Credit Card status? (vent here if you need to)

[culturejam]

With all the news, investigative reporting, documentaries, etc, the past couple years, I've been a lot more focused on personal debt these days.

I just made an *extra* $400 payment on my credit card, and it feels fantastic! I always pay a fair bit more than the minimum anyhow, but this time around I paid my normal double-the-minimum plus the extra four C-notes. It's nice to knock out almost 10% of your principle with one stroke of the mouse button.

I first ran up a relatively high balance when I was in college. They had no business giving a freshman with no job a credit card. By the time I graduated, I owed about $5k. It took me a long-ass time to pay it down. I got it down to about $500 right before I bought my house in 2006, and then my wife quit her full-time job to look for a job closer to home, my car needed $1500 auto work...yada, yada, yada and it's almost back up to $5k again! So I've been trying to buckle down, sell some pedals, etc and make enough extra to get a little ahead.

I know money is a sensitive issue for a lot of people, but I thought I'd bring up this topic so people could sound off about their situation. Sometimes talking about it and forming the words helps get things turned around.

Anybody want to vent?


(maybe this is a lame topic?)

[Rygot]

It's not a lame topic, seeing as how a majority of the members here are in debt even if they don't accept it.

Student loans are going to rip me.
Not much more to say about it...

[culturejam]

I don't really classify student loans as a "bad" kind of personal debt. In the long run, it pays off. And it's pretty much the best kind of debt to have, in my opinion.

My wife has a fair bit of student debt, but I was lucky enough to escape it completely.

[Jero]

I don't have a credit card. I nvr will if I can help it.

[colin]

I got myself in big credit card trouble a few years ago. Going on vacation while unemployed and using a credit card for everything = very bad idea.

I do finally have it under control now though, which is good. Not fully paid off, but should be within a couple of months.

[nad]

Credit card debt free since 2007.

I was up to about $10k in credit card debt prior to 2007 though.

http://www.hulu.com/watch/1389/saturday ... -buy-stuff

[stanimal]

this is a great topic actually, seeing as how i contributed to my debt by buying a lot of pedals from our forum builders!!! while i don't regret it, it does feel better to buy things while paying DOWN debt, which i am doing for the first time in my life....

when i moved out to Los Angeles many years ago, i had $2000 and no credit, one day i got an application for a capital one card with a $300 limit... that then turned into $3000 limit, then a $10000 limit... and i found myself in big trouble....

so now i landed a job where i actually will make enough money to pay this massive debt off, it kills me to drop all this money but i'm paying off over 10 years of debt i've carried around and i'm determined to get rid of it finally and move on...

you don't always realize how much it drags you down when you have debt, some of us have no choice but to have debt in order to live.... suppose that's just the way of the world ???

[one bad monkey]

About five years ago, my wife and I had about 20k of debt between us. We really buckled down, took some really hard looks at ourselves and made a lot of tough decisions.

We now have only an affordable mortgage payment, an affordable car payment, and around $300 in credit card debt. Things come up; they will always come up. That's why you gotta put money in a savings account (at least some amount). For when things come up. Case in point; last week I ended up shelling out $450 for front brakes that I wasn't expecting. Put it on the credit card, came home, transferred the money from my savings account onto the credit card. Done.

[htsamurai]

I have a nice sized debt with AMEX and a tiny $200 debt w/ my visa. Selling gear so visa will quit bugging me and looking for ways to kill off the AMEX debt

[culturejam]

some of us have no choice but to have debt in order to live.... suppose that's just the way of the world ???

For some people, in some instances, personal unsecured debt (like credit cards, but not like home/car loans) is unavoidable. But I think Western/American culture has trended far too much towards living beyond our means via credit.

I think part of it is the fault of institutions extended credit far past what is reasonable; and its' partially the people's fault for have zero self control.

And have you noticed that even with all the financial troubles lately, consumer spending is still really high...even on "luxury" items (like $300 pedals)?

[SPACERITUAL]

Im about $15000 in debt from school and other shit and recently unemployed. Its fucking near impossible to even secure the lowliest of fast food jobs in my area and the debt is starting to get suffocating but i refuse to let it rule my life. I pay what i can when i can and make no apologies...they are fucking charging me interest after all.

[thelonelyweeblo]

I was brought up with a healthy fear of credit card debt so I never got one. Recently though, I got a Guitar Center card. Not sure if this counts. I only put small amounts on it that I pay in full when the bills come around.

I was very fortunate to make it through college without taking out student loans. The idea of starting a job already in the negative always scared me.

[Lintybits]

Let's just say that at the moment I'm hoping the world does end in 2012

[culturejam]

Recently though, I got a Guitar Center card. Not sure if this counts.

Yep, it counts. Store credit cards are usually worse than "standard" cards in terms of interest. But paying it off each month is a good way to go.

[Mudfuzz]

I could pay off my cards with ease if I wanted to.. But I'm trying to save as much as I can and make payments do to my job being tied to the construction trade and even though I'm not unbusy [what a fucking week, by the end of the day I threatened to set a PO on fire ] The state of the industry makes me want to be careful right now.