Credit Card

[dhrealtalk]

Through the past 9 months, I have somehow managed to accumulate $2,500 in credit card debt...

I cut up the card yesterday...I have a steady job, but I am a student...working on paying it off now. Anyone in the same situation?

I know America in general is, but I'm looking for individuals to share experience

 

[lazianboi]

thats ok.. i use to be have $10,253 in debt... i just filed bankruptsy.. now i just live off welfare.. FTW


:]

 

[kix4kix]

You are the reason we are in a recession.

Spend what you have, I never got why people don't get that.

 

[dhrealtalk]

wow, that's a lot to put on me....

i'm just a student with a $2,500 debt, used to buy books and stuff, and now I'M the reason why we're in a recession?

cruel.

 

[dirtylicious]

Originally Posted by kix4kix

You are the reason we are in a recession.

Spend what you have, I never got why people don't get that.

that's not true. He's working to pay off the debt....not file for bankruptcy or negotiate it down.

I agree on your 2nd statement though

 

[jfresh7]

If you dont have the money for something, dont buy it. Since you're a student i understand.

 

[rsdplaya]

not good man...but at least it's only 2500, and you've stopped it now. gotta budget now to pay that off homey. always make the payments required tosave yourself as much as possible.

 

[kix4kix]

Originally Posted by Dhrealtalk

wow, that's a lot to put on me....

i'm just a student with a $2,500 debt, used to buy books and stuff, and now I'M the reason why we're in a recession?

cruel.

Stuff huh?

I am a student as well, I am broke as well. I went without Microsoft word, and several books for a Semester, because of my situation.
I wasn't trying to be cruel, its just that people complain when little needless purchases are usually at the basis of their debt. No offense but you seemto be no exception.

 

[lazianboi]

YOU MAD? ^

must suck being broke huh

 

[dhrealtalk]

You must be really really smart if you went without books for even a semester...I'm so sure if I did that at my uni, I'm gone.

Like I said, I work, so depending on what your needless little purchases mean, to me, they don't matter as much. Yes, they add up, but it's especiallyquick when I have to spend like $150 on one book.

Then again, I'm not trying to say I'm the best with money, or else I won't be in this situation. \


lol LAzianBoi is just chillin.

 

[ydbounce]

yeah i got debit because i know im not good with money
i was thinking about it but i know i have impulsive tendencies
technically your debt is even more than that dude, the govt wants that loan money back eventually lol
i cant lie i've spent refund checks but considering the current situation saving is def. in my frame of mind

 

[kix4kix]

Originally Posted by LAzianBoi

YOU MAD? ^

must suck being broke huh

Yeah I am furious, why you care though?

Unlike you I am not living on welfare, and didn't file for bankruptcy, But I am the broke one?

carry on

 

[cincybcats22]

Originally Posted by kix4kix

Originally Posted by Dhrealtalk

wow, that's a lot to put on me....

i'm just a student with a $2,500 debt, used to buy books and stuff, and now I'M the reason why we're in a recession?

cruel.

Stuff huh?

I am a student as well, I am broke as well. I went without Microsoft word, and several books for a Semester, because of my situation.
I wasn't trying to be cruel, its just that people complain when little needless purchases are usually at the basis of their debt. No offense but you seem to be no exception.

You know you can get Word for free online, and some universities (mine atleast) offers it for $6

 

[dhrealtalk]

Originally Posted by YDBoUnCe

yeah i got debit because i know im not good with money
i was thinking about it but i know i have impulsive tendencies
technically your debt is even more than that dude, the govt wants that loan money back eventually lol
i cant lie i've spent refund checks but considering the current situation saving is def. in my frame of mind

govt? wut? I owe CapitalOne.

 

[rsdplaya]

Originally Posted by Dhrealtalk

You must be really really smart if you went without books for even a semester...I'm so sure if I did that at my uni, I'm gone.

Like I said, I work, so depending on what your needless little purchases mean, to me, they don't matter as much. Yes, they add up, but it's especially quick when I have to spend like $150 on one book.

ok, here's the problem...you really shouldn't even be spending a dime on books unless you intend on keeping them...but most classes, booksare pointless after you take the class...

go to amazon.com, but the lowest price book, use the book for the semester, go back on amazon.com at the end of the semester, sell the book at that lowestprice and bam, problem solved.

 

[mvp07]

Originally Posted by LAzianBoi

thats ok.. i use to be have $10,253 in debt... i just filed bankruptsy.. now i just live off welfare.. FTW


:]

Jesus dude

that is just reckless.

 

[dhrealtalk]

Originally Posted by rsdplaya

Originally Posted by Dhrealtalk

You must be really really smart if you went without books for even a semester...I'm so sure if I did that at my uni, I'm gone.

Like I said, I work, so depending on what your needless little purchases mean, to me, they don't matter as much. Yes, they add up, but it's especially quick when I have to spend like $150 on one book.

ok, here's the problem...you really shouldn't even be spending a dime on books unless you intend on keeping them...but most classes, books are pointless after you take the class...

go to amazon.com, but the lowest price book, use the book for the semester, go back on amazon.com at the end of the semester, sell the book at that lowest price and bam, problem solved.

wutttttttttttt.....you really shouldn't even be spending a dime on books unless you intend on keeping them????? wuttttttttttttttttttttttttt? I MUST bemissing something here.

 

[ydbounce]

so you have no govt loans or grants?
I assumed u did my fault
I know I do, not that I have to worry about that any time soon

whats this about word free on the net now?
last time i checked you had to purchase it, but if u could give me a link that'd help.
went without it last semester, granted for some odd reason I didn't really get many assignments that needed it.
freshman year first semester though it was flat out necessary

 

[rsdplaya]

Originally Posted by Dhrealtalk

Originally Posted by rsdplaya

Originally Posted by Dhrealtalk

You must be really really smart if you went without books for even a semester...I'm so sure if I did that at my uni, I'm gone.

Like I said, I work, so depending on what your needless little purchases mean, to me, they don't matter as much. Yes, they add up, but it's especially quick when I have to spend like $150 on one book.

ok, here's the problem...you really shouldn't even be spending a dime on books unless you intend on keeping them...but most classes, books are pointless after you take the class...

go to amazon.com, but the lowest price book, use the book for the semester, go back on amazon.com at the end of the semester, sell the book at that lowest price and bam, problem solved.

wutttttttttttt.....you really shouldn't even be spending a dime on books unless you intend on keeping them????? wuttttttttttttttttttttttttt? I MUST be missing something here.

it works for me man...i don't see how it doesn't make sense to you...

 

[boilermaker x]

rsdplaya wrote:

---

not good man...but at least it's only 2500, and you've stopped it now. gotta budget now to pay that off homey. always make the payments required to save yourself as much as possible.
Making the "minimum payment" is the wrong answer. I'll spare the long-winded lesson in personal finance, but your credit card debtis clocking at a serious rate. The interest is compounded monthly (meaning you pay much more than the stated annual rate of 20 or 25% or whatever) andmaking the minimum payment guarantees that you pay almost nothing but interest and your actual credit card debt will take years to pay off.

Being that there is only one legal form of debt with higher interest rates than credit cards (pay-day and cash advance loans), if you have any extra money youpay off the credit card ASAFP instead of giving a company money every month just to hold your debt.

 

[areyouin729]

Originally Posted by LAzianBoi

thats ok.. i use to be have $10,253 in debt... i just filed bankruptsy.. now i just live off welfare.. FTW


:]

if you are serious, you should be taken out back Old Yeller style

 

[trasoul82]

Originally Posted by kix4kix

You are the reason we are in a recession.

Spend what you have, I never got why people don't get that.

Our entire economy is based of spending what we don't have. Loans from people who loaned from people loaned from people who printed out pieces of paperwith no true value. To make things worse, today more "money" is stored in servers than in safes. So if everybody asked for their money cash-in-hand,it would be impossible to do. So in the VERY EXTREME case that all major banks went under, we would quickly realize that we're all pretty much living oncredit.

For the OP, good job on trying to stop the problem before it raveled out of control. I was $25,000+ in credit card debt. The funny part is I was still allowedto get a loan for a house, then valued at $246,000, while I owed 25k on the cards. Today, I'm in Iraq as a contractor and very much out of credit card debtand I'm a year ahead on my mortgage with significant principle paid down. I'm lucky, but I wasn't going to be one of the many who fell into thetrap that the bank tried to put me in.* But in our nation's current financial situation, I'm wondering if I'm throwing good money after bad bypaying down my mortgage so quickly. If I can pay it off before anything drastic happens and I can have my title in-hand, I'll be cool.

Anyway, now I pretty much only use my Amex Gold card because it has to be paid off in-full, monthly (set to auto-pay directly from my checking account). So Iget some rewards and the feeling of using a credit card while knowing that I can't get out of control with it.


*(There's no way in hell i should have qualified for that loan. This is more of why we are in a recession)

 

[dhrealtalk]

Originally Posted by Boilermaker X

rsdplaya wrote:

---

not good man...but at least it's only 2500, and you've stopped it now. gotta budget now to pay that off homey. always make the payments required to save yourself as much as possible.

Making the "minimum payment" is the wrong answer. I'll spare the long-winded lesson in personal finance, but your credit card debt is clocking at a serious rate. The interest is compounded monthly (meaning you pay much more than the stated annual rate of 20 or 25% or whatever) and making the minimum payment guarantees that you pay almost nothing but interest and your actual credit card debt will take years to pay off.

Being that there is only one legal form of debt with higher interest rates than credit cards (pay-day and cash advance loans), if you have any extra money you pay off the credit card ASAFP instead of giving a company money every month just to hold your debt.


Yesssirrrr....My plan is to pay 3-4 times the minimum payment each bill....

ASAFP never heard that one before.

 

[utvol23]

Exactly why I always tell everyone one on here who always make posts asking which CC to get to start building their credit NOT to get a credit card. It usuallyends up in a situation like this, but for some reason I am always crucified for making that point. People seem to love debt.

 

[dhrealtalk]

Originally Posted by TraSoul82

Originally Posted by kix4kix

You are the reason we are in a recession.

Spend what you have, I never got why people don't get that.

Our entire economy is based of spending what we don't have. Loans from people who loaned from people loaned from people who printed out pieces of paper with no true value. To make things worse, today more "money" is stored in servers than in safes. So if everybody asked for their money cash-in-hand, it would be impossible to do. So in the VERY EXTREME case that all major banks went under, we would quickly realize that we're all pretty much living on credit.

For the OP, good job on trying to stop the problem before it raveled out of control. I was $25,000+ in credit card debt. The funny part is I was still allowed to get a loan for a house, then valued at $246,000, while I owed 25k on the cards. Today, I'm in Iraq as a contractor and very much out of credit card debt and I'm a year ahead on my mortgage with significant principle paid down. I'm lucky, but I wasn't going to be one of the many who fell into the trap that the bank tried to put me in.* But in our nation's current financial situation, I'm wondering if I'm throwing good money after bad by paying down my mortgage so quickly. If I can pay it off before anything drastic happens and I can have my title in-hand, I'll be cool.

Anyway, now I pretty much only use my Amex Gold card because it has to be paid off in-full, monthly (set to auto-pay directly from my checking account). So I get some rewards and the feeling of using a credit card while knowing that I can't get out of control with it.


*(There's no way in hell i should have qualified for that loan. This is more of why we are in a recession)

Yup, from what I've learned, banks would love nothing more than for everyone to be in debt. Foreclosure is a !#!+%.