Put da credit card down, foo!!!

[turbo6bar]

Ouch. Ouch. Ouch!

Consumer debt article

I shouldn't complain so much. I buy foreclosures, and the past year the market has been flooded with pretty houses in good neighborhoods

Does anyone here not own a credit card? Or rather, does anyone here pay balances in full each month?

I'm really lucky to have learned good financial sense. Sometimes Suze Orman sounds too ditsy.

Jürgen

[Dantilla]

I have one card that is paid in full every month.

I have no debt whatsoever outside of real estate, which is appreciating. Buying and selling "fixer-upper" houses on the side is fun.

[vash]

same here, got some extra $$ and used it to pay off my school loan. now i am free and clear except for my home. CC is paid off monthly.

[LeeH]

I just read that article a few minutes ago. The writer brings up many valid points. The combination of a financially ignorant society and monster sense of entitlement is not a good thing. I'm not sure what it will take to change people's attitudes toward money.

Mental dialogues that go "I'll save for retirement later." and "Hey! I can afford the payment!" are catching up the US. I think it's going to get ugly in the near future.

Yes, Suze Orman oversimplifies things, but we all started with the alphabet when we learned to read. Those who need financial education need to start with the basics. I'm doing my best to teach my daughter about money at a very early age. She rarely watches any broadcast TV but at 3.5 asks, "Daddy. What is this commercial trying to sell me?" if she happens to see a commercial. I'm so proud!

[dglenn]

We pay for our daily stuff (gas, groceries, etc) with a credit card, but pay it off in full each month.

This article describes a big reason why I still haven't pulled the trigger on getting a 911 yet. I have been having a huge internal war with myself over "saving for the future" and "you only live once, enjoy it while you are here".

[Hugh R]

For Xmas this year, we're carrying CC debt for one to two months tops, and its ticking me off to have to do that!! Haven't carried a CC debt in years.

[Icemaster]

Originally posted by turbo6bar
Does anyone here not own a credit card? Or rather, does anyone here pay balances in full each month?

I do. I've been using the debit card more and more as well. Keeps me honest.

[CamB]

Yep. In fact, I basically don';t use the thing unless I have to (ie, where the other payment options aren't there). I treat it as:

a) backup - in case I NEED the money
b) for travel.

But I am pretty conservative.

[cowtown]

Yup. Visa payed off in full, no car loans, no loans of any kind except the house. I hate debt. I'd rather drive a Hyundai than have a car payment.

[LeeH]

Originally posted by cowtown
I'd rather drive a Hyundai than have a car payment.

ME TOO! I love new cars... just can't stand to pay for them. I'll see a "hot" car and think that when it's a few years old a buy a used one. Well, by then the newer cars are even nicer so I wait some more!

[pwd72s]

from the article:
"The nation's credit card debt currently stands at $735 billion, or nearly $7,000 per household. And since about 40 percent of card users pay their balances in full each month, the household card debt of those who carry balances is closer to $12,000."
Sounds like most of us here belong to the 40%. I've never paid a dime of usurious credit card interest in my life...but I feel for those who do. My daughter's first marriage fell apart because of a debt load. I'll admit to getting more than a little mad when her ex, then in his early 20's, informed me (with a straight face yet...her was serious.) that he wanted to spend now, and not end up having a lot of money when he's old. He was a grunt USAF airman, she the O.R. Nurse who had to pay alimony when they divorced. Believe me, having money when he's old won't be this guy's problem! Give him $100 and he'll use it to get another $500 in debt...grasshopper & the ant, right?

[john70t]

I say third-time bankrupcy, you have to donate a kidney.