Poll:How much credit card debt do you have? - Mothering Forums

View Poll Results: How much credit card debt do you have?
0 194 42.92%
Under 3,000 57 12.61%
Between 3,000 and 6,000 64 14.16%
Between 6,000 and 10,000 39 8.63%
10,000 and above 75 16.59%
More than you could ever fathom... 23 5.09%
Voters: 452. You may not vote on this poll

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Old 10-10-2007, 03:10 PM - Thread Starter
 
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Just curious...

Joyful mama of 3.
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Old 10-10-2007, 03:13 PM
 
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We carry 0 credit card debt. However, at any point in time, it may be a bit higher, because its paid off on payday. So right now, it has the hotel we stayed in on the weekend on it. Payday is Friday, and then it will be 0 again.
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Old 10-10-2007, 03:19 PM
 
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$0

And our car is paid off. The only thing we owe is a mortgage and then things like food, gas, utilities.

We had student loans and then $2500 in cc debt when we got married, and that was so depressing that we worked our arses off to get rid of it all, only took like 3 years, and then another 2 to get rid of the rest of the student pesky loans.

Unless we have a medical emergency, like cancer, etc., I dont ever see debt in our future.
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Old 10-10-2007, 03:25 PM
 
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I personally have a large amount of money that I am slowly paying off. I had 4 credit cards when I was 18. oops! I financed a trip around the globe with them and while it was an experience I wouldn't change for anything - I am still paying them off.

DP and I have $0 credit card debt jointly.

\m/

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Old 10-10-2007, 03:29 PM
 
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In the neighborhood of $17K (OUCH!) mainly due to my husband being unemployed for about 9 months last year. We are slowly digging our way out, but at the current rate it will take us something like 7 years...
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Old 10-10-2007, 03:36 PM
 
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$0, but I need to remember to use it for online purchases instead of debit cards since they are safer.

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Old 10-10-2007, 04:12 PM
 
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We're in the over 10k range. We have many cards and relied on them heavily while dh was in school and I was self-employed. Did you know: most woman owned businessed are financed by personal credit cards.
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Old 10-10-2007, 04:16 PM
 
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We have no debt at all. We cancelled all our cards the day we paid them off (yep, we don't even keep an "emergency" card...that's what our savings is for).

I hope to NEVER get in debt again. Not for a car, house anything. My goal is to pay cash - which means...i wont be getting anything new for a looooog time
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Old 10-10-2007, 04:19 PM
 
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Quote:
Originally Posted by wateraddict View Post
$0, but I need to remember to use it for online purchases instead of debit cards since they are safer.
This is actually false.

Debit cards - as long as they have a credit logo on them (like visa, mastercard, etc) are JUST AS SAFE. All the safety measures that apply to the credit cards, also apply to the debit cards w/ credit logos on 'em. Just not the interest (well, unless we overdraft! which i don't recommend!)
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Old 10-10-2007, 04:22 PM
 
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Quote:
Originally Posted by beansmama View Post
This is actually false.

Debit cards - as long as they have a credit logo on them (like visa, mastercard, etc) are JUST AS SAFE. All the safety measures that apply to the credit cards, also apply to the debit cards w/ credit logos on 'em. Just not the interest (well, unless we overdraft! which i don't recommend!)
Not that this was directed at me (or even a Canadian), but I don't think you can get a Canadian debit card with a credit card logo on it...

Anyone know?
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Old 10-10-2007, 04:22 PM
 
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About $1100 (from my exhusband... jerk)
It is getting paid off slowly but surely. The CC company is being great about working with me on it.
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Old 10-10-2007, 04:25 PM
 
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Quote:
Originally Posted by beansmama View Post
This is actually false.

Debit cards - as long as they have a credit logo on them (like visa, mastercard, etc) are JUST AS SAFE. All the safety measures that apply to the credit cards, also apply to the debit cards w/ credit logos on 'em. Just not the interest (well, unless we overdraft! which i don't recommend!)

The only way I will disagree with this is that if someone gets ahold of your debit card number they can drain your account dry before you notice it and you have nothing. With a credit card, at least they're not touching your actual bank account.

This recently happened to a friend who shopped online with her debit card-- the number was stolen and the person drained their account and they had a horrible time getting it all straightened out. She was advised to only shop online with credit cards from now on.

I am in awe of all of the people here with no CC debt! Ours usually hovers around $2,000, but right now it's just over $3,000.
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Old 10-10-2007, 04:26 PM
 
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About $40 K. Gulp. We just refinanced though! All of it will be paid off in 4 years. Much of it was used for fixing up our house, starting my husband's business, and paying for some of our wedding. The rest I chalk up to my stupid college spending habits. Yikes.

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Old 10-10-2007, 04:26 PM
 
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None, thankfully. We do use cc's to order stuff online (so our bank accounts don't get wiped out, like a pp said) but then pay it off when the bill comes.
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Old 10-10-2007, 04:33 PM
 
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We have a lot. We have several cc's, and used them for everything when dh lost his job a few years back. Slowly paying them down...

Homeschooling mom of 2 rambunctious, loving, spectacular boys, wife to an incredible man who has been my best friend on this journey <3

 

 

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Old 10-10-2007, 04:37 PM
 
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we have over $10k... we are working on getting a plan to get them down

Mama to two boys (1/07 and 3/09) and due with baby #3 in May.
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Old 10-10-2007, 04:47 PM
 
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I voted 0, but that's not entirely accurate. I use a CC for just about everything, from gas and groceries to medical and phone, but I pay it off in full every month (and rack up cashback dollars like crazy).

I also have our new bedroom set charged to a Slumberland account, at 0% interest for 39 months. I could pay it in full at any time, but free money was too good a deal to pass up.

If the chips are down, the buffalo is empty.

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Old 10-10-2007, 05:07 PM
 
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We have about 4k right now but we're going to sell my car this month to pay it off and then save the rest. Woot!!

SAHM to DD (6/07) and DS (10/09); happily married to DH since 2/04 .
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Old 10-10-2007, 05:09 PM
 
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about $46,000. Mostly from starting my business, and it's mostly 4.99% interest or lower. It will be paid off soon, and I don't regret borrowing it to start my practice.
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Old 10-10-2007, 05:40 PM
 
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Quote:
Originally Posted by mamamilkers View Post
The only way I will disagree with this is that if someone gets ahold of your debit card number they can drain your account dry before you notice it and you have nothing. With a credit card, at least they're not touching your actual bank account.

This recently happened to a friend who shopped online with her debit card-- the number was stolen and the person drained their account and they had a horrible time getting it all straightened out. She was advised to only shop online with credit cards from now on.

I am in awe of all of the people here with no CC debt! Ours usually hovers around $2,000, but right now it's just over $3,000.
I'm not sure about the canadian debit card w/ logos. But here in the states they are just the normal bank issued checking account cards - you don't have to request it or anything.

And about draining your account...i see your point, but just like if it happened with credit cards - someone maxes out your card. You prove its fraud and they give you all your money back. Same goes w/ the bank. But clearly, it would be more inconvenient because most people use their checkings for ALL their bills (like me) and i'm not sure how the bank handles bounced fees during that time (I'm sure they pay you back - but if you get a fee from your late water bill or whatever, i doubt it.).
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Old 10-10-2007, 05:40 PM
 
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$9,000 :
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Old 10-10-2007, 05:56 PM
 
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Quote:
Not that this was directed at me (or even a Canadian), but I don't think you can get a Canadian debit card with a credit card logo on it...
In Canada when most people say "debit card" they mean an ATM/Interac card, not one that can be used as a credit card. We do have them too, through CU"s they're called "Global Payment" cards. When we got the account we have now we got both Global Payment cards that can be used as a MC & Debit cards that can't be. We cancelled the Global Payment cards & only use the Debit Cards that cannot be used as a MC.

We have $3570 in CC debt. $3000 of that is business stuff, interest rate of 6.99%. The other $570 is dh's card, interest rate of 7.9%.
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Old 10-10-2007, 06:00 PM
 
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We dont have any because we dont have any CC we had to file chapter 13 bacn in 02 so wont have to worry about CC debt in the forseeable future since we cant own one.

 
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Old 10-10-2007, 06:04 PM
 
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About $5-6k. It should be paid off in 8-9 months though, maximum.
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Old 10-10-2007, 06:19 PM
 
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I'll be bold and lay it all out there for everyone.

But mostly because I'm so gosh darn proud of how quickly we are reducing our debt.

It's on only two cards (unless I also count my car loan, but you asked for credit card debt, so....that's what I counted)

One card is: $4,682.55 and a fixed rate of 2.9%.

This was $12,000 in July 2005 because it was an advance from my credit card for the sole purpose of buying our mobile home.
(Plus $350 for a set of new tires for my van).

I guess it can be seen as our 'mortgage' at a really low APR.

Not too many people can say they owe less than $5000 on their home and only pay 2.9% interest!!! No one I know, anyway.


2nd card is: $8,652 just transferred from a 0% for 6 months card to 3.9% for 9 months.

This is my husband's debt.

He was irresponsible in his first marriage financially and otherwise.

He had debt collectors chasing him for purchases he and his ex-wife made and never paid for.

I paid most of them with this card.

It was ~ $11,000 last summer.

So, we've obviously made some progress.


Then I have a car loan.

I bought my van in WI to move to AK with my pets, since my Saturn had died.

The loan was originally $18,999 opened in April 2004.

I am almost always a month to three months ahead on my payments which are $272.63 a month.

I currently owe $9,157.77


That means our entire household debt is $22,501.77.
Individually, that means we each owe $11,250.885
That includes our car loan and our 'mortgage'.

I heard something on TV saying the average American owes $7,000, but I believe that was only on credit card debt, not including car loans or mortgages.

So, my numbers show that over a period of ~ 2 years, we have paid off $19,856.68

WOO HOO!!!
I guess I never figured out what I've already paid.
WOW

Our take home pay last year was $28,000.
Our take home pay the past two years was a total of $56,400.

Which means, we used 35% of our income toward reducing our debt over two years.
Oh, and those two years were my first two years as a mother.

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Old 10-10-2007, 06:21 PM
 
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See, now I'm curious, for those of you who owe nothing or very little on your credit card, what is your total debt including your mortgage and any auto loans and student loans you may have?

ETA:
Perhaps a spin off poll could be on total individual debt, not just credit cards.
So, if you AND your husband owe a total of $10,000, then each individual debt is $5,000.

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Old 10-10-2007, 06:22 PM
 
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We owe around $5000. It was much less, until the wee man. But with maternity leave and the savings dwindling, there were a few emergencies, and we needed some food too, so we had to put some stuff on it to make the transition. The car will be paid off in 8 mos, and then we will be paying $400 a month on the card until it is paid down, same as we were paying on the car, so we won't really notice!
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Old 10-10-2007, 06:30 PM
 
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It gets as high as $2K but I pay it off within the grace period.
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Old 10-10-2007, 06:36 PM
 
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We owe 352$ So I voted 0 because in a month it will be zero.

We have paid off a embarrassing amount in the past and will never let it happen again. We would sell our house before we'd do that if something terrible happened. Once bitten, twice shy.
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Old 10-10-2007, 06:45 PM
 
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We do not own a credit card as we do not believe in it and we have no credit card debt.

Heidi
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