about $20 to $30 a month free toy money for the last ten years. Going to switch to a college fund rewards card soon as the kids are getting passed the 'toy' stage.

We don't have big incomes but in addition to our regular jobs we have little side 'businesses' (tax free) going. We are also a little thrifty. My wife clips coupons and only buys things on sale. I almost never buy my lunch or go to Starbucks - that $2.00 latte a day can sure add up. Refuse to pay for parking - I walk 15 minutes from my free parking spot on the fringe rather than pay the $6.50 to park downtown. I am definitely a believer in the adage - 'watch the pennies and the dollars will take care of themselves'. The other thing - I almost always refuse to pay someone to do something that I can do myself like paint the house, work on my car, lawn care, unclog a drain, house renovations, etc.

We do pay by cash often too - one way we throttle the spending is that we do a lot of shopping at Costco where you have to pay as you go by cash or Debit Card. (Refuse to go the Costco/Amex card way as it is too tempting to buy a big ticket item at Costco then have to come up with the cash at the end of the month)

[demgurl]

59. None

We have seen what credit card debt can do and we gave up our credit cards a long time ago. We do not believe in them!

[Bake]

60. I can't believe nobody said this:

None of your fucking business!

This is a public forum, people.

Bake

[AVID]

61. ignore it

[Piperay]

64. None

I don't have any credit cards, I don't believe in them. When I want something I pay cash for it.