Carlton M asked:
I have about $5 grand of credit card debt now which can be brought down to 0, in less than a year, depending on how much I really want to pay it off. However, is carrying large amounts of debt (even if you CAN pay it off) bad? I don’t see how. Isn’t that the entire BUSINESS of credit cards anyways?
http://1mortgagecalculator.info
I have about $5 grand of credit card debt now which can be brought down to 0, in less than a year, depending on how much I really want to pay it off. However, is carrying large amounts of debt (even if you CAN pay it off) bad? I don’t see how. Isn’t that the entire BUSINESS of credit cards anyways?
http://1mortgagecalculator.info
Of course. It actually improves your credit record.
it gives you bad credit
It is not bad at all, make sure that you dont have any late payments, pay more than the minimum every month and it could actually end up to be a good thing. your credit score improves when you show that you can borrow large sums and repay it, it shows something about your responsibility. I heard that carrying leaving 20 -30% of the debt that you owe is really good for your score. Just make sure you dont pack on any late fees, and take care of the debt, it is a good thing.
Any sort of debt is bad. We’ve never had debt, we pay our bills everytime at the end of the month. Buy less shit you greedy fuck.
Oh yeah and it improves your credit score. Personally, I try to stay below three hundred and I have a 5000 dollar credit limit. Do you realize the credit card companies are robbing you blind just like a mafioso loan shark.
I don’t think any credit card debt is good. We are debt free except our house.
What happens if you lose your job? Even if you could pay it off, would you want to use that $5,000 if you did not know where your next check was coming from?
I see no reason to pay a credit card company a percentage of anything I purchase.
My credit rating is over 800 and I always pay off all my credit card charges every month.
You never know what’s going to happen in the future. You could need 2 k at a moment’s notice and then you’d be at 7k. And then if something else happened you could get over your head.
My advice is to get rid of all your debt. Pay off every charge you make. You’ll save a lot in interest payments.
Hope that helps.
Smile
well, when you have credit card debt, your bank or who ever you have it with will usually have some kind of way of notifying you about your payment due date, and the minimum amount of payment that should be due. as long as you pay the minimum amount of payment before or on the day, you will be improving your credit. miss a payment, thats a different story. you should try to contact them somehow to clear up these dates and payments. I had over 900 dollars in credit card debt, my first payment was only 19 dollars, but i put in $250. second payment was 36 dollars, but i payed it off. hope this helps!!
Sure, credit card companies love “revolvers” (people who always carry debt and never pay it off). They make a lot of money on you.
Look at your credit card statement. Notice the amount listed on your monthly bill as “Finance Charge.” That is what you are paying to the credit card company each month for the privilege of keeping that money borrowed from them. You don’t get anything new for that — its basically “thank you” money to the credit card company, as in, “thank you for letting me keep my running balance.”
Can’t you think of some neat or fun things you’d rather be doing with that money, besides giving it to a credit card company? If so, pay off your credit cards and then you will have all that “Finance Charge” money to spend as you please each month. If not (i.e., if you enjoy giving away your money to credit card companies) then no, there’s nothing wrong with maintaining a running balance so long as you can pay it.
If you have good credit and a decent income….apply for a new card that will give you a 0% balance transfer….I balanced transfered $5K in debt from a card charging 18% to a fixed 0% for two years….I’ve saved over $1K in interest charges. This enabled me to pay the debt off in installments without interest charges.
A site I’ve used for info in the past …
Good Luck.