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Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 1:41 pm
by JasYHZ
Good Morning,

Doing the depressing task of reconciling credit card slips and statements and thought it might be a good idea for a topic: Who went overboard on the holidays this year with spending?

Me so far:

Capital One Gold MasterCard Balance: CAD$3674.12 (up from $2217.44 a month ago - CAD$5000 limit)
American Express AeroPlan Plus Gold: $1987.47 (balance last month zero - it's a charge chard that HAS to be paid in full each month and it has no pre-set spending limit...DANGEROUS)

Gonna be a lot of mac and cheese this month......

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 1:42 pm
by AdamWright
Im smart.. i dont do Credit Card Debt

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 1:57 pm
by JasYHZ
this isn't a thread about who is smart and who isn't (using them gets me miles to get out of cold Nova Scotia in the winter) but more about realizing how much we spend on useless gifts for the holidays.

Some people think having no credit cards is great - no chance to rack up debt. Try using that line to rent a car or book a hotel......

And then there are the people who CAN'T get credit cards.......

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 1:58 pm
by ShyFlyer
Quoting JasYHZ (Thread starter):
Credit Card Debt After The Holidays?

My two cards were maxed out before the holidays!

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 2:02 pm
by syncmaster
Quoting JasYHZ (Reply 2):
Some people think having no credit cards is great - no chance to rack up debt. Try using that line to rent a car or book a hotel......

Not a problem... most every bank provides Visa or MasterCard debit cards, and all of them I've seen can be put through as credit transactions. The two banks I use don't decline the charge if I overdraw my account either, other than the $30 overdraft charges they got. The one hooked me into their credit card for the no annual fee and $10 overdraft, needless to say, I now owe USD $700 on it. Lovely.  sarcastic 

-Charlie

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 2:05 pm
by Airlinerfreak
It will be a matter of days before the top story on Good Morning America is Credit Card Debt after the Holidays.

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 3:30 pm
by CaptOveur
Quoting AdamWright (Reply 1):
Im smart.. i dont do Credit Card Debt

I'm smarter, I don't do Christmas

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 3:41 pm
by Molykote
Quoting JasYHZ (Thread starter):
Capital One Gold MasterCard Balance: CAD$3674.12 (up from $2217.44 a month ago - CAD$5000 limit)
American Express AeroPlan Plus Gold: $1987.47 (balance last month zero - it's a charge chard that HAS to be paid in full each month and it has no pre-set spending limit...DANGEROUS)

I almost never carry a credit card balance either (not trying to he high and mighty about it but I'd rather just do without until I can afford something).

In response to your comment above however I have to disagree. The AmEx is a LESS DANGEROUS card to carry than any credit card that allows interest rollover. I carried only an American Express gold with me through college for exactly this purpose.

My roommates and friends in college mocked me at first and envied me by the time we graduated - It was not uncommon for many kids at my school (Penn State) to carry several thousand dollars of high interest debt. They would hav been better off securing a loan for living expenses if it was truly needed - I would suspect in most cases however that it was not.

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 3:47 pm
by ManuCH
I did it the opposite this year - I have *zero* debt on my cards because I'm moving to a new apartment next February. And I still have to pay for new furniture etc ... and that's how I will max out the cards  Smile

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 5:43 pm
by stlgph
I love my credit cards and use them well but this year I paid straight up cash for any and all Christmas gifts.

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 5:59 pm
by 707CMF
Amex debt : 0 euro
Barclaycard debt : 0 euro

Golden rule for me : if it is not something I really need, I will not spend the money I do not have.

Hence for Christmas, if I do not have enough moeny to buy my loved ones gifts, I surely will not get into debt for that.

So every gift I bought this year, I paid for them with money that alreay was in my bank account.

Oh well, next year at this time, I shall (...) actually be deeply indebted... I am buying a flat.

Cheers,

707

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 6:05 pm
by DeltaGuy
I don't love people enough to put myself in debt paying for their presents...if I can't afford it by paying flat out with cash in my account, then they don't need it  Wink

DeltaGuy

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 7:52 pm
by bill142
Not me. I budgeted Christmas into my credit card payment plan and will be fully paid off by the end of January or Mid Feburary.

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 8:15 pm
by Jkw777
Quoting ShyFlyer (Reply 3):
My two cards were maxed out before the holidays!

Mine too!

I only have two Credit Card debts which I'm working on, but the amounts are not too serious really. On my Virgin Credit Card I have an outstanding amount of £1450 and on my HSBC Credit Card I have an outstanding amount of £698.

I was stupid and over zealous, but I've kinda learned my lesson!

Cheers,
Justin  Smile

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 9:22 pm
by RobertNL070
Mastercard: € 0.00
Visacard: € 0.00

2006 begins with a clean slate.

Regards, Robert  bouncy 

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 9:24 pm
by KLM-MD11
credit card companies are the biggest thieves around.

most people don't even know how much interest they pay...

...then pay off their debts with another credit card...

I used to have a loan (no credit card) and very very happy it's paid off.

I do have one credit card however (paying for online filghts) but the whole amount is deducted from my regular account right the next month, interest free.

what happened to saving money before buying something one can't afford right away???

RE: Credit Card Debt After The Holidays?

Posted: Tue Dec 27, 2005 9:31 pm
by Jkw777
Quoting Klm-md11 (Reply 15):
what happened to saving money before buying something one can't afford right away???

One would assume that impatience caused this Credit Card whore society! Big grin I know that's my excuse!

Hopefully all of my debts will be cleared sometime very soon!

Cheers,
Justin Big grin

RE: Credit Card Debt After The Holidays?

Posted: Wed Dec 28, 2005 12:18 am
by tfsphoto
Quoting Jkw777 (Reply 16):
Hopefully all of my debts will be cleared sometime very soon!

Didnt alex have his mysteriously cleared for him? Maybe we need to pin him down and force him to tell us his secret.. have no mercy.. lol

Lew

RE: Credit Card Debt After The Holidays?

Posted: Wed Dec 28, 2005 12:27 am
by MiCorazonAzul
This is sad about credit cards and the holiday themselves. People who SHOULDN'T be spending tons of money on gifts do it because they feel it is a "must". And what gives them the ability to do it? CREDIT CARDS....I ask myself, what is the point of buying, buying, and buying when you KNOW that you are putting yourself in debt and chances are you are spending more than you can ever afford to pay back within a REASONABLE amount of time.

Here's my advice:
1. Only buy with cash OR debit card (from savings or checking account)...basically, use EXISTING funds and not credit.

2. Don't buy things you CAN'T AFFORD......

Pretty simple yet so complicated for some people.........

RE: Credit Card Debt After The Holidays?

Posted: Wed Dec 28, 2005 12:43 am
by A319114
Quoting Klm-md11 (Reply 15):
I do have one credit card however (paying for online filghts) but the whole amount is deducted from my regular account right the next month, interest free.

I have the same system (Postbank), works like a charm!

RE: Credit Card Debt After The Holidays?

Posted: Wed Dec 28, 2005 4:16 am
by Jkw777
Quoting TFSPhoto (Reply 17):
Didnt alex have his mysteriously cleared for him? Maybe we need to pin him down and force him to tell us his secret.. have no mercy.. lol

Yeah he did say to me that his balance was wiped, lucky for some! Pinning Alex down shouldn't be a problem, I know this guy pretty well so I could get him to talk!  Wink

Cheers,
Justin Big grin

RE: Credit Card Debt After The Holidays?

Posted: Wed Dec 28, 2005 11:13 am
by ShyFlyer
Quoting Klm-md11 (Reply 15):
what happened to saving money before buying something one can't afford right away

What has gotten most people in trouble with credit cards is the "gotta have it now" mentality. Either they just can't wait until they can afford it or they are trying to stay abreast of the latest trends, etc.

My debt, of which credit cards is only a small portion, is due to my 100LL addiction. Big grin

RE: Credit Card Debt After The Holidays?

Posted: Wed Dec 28, 2005 2:42 pm
by A332
Zero... I don't celebrate Xmas and therefore save on all the hassles, stress & unwarranted costs...

Besides, if you are using credit cards to purchase gifts (and therefore, cannot afford to make these purchases), why bother celebrating...? You get to see/hear about 10 seconds of enjoyment at your expense.

I head in 2006 with virtually no credit debt and an opportunity to pay off my house in full... looks good to me.