Average credit card debt in each home....
- Thread starter Got-Busa?
- Start date
My Sister in law and ex brother in law had over 30k in credit card debt. They had a house built and within 6 months refinanced it and took the $$ over what it cost to be built versus what it was worth and spent it....instead of paying off debt.
Well they got divorved after she had enough of his narcotic abuse and guess who got to pay off the debt....my sister in law did....all of it becasue it was a joint account and the debt occurred while they were married and he could/did not pay
I am debt free. Pay off card each month
Well they got divorved after she had enough of his narcotic abuse and guess who got to pay off the debt....my sister in law did....all of it becasue it was a joint account and the debt occurred while they were married and he could/did not pay
I am debt free. Pay off card each month
$0 debt! almost every one of my bills goes directly to my main credit card and about 95% of my purchases are made with it, then i pay it off in full every month straight from my bank...makes it much easier to travel and not have to worry about bills coming in while i am gone
if i don't already have the money to pay the bill off, i don't buy it
if i don't already have the money to pay the bill off, i don't buy it
I just don't understand why people are wracking up that kind of debt to keep up with the joneses. Why?
Does it really make them feel better? ???
Another lady leases a new car every two years, has over $30k on her credit cards.....but still feels the need to go and get her nails done every WEEK....
So are people not investing anymore?
What about the backup emergency fund (6-months of pay)?
Does it really make them feel better? ???
Another lady leases a new car every two years, has over $30k on her credit cards.....but still feels the need to go and get her nails done every WEEK....
So are people not investing anymore?
What about the backup emergency fund (6-months of pay)?
I have one card left with about 10k on it. I did not have it because I was keeping up with the jones's, I had a few because that is what it took to survive and buy groceries and gas after my divorce. My wife had a bunch of debt too, around 30k when we got married. All is paid off except the one card I have left. I should have it paid off in about a year, then I will be debt free, except for my cars and house. 
I just paid off Home Depot, do NOT get a Home Depot card, that is evil incarnet right there.
I just paid off Home Depot, do NOT get a Home Depot card, that is evil incarnet right there.afterhours
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Student Loans....are my major debt now. While credit cards are a neccessary evil, I only use one regularly, it keeps it easier to track business expenses...for me anyways. I keep several for emergency use only, major car problems, stuff like that.
this is the first time that people do not actually pla to/ or even own big items like cars and homes. most people today finance cars they cannot afford, and never pay them off. they even buy homes that they will never own, in effect renting or leasing thses items.
Gen. X, and Gen. Next both have a different mentality, living more in the moment, saving less and living more off of credit than thier parents the "Baby Boomer" and thier grandparents "the Great Generation" who lived used much less credit.....in fact for people that lived thru the great deppression credit was taboo, cash was king. if they could not buy, they did without.
this is the first time that people do not actually pla to/ or even own big items like cars and homes. most people today finance cars they cannot afford, and never pay them off. they even buy homes that they will never own, in effect renting or leasing thses items.
Gen. X, and Gen. Next both have a different mentality, living more in the moment, saving less and living more off of credit than thier parents the "Baby Boomer" and thier grandparents "the Great Generation" who lived used much less credit.....in fact for people that lived thru the great deppression credit was taboo, cash was king. if they could not buy, they did without.
rusheriv
Registered
Credit cards are bad in the wrong hands.
After about 18 years of my lovey bride saying "Just put it on the Visa and we'll pay it off later.", combined with her making only minimum payments on it and 2 other cards she had, resulted in a dept of $54K. She'd previously told me on more than one occasion that there was "stuff" on the cards but she never expressed a great deal of concern. I know it's a poor excuse but, due to my service obligation I'd always let her handle all the bills so in the event I got deployed it wasn't a big deal. I never saw the card statements, if I checked the mail I'd set aside the unopened bills as she would take care of them.
During '06-'07 I was in Afghanistan, all my pay was going straight to the bank and I was living off Uncle Sugar. We'd talked of getting a pool, the extra cash I was saving would go toward that. It wasn't until I returned to the MOB site that I got some indication that something wasn't right.
When I got home she was rushing me to get back to work and when the bills came she was quick to snatch them from me. When asked why she snatched them, she said I didn't need to worry about them. That sent up a big red flag. Why would I worry about something that shouldn't bother me, it's not like we live paycheck to paycheck or have big dept other than the mortgage on the house.
One day I decided to call the company on the Visa and inquire on the balance ... I had to ask the lady to re-verify the account info because she told me there was $21K on it! I nearly blew a gasket. Not having the other cards, I when online and got one of those free credit reports. It was at that point I blew a gasket. The Visa being the lower interest card, I estimated from the balances that she was paying somewhere close to $3K a month in minimum payments. Just pissing away money!
Luckily the housing market hadn't completly bottomed so, we were able to refi and consolidate the dept. This doubled our monthly mortgage payment but, we took 10 years off the term, lowered the interest rate and were able to pull out $16K to put toward that pool we'd talked about. ... well, I don't know if she has another card or what but, that $16K disapeared too.
Yes, we're still married ("until death do us part") but, it'll never be the same. I don't trust her at all when it comes to money. Where we previously had one joint bank acct, I felt I had to get a separate one for my own peace of mind. And now I'm involved with the bill paying.
I know what you're thinking ... if I didn't know better I'd think she has a drug problem, a someone on the side or is stocking away $ waiting for the kids to leave the nest so she can leave my dumb***. I'm pretty sure I can eliminate the first two, the third is what her sister-in-law did to her alcoholic brother. She hates her sister-in-law for what she did to him. Only time will tell what's in store for me.
After about 18 years of my lovey bride saying "Just put it on the Visa and we'll pay it off later.", combined with her making only minimum payments on it and 2 other cards she had, resulted in a dept of $54K. She'd previously told me on more than one occasion that there was "stuff" on the cards but she never expressed a great deal of concern. I know it's a poor excuse but, due to my service obligation I'd always let her handle all the bills so in the event I got deployed it wasn't a big deal. I never saw the card statements, if I checked the mail I'd set aside the unopened bills as she would take care of them.
During '06-'07 I was in Afghanistan, all my pay was going straight to the bank and I was living off Uncle Sugar. We'd talked of getting a pool, the extra cash I was saving would go toward that. It wasn't until I returned to the MOB site that I got some indication that something wasn't right.
When I got home she was rushing me to get back to work and when the bills came she was quick to snatch them from me. When asked why she snatched them, she said I didn't need to worry about them. That sent up a big red flag. Why would I worry about something that shouldn't bother me, it's not like we live paycheck to paycheck or have big dept other than the mortgage on the house.
One day I decided to call the company on the Visa and inquire on the balance ... I had to ask the lady to re-verify the account info because she told me there was $21K on it! I nearly blew a gasket. Not having the other cards, I when online and got one of those free credit reports. It was at that point I blew a gasket. The Visa being the lower interest card, I estimated from the balances that she was paying somewhere close to $3K a month in minimum payments. Just pissing away money!
Luckily the housing market hadn't completly bottomed so, we were able to refi and consolidate the dept. This doubled our monthly mortgage payment but, we took 10 years off the term, lowered the interest rate and were able to pull out $16K to put toward that pool we'd talked about. ... well, I don't know if she has another card or what but, that $16K disapeared too.
Yes, we're still married ("until death do us part") but, it'll never be the same. I don't trust her at all when it comes to money. Where we previously had one joint bank acct, I felt I had to get a separate one for my own peace of mind. And now I'm involved with the bill paying.
I know what you're thinking ... if I didn't know better I'd think she has a drug problem, a someone on the side or is stocking away $ waiting for the kids to leave the nest so she can leave my dumb***. I'm pretty sure I can eliminate the first two, the third is what her sister-in-law did to her alcoholic brother. She hates her sister-in-law for what she did to him. Only time will tell what's in store for me.
rusher, go online and search "Dave Ramsey"; you get some great advice. While it sounds like you've got the right attitude about debt, it's obvious your wife does not and may need help to overcome it. You will have to take a more active interest in your finances. I have to handle the money; I can't even get my wife to balance her checkbook (she not a spender, she just won't do it and I can't afford to let her sully our name by bouncing a check). Get your hands on her cards and CUT THEM UP. Tell her it's time to COME CLEAN because this could eventually ruin your marriage if you don't get it under control. If you did not sign the application, you personally are NOT liable should things go south.
Best of luck to you.
Best of luck to you.
The poll left off one option. On my day to day credit cards I charge almost everything and pay it off each month. The option you left out was interest free ( NOT interest deferred ) promotional cards. I don't take credit for anything that I don't know how to pay for. Since becoming a single parent in 2003 the interest free cards have been a great thing to be able to purchase a discretionary item that I would have otherwise waited till I had the cash. When I do such a purchase, I start paying it off as if I was paying interest.
Too many people fall into the trap of minimum payments and not being able to pay it off ay the end.
I am not a wealthy man by any means. But, for an example, when I bought my Busa, I had a CD that I was planning to cash in to buy it. I got an offer for an interest free card for one year. I put the busa on the card, kept the CD earning 4.5 percent, and used it to pay off the Busa. Me plus 4.5 percent, CC 0.
I am by no means anywhere near wealthy. Paying timely and borrowing Only smart has kept my credit score well beyond my income level.
Too many people fall into the trap of minimum payments and not being able to pay it off ay the end.
I am not a wealthy man by any means. But, for an example, when I bought my Busa, I had a CD that I was planning to cash in to buy it. I got an offer for an interest free card for one year. I put the busa on the card, kept the CD earning 4.5 percent, and used it to pay off the Busa. Me plus 4.5 percent, CC 0.
I am by no means anywhere near wealthy. Paying timely and borrowing Only smart has kept my credit score well beyond my income level.
sweet tea man
Registered
i have no credit card debt. only my truck and bike payments.
the wife on the other hand has around 12-13k on cc, and 30k in student loans........sucks
the wife on the other hand has around 12-13k on cc, and 30k in student loans........sucks
el stumpo
Registered
Because we are taught from retailers, advertising and others this is the thing to do.
Yes. But like any high, it's only temporary
You can see where her priorities are. Obviously not financially in the right place.Another lady leases a new car every two years, has over $30k on her credit cards.....but still feels the need to go and get her nails done every WEEK....
A lot of people are using the down turn in the market to justify not investing and instead pissing it away. THIS is the time to put money in the stock market!
Only if you listen and follow wise financial advise.
A great book to read is The Millionaire Next Door. It explains a lot of the behaviors you see above.
I don't understand how people can be so irresponsible or just plain clueless. This is elementary stuff...
Sad that the government rides the same boat with spending...
What happened to living within your means?!?! ???
Save, invest, and pay CASH as much as you can!
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