Credit Card Debt!!

@marciascott (25554)
United States
March 7, 2007 8:34pm CST
Americans are going in debt with all these Credit Cards. I have 3 of them just as soon as I pay them off I will only use them for emergency. I seen the 7 o'clock news, were the Goverment is cracking down on these Credit Card Banks. charging too much interest. It is riduculous how they are making money of the interest. if your late or go over the limit they charge you so much. This one Credit card that I have wanted me to get more money. I told them no not at this time. I am not trying to get in no more debt. How about you how do you feel about Credit Cards. I think everyone has them. they are nice to have as long as you don't go over board.
4 people like this
19 responses
@mimatexas (1835)
• United States
8 Mar 07
I have four credit cards. I have maxed out my credit cards and I am paying the minimum on them. Only one credit card I am paying some extra and I have ripped them all out. I wish I would never got into debt but now I have to pay the consequences. Yes, you are right the interest rates are too high. I tried doing debt consolidation but they asked about the same I pay every month and I don't think it would help me.
• United States
9 Mar 07
In order to get anywhere near paying off those debts, you need to pay more than the minimum amount each month. If you only pay the minimum, it will take you years to clear it and you will end up paying a lot more interest in the long run. When you send in extra money, also send a note that tells them to apply the extra amount to the principal and not to the interest. This will also help to lower the bill faster.
@callarse1 (4793)
• United States
8 Mar 07
People have to realize that when they charge the money they will have to pay it back. Yes I realize that I do have some debt as well because it was an emergency. I don't try to go overboard going shopping for clothes and all that when I know I don't have the money to pay my credit cards. If someone is not satisfied with the interest call the credit card company and request a lowering of interest. If they won't lower it then pay the credit card off and cancel the card. Have a nice day. Pablo
1 person likes this
• United States
10 Mar 07
^^^I cannot stress how off topic that is.
@marciascott (25554)
• United States
10 Mar 07
you can ask for them to lower you interest someone call me yesterday about lowering my interest I don't know if that a good thing or mad thing to do? I guess it would be a good thing.
@CatEyes (2449)
• United States
12 Mar 07
Intresting that you would bring this up; I just had this conversation with my hubby. He got us in debt by 45K in credit cards! His reply all of the time is that it was free money as long as you pay it off. RIGHTTTTTT. Of course I had no idea what was going on since I was not on the cards and I believed him when he said it was fine. RIGHTTTTT. Then I find out and I wanted to cut every one of them up. After about 5 years of me working 2-3 jobs and 7 days a week and him only working the one job, I broke down and got really sick. Could not work anymore. Boy did those CC not understand that one. They gave us a whomping 30+% increase!!!!! I told him I was not going to pay any more and that he will have to file chapter 7. We did this in Jan. We had over 60K that I did not know about! After I paid all of that money to them, we still owed that much? too crazy.
1 person likes this
@marciascott (25554)
• United States
12 Mar 07
They wanted me to get more money I told them, no thank.
@gsnarayanan (1705)
• India
9 Mar 07
I use credit cards for large purchases and clear the dues with in the due date. This way you need not carry a large sum of cash with you. Have only one card and ensure that the dues are paid with in the due date. Then you can be comfortable.
1 person likes this
@marciascott (25554)
• United States
10 Mar 07
that is s very good idea! have a nice week -end!
@Neo_Knights (1887)
• Indonesia
9 Mar 07
Credit Cards - Credit Cards problem
Yup, I have 4 credit cards, and 3 of them are maxed out. I'm trying to pay them. Few weeks a go I watch Oprah show, and Oprah introduce a man named David Bach. He developed a system to reduce debts in fast way. I'm doing it now. By the way if you want to know about it you can open www.oprah.com and search for David Bach Debt Diet.
@marciascott (25554)
• United States
9 Mar 07
Good Idea, myfriend, I will look into it.
@royal52gens (5380)
• United States
9 Mar 07
Cut up those credit cards. If you can not pay cash for something, then you do not need it that bad. They are not nice to have. They are a trap that will ruin your life if you are not wise to how they operate. Think of it as being suduced by the devil. they promise so much and do not follow through. Cut up those cards, pay off what you owe them and do not walk away.....RUN!! Run away from those companies.
1 person likes this
@marciascott (25554)
• United States
9 Mar 07
You are so right. I do plan to pay them off they are not for much. but I am not trying to get anymore money from them.
• United States
8 Mar 07
My father is going through the same thing and my fiancee (who's in a better situation) is having similar troubles with a Best Buy credit card. The store credit cards are probably the worst. But my dad has had a very long and satisfied history with Visa. Now he's having financial difficulties and his minimum payment last month was $400.00!!! He could only pay half and they were giving him such a hard time. The problem people have with credit cards (like my dad) is they view it as free money but forget about the interest involved. That's how credit card companies make their money and that minimum balance is what you're paying for (finance charges). My stepdad on the other hand advised me to pay off my credit card balance in FULL at the end of every month. I, on the other hand, have an American Express credit card with Delta skymiles and have paid off about 200 dollars this last month so now I'm down to 500 and something dollars. I don't use it very often, usually for gas. My BIGGEST interest problem is with my student loans. I have $3,000 in loans to pay off and can only afford the minimum payments. Credit companies do harm your wallet but in the longrun we need them.
1 person likes this
@marciascott (25554)
• United States
8 Mar 07
You are smart to get them half way paid off. thank you for your input.
• Italy
8 Mar 07
I have only one Credit Card and I never use it! :)
1 person likes this
@marciascott (25554)
• United States
10 Mar 07
that is very good Welcome to mylot!
• India
8 Mar 07
Credit cards are really good when used in limit otherwise it may be burden to someone. I use only one credit card and keept it only for emergency. I do not use fequently. There are people who possess many cards and use them. Resulting in debt which is not good sign. We should try to spend within our limits. World is so big that we cannot compete with others. We must decide our limit and expense as per that only. In developed countries using of many credit cards at a time is very common. So they are great debt. In future this may be a big problem for such countries. It is high time to alert.
1 person likes this
@marciascott (25554)
• United States
8 Mar 07
You are very right. thanks for input!
• United States
8 Mar 07
I will have to agree on this one, I did not learn the first time when I got in trouble with CC it has take me now 2 bank o's to figure it out. I now am with the view that the are to have for emergency and that you need to figure be disciplied in the fact that Shoes, the greatest sale ect are not an "emergency" I now look at that as, Car broke down, kids need to go to the emergency room ect that is an emergency.
1 person likes this
• United States
8 Mar 07
I think in the soceity(SP) we live in its hard to not use them, if we have them.....The cost of living is so much we feel that we have to use them to survive......I only use cash...If its not there I dont spent it......I need a credit card I buy one with my cash for 2.00.....It waorks for me...Thats my 2cents..... I spent the fisrt 2 years of my marriage playing with cc and the other 4 years paying them off, and the rest of th e4 years being debt free
@Starline (681)
• United States
8 Mar 07
The rules are always so strange and you never find out about the secret extra charges before it's too late. I am not interested in economy so I get myself into bad situations for not understanding the small print.
1 person likes this
@kurtbiewald (2628)
• United States
8 Mar 07
yeah me too I'm down 17K or so maybe I couls sit here and do this till they are paid off hmmmmmmmmmmmmm 10 cents an hour so 17,000.00 /.10 only 170,000 hours if they didn't charge interest we live about 800,000 hours maybe an option to consider
1 person likes this
@stately (39)
• Italy
8 Mar 07
You have been discovering hot water! Everyone know that american family are so much full of debts.....it is our ecnomy system.....you buy more that you can..........Instead of the past where parents usually save money for the childrenmtoday parents make debts that children will pay or they will make another debts! Io suggest to watch www.beppegrillo.it..it is the most popular blog in italy and often discuss irnically about our debt society
1 person likes this
@Polly1 (12648)
• United States
8 Mar 07
I have credit cards, they have saved my butt many times. They are great to have, just as long as you don't go overboard with them. You have to read the small print and never be late with a payment on one. If your late on one payment they can raise your rates on all your cards.
1 person likes this
@creationhub (3068)
• Malaysia
8 Mar 07
Credit card debts should be more blamed on the consumers rather than the banks. After all, it is our buying compulsions that land us in this state. The banks may have a part to play in enticing you to use the cards more frequently. But self discipline on our part is not an option. I have been suggesting to many of my friends to use debit or prepaid cards instead. We still keep a credit card but use it only when we have the funds available.
@lingli_78 (12844)
• Australia
9 Mar 07
i also use 2 credit cards at the moment and i am really careful in using them... i just don't want to go into debt and i always try my best to pay it off on time so that it won't incur any interest... so far, i am grateful to God that i always manage to do that... only by His kindness i can have a job and always pay my credit card bills on time...
• United States
9 Mar 07
I have numerous credit cards and each of them has different rewards. Depending on where I'm shopping is which card I use to get the reward benefit. I have NEVER gone behind on a credit card and I've even had one maxed out once when I bought a new laptop computer. I personally find it extremely hard to not pay the card off and wonder how so many people fall behind. Everytime I buy something with my credit card I keep the receipt and stick it in an envelop for that month. Then when the bill comes I cross off each receipt I have to remind me what I used it for and make sure nobody illegally used my credit card without knowing. Last time I bought a car I saved $1200 on it thanks to my credit card reward points. Do I think the interest rates are too high? Yes and no. I see why they are so high as someone is losing the money. Very few credit card companies make any sort of record profits. They take a risk by giving you money and hoping you don't default on them. At the same time though, I think some interest rates are high that it makes paying them off nearly impossible if you go one month in debt. I think if people watch what they use them for and don't go above the money they actually have then they have no problem. That's one thing I do, I watch how much money I have in my checking and don't spend over that on my credit cards. If I can't write a check with it for that month, I don't buy it. Most people abuse it and spend $2000 on a credit card when they don't have $2 in their checking account. Where's the logic in that? If you can't pay cash, you can't pay for it with credit, so don't buy it.
• Canada
9 Mar 07
It's not just the compagnies but also the people that are putting themselves in debt. They always buy things they don't need.