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Thread: Average American CC Debt $6,929 Revolving Balance

  1. #11
    Member organictex's Avatar
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    Quote Originally Posted by ToomuchStuff View Post
    Paying off the lowest balance first, will give you a goal accomplished feeling, ONLY if you don't go back into the habit of using it and keeping a balance on it.
    thanks for the reply. i agree and will close that acct when i pay it off...and pray the cars stay good for awhile
    jim

  2. #12
    Senior Member Rogar's Avatar
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    I've only had debit cards my whole life. The concept of have a revolving balance on a a credit card is foreign. However, I've considered the flip side where you get a percent or two bonus of some sort for all the charges with the card. I know of people who cash in pretty big with this.

  3. #13
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    Quote Originally Posted by organictex View Post
    thanks for the reply. i agree and will close that acct when i pay it off...and pray the cars stay good for awhile
    jim
    If you haven't yet, you might look up/listen to Dave Ramsey (start with $1000.00 emergency fund) and the baby steps. I am not a listener, just someone who he and I had a mutual friend, and have heard a bunch of people recommend him.

  4. #14
    Member organictex's Avatar
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    Quote Originally Posted by ToomuchStuff View Post
    If you haven't yet, you might look up/listen to Dave Ramsey (start with $1000.00 emergency fund) and the baby steps. I am not a listener, just someone who he and I had a mutual friend, and have heard a bunch of people recommend him.
    thanks, i will definitely check him out.

  5. #15
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    The emergency fund is key to getting out of the CC cycle.

  6. #16
    Member organictex's Avatar
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    Quote Originally Posted by Teacher Terry View Post
    The emergency fund is key to getting out of the CC cycle.
    yep, that's also (to me) the hardest to accumulate...BUT, i'm doing better than many
    and try to keep that in mind

  7. #17
    Senior Member SteveinMN's Avatar
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    Quote Originally Posted by Rogar View Post
    I've only had debit cards my whole life. The concept of have a revolving balance on a a credit card is foreign.
    Unless it's changed recently, debit cards do not offer the cardholder protection against fradulent charges and "credit holds" that credit cards offer. We have credit cards and, with rare exception, the balances are paid off monthly. Protection (and, sometimes, benefits like cashback) without the cost.
    Success is to be measured not so much by the position that one has reached in life as by the obstacles which he has overcome. - Booker T. Washington

  8. #18
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    Quote Originally Posted by organictex View Post
    thanks for the reply. i think i will stick to the lowest balance and then close that acct. as you say i don't
    really need 3. our biggest issue is car repairs...don't seem to get one paid off when something else goes down jim
    I agree with paying off the smallest first. I do suggest that you not close the account right away. Freeze it in a glass of water and keep it on your credit report for now. Available credit is part of your score.

    Take that payment money and "snowball it" onto the next CC you want to pay off. Then do the above again. Etc, until you're debt free!!!

    We only have 1 CC. We pay it off monthly. We use it for everything we can and do a lot of free travel on the rewards.

    It's a wonderful goal to pay off your CCs. You will feel fabulous along the way at your monthly successes as well as when you hit zero! congrats on your goal!!!

  9. #19
    Senior Member Simplemind's Avatar
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    We put everything possible on our CC and pay it off every month. FF miles ya know...… We have no debt.

  10. #20
    Member organictex's Avatar
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    Quote Originally Posted by Gardnr View Post
    I agree with paying off the smallest first. I do suggest that you not close the account right away. Freeze it in a glass of water and keep it on your credit report for now. Available credit is part of your score.

    Take that payment money and "snowball it" onto the next CC you want to pay off. Then do the above again. Etc, until you're debt free!!!

    We only have 1 CC. We pay it off monthly. We use it for everything we can and do a lot of free travel on the rewards.

    It's a wonderful goal to pay off your CCs. You will feel fabulous along the way at your monthly successes as well as when you hit zero! congrats on your goal!!!
    thanks, that is good advice!
    jim

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