How much credit card debt do you have?

[LoveOurBabies]

I keep reading that the average credit card debt per person is around the 8k mark. That sounds a little high to me..

So how much in credit card debt do you owe? I've split the poll into two different categories (single account holders and joint account holders) and each has their own sub category.

I hope this poll is anonymous. If not, mods, could you please make it so?

[bmcneal]

I, personally, have no credit card debt. I have some student loan debt, and a loan I took out that I'm paying on, but no credit card debt.

[phathui5]

None.

[onlyzombiecat]

None.

I didn't vote because neither dh nor I actually have credit cards and haven't had them for years.

[LoveOurBabies]

That is SO freakin' awesome to see that three mamas in a row have no credit card debt!! Well done bmcneal, phathui5 and onlyzombiecat!
 

[SunRise]

I have 0 credit card debt too (for the past two years). I selected the first option - I do use a card for certain purchases that are budgeted for and paid off each month.

At one time I had upwards to 20,000 but paid it off. I had carried an average of 5000 but had told myself/fooled myself with that amount knowing I could easily pay it off with saved money I had; eventually I realized that getting rid of it completely and forever was the way to go.

[EmsMom]

No credit card debt here.  I use mine for everything for the points and pay it off every month.
 

[orangemomma]

$8K sounds about right to me. I have LOTS of cc debit as well as many people I know have similar.  I am trying to change that - recently discovered Dave Ramsey and am trying to work his steps.

Maybe I should hang around with some of the PPs for inspiration instead of my usual friends. LOL

[LoveOurBabies]

My goodness! More mamas with very little to no credit card debt! Well done SunRise and EmsMom I am seriously in awe of the fact that you paid off $20,000 worth of credit card debt, SunRise.. Well done indeed.

I'm considering using ours for a points only system too (once it's paid off).

[LoveOurBabies]

Originally Posted by orangemomma 

$8K sounds about right to me. I have LOTS of cc debit as well as many people I know have similar.  I am trying to change that - recently discovered Dave Ramsey and am trying to work his steps.

Maybe I should hang around with some of the PPs for inspiration instead of my usual friends. LOL

You can hang out with me!! I'm trying to get rid of our CC debt too..

[glassesgirlnj]

I can't vote in the poll for some reason, but we haven't had any interest-bearing debt for at least six years. Medical debt, yes, and money borrowed from (and repaid to) family members, but no credit cards at all. We use our Visa-branded debit cards for almost everything.

[micah_mae_]

$3,300 ish joint account. Paying it off asap and never getting a cc again.

[TiredX2]

I chose not to participate in the poll.

The problem with measuring credit card debt is how it is looked at. We *carry* $0 of credit card debt (pay the amount in full every month).  This is mainly for convenience as well as the associated financial benefits (right now interest is low so it doesn't make a difference, but we earn the interest on our money sitting there until we actually pay *and* reward card usage).

BUT, if you asked our credit card companies at any time how much we owed, the amount could vary from $0-$8K easily.  Actually, I don't think it ever gets down to $0 because by the time our payment for one month is due, we have already made charges for the next month.  So, even though we pay our full amount each month it could easily look like we owe thousands of dollars.

[TiredX2]

So, I went and looked at Credit Karma and right now my "Credit Card Debt" is $2688.  So, I could vote for $0-999 or $1K-2999.  The first is a better assessment of our actual debt, the second is what would be included in statistics of this nature. 

[A&A]

Originally Posted by TiredX2 

I chose not to participate in the poll.

The problem with measuring credit card debt is how it is looked at. We *carry* $0 of credit card debt (pay the amount in full every month).  This is mainly for convenience as well as the associated financial benefits (right now interest is low so it doesn't make a difference, but we earn the interest on our money sitting there until we actually pay *and* reward card usage).

BUT, if you asked our credit card companies at any time how much we owed, the amount could vary from $0-$8K easily.  Actually, I don't think it ever gets down to $0 because by the time our payment for one month is due, we have already made charges for the next month.  So, even though we pay our full amount each month it could easily look like we owe thousands of dollars.

I think the question is debt as you measure it, so not something you pay off each month.  

[melissel]

Originally Posted by EmsMom 

No credit card debt here.  I use mine for everything for the points and pay it off every month.
 

Here too. At our worst point, though, we had approximately $35K in credit card debt  Never, never again (knock on wood, spit twice, sign against the evil eye, etc.). We paid the last of it off around 4 years ago and have lived a different life since then.

Originally Posted by TiredX2 

BUT, if you asked our credit card companies at any time how much we owed, the amount could vary from $0-$8K easily.  Actually, I don't think it ever gets down to $0 because by the time our payment for one month is due, we have already made charges for the next month.  So, even though we pay our full amount each month it could easily look like we owe thousands of dollars.

Good point. I'd also imagine that a good percentage of people who are carrying a lot of credit card debt are not hanging around frugal living sites. We (OK, I'll admit it, mostly me) built up our debt over 10 years, and it was only after we got really scared that we started focusing on living within our means and being intentionally frugal to get rid of that debt. Prior to that, we were living in quite a bit of denial, as one might imagine!

[Sharlla]

about 10k dh's card.    the last 2 years we have pretty much maxed it and paid it down some with the tax return. we are paying it off this year and only using it for bills (paying balance off every month) to earn the points.

we live very frugally. we are just poor

[colsxjack]

We do not have any credit card debt. We use our card for points and pay it off each month.

We do however have a low interest line of credit that we owe a couple thousand dollars on. We use it to do some renovations on our 100 yr old house.

Sometimes a renovation is needed that we do not have the cash up front for. SO we put it on the line of credit and then pay it off over a couple of months and then do the next renovation. We feel OK doing this because we live well within our means and the interest is very low. Worth the convenience of doing a renovation on a timeline that works with our schedules instead of saving the money forst and then doing a renovation after.

[mamarhu]

I have a credit card I use for car rentals almost exclusively. I have a zero balance, except for 2 or 3 times a year I rent a car, then pay it off immediately. I did get $200 into it for xmas, but I have paid that off as well.
 

[kitteh]

Just 2.5 years ago we had 25k in high-interest credit card debt. We recently paid the last of it off, and did so while dealing with one surprise pregnancy and 3 bouts of unemployment between dh and myself. Also, we make a low- to moderate-income and live in a high col area. It took a lot of hard work, strict budgeting, and sacrifice, but it was all totally worth it for the freedom and relief we now feel!