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Forum » Is 6k in credit card debt a lot?
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Thread: Is 6k in credit card debt a lot?

post 1611470631 07-23-2020, 02:23 PM
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Is 6k in credit card debt a lot?

I have cash to pay it off, or like, half just to ease the burden. But there really isnt a burden beacuse its interest free for like 15 months.

Its just there, sitting, making minimum payments.

I would rather hold the cash since im a student and my job sucks.

But yeah, im not adding more but its not really getting significantly smaller either.
post 1611470801 07-23-2020, 02:25 PM
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If you san't pay off the full amount on a credit card every month, then it's too much.
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post 1611470821 07-23-2020, 02:25 PM
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Anything more than .01 is too much, every miscer knows that
post 1611470871 07-23-2020, 02:25 PM
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Pay it off over 14 months then.

" A lot " is relative. It's minuscule to people running a business that use it as a way to keep track of operating costs and for security. Its extremely large to someone who just lost their job.
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post 1611470901 07-23-2020, 02:25 PM
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Originally Posted By devin45k⏩
If you san't pay off the full amount on a credit card every month, then it's too much.
Its from years ago when I was more irresponsible. I havent added to that amount in a good while
post 1611470971 07-23-2020, 02:26 PM
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Aren't all Miscers CEO 10K/day, you can easily pay it off within a day.
post 1611471041 07-23-2020, 02:27 PM
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Don't be an idiot. Pay it off.

There is no form of debt worse and more easily avoidable than CC debt.
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post 1611471081 07-23-2020, 02:28 PM
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Its your life.....do what you want

6k is below the "national average" but also not that small of an amount. If theres no interest and you're going to pay it off before the interest starts accruing thats fine, but if you're not itll be a bitch to pay down and cost you around 150+/- month in interest.

Whats the limit on it? if the balance is over 1/3 of the way to the limit it will affect your credit negatively.
post 1611471101 07-23-2020, 02:28 PM
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you know yourself best. i got into $18k worth of CC debt when I was unemployed. paid it all off within 1.5 years of working.
post 1611471131 07-23-2020, 02:28 PM
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Originally Posted By Skeptical_Hippo⏩
Its fromyears agowhen I was more irresponsible. I havent added to that amount in a good while
You can't pay off 6K in several years?
post 1611471141 07-23-2020, 02:28 PM
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Pay it off for sure, stop using it and build good habits before you're 12k in the hole.

But compared to the general population, no it's not really a lot.

The only exception i'd make is, if you can trust yourself to pay it off before the interest free period is up AND you use the cash you have to make some kind of investment that leads to a profit on the cash... otherwise just pay the fukin card off. If you use your cash for day to day expenses, you'll never pay it off.. that's why credit card companies give interest free periods... because a huge majority of people end up not paying off their debt during that time and get further in the hole.
post 1611471221 07-23-2020, 02:29 PM
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Originally Posted By Skeptical_Hippo⏩
I have cash to pay it off, or like, half just to ease the burden. But there really isnt a burden beacuse its interest free for like 15 months.

Its just there, sitting, making minimum payments.

I would rather hold the cash since im a student and my job sucks.

But yeah, im not adding more but its not really getting significantly smaller either.
interest free? nice.

IMO - you should throw money at it in larger chunks than the minimum. maybe throw $500/month at it and pay it off in 12 months. i don't like consumer debt. it's an albatross on your neck. debt-free is the way to be. personally, i would pay it off immediately.

i like waking up every morning and knowing that i don't owe anybody anything. debt is slavery. money is freedom.
post 1611471241 07-23-2020, 02:29 PM
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Think of it as a percentage of your overall liquid net worth. If you have 6k hanging on your credit card, and have 6k cash. You are technically broke.

What they want is for people to overspend in the 15 free months thinking its interest free, then in month 14 realize "fuark i owe 15k now, but i guess its not that bad because if i slowly pay the interest is only a few hundred a month... and then ill have it paid off in 6 months, and its not that bad"

This is how people get into andstayin credit card debt.
post 1611471431 07-23-2020, 02:31 PM
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Originally Posted By bsmit107⏩
Its your life.....do what you want

6k is below the "national average" but also not that small of an amount. If theres no interest and you're going to pay it off before the interest starts accruing thats fine, but if you're not itll be a bitch to pay down and cost you around 150+/- month in interest.

Whats the limit on it? if the balance is over 1/3 of the way to the limit it will affect your credit negatively.
Its 6k between 2 cards. Both are zero interest for 15 months and my credit score is 740 right now

23% usage


Originally Posted By MiscResurgence⏩
You can't pay off 6K in several years?
With it being no interest I just felt like I would rather keep the cash. Open a new card with no interest and transfer the balance.
Originally Posted By GordonXXX⏩
interest free? nice.

IMO - you should throw money at it in larger chunks than the minimum. maybe throw $500/month at it and pay it off in 12 months. i don't like consumer debt. it's an albatross on your neck. debt-free is the way to be. personally, i would pay it off immediately.
Thinking of slamming 3k down right now
post 1611471441 07-23-2020, 02:31 PM
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If you have 6K in cash, and 6K in credit card debt, you have 0 cash
post 1611471451 07-23-2020, 02:31 PM
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if its interest free for 15 months, then why bother paying it off right away? Keep the minimum payments until you can comfortably deal with it.

At the end of the day, a lot is subjective. If you're making 150k+ a year, 6k could be paid off in a couple of weeks.

If you're making 40k a year....different story.
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post 1611471581 07-23-2020, 02:32 PM
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Originally Posted By CougarP01⏩
if its interest free for 15 months, then why bother paying it off right away? Keep the minimum payments until you can comfortably deal with it.

At the end of the day, a lot is subjective. If you're making 150k+ a year, 6k could be paid off in a couple of weeks.

If you're making 40k a year....different story.
He's already stated he's a student working a crap job..
post 1611472591 07-23-2020, 02:41 PM
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Originally Posted By TappingTheZen⏩
He's already stated he's a student working a crap job..
so < 40k.

Pay minimum payments and use 100% of the eventual 2nd stimulus check on the credit card.

As long as he has it all paid by the time interest gets tacked on he's fine. I'm typically pro just pay it off, but these are weird times in America.
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post 1611473021 07-23-2020, 02:45 PM
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No.
post 1611473131 07-23-2020, 02:46 PM
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Originally Posted By Skeptical_Hippo⏩
Thinking of slamming 3k down right now
great idea IMO.
post 1611473211 07-23-2020, 02:47 PM
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Originally Posted By Skeptical_Hippo⏩
I have cash to pay it off, or like, half just to ease the burden. But there really isnt a burden beacuse its interest free for like 15 months.

Its just there, sitting, making minimum payments.

I would rather hold the cash since im a student and my job sucks.

But yeah, im not adding more but its not really getting significantly smaller either.
how much money do you make? How long have you had the credit card? This is what I would do...take the total amount you owe (6k) and divide it by how many more months left of interest free period that you have and that is how much you should be paying on your credit card each month. So if you have 12 months left, you should be paying $500 a month on your credit card. That way you wont have any interest carried over once the interest free period ends. what most people dont realize is that if you have a a credit card bill in the thousands, and you only pay the minimum payment each month, you may never pay your credit card off and you will end up paying thousands of dollars extra in interest alone. If you are smart, you will use your interest free periods to purchase some large items, and then you can pay those bills off over the course of the interest free period all while earning extra money in rewards. I know ive personally earned over 2k in rewards from my chase sapphire preferred card in the few years Ive owned the card. probably going to cancel it soon and move on to another interest free card and earn more reward points and never pay a single dime in interest. and my credit rating is over 800 and i'm only 30 years old.
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post 1611473721 07-23-2020, 02:53 PM
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None of this matters if the minimum payments you're making won't add up to 6K before your grace period ends.
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post 1611473871 07-23-2020, 02:54 PM
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No its nothing. I have 9k in cc debt right now also. If you have a decent paying job, a cc can help pay for basic neccessities, interest free. However once the incentives runnout, I get a different card. Be careful not to run it up too high though. You never know when you need an emergency loan or mortgage and dat dere good credit will help a lot.
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post 1611473991 07-23-2020, 02:55 PM
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Originally Posted By CougarP01⏩
if its interest free for 15 months, then why bother paying it off right away? Keep the minimum payments until you can comfortably deal with it.

At the end of the day, a lot is subjective. If you're making 150k+ a year, 6k could be paid off in a couple of weeks.

If you're making 40k a year....different story.
it's the mental baggage of carrying a bunch of debt. you never want to get comfortable holding and acquiring a bunch of consumer debt. consumer debt is bad. use credit cards, but pay them off every month. debt-free mindset.
post 1611474721 07-23-2020, 03:03 PM
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Current interest rates are so low that any "safe" investment you would find is barely going to make you $100 net over 12 months for $6k investment.

So pay it off in full now, then reduce your limit to something that you can easily repay in full each month from your actual salary.

A lot of credit cards will reward you with cash back incentives if you use it for daily transactions like petrol, groceries, utilities etc. So use your credit card for these, get the cash back rewards, and pay off in full each month before any interest accrues.
post 1611474851 07-23-2020, 03:04 PM
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Originally Posted By GordonXXX⏩
it's the mental baggage of carrying a bunch of debt. you never want to get comfortable holding and acquiring a bunch of consumer debt. consumer debt is bad. use credit cards, but pay them off every month. debt-free mindset.
Also, this.
post 1611474951 07-23-2020, 03:05 PM
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So you'd rather pay out free money in finance fees instead of pay it off with the money you have?

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post 1611475841 07-23-2020, 03:17 PM
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6K debt is nothing bro. If you can afford to pay it all off now, I would, but otherwise, I would keep that extra cash on hand and just pay the minimum until it starts accumulating interest. You never know if you'll need that liquidity.

Also, getting into debt can be a blessing, because now you know what not to buy, and you can learn to leverage so that the debt can work for you, not the other way around. Yes, it's good to save up everything and never be in debt, but if you ever want to bust through and make the big bucks, you should learn to leverage and make the debt make you the big bucks. No risk, no reward.
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post 1611475861 07-23-2020, 03:17 PM
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Originally Posted By GordonXXX⏩
it's the mental baggage of carrying a bunch of debt. you never want to get comfortable holding and acquiring a bunch of consumer debt.
It's not the mental baggage as much as it's about the lost opportunity cost. Paying 20% interest on $6,000 or wiping it out and making monthly returns on stocks?
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post 1611475971 07-23-2020, 03:18 PM
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Originally Posted By Skeptical_Hippo⏩
Its from years ago when I was more irresponsible. I havent added to that amount in a good while
I am skeptical hippo that you are interest free on several year old CC debt, unless you've just been rolling it from new card to new card.

Either way, you should be able to pay off $6k with less than a weekly paycheck, so I dunno wtf we are even talking about here...
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