How Deep?

[drainpipe]

No credit card debt. If I don't have the money for it, I don't buy it.

[projectalpha]

zero debt. I make sure I can pay it off before I can buy it.

[theetruscan]

^No interest with 1.5K in debt?

What card do you have?

Just a VISA through my credit union. Promo offer of 3 months without interest, extended to a max of 1 year without late payments. Come May, I'll have to start zeroing it every month.

[efujobu]

I got about 3k in CC debt. Had to buy some furniture for my first pad. Will be cutting that by at least half when I get my tax refund loot.

[xcoldricex]

if you don't have a cc get one. if you're not responsible, get one that has no annual fee and cut it up. at least having an open line of credit for awhile will build some credit history until you're responsible to use it.

[kunk75]

AMEX only, but like 4k a month. groceries, travel, all kinds of unavoidable shit.

[Guest The City]

I initially got a secured credit card, it was probably a good thing to only have a few hundred limit. But right now I owe $700 of which I pay $60/mo.

[azn8oi]

I lucked out with this CC business... My first card offer from AMEX was the Gold card and like... 9 months later, I was already pre-approved for their Platinum card.

I like to use my AMEX more because that way I consciously know that if I spend what I don't have, then I'm fucked.

I have about $300 debt on my Visa though.

Not bad.

[e0d9n0b5]

1800 on this statement.. 2000 total... will pay off about 800 on my next cheque, and suffer the 30 day late penalty of $25.

Mostly because I'm stupid and rack up debt WHILE creating savings.. or is that smart.. or half stupid half smart...

[masuerte]

It's not smart at all. Paying off an existing CC (bad) debt is better than creating savings at the same time. When you consider the monthly interest, your debt grows faster than the rate of your bank savings so you're losing more money by holding on to that debt. Unless your savings is in something that will grow your money fast, throw it at the cc debt.

[julianREE]

...does the rabbit hole go?

but on a serious note, none.

[blah trite]

None. Only use the debit card.

Credit problems are the cause of our current fall into a recession.

[xcoldricex]

have fun getting a loan/mortgage.

[whitney]

if you don't have a cc get one. if you're not responsible, get one that has no annual fee and cut it up. at least having an open line of credit for awhile will build some credit history until you're responsible to use it.

Best advice so far.

Just to tweak it a little if you have a cell phone bill, internet bill, utilities (easiest is cell phone bill but anything monthly) you can have your credit card pay it off on time (with auto pay) and that way you can have a bit of activity to keep your cc open since some do require some sort of activity (usually the no annual fee ones)

I'd also skip the reward pts and shit and just sign up for cash back. Most companies offer at least 2% maybe 1% but when you think about it you're going to be paying your phone bill every month (hopefully on time) anyways...

Why not just pay the credit card to pay your phone bill instead? Wouldn't cost you anything, actually would make a bit of money (a few cents do add up) and also help build your credit.

[constant struggle]

Best advice so far.

Just to tweak it a little if you have a cell phone bill, internet bill, utilities (easiest is cell phone bill but anything monthly) you can have your credit card pay it off on time (with auto pay) and that way you can have a bit of activity to keep your cc open since some do require some sort of activity (usually the no annual fee ones)

I'd also skip the reward pts and shit and just sign up for cash back. Most companies offer at least 2% maybe 1% but when you think about it you're going to be paying your phone bill every month (hopefully on time) anyways...

Why not just pay the credit card to pay your phone bill instead? Wouldn't cost you anything, actually would make a bit of money (a few cents do add up) and also help build your credit.

yeah i have a chase cashback card, i put all my gas on it, i get 3% back on all gas purchases, 1 % on everything else, i only buy what i can afford, while still putting away 75%+ of my paycheck a month... CC's are good, being irresponsible is not

[xcoldricex]

good advice whitney.

chase treats me well - i think i got $300 in cashback last year, another $200 in sign-up bonuses, a free plane ticket, and probably at least $100 in checks for "trial offers" that i just cancel a week or so after cashing the checks.. and just got a $3k added to my credit line without asking.

[azn8oi]

you win the game of cc rewards.

[FAM0US.]

I only have 1 credit card, and I the only reason I use it is to build up credit.

Spend whatever I want on it, then pay it back right when it is no longer pending and posts to the account.

02/04/08 - Spend $###

02/07/08 - Payback $###

Simple as that, I've never been in debt.

[dunkin deeznuts]

I find it hard to believe that no one on this site (especially this site) has credit card debt, or maybe the ones that do are too embarassed to post.

I fluctuate between $2k-10K in credit card debt over the past few years, currently at about $4k. I generally pay off most of my cards once a year with my bonuses. From what i understand, credit agencies expect you to have some debt, as long as its under 25% of your total credit line, you are ok. But thats probably a trap.

I also have $40k in student loans (rate is only 3.25%), thanks partly to my MBA.

Could pay off most of the student loan, but at that rate, I will continue to carry it as I prefer to have cash and investments.

[PT]

Approx. $4,200. Last month was the first time that I drew a credit card balance longer than the free grace period. I applied for a 0%APR card to finance a percentage of an engagement ring.

I'm a big fan of debt in both personal finance and business. I only borrow what I can pay back immediately, and I make sure i have cash invested in something liquid generating a positive margin. As far as debt to buy clothing and other gadgets, work expenses, travel, etc. I make sure to pay it off monthly.

Also, if your credit card company starts to increase your credit card limits, I'd recommend getting them to curtail it to what it was or within reason to your annual income. The high levels availability impacts your FICO score negatively.