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Thread: What's your philosophy

  1. Wibbly, wobbly, timey, wimey stuff.
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    #1

    What's your philosophy

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    on preventing credit card debt? I got my first one in the mail just a week ago (I had debit cards before) and I haven't even touched it yet, other than to activate it and put it in my wallet.

    Do you have some sort of system to prevent yourself from falling in the hole?
  2. I'm a boss playa', I don't bleed like you.
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    #2
    We don't really have one. If we put a big purchase on it we just pay it off every month afterwards

    We've maxed it out a couple times and just paid it off after that.


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    #3
    Don't spend more than you have /more than what your next paycheck is.
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    #4
    Just remember that credit isn't free money. You still have to pay it at the end of the month, so don't buy anything you can't afford.
  5. Wibbly, wobbly, timey, wimey stuff.
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    #5
    I know it sounds easier said than done, though.. so many people have credit card debt.
  6. Pour a little salt, we were never here
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    #6
    I have a great system that involves not using it but DH sometimes follows his own system called "use it"

    But for real, when we do use it, the goal is just to make mundane purchases and pay them off before the next month. We use it for online shopping incase we don't receive the item so that we can just cancel the payment. Usually those purchases are $100 or less, so it's just things we can't find at a store or whatever.
  7. I'm a boss playa', I don't bleed like you.
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    #7
    Quote Originally Posted by sailorbear View Post
    I know it sounds easier said than done, though.. so many people have credit card debt.
    We just make it a point to pay it off quickly. I guess that's our philosophy.


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    #8
    We use it for groceries and gas, then pay it off immediately. That way we earn the cash back, but we don't owe any interest on our spending. We pay the balance off every month. This builds good credit, without risking huge interest fees or digging yourself into a hole.

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    #9
    I got my credit card when I was 19 and it put me into a whole world of bad news!!! I was good about it for a long time. I really only used it for gas etc. But I got to a point when I was in a pinch and needed gas to get to work or so on.....I never put more than $100 on it and paid it off monthly, but when I started getting tight on cash in the bank I was using it to cover expenses I didn't have money to cover. My DH is very frugal and he taught me a lot about money management. I also did a lot of reading with Dave Ramsey. The biggest thing is to only spend it in small amounts and only use it if you know that you have money in your bank account to cover what you just purchased. If you are trying to build good credit use it for one specific thing such as only using it for gas. Then as soon as you use it, turn around and pay it off. I have been trying to pay mine off now for almost 2 years and its a debt that could have been avoided and I really hate that my DH is now a part of the debt that I obtained because I was not smart with my money.
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    #10
    just fyi i was always told to leave like 10% of you monthly bill on the card...so if your bill is $100 leave $10 when you pay it...that will help increase your credit score. so thats what i do every month i pay all but 10%.
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