How much Credit Card debt do you have?
By SilverKing
@SilverKing (1003)
Canada
December 20, 2015 5:02pm CST
Personally I have 3 credit cards with a total debt around $12500.
I plan to get rid of this in a year and a half to 2 years tops.
Earlier if at all possible.
Credit cards are only supposed to be used in emergency's and if you have the cash to pay them off at the end of each month.Without doing this it is all to easy to call into debt and max them out. So many live paycheck to paycheck so if people qualify to get them they do and end up in a debt cycle trap that sometimes lasts decades or even and entire lifetime.
I have begun to draft a new budget that will allow me to save roughly. $500+ each month. At this rate the interest will lower each time i make the $500 payment and allow me to put more than $500 each month. 18 months is my goal.
8 people like this
11 responses
@Blondie2222 (28611)
• United States
21 Dec 15
Good luck and I hope you can pay it off. I don't own any credit cards and do not plan too. The only debt i have is my student loan which I do try and pay on as often as i can
2 people like this
@scheng1 (24649)
• Singapore
25 Dec 15
I have no credit card debt.
I have never paid a cent in credit card interest. My habit is always to save up first before I buy anything.
I think you can roll up the credit card from 3 cards into one card.
Perhaps you can call the banks (assuming that all three cards are from different banks) to request for lower interest.
1 person likes this
@Koon999Tan (681)
• Malaysia
25 Dec 15
debt somehow can be good or bad, it depend how you value it.
I live in Malaysia n save about Rm1000 but convert it to US dollar about US 350 per month. I hope to increase it via investing in property. Credit card I am not qualify it coz mine salary about RM1500 and the bank set I need to at least RM2000, so I do not have the credit card at all.
@LovingMyBabies (85288)
• Valdosta, Georgia
21 Dec 15
Thank God I have never had a credit card and I will never have one. That's one thing I don't have to worry about. I hope you get your debt paid off.
@fishtiger58 (29820)
• Momence, Illinois
21 Dec 15
Much good luck, I have two credit cards and pay any balance when the bill comes. I hate owing those credit cards those outrageous interests rates.
@farbuoloxusy (1164)
• United States
21 Dec 15
My husband and I had $0 credit card debt until last month. Turns out I am not only pregnant but have a lot of other health issues I am lucky they caught. With all the labs, appointments and Christmas coming up all in the same time period we grew a little debt. We are currently sitting around $1000 which I am hoping to knock back out within the next few months.
