Re: how much credit card debt DID you USED TO have?

At the worst point, when I added up minimum payments only for credit cards - the amount exceeded our mortgage payment.
It took us 36 months (3 years) - adding no new debt and putting 20-30% of our income to debt reduction to get out from under this state of affairs.
Now, we are saving that much as of this past April.
Once the Emergency Funds are in place, I plan to begin aggressive repayment on our remaining longer term liabilities.... after our 10 year anniversary cruise, which will actually be our 13th or 14th anniversary....

After my husband was injured over eight years ago, we tallied up an $8,000 debt in credit cards and loans to pay household and medical expenses. It took us several years to pay that off.

That is more than I ever want to owe again.

 

 One rewards card that i have for emergency purposes. I use it for small purchases to keep it open and have no trouble paying it off monthly. 

We haven't ever had CC debt since we've been married. Between the two of us we have two MC cards and one Visa card, all paid off every month. We use them for convenience, such as on-line purchases or mail-order stuff, or last month I bought tickets to a dinner theater with one. But we talk to each other, DW keeps a spreadsheet on the computer showing what bills are due for each month so there are no surprises.

Sometimes for a larger purchase, as when we bought a new bedroom set years ago, we'll put that on the CC for the consumer protection issues you get with a CC that you don't have when paying by check or cash. But we always pay them off in full every month.

CC companies hate people like us. Within the industry we're called "deadbeats" because the CC companies don't make any money off us. I guess that two to six per cent they charge the merchants for every transaction isn't enough for the greedy jerks.

Now, with my ex-wife, that was a different story....

There's probably about $500 on there right now, but we always pay in full. Our CC company must hate us too Walt, we use ours for convenience and for the rewards program. We get a $50 check every few months from them.

A LOT!  And I do mean A LOT.  I have three credit cards with balances and I am working diligently to pay them off.  Most, if not all, of the debt is related to medical costs associated with fertility treatments as well as costs associated with a foreign adoption.  I would happily pay on this debt for the rest of my life as I have 2 beautiful kids to show for it . . . and I'd like to have another.  Finances are prohibitive at this time though (would either need more treatment or do another adoption).  We'll see what happens . . .

Luckily, the balances are at low interest rates.  We have been making progress, slowly but surely!

what inteerst rates are folks here paying?

Mine is 0%, 3.99 %, and 10.99%.

Cinnamonhuskies:

what inteerst rates are folks here paying?

Mine is 0%, 3.99 %, and 10.99%.

Our card with the big balance of $1300 is 0% until August. After that I think it's 9.9%. We will pay it off if our rebate check will ever get here (note to self, don't file on April 15 and actually have to pay taxes and wait for a paper rebate check with an additional 6 week wait period, ugh).

I have another card at 0% but no balance.

Our Discover card is 14.99% but no balance.

We have other credit cards that we never use and I don't know the rates. The above cards are ones we recently paid off or are still paying down.

I've noticed rates actually going down. I didn't know if it was the economy or my credit score doing it.

I think it's the economy . . . my standard rates have gone down as much as 6% over the past year or so.  I think it's based on the prime rates . . . I don't pretend to understand this though!

Most of our debt is on low interest transfer offers.  The highest balance is at 4.99 until paid off, the next highest is at a promo 0% for a year (which is almost up and will go to 9.99 unless I transfer it, which I have an offer already lined up).  The lowest balance card is at about 12% and that is the one that we are working on paying off right now.  I may transfer it with the other balance to create less interest overall so more of our payment goes to principal.  Hate paying 12%!!  Looking for another one like 4.99 until paid off; that one is great!