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Forum ยป Avg US home has 16k in CC debt
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Thread: Avg US home has 16k in CC debt

post 1475210891 12-15-2016, 11:31 AM
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#31
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Use CC to pay for pretty much everything but mortgage plus use it for business travel and expenses. Pay off every month.

Have enough points for 2 round trips flights to Europe or Asia and a week or more worth of god tier hotels. Feels goodman. Rewards credit cards are the bees knees if you aren't an idiot.
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post 1475211161 12-15-2016, 11:34 AM
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Originally Posted By cadetduke⏩
You're a fcking maroon.

Says to live within means....

So my HVAC takes a chit, I should have 10-15K saved up.
Car needs routine maintenance, I should have 4-500 saved up.
Kids needs this, kid needs that, I should have...how much saved up?
Water pipe bursts, how much do I need to fix that chit?

How much is supposed to be saved up before one can live within means?
You should have 6 months worth of income sitting in savings account that you could
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post 1475211231 12-15-2016, 11:35 AM
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Originally Posted By cadetduke⏩
You're a fcking maroon.

Says to live within means....

So my HVAC takes a chit, I should have 10-15K saved up.
Car needs routine maintenance, I should have 4-500 saved up.
Kids needs this, kid needs that, I should have...how much saved up?
Water pipe bursts, how much do I need to fix that chit?

How much is supposed to be saved up before one can live within means?
Living within your means also entails proper budgeting... it's recommended that you have 5-10% of the value of your home stored aside for emergency issues like your HVAC and like your water pipe... you should have money put aside for routine maintenance for your car... you know it's going to happen... and kids... well, you have to budget for that...

If you can't afford that, or have not saved it... then you're not "living within your means". And also... replacing HVAC is 5k etc... we're talking an average of $16k per household... 16K... that's mindboggling
post 1475211481 12-15-2016, 11:37 AM
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Originally Posted By faxanadu⏩
Credit cards are the biggest scam ever. Every time i hear someone say, "I get 1.5% cash back on my purchases" i just shake my head. Do people like that honestly think it offsets the higher prices they're paying because of credit cards?

brb

- They make money off the purchases
- They make money on interest
- They make money on late fees
- They make money off of selling your debt
- Your debt is insured so even if you default they make money
- You lose purchasing power because of inflation
- Some big banks like HSBC do outright fraud on their customers and get a slap on the wrist

People complain about the corrupt banking industry all the time and yet buy right into it with every trap they throw.
You're paying for security as well. The only thing safer than a CC Is cash and you have to be in person for cash outside of bank ACH payments which aren't an option for most things.
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post 1475211581 12-15-2016, 11:39 AM
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These same people will get their tax return check and spend it on a gift for themselves instead of paying down CC debt too.

A guy that used to work in shipping and receiving for my company said he got an 8k tax return check 2 weeks later was asking to borrow a company vehicle because he couldn't afford gas...
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post 1475211891 12-15-2016, 11:41 AM
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Originally Posted By backinbusiness⏩
Gotta love the 18 year old kids coming in here wondering how irresponsible you have to be.

Most of the time it's not from material purchases, but from a lack of emergency fundsand then extraordinary expenses.

When you all grow up and have an unexpected $5k AC unit go out combined with needing a car repair etc...

When you have no obligations to speak of it's hard to see outside your own world. Not making excuses I'm just saying it's mostly not what you think it is.

And also I was that 18yr kid saying htf do you do that. As you get old expenses are a lot higher than you expect unless your fine living in your parents basement with no assets your whole life.

I was there once before I sold my first house and paid it all off. Stuff creeps up on you and life happens once large expenses happen especially if you lose your job and eat all your reserves up.
Originally Posted By cadetduke⏩
You're a fcking maroon.

Says to live within means....

So my HVAC takes a chit, I should have 10-15K saved up.
Car needs routine maintenance, I should have 4-500 saved up.
Kids needs this, kid needs that, I should have...how much saved up?
Water pipe bursts, how much do I need to fix that chit?

How much is supposed to be saved up before one can live within means?
Addressing the bolded:
-Not having an emergency fund? your own fault.
-Not having 400-500 saved up? just LOL and its your own fault.
-Not having enough money for kids, but still knocking up your fat wife? your own fault.
post 1475212211 12-15-2016, 11:44 AM
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i went no contact on my paying my credit card bills a few months back and my test levels have been thru the roof
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post 1475213721 12-15-2016, 11:56 AM
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Just lol at using a HVAC failure or any major home failure as a financial disaster excuse. If you don't have homeowners insurance then your retarted.

BRB $50 deductible for a new AC pump.
BRB $50 deductible for new water heater.
Brbrbbr...
post 1475214661 12-15-2016, 12:03 PM
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Originally Posted By 1cav⏩
Just lol at using a HVAC failure or any major home failure as a financial disaster excuse. If you don't have homeowners insurance then your retarted.

BRB $50 deductible for a new AC pump.
BRB $50 deductible for new water heater.
Brbrbbr...
Well its clear you've never had homeowners, or even car insurance for that matter...
post 1475215101 12-15-2016, 12:08 PM
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Originally Posted By faxanadu⏩
Credit cards are the biggest scam ever. Every time i hear someone say, "I get 1.5% cash back on my purchases" i just shake my head. Do people like that honestly think it offsets the higher prices they're paying because of credit cards?

brb

- They make money off the purchases
- They make money on interest
- They make money on late fees
- They make money off of selling your debt
- Your debt is insured so even if you default they make money
- You lose purchasing power because of inflation
- Some big banks like HSBC do outright fraud on their customers and get a slap on the wrist

People complain about the corrupt banking industry all the time and yet buy right into it with every trap they throw.
ummm, I don't think you understand how credit cards work. 1.5% cash back is awesome. As long as you pay off your balance every month then it makes sense to use credit cards. I've got ~$500 in cashback right now on one of my cards.
post 1475215601 12-15-2016, 12:11 PM
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Originally Posted By nctarheels21⏩
Well its clear you've never had homeowners, or even car insurance for that matter...
This.. I do HVAC for a living and houses on the side. He is confirmed living with parents. Insurance is for accidents fires theft retard. I think he was trying to refer to one of those ****t home warranties which in my experience are a huge waste of money. sure they will fix nick nack crap but once you need a new HVAC system they will just keep patching it together forever while you light bill is through the roof and it only works half the time.
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post 1475215691 12-15-2016, 12:12 PM
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Originally Posted By faxanadu⏩
Credit cards are the biggest scam ever. Every time i hear someone say, "I get 1.5% cash back on my purchases" i just shake my head. Do people like that honestly think it offsets the higher prices they're paying because of credit cards?

brb

- They make money off the purchases
- They make money on interest
- They make money on late fees
- They make money off of selling your debt
- Your debt is insured so even if you default they make money
- You lose purchasing power because of inflation
- Some big banks like HSBC do outright fraud on their customers and get a slap on the wrist

People complain about the corrupt banking industry all the time and yet buy right into it with every trap they throw.
lolwat? ur an idiot if you pay interest on your credit cards

it's a free loan with perks and purchase protection.
post 1475216051 12-15-2016, 12:15 PM
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does my credit card balance that I pay off in full every month count? That December credit card bill is getting high.
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post 1475216071 12-15-2016, 12:15 PM
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#44
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Originally Posted By backinbusiness⏩
Gotta love the 18 year old kids coming in here wondering how irresponsible you have to be.

Most of the time it's not from material purchases, but from a lack of emergency funds and then extraordinary expenses.

When you all grow up and have an unexpected $5k AC unit go out combined with needing a car repair etc...

When you have no obligations to speak of it's hard to see outside your own world. Not making excuses I'm just saying it's mostly not what you think it is.

And also I was that 18yr kid saying htf do you do that. As you get old expenses are a lot higher than you expect unless your fine living in your parents basement with no assets your whole life.

I was there once before I sold my first house and paid it all off. Stuff creeps up on you and life happens once large expenses happen especially if you lose your job and eat all your reserves up.
If you lack emergency funds, and have an expensive state of living. Yur a idiot. I don't know what low economy ac costs 5k lmao. What kind of car are you getting repaired? Cause once again, only a fool would have a car worth more than 10k if they are poor enough to not have fall back money. Especially when in reality there are many other low end choices which are cheaper than cars.

American's have this weird idea that even though they are poor. They should have all the greatest tech in the world with no consequences. This includes Iphones, unlimited plans, 20k car, nice house w/backyard, live in large city, big fancy housing appliances. Seriously, it is that easy to not go into debt. But you have to set your life up first to realize what you need and don't need.

If you don't believe me watch some of the news stories where they go into poverty ghetto areas, and well they are talking with the residents, they are whipping out their brand new iPhone 7's....


InB4 stupid little debt junkie goes "hurr durr your 19". Well guess what, you're poor. hehe xd
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post 1475216381 12-15-2016, 12:17 PM
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#45
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I have about 28k left on my student loan, that is it for debts.

This probably assumes student loan,credit cards, house payments, car payments. 16k doesnt seem that high tbh i expected higher.
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post 1475216551 12-15-2016, 12:19 PM
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#46
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Originally Posted By cadetduke⏩
You're a fcking maroon.

Says to live within means....

So my HVAC takes a chit, I should have 10-15K saved up.
Car needs routine maintenance, I should have 4-500 saved up.
Kids needs this, kid needs that, I should have...how much saved up?
Water pipe bursts, how much do I need to fix that chit?

How much is supposed to be saved up before one can live within means?
6 months at least. Then put money elsewhere. Then when satisfied witH elsewhere, go for 1 year. Yes, when it rains it pours, and stuff does happen in bad order. Youre 35 years old and don't have 15-20k saved or easily available as liquidity, I would strongly suggest you work towards that goal and avoid paycheck to paycheck living.
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post 1475216561 12-15-2016, 12:19 PM
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0 CC debt for 25+ years

Tip regarding emergency fund from CPA I consulted with this sumer - invest those $ in a Roth IRA. You can take out all $ you put in without penalty in the event of an emergency.
A democracy is two wolves and a lamb voting on what to have for lunch. And that's why the USA is a constitutional republic and not a democracy.
post 1475216621 12-15-2016, 12:19 PM
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#48
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Originally Posted By miscHelix⏩
I have about 28k left on my student loan, that is it for debts.

This probably assumes student loan,credit cards, house payments, car payments. 16k doesnt seem that high tbh i expected higher.
No it doesn't it's literally CC debt only.
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post 1475217371 12-15-2016, 12:24 PM
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#49
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prob have 1200 on a medical bill that im not paying in collection from 4 years ago. doesn't harm my credit in anyway now.

same with another cc debt on a loan from an auto repair shop. like 500 debt. not paying that either.

im not opening those collect files back up to only fuk up my credit by paying them again.
:/
post 1475219191 12-15-2016, 12:38 PM
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#50
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Originally Posted By dustiestuniform⏩
Use CC to pay for pretty much everything but mortgage plus use it for business travel and expenses. Pay off every month.

Have enough points for 2 round trips flights to Europe or Asia and a week or more worth of god tier hotels. Feels goodman. Rewards credit cardsif you aren't an idiot.
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post 1475219691 12-15-2016, 12:42 PM
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#51
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tfw average cc bill is 8-10k a month
Living a happy life
post 1475219741 12-15-2016, 12:44 PM
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I have zero debt
I also have no credit cards
post 1475219771 12-15-2016, 12:44 PM
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#53
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Originally Posted By FL_Z32⏩
ummm, I don't think you understand how credit cards work. 1.5% cash back is awesome. As long as you pay off your balance every month then it makes sense to use credit cards. I've got ~$500 in cashback right now on one of my cards.
Sigh

You get 1.5% at a cost of 2.5-5%.

You are not winning.
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post 1475219971 12-15-2016, 12:46 PM
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#54
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Originally Posted By faxanadu⏩
Sigh

You get 1.5% at a cost of 2.5-5%.

You are not winning.
Where is this magical cost of 2.5-5% coming from? You're saying if I paid with a debit card, somehow the final price would be reduced by 2.5-5%????
post 1475220211 12-15-2016, 12:47 PM
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#55
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Originally Posted By TooAnabolic⏩
lolwat? ur an idiot if you pay interest on your credit cards

it's a free loanwith perks and purchase protection.
No, it is absolutely not.

On the simplest of levels you're paying for that "free loan" in higher consumer prices.
"There's a fine line between salvation and drinking poison in the jungle." -Gym Jones
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post 1475220441 12-15-2016, 12:50 PM
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#56
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0 debt crew
post 1475220461 12-15-2016, 12:50 PM
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#57
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Originally Posted By FL_Z32⏩
Where is this magical cost of 2.5-5% coming from? You're saying if I paid with a debit card, somehow the final price would be reduced by 2.5-5%????
Merchant fees and inflation are the basics.

Yes, sometimes businesses will give you a discount for paying with cash. I bought a $700 bicycle once and they gave me 10% off for using cash instead of credit (i had to ask).

Any smart business passes on the CC costs to the consumer by building it into their prices.
"There's a fine line between salvation and drinking poison in the jungle." -Gym Jones
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post 1475220671 12-15-2016, 12:53 PM
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#58
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Originally Posted By jwlee7ucla⏩
tfw average cc bill is 8-10k a month
Feels I just paid 15k last month. The most expensive month I've had in my life. This month should be back around the 8-9 mark.
post 1475220721 12-15-2016, 12:53 PM
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#59
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Well I paid for my honeymoon, ring etc this year on a CC. I am now 8K in the hole. However it will be 0 2018. I am able to pay 800 off a month so that's that. With the exception of this year I usually carry very little debt. What you brahs do not understand is the more you make and the better your credit becomes the more credit becomes available. Unfortunately some people have 50K in available credit and use it all! I have 20K in available credit and am at 8K.
6'5
245 on 2/28/17
238 on 4/11/17
229 on 5/18/17
231(came back from my Honeymoon so I gained a little) on 6/9/17
My goal weight is 220 I think we will see

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post 1475221111 12-15-2016, 12:56 PM
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#60
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Originally Posted By DrFlexologist⏩
I have zero debt
I also have no credit cards
You will want to change that. If you want to buy a home or a car. Unless if you have a cool million in cash under your bed. Having some debt is good. For the sake of your credit. SRS
6'5
245 on 2/28/17
238 on 4/11/17
229 on 5/18/17
231(came back from my Honeymoon so I gained a little) on 6/9/17
My goal weight is 220 I think we will see

(Cut started 12/12/2016)

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