pay off the credit card

[HuntingHawk]

Make a plan to pay off the credit card. Its the highest interest. Make a plan to get them paid off even if it will take a few years.

Most people use their credit cards to buy stuff on sale. Not such a good deal after you figure the interest you pay on it.

Set the credit card aside for emergencies only. Anything else if you can't pay cash then don't buy with the exception of a vehicle but there is a huge difference in interest between them.

[big paul]

I only use a credit card for online purchases, I try to keep to a budget and its paid off in full at the end of each month.

[James m]

Earlier this month we ordered something over the phone with my debit card. It was supposed to be a $5 charge. Well my checking account would up at -$100 yes negative 100$ it took what seemed like forever but I did get it back including the overdraft fee. I had to call my bank and the company that charged me, they hung up. I had to be polite to a company with a better business bureau F rating so they wouldn't hang up. Thanks for listening.

[1moretoy]

I only use a credit card for online purchases, I try to keep to a budget and its paid off in full at the end of each month.

X2... Treat it like cash and only charge what you can afford to pay off at the end of the month. Also, get one that builds points. I've flown my daughter home from Texas twice in the last couple of years with those points.

[Coppertop]

We travel a lot so I use it for that- it also makes it easier for me to pay one bill at the end of the month. But it's paid off every month.

[Just Sayin']

If I knew when the EOTWAWKI thing was gonna happen though, I'd run that thing up like a young bird dog!

[Deebo]

I put some 401k money into my bank account, and the credit card offers are "rolling in". Nope, Nada. I have a debit card, and I have a check book. I have a low credit score, should be coming up, now that I paid some medical stuff, and I plan on buying some land soon, but I hope to never have to make CC payments.

[Imaexpat2]

That's the one 600 lbs gorilla I have on my back now and the last remaining debt to pay off. Made a lot of head way in just one year and now that I am unemployed I glad I tag teamed it hard the past year. Hopefully I can get back to work soon now that I got my dd-214 and I can get hot on them again!

I ran them up when I was in between jobs and had no income coming in and had a couple of huge car repair bills that had to be paid for. If I only knew what a dear price I was going to pay for that! But it was a good learning experience though. I use my cards a lot different now than I did then. I have managed to build a pretty insaine credit limit which was part of the reason I got them in the first place. But once I retired from the military I got serious about all of the debt I had and started working at a feverish pitch to get them all paid off. Payed the 37ft boat off 7 years early, the RV about 5 years early, the car 2 years early and paid cash for the last two I have bought and now drive. The credit cards are the last two I have left and I am hell bent to pay them down as soon as possible, especially with this crappy economy we now live in as the new norm in America.

[1moretoy]

I put some 401k money into my bank account, and the credit card offers are "rolling in". Nope, Nada. I have a debit card, and I have a check book. I have a low credit score, should be coming up, now that I paid some medical stuff, and I plan on buying some land soon, but I hope to never have to make CC payments.

If you use a debit card you put yourself at a greater risk. Check with the bank or credit union you have it with. Most do not back you if it is stolen and you incur a large bill that isn't yours. CC companies allow you to dispute the charges that are not yours.

[Coppertop]

IF it's paid off monthly, is it a bad thing to use? I always have enough money in the bank to cover what I'm spending. I like to use it so I don't have to pack a bunch of cash around and it's pretty difficult to get anyone to take out of state checks anymore. I travel from MT to WY almost every week.

It's difficult to make purchases on line without using one.

[Imaexpat2]

If you use a debit card you put yourself at a greater risk. Check with the bank or credit union you have it with. Most do not back you if it is stolen and you incur a large bill that isn't yours. CC companies allow you to dispute the charges that are not yours.

This is so very true. With ID theft as prevalent and as easy as it is today, your walking on water chancing that the ice don't break going this route. Your better off with a CC and just paying it off during the 20-30 day grace period. That's coming from someone who lost their wallet this last Friday with ID's, CC's, ATM and a Military ID with my SSN on it. Thank God I had life lock and they were on the job and I have a good relationship with Navy Federal Credit Union on the ATM. Instead of being a disaster it turned out to just be a PITA and a bump in the road!!! BTW...You don't wanna know what I can do with that check book in a matter of minutes if I am dishonest and can get my hands on it. Just saying...

[Imaexpat2]

IF it's paid off monthly, is it a bad thing to use? I always have enough money in the bank to cover what I'm spending. I like to use it so I don't have to pack a bunch of cash around and it's pretty difficult to get anyone to take out of state checks anymore. I travel from MT to WY almost every week.

It's difficult to make purchases on line without using one.

No its pretty smart although it wont build your credit rating or get your limit increased nearly as much as carrying over a little bit of a balance every month. While lenders base your credit score on a number of variables one of them is seeing proof that you can carry over and manage debt responsibly making you a good risk which prompts them to be more willing to extend you a higher line of credit. lenders issue CC's to make money when you carry over a balance and they can charge you interest. When you pay it off every month in full they aren't making money and if they aint making money you aint likely going to benefit credit score wise or limit wise as you would in carrying a bit of a balance from month to month. The real trick for you as the consumer is not to max it out and make only minimum payments, the trap that all lenders hope you will do so they can rake in the bucks every month off you as long as you can continue to make the payments to them. Having a lot of credit cards will aslo hurt your score more than it will help as will having a lot of "department store cards". Get a Visa or Master Card or something of that nature and get just a couple. Having a couple cards like that will do way more for you than a dozen Department store cards will and will cost you a lot less in interest as well as annual fees and what not that they often slip in on you. Having both a Visa and a Master Card will also give you the most flexibility in purchasing no matter where you go. Discover and American Express are also good options too. The one I avoid though is a card through Capital One. Many beginers have to go this route to get their first card issued as they tend to cover higher risk people more readily than many others will. The down side is the interest rate and terms can be pretty brutal to you the consumer. If you have to go this route, do it short term to establish credit then switch to Chase, Citibank or someone else who has a much lower rate and more consumer friendly terms and ditch the Capital One card asap!!!

[RWalls]

Earlier this month we ordered something over the phone with my debit card. It was supposed to be a $5 charge. Well my checking account would up at -$100 yes negative 100$ it took what seemed like forever but I did get it back including the overdraft fee. I had to call my bank and the company that charged me, they hung up. I had to be polite to a company with a better business bureau F rating so they wouldn't hang up. Thanks for listening.

NAMES!! What company?

[Deebo]

I use bank of america, and i have it on my phone, with an alert for any transaction, online, atm actions, all that.
I got "bit" a few years ago, some London airlines in Florida charged me 990 dollars, and 99 dollars a whack, until account was drained.
B Of A gave me the amount I had in my account in cash, to pay the rent and few bills, while they worked it out.
I am pretty satisfied, so far, and I just dont like "borrowing".
If when I get into a better credit rating, I find a card with a great interest rate, I might use one, but havent found a deal I could not refuse yet

[Infidel]

Best thing I ever did was pay off my credit cards. I took a loan from my retirement and paid them all off now I make one payment every month which is less than the minimum payments on those cards and the loan will be paid off in 5 years. My credit cards haven't seen the light of day in months and if they get used they get paid off at the end of the month. Oh yeah I almost forgot the interest on the loan goes back in my retirement so actually I'm putting away a little bit extra for retirement.

-Infidel

[Imaexpat2]

Good deal. I would definitely go that route but they aint gonna give me a loan for what I still have left out standing on my CC's, so I got to just suck it up and bite the bullet on this one and let it be a learning experience. Right now I am making significantly higher monthly payments on the one with the higher interest rate so as to pay it down first and not take it up the back side on interest anymore than I have to in the process.

[rice paddy daddy]

My wife and I have not had credit cards since 1986.
If we can't pay cash, we just do without. A totally new concept for some, I'm sure.

[Arklatex]

The one thing I don't understand is why paying off loans early doesn't help your credit. Is was told that by the loan officer at my credit union after I paid off a used vehicle loan. I would have thought it would help it...

[Denton]

It helps your credit to pay them more of your money, apparently.

[HuntingHawk]

http://www.windstream.net/news/read/category/Business/article/the_associated_press-study_35_percent_in_us_facing_debt_collectors-ap

Posting to show the economy isn't as great as the politicians make it out to be.

[dsdmmat]

I am working on paying off my two cards and ending my relationship with them. Hopefully by the end of the year it will be done.

[Coppertop]

http://www.windstream.net/news/read/category/Business/article/the_associated_press-study_35_percent_in_us_facing_debt_collectors-ap

Posting to show the economy isn't as great as the politicians make it out to be.

Guess I do and don't get why employers would use a credit score. Shows you know how to manage your life, but they don't know what happened in your life to mess with your score.

[James m]

NAMES!! What company?
Strovex. Just Google it. Complaint after complaint. Its a pill company I think you would call them supplements. Stay away. Steer clear. Nothing to do with prepping but if you take anything like that id go into a store.

The bank was better. My bank is wells fargo. I don't know how it works but I was told the pill company had to agree to give the money back which took a while. At least a week and a half.

Sorry about the late response....

[Montana Rancher]

Make a plan to pay off the credit card. Its the highest interest. Make a plan to get them paid off even if it will take a few years.

Most people use their credit cards to buy stuff on sale. Not such a good deal after you figure the interest you pay on it.

Set the credit card aside for emergencies only. Anything else if you can't pay cash then don't buy with the exception of a vehicle but there is a huge difference in interest between them.

I am just throwing this out there for people that have lots of debt and want a final solution

https://www.mytotalmoneymakeover.com/index.cfm

I am debt free, including my home, and with hard work and some fiscal discipline you can be too.

[Innkeeper]

I had some CC when I was young, learned fiscal sense from my folks, got rid of them after awhile, years later got married, after the divorce I was up to my eyeballs in debt, volunteered for a couple of Government Sponsored Vacations to the Desert Health Spa so I could pay all my debts off, and then got a couple of CC's to slowly work my credit back up, would use them to pay for a few things each month and pay them off each month, took me about 3 years of hard work to get my credit score back up where I could buy a house and I will be closing sometime between Friday and the first week in Sept. I still keep a couple CC's just incase of emergency, and use one each month just to show activity to keep improving my credit, but never more than I can pay off each month. Right now I am debt free except what I am borrowing for my house but it is the happiest I have been since my divorce and I plan to stay that way. People laugh when I say Happily Divorced, but when married I never had savings I do now, and new guns and the things I NEED. luckily I do not need a lot.