How much credit card debt do you have? - Page 2
Poll Results: How much credit card debt do you currently have? Check which ever one applies to you.
23% (24)$0 - $999 - SINGLE ACCOUNT HOLDER
2% (3)$1000 - $2999 - SINGLE ACCOUNT HOLDER
2% (3)$3000 - $4999 - SINGLE ACCOUNT HOLDER
3% (4)$5000 - $7999 - SINGLE ACCOUNT HOLDER
4% (5)$8000 - $12,000 - SINGLE ACCOUNT HOLDER
0% (1)$12,000+ SINGLE ACCOUNT HOLDER
28% (29)$0 - $999 - JOINT CARD
3% (4)$1000 - $2999 - JOINT CARD
6% (7)$3000 - $4999 - JOINT CARD
3% (4)$5000 - $7999 - JOINT CARD
7% (8)$8000 - $12,000 JOINT CARD
8% (9)$12,000+ JOINT CARD
So, I dug into this number a bit:
According to this site, the $7xxx number is actually *household* debt. What I find more interesting, though, is that that is an average number. Only 46.7% of households actually carry a balance. So, for 53.3% of households the credit card debt would be $0. Then, for the remaining group, the average household debt it $15xxx. So, the MODE (most common) amount of credit card debt for a household would be $0--- there is just a sizable minority that might carry a LOT of credit card debt.
Our debt is more than just CC's. We have about 9K out there right now total. Two-thirds of it is DP's IRS debt. The rest is broken down into 3 small CC's, a medical bill, and a furniture payment. By my calculations, all should be gone by summer 2014... at the latest. Hopefully this spring/summer will be busy at DP's new job, so maybe we can be quicker about paying stuff off.
Right now? None. It's been that way for about 3 years. HOWEVER 6 years ago I had my single credit card maxed out at $5,500 I also had a car payment. I cancelled the acct, cut it up, and started paying it down. Took me 3 years but I paid off both and we've been debt-free ever since. I haven't had a credit card since that day 6 years ago. Credit cards scare me. So total with credit card and car, I think I had about $15K in debt at the time.
I voted $8,000, BUT it's at 0% interest for another year and is all from current expenses so we didn't pay to transfer any money. Before this year we paid in full every month, right now we are aggressively saving and paying off a rather large car payment, and are using the money we would normally spend of gas/groceries/etc to pay off the car early. Four more months and that monkey will be off my back!
In my late 20s, I had over 10k credit card debt, plus car payment, plus a mortgage on my own. I got married at 30 to a man who also had some CC debt, car payment and his own mortgage. Somehow, we managed to pay off all the CC debt shortly after marriage (and after carrying two mortgages for 7 months and paying for a wedding!).
Now at 36, we've had zero CC debt for several years. If we use the card, we pay it off within a month. Both our cars are also paid for now. The big problem is our house, which is worth less than we owe plus we've been paying off a loan for a sump pump and trench drain we had to have installed about 5 years ago. We have to work hard to stay frugal and not spend money we don't yet have, but it's very worth it not to have that extra debt hanging over our heads.
Does it count if we declared bankruptcy and have no debt? We recently got a joint, prepaid card for $1,500. We've used it once and paid it off, for the express purpose of building some credit. Prior to the bankruptcy we had $12,000 - $15,000 credit card debt. This whole bk process was/is just miserable and I'm scared straight. I'm never going there again.
2013 is truly a year for starting over for us. I'm pretty excited!
Ours is nowhere near that amount, but still much higher than we'd like, and the feeling is awful. Right, now DP and I are making some hard life changes to put us on track to being debt-free and finally experiencing that feeling of freedom 4 years from now. Please wish us well!
I wish you all the best!
Really, everyone working their way out, working hard to stay out of it, go you!!
About 2/3 of it was for a dog (who turned out to have fatal cancer and died anyways…..but I do not regret trying to save him). Not my new doggie, for those who read about Cleo on another thread - she is fine.
The other 1/3 was for my daughters orthodontia - a well thought out and non-impulse move.
I am actually glad I can access credit when I want/need it.
We also have some savings and a fair amount of equity in the house, so it is all good. I know I should get rid of the saving and pay off the credit, but that would drive Dh insane. I also know that if we used the savings to pay off the credit, we would not build the savings back up very quickly. The debt, with its nasty interest rate, actually forces us to budget a bit to get it paid off.