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Which part of the world are y’all from?
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Chief
What's the best way Calm app has helped you?
Enthusiast
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Always. Above all else. Are you saving in your 401k or brokerage? If so, you wipe out any potential growth in NW by racking up debt at an exponential rate with negative interest rate that far exceeds your 8% in market.
Absolutely. My main card is 0% until next year, and the back up I typically do pay off in full each month. I also have emergency savings, 401k, and Roth IRA set up with automatic payments each month.
Yes. Every single time
Always. I actually pay the balances down every week.
Pro
Same. It’s easier to pay off $200-300 in my head vs looking at the $1,000 bill and sending off money.
Yes. Then I redeem my points for cash back to pay off some of the balance
You’re paying a ton of interest if you don’t
ALWAYS
I keep a balance on my 0% promotional interest card and then have a calendar alert set to pay it off before the interest comes. I have savings I could use to pay it off but my thinking is why pay it before I have to
Enthusiast
Because the amount of credit available to you (which decreases when you carry a balance) impacts your credit score.
You can aslo apply for a new credit card with a 0 percent interest for the 18 months and transfer the balance. You only have to pay a one time transfer fee. Which can be a lot depending on the amount but sometimes better than paying monthly interest.
Thankfully my main card is 0% interest until next year, the other is just for gas and car insurance, which I have been paying off each month.
Chief
If a dog is already causing you to go into credit card debt, please give the dog to someone who can afford to take care of it. Yes, it will be difficult to give it up, but you can’t afford it if the dog eats something it shouldn’t and needs multi-thousand $ surgery to remove, or tears an ACL, or any one of hundreds of things that frequently happen to dogs.
The only debt worse than credit cards is payday loans. If you are only paying 30% over the minimum each month then the debt will continue to grow eventually forcing a long painful descent into bankruptcy as your quality of life degrades and becomes incrementally more unaffordable.
Reduce your spending now and pay off those credit cards before they become very problematic.
Chief
A recently acquired dog is different than kids. I waited a long time before getting my dog precisely because I knew how expensive it can get.
Having kids also requires financial stability, which is why birthrates are way down for Millenials and Gen Z.
Yes. Always.
Either you have enough money right now to do this, in which case why wouldn’t you?
Or you don’t have enough money, in which case you are overspending and this just got even worse.
If you DO have enough money, then you will pay it eventually anyway and the only reason not to is to trick yourself into the nice, temporary feeling that you have more money than you actually do in your checking/savings accounts…which will lead you to overspend.
There is literally not a single good reason not to pay in full. Not a one.
Yes, OP, rein in that ish before you get in trouble. If you can’t pay in full each month then don’t use credit cards. If you don’t have one, build an emergency fund. Once you have an emergency fund, if you have a big month or two of required expenses (ie emergency though this doesn’t sound like you) then dip into emergency fun to pay off credit card in full if necessary but then immediately replenish the emergency fund after.
I pay it off every week. I have 5 cards but 0 debt. It’s purely for getting points and rewards
Yes, I don’t carry balances. I think the question is—why aren’t you paying in full anymore? Not enough money, using money for investments, or just feel safer with extra money in cash?
The last bit. The card I’m carrying a balance on is 0% until next year, so I’d hate to stop contributing to my emergency savings because we had to buy a few new things for the move/pup. It’s nothing a couple months of lean spending wont help.
Yes. Not usually the full balance, but if balance is at $500 and min payment is at $10, I usually aim for $200+ or something.
Oh I misread OP's question.
I don’t think I’ve missed a payment in 10 years of having credit. Never miss it and get a payment rewards card. Amex is my go to I mean you can’t even technically miss a payment since it’s a charge card. I’m fairly certain id be in some kind of hot water just missing once
Nope. I always make above minimum payments each month but don’t pay in full. Sure I’ve got added interest on there, but my credit score actually improved a good bit with this method.
Chief
I Pay them off in full every month. I hardly pay cash anymore, it’s much easier to track my spending via a credit card and I get points for it.
I pay as soon as it’s processed so that I stay at a low % of credit used. I basically treat it more like a debit card
Yes - on the due date and not a day before.
Yes. Why would you spend money you don’t have? I use my credit card as a debit card with points and benefits more or less