Credit Card Debt

**Clean Slate Detroit** · November-01-09, 12:36 PM

Clean Slate Detroit is curious..., and trying to start a conversation about how credit card bills impact our day-to-day decisions and our general feeling of mobility [[or lack of it...)

What would you do without your credit card bill [[or bills)? We're guessing most of you are like most Americans, which means at the end of the month, you're giving a significant portion of what you make to a credit card company. Perhaps five percent, ten percent, or even more.

What would you do if your credit card bills were erased?

Would you buy more groceries? Go out to eat a few extra times a month? Would you take a trip? Work a little less and volunteer a little more? Get a new job? Make a bigger move? Go back to school?

What are your thoughts on credit card debt in general?

http://www.facebook.com/pages/Clean-...3072738&ref=ts

**Ray1936** · November-01-09, 01:51 PM

At one time, years ago, I had cc debt of 10k. Was able to pay it off before I retired from the DPD in '84, and have paid off any full amount every month since. I thank Mrs. Ray1936 for that; she handles the money. Only once in a great while after a major purchase will she split the payment over two or three months.

One Bank of America cc that I currently have brought a letter from them last month. They now want to charge me a $49 annual fee for continued use of the card [[credit line: $35k). I called them and cancelled the account. Up theirs. Of course, the reason they wanted to initiate the fee is because they don't receive any interest from me.

Credit cards are great for use at the gas pump and absolutely necessary to make an airline or car rental reservation. Even motels give you a wary eye when you try to pay cash.

Anyway, if you're planning on retiring, be sure to plan to be debt free when that time comes. It's the only way to go.

For more details on managing your money, just send $100 to Mrs. Ray1936 and a self addressed stamped envelope. No credit cards, please.

**gazhekwe** · November-01-09, 02:38 PM

I'm in the same situation as Ray. As my cc debt increased into the thousands, I began to feel constrained. I had a housenote, two car notes, mortgage, utilities and this seemingly unending string of cc debt. Most of the time, I couldn't even remember what the heck I was paying for. Finally got it paid off, and have not let it get beyond a month since. If I can't pay for it in a month, I don't buy it. It is such incredible freedom, not to be carrying that mess around.

I also pay into a 'slush fund' that I use to buy things that are more than I can pay for in a month. I used it to buy a new set of ovens for my kitchen, things like that. My slush fund is up in five figures, so I can swing some nice stuff from time to time.

ccbatson · November-01-09, 03:17 PM

??? Isn't credit card debt the result of individual spending? How is it anyone else's fault or responsibility? The company loaning you money is not doing so by force.

**jiminnm** · November-01-09, 03:20 PM

I don't charge it unless I can pay it off when the bill arrives.

ccbatson · November-01-09, 03:23 PM

Likewise...shouldn't everyone act that way? How about the government?

**Pam** · November-01-09, 06:47 PM

I have always paid my one credit card off every month.

**Jimaz** · November-01-09, 07:39 PM

Ever since the Depository Institutions Deregulation and Monetary Control Act was passed in 1980 I've been extremely suspicious of lenders. From that article: "[The Act] Allowed institutions to charge any interest rates they choose." To me that's like legalizing loan sharking. It's the kind of law only a criminal would pass.

I haven't had a credit card since they revoked mine simply because I never used it anyway. In my case they're less convenient than cash. Whether or not they trust me never enters the decision. That I definitely don't trust them ends the deal first. I think recent events bear me out on that account. Lately they've been squirming around looking for any excuse to slap new "surprise" fees on their customers. They can't touch me.

The last time I rented a car I called their credit card bluff and they immediately caved. They don't make any money by not renting cars.

They may have charged a temporary "cash deposit" but considering I could have bought their damned car ten times over, that just made me laugh. Seriously, I'd hitchhike before being coerced by those loan sharks.

**Detroitej72** · November-01-09, 08:21 PM

Originally Posted by ccbatson

How is it anyone else's fault or responsibility? The company loaning you money is not doing so by force.

More conservative propaganda. Nowhere in the opening question was the poster saying credit card debt was someone else's fault, you manufactured that claim yourself.

I can tell you spend too much time listening to right wing entertainers and are employing their tactics of deceit.

**eriedearie** · November-01-09, 08:46 PM

We very seldom charge anything on our cards. We have them for emergency only. If we do charge an item, I pay it off that month. Like Mrs. Ray1936, I am in charge of the bills around here. As soon as a bill comes across my desk - it gets paid. No waiting around. If I get it paperless in my email - even better. Pay it online and I'm done with it.

**Jimaz** · November-01-09, 08:56 PM

Also, the last time I paid cash for a motel, they started to charge me a cash deposit until I pointed out that I was a repeat customer [[codespeak for "you're risking losing a slice of your continuing revenue stream"). They don't make any money by not booking rooms.

They immediately backed off the deposit. Cha-Ching!$

You need to negotiate. That's what they're doing. You're their customer. Both of these businesses profit handsomely from accepting my business. That they don't admit knowing it doesn't mean that they don't know it.

ccbatson · November-01-09, 10:21 PM

"which means at the end of the month, you're giving a significant portion of what you make to a credit card company"

You don't subtle negative implications directed to the credit card company there? Open your eyes.

**Ray1936** · November-01-09, 10:30 PM

Bats, it's true that a debt owed is a debt that should be due. However, the interest rates, as high as 30%, that are charged used to be a criminal act called usury. It still should be. Any interest rate more that 10% above prime should be criminal.

That, sir, is what causes the negative feeling.

**Jimaz** · November-01-09, 11:13 PM

For the record, in case it matters, I don't owe anyone anything. And that's the way I like it.

I'd like to help them do business but to date I have yet to find a lender who is conscientious enough to reciprocate the effort. It seems they're recently interested only in collecting goverment handouts instead.

**Meddle** · November-02-09, 12:16 AM

Originally Posted by Clean Slate Detroit

What would you do without your credit card bill [[or bills)? We're guessing most of you are like most Americans, which means at the end of the month, you're giving a significant portion of what you make to a credit card company. Perhaps five percent, ten percent, or even more.

You're guessing wrong. I pay everything off monthly. I pay no fees or interest. I earn bonus dollars on everything I charge which I cash in about every 6 months, so in effect, they're paying me to use the card.

**East Detroit** · November-02-09, 12:44 AM

Originally Posted by Meddle

You're guessing wrong. I pay everything off monthly. I pay no fees or interest. I earn bonus dollars on everything I charge which I cash in about every 6 months, so in effect, they're paying me to use the card.

Yes, and yet at the same time you're shipping about 5% of your purchase money to NYC. Money that would otherwise go to your local business and help the local economy.

That is one good reason not to use credit cards for convenience [[or at least use debit instead).

**48202** · November-02-09, 01:09 AM

Four words – live within your means. Glad that the posters in this thread are doing it.

The following is from the original posters website. See anything there that might tip off his/her motives?

Clean Slate Detroit is a non-profit organization dedicated to bringing youthful/ energetic/ passionate people to the city that desperately needs them [Detroit], providing corporate sponsored debt forgiveness [penance] in exchange for volunteer work, revitalization, and urban renewal.

**Detroitej72** · November-02-09, 11:00 AM

Originally Posted by ccbatson

You don't subtle negative implications directed to the credit card company there? Open your eyes.

Not too paranoid there, are you? Do you see liberal bias when you look at the clouds?

**jiminnm** · November-02-09, 11:42 AM

I think the OP's premise may be incorrect. This site has some interesting cc [[not batson) info, and indicates that 58% of card holders pay the card off each month and do not carry a balance.
http://www.creditcards.com/credit-ca...stics-1276.php

**gazhekwe** · November-02-09, 12:04 PM

It might be a two way kind of thing. I blame no one but myself for running up those cards in the first place. If I was late on a payment, it was no one's fault but my own, but those late charges over $25 could be pretty steep, on top of the monthly finance charge. If I just paid the minimum, even if I didn't charge anything else, the debt would go higher. If the interest rates went up, that made the whole thing worse. It was not my fault the interest rates and fees increased. So to me that's the other half. Once they've got you, they basically own you and can do things to make sure you are kept in their grasp.

Blarf · November-02-09, 08:31 PM

I don't even own a credit card. I just cease to buy something unless I have the cash in hand [[or debit card).

ccbatson · November-02-09, 09:06 PM

Really? Paranoid? Murtha [[Democrat) is proposing destructive legislation aimed at the "evil" credit card companies as we speak.

**Detroitej72** · November-02-09, 10:34 PM

Originally Posted by ccbatson

Murtha [[Democrat) is proposing destructive legislation aimed at the "evil" credit card companies as we speak.

As someone who has no credit cards, or cc debt, I care little about your "dire prophecy's", if I can't pay with the cash in my pocket, I don't need it.

This wisdom has served me well for at least 10 years, and I see no reason to change my MO.

**Diehard** · November-02-09, 11:39 PM

"Destructive legislation?" Do share!
Of course if it was proposed by a Democrat, it must be an evil communist socialist fascist destructive conspiracy to destroy the perfect almighty free market and all that Amurrrka holds near and dear.
Credit card companies, on the other hand, are perfectly saintly and have never done anything deceptive, exploitative or unscrupulous.
Carry on.

**Detroitej72** · November-03-09, 01:16 AM

Originally Posted by Diehard

"Destructive legislation?" Do share!
Of course if it was proposed by a Democrat, it must be an evil communist socialist fascist destructive conspiracy to destroy the perfect almighty free market and all that Amurrrka holds near and dear.
Credit card companies, on the other hand, are perfectly saintly and have never done anything deceptive, exploitative or unscrupulous.
Carry on.

I'm sure the wing nuts[[right wing oligarchy), and their disciple's will call you names such as anti-American, socialist, and, an evil communist.

Then they will mock you on AM radio, which they control and force upon the masses like the plague and scum that they are. Their Messiah, and dear leader, Rush will indoctrinate his ditto heads to become hostile, even violent to folks who think like you.

Then, as the cowards that they are, they will hide behind lawyers and semantics and get away with the crimes that right wing radicals have committed for the last 15 years upon the U.S.A.