Credit Card Debt Anyone?
Replies
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Quicken is awesome.none here, learned my lesson early on... that hole just gets deeper and deeper if you don't watch it...
put your nose to the grindstone, knuckle up and pay it off, no going out, no splurging, get it paid off and don't go there anymore ... family will understand that you can't.. if they can't, then that's thier issue. write a nice letter or card telling them how much you appriciate them and their help. There will be plenty of time to pay back when you're on top in life.
side note, Mint is a good program, but I prefer Quicken. Main reason is that it allows me to budget for the future... for example if it is the 3rd of the month and I have a bill do on the 15th, I can input that into quicken to allow me to "pre spend" the money to see what I will have left until next payday.
from what I've found Mint doesn't allow you to "budget" like that.. Am I wrong? anyone found this.
That being said, a simple Excel spreadsheet can do the basics, too. I had Quicken in the past but when I was married to my ex husband and there was literally NOTHING left for me to spend on myself (including budgeting software that could make things better), I set up a budget in Excel. Simple spreadsheet with line items for "Carryover" (amount in my account at the end of the week), income, and different categories of expenses. It adds the Income to the Carryover, and subtracts all of the expenses. It puts the ending number in the next week's Carryover space, and so on. I have it set up by week through 2022 and I love it because I can easily see how the choices I make with my spending today impact things 6 months down the road (or even several years down the road). For instance, if I want to buy something nice and I have plenty in my account right now, I can add that to my "discretionary" field for the week and see that, although I may have plenty now, I am going to have a pretty lean week in March and that splurge could make a big difference. It's easy to adjust so if I spend more or less in each category, I can override the budgeted with the actual amounts. I can look ahead and figure out when I will be able to afford a better car, or when I will need to be more frugal (which is sort of a joke, because I am super frugal). I also budget a portion of my rent with each check so I don't look at my account and think I have tons to spend but then have a huge chunk taken out at the end of the month (actually, I set money aside in a separate account specifically for that purpose).
And if you can't afford Quicken, and can't even afford Office, Google Drive has a spreadsheet program. That's actually where my current budget is.
excellent points... as for the office thing... Open Office is a free MS office like equiv that can even save the formats of ms office if desired. I find quicken worth the 30 or whatever it is now.. but true about excel, simple yet effective.0 -
Didn't need this to be a bashing session...I'm 20 years old who wanted to treat my family for once rather then them spending all of their money on me.
When you are older than 20 and have $$ in the bank, THEN you treat your family. Until then, bake them a cake. If you want to splurge, use sprinkles.
This really isn't fair to assume that people in the early 20 range don't have $$ in the bank, which is kind of what I think you are doing.
Well, if there HAD been $$ in the bank, then there wouldn't be 2G's in credit card debt.
"When you are older than 20" implies that 20 year olds are notorious for not having money. Every single person in my social circle (20-early 30s) have their finances impeccably well done; and *usually* much better than older folks. The stigma that young people don't know what they're doing with money is very irritating.
Are you privvy to your friends finances? Because appearances are deceiving. And most people in general suck at personal finance.
Yes, I am or I wouldn't have opened my mouth on behalf of others.
That is odd. Most friends dont share that stuff.
Maybe your friends aren't business owners who do business with one another and have to be honest about how much they can spend on merchandise without going too far in the red. Or maybe your buddies aren't buying houses left & right, or vehicles, or dropping thousands in cash on whatever they want that day. But, hey! Maybe it's a south thing.
Oh please. :laugh:0 -
Didn't need this to be a bashing session...I'm 20 years old who wanted to treat my family for once rather then them spending all of their money on me.
When you are older than 20 and have $$ in the bank, THEN you treat your family. Until then, bake them a cake. If you want to splurge, use sprinkles.
This really isn't fair to assume that people in the early 20 range don't have $$ in the bank, which is kind of what I think you are doing.
Well, if there HAD been $$ in the bank, then there wouldn't be 2G's in credit card debt.
"When you are older than 20" implies that 20 year olds are notorious for not having money. Every single person in my social circle (20-early 30s) have their finances impeccably well done; and *usually* much better than older folks. The stigma that young people don't know what they're doing with money is very irritating.
Are you privvy to your friends finances? Because appearances are deceiving. And most people in general suck at personal finance.
Yes, I am or I wouldn't have opened my mouth on behalf of others.
That is odd. Most friends dont share that stuff.
Maybe your friends aren't business owners who do business with one another and have to be honest about how much they can spend on merchandise without going too far in the red. Or maybe your buddies aren't buying houses left & right, or vehicles, or dropping thousands in cash on whatever they want that day. But, hey! Maybe it's a south thing.
lol this simply shows you have no idea what their finances are like. You know the image they would like to portray of their finances, but you dont know whats really happening behind closed doors
It shows that she has a skewed opinion of what healthy finances are as well. But...she was taking raspberry ketones, so what can you expect?0 -
The problem with the holidays in general is the expectations of copious amounts of presents. In some people's situations, $20 might be a lot - in other people's, $2,000 might be a lot. Either way, it's an over expenditure of money spent that will never generate income for you and the recipient - in most cases - will likely not utilize the product enough times to make the expense worth while. Unfortunately, society has developed to where children require gifts 'lest they want to be picked on in school, or whatever else comes with not getting a 60 inch HDTV, a PS12, Wiis and so on. I think our ancestors had it right - buy an orange, make a scarf and spend time together. No credit cards needed, and the *time* spent together was the real gift. That and fruit cake.0
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Don't have a credit card. I have a thing called savings. Every Wednesday money it taken from my bank account & placed into a high interest savings account. Even while I was not working & could not afford to even save $10 I still had the money transfer over.
It's what normal people do.
Actually no.
I think that's very rare even among people with six figure (and higher) incomes.
It's a good idea but no, not the NORM
I earn less than 20k a year. Yeah it is the norm. It's called being responsible. Rare my *kitten*, I've never had a credit card & yet somehow I have been able to afford everything I need.
The problem is that people want things NOW rather than save. It's that type of generation that actually end up in debt & then complain about it. Or ask others to help pay it off.0 -
Don't have a credit card. I have a thing called savings. Every Wednesday money it taken from my bank account & placed into a high interest savings account. Even while I was not working & could not afford to even save $10 I still had the money transfer over.
It's what normal people do.
Actually no.
I think that's very rare even among people with six figure (and higher) incomes.
It's a good idea but no, not the NORM
I earn less than 20k a year. Yeah it is the norm. It's called being responsible. Rare my *kitten*, I've never had a credit card & yet somehow I have been able to afford everything I need.
While I have credit cards, when I was bringing home a regular paycheck (work for myself now) every week I had money taken out of my pay check and put into two separate accounts: One was an account I didn't touch and the other was my spending money.
Hell even when I was a teen working one day a week at a store for piddly money I STILL took some of my paycheck and stuffed it into a savings account.
It is very do-able.
Even if all you can afford is $10 a week or every other week it still adds up after a while.0 -
Didn't need this to be a bashing session...I'm 20 years old who wanted to treat my family for once rather then them spending all of their money on me.
When you are older than 20 and have $$ in the bank, THEN you treat your family. Until then, bake them a cake. If you want to splurge, use sprinkles.
This really isn't fair to assume that people in the early 20 range don't have $$ in the bank, which is kind of what I think you are doing.
Well, if there HAD been $$ in the bank, then there wouldn't be 2G's in credit card debt.
"When you are older than 20" implies that 20 year olds are notorious for not having money. Every single person in my social circle (20-early 30s) have their finances impeccably well done; and *usually* much better than older folks. The stigma that young people don't know what they're doing with money is very irritating.
Are you privvy to your friends finances? Because appearances are deceiving. And most people in general suck at personal finance.
Yes, I am or I wouldn't have opened my mouth on behalf of others.
That is odd. Most friends dont share that stuff.
Maybe your friends aren't business owners who do business with one another and have to be honest about how much they can spend on merchandise without going too far in the red. Or maybe your buddies aren't buying houses left & right, or vehicles, or . But, hey! Maybe it's a south thing.
Sounds like some trust fund babies to me, but I'll give the benefit of the doubt on the "business owner" aspect. "Dropping thousands in cash on whatever they want that day" sounds exactly like the irresponsible spending that many are alluding to here. Don't get me wrong, if they have the cash and they aren't going into debt spending it, whatever....but cash doesn't grow on trees. It can, and does, run out. There are a lot of broke-*kitten*, bankrupt, former celebrities and sports stars out there....your friends may be next, if they're spending like that.0 -
bump0
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I do all electronic checking and I have it set up tobsend money to my credit card companies each week.0
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My wife and I have done this for years:
**Decide now what you are going to spend on gifts in 2014 (ie: $2000)
**Open a savings account
**Go to your HR dept and set up a split for your automatic payroll deposit (in this case, $167/mo; or about $77/paycheck if paid biweekly)
*** Catastrophic event in November costs you $2000.
***Pay CASH for catastrophic event from your emergency fund.
**Enjoy paying for all your gifts with cash!
Fixed it for you.:laugh:
Fixed again
I am liking you more and more.
How YOU doin?? :flowerforyou:
Hey there sweet cheeks, wanna see my zero based budget and hefty emergency fund?
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I use interest free promotions and I'll rack up the credit card balances all year. I then pay off all the balances in January or before the promotion expires.0
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Never owned a CC never will. If I can't afford it I save for it, if I can't save for it I go with out. Simple as that.0
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“Then the Grinch thought of something he hadn't before! What if Christmas, he thought, doesn't come from a store. What if Christmas...perhaps...means a little bit more!”0
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had it...almost out of it...want to check out some sites i saw on here...bumping it.0
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Never never never carry a balance on a credit card. I use credit cards for the cash back / travel points.
This.
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Actually carrying a small balance is good for your credit score. Keep it less than 15% of your available credit amount.
Yeah, my credit rating is excellent. Don't need to carry a balance on my credit card for that. I'd have to carry several thousand dollars to be at 15% of my credit limit. That's a silly suggestion, my opinion.0 -
One credit card for the past 20 years. Usually carrying $500.00 to $800.00 balance that I would prefer not to have. Just paid the entire balance off 2 months ago. Last month had to drop $600.00 into my car and a couple other surprises with stuff breaking down around the apartment.
Ugghh. Christmas shopping not even started at this point. There will be some internet purchases. Hopefully pay the balance off around March or April.0 -
Sorry I'm not up on finance, is "business owner" a euphemism for drug dealer or something?0
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I use mint and really like it. Has helped me out a lot in keeping track of my finances. You will really like it once you get everything set up.
Been in trouble with CC's before and never again. I always just set aside x amount per paycheck aside for when the time comes to buy presents. I do make purchases with my CC all of the time but when the bill comes in I always pay what was put on it. I also carry a small balance to help with my credit score but anything outside of that is always paid off once the bill comes in.
I also LOVE mint
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Didn't need this to be a bashing session...I'm 20 years old who wanted to treat my family for once rather then them spending all of their money on me.
^
As the mother of a 20-year old daughter, the gift I love best is spending time with her, especially during the holidays. I would be quite upset if she had spent money she doesn't have on her loved ones. No gift is worth going into debt.0 -
This.Never never never carry a balance on a credit card. I use credit cards for the cash back / travel points.
If I don't have the money in the bank I don't buy it.0 -
The problem with the holidays in general is the expectations of copious amounts of presents. In some people's situations, $20 might be a lot - in other people's, $2,000 might be a lot. Either way, it's an over expenditure of money spent that will never generate income for you and the recipient - in most cases - will likely not utilize the product enough times to make the expense worth while. Unfortunately, society has developed to where children require gifts 'lest they want to be picked on in school, or whatever else comes with not getting a 60 inch HDTV, a PS12, Wiis and so on. I think our ancestors had it right - buy an orange, make a scarf and spend time together. No credit cards needed, and the *time* spent together was the real gift. That and fruit cake.
Deep, you should write a book.0 -
It is really a pain in the head to find ways to pay your credit card debt especially when you don't have the means to pay it. If you have multiple credit card debts, it is advisable to keep one current and active. That way, even if all the other cards are due, you still have an up-to-date credit card to use in critical situations. You can learn more about credit card debt by visiting my website http://www.creditsabre.com.0
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No way!0
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As the mother of a 20-year old daughter, the gift I love best is spending time with her, especially during the holidays. I would be quite upset if she had spent money she doesn't have on her loved ones. No gift is worth going into debt.
That's my feeling and I'm the mother of a 29-year old son who was married last year and has a baby on the way. Rule #1 is "don't buy us (parents) stuff." I'd hate to think anyone was running up credit card debt to buy me a gift.
I love my credit cards but I pay them off in full every month and leverage them for free flights and hotel stays. I've probably paid less than $100 in cc interest in my entire life and I'm 60. They're not evil in and of themselves, but if you carry a balance you can dig yourself into quite a hole.0 -
I have auto payments set up so a small amount every week gets sent to my credit card company. Breaking it up weekly is a bit less painless but it really helps cut down the debt0
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Minimal. Hard to travel without one. I carry two. Mainly for travel. Afe years back, I paid them all off and tried using my debit for everything. Tried to book a trip to Puerto Vallarta and pay it with my debit card. Couldn't do it. Because of the maximum amount I could charge on my debit, it turned into a reall PITA. I have since gone to my bank and fixed that, but I have kept my two credit cards current for emergencies. I also have a Gas Card that is in my name and my daughter's, so that if she needs gas and has no cash, she can get it on the card. (She's going to college and working 30 hrs a week and her planning skills are less than perfect.)
Credit is what the World runs on. Sadly.
My parents' generation paid cash or went without. It's what I try to do as well and try to teach my daughters, but they're not listening too closely.0 -
no debt....they are used only for the protection they provide me when shopping online, booking travel etc and the whole balance is always paid off immediately.0
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The average US household credit card debt stands at $15,270, the result of a small number of deeply indebted households forcing up the numbers. Based on an analysis of Federal Reserve statistics and other government data, the average household owes $7,123 on their cards; looking only at indebted households, the average outstanding balance rises to $15,270.
Here are statistics, trends, studies and methodology behind the average U.S. household debt.
Current as of January 2014
U.S. household consumer debt profile:
■Average credit card debt: $15,270
■Average mortgage debt: $149,925
■Average student loan debt: $32,258
In total, American consumers owe:
■$11.36 trillion in debt ■A decrease of .1% from last year
■$856.9 billion in credit card debt
■$7.93 trillion in mortgages
■$1,049.0 billion in student loans ■An increase of 11.% from last year
The median household income in the United States is $46,326. That means that the average American debt is at 1/3 of the average American Income. Pretty sad.0 -
I signed up for one of those debt reduction things. It turned out okay. I had $11,000 in debt (mostly from braces) and I got it settled and paid off for $5,500. I wouldn't recommend it now because they changed the program so some creditors don't take less.
I still have credit cards. I buy in bulk online for certain things and then takes me 3 months to pay off. Otherwise I don't put anything on there unless I absolutely need it.
My current credit debt is $110.
I don't think I am doing that bad considering I own my house and car outright.0 -
My credit card got up to $800 and I had a mini panic attack even though that included our trip home and was split between 2 of us.
I pay mine off every payday! (except this time I am managing it over a few pay days). This way my credit score increases while my personal debt does not. I try not to charge anything major to my card that I don't have the cash for, this way it is always available if an emergency does come up (which is the original reason everyone justifies a card right?). I bought a major gift for my fiancé for x-mas and in anticipation of that I saved up for 4 months.0
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