Related Posts
Conversation Starter
More Posts
The Deloitte Crew
I need 11 likes?
Enthusiast
Thoughts on Quinn Emanuel in Houston or Dallas?
Additional Posts in Consulting
Barack is in the Waldorf Astoria!
Bain & Company Which are the best consulting firms and practices for Climate Change & Sustainability, especially in the Canadian geography? Also, please suggest the best Canadian city for consulting jobs.
McKinsey & Company | Boston Consulting Group | Bain & Company | Kearney | LEK | EY | Oliver Wyman | PwC | Deloitte
#ClimateChange #Sustainability #Water #ESG
Chief
What are NYE plans?
Rising Star
Guys there’s this boot camp that I came across that trains people to get jobs in Top consulting firms and has a fee plan wherein you pay once you get placed. I just wanted to know if someone here has any experience with this ?
https://docs.google.com/spreadsheets/d/e/2PACX-1vQuKa3k-rG3emxJcfbidCjC0Su85E_BKqW9cTeFZMY4xg4LnUVxOLrpcETqf7d-iEePlFh6lJ1knwwD/pubhtml
New to Fishbowl?
unlock all discussions on Fishbowl.
European perspective here. Its so crazy to read about the massive debts 😅 took a 10k loan for a car and feeling super bad about it but you guys are killing it!
This is America debt or bust
I gave up credit cards about 7 years ago. Love the financial mental and emotional freedom I have now.
Youre missing out on huge points
Rising Star
I use it a lot, I put every cent I can spend through the highest reward credit card and pay it off in full.
So how much rolling or persistent credit debt do I have? Zero.
Pay off full!
50k. I just throw money at it when I can, honestly. I have a strategy, but it’s for a single person and doesn’t actually work with my married with kids reality.
Are you me?
Rising Star
0. Well, 0 interest bearing debt. I open a new credit card 2-3 times a year if I need to make a large purchase. I then amortized the debt until the 0% apr window closes. I've got about 4k in 0% debt for another 6 months and another 8k that I have to pay off in 13 months. I just treat them as interest free loans. But not everyone has the discipline to do this, many will rack up charges but not be diligent about paying them off. That's the real secret, paying them off
Chief
Doing the same. 30k interest free, I have the cash but moneys expensive
0, pay off in full every month.
I do put every dollar I can on a CC for the points, but it’s paid off in full each cycle.
We pay ours off monthly. We don’t spend more than we can payoff. Use our credit cards for cash back and points.
This ☝️
Consolidate it immediatly. Get a personal loan or something
Credit card debt is toxic af
Chief
Moneys expensive. I have 30k in interest free credit card debt. I have all the cash to pay it off but I have it in a bank getting 3.5%, and I make my minimum monthly CC payments paying no interest. When promo period is over I’ll pay it off.
Credit cards aren’t bad, you just have to know how to play the system. Interest free is valuable with the recent rate hikes
Chief
…that’s a thousand a year? Interest free for 12-24 months
100k, waiting for Biden to forgive my debt in trade for 2024 votes
Going to go out on a limb here and say that OP isn’t interested in hearing how so many people have $0 in debt and pay off your cards every month…. OP — as contradictory as it sounds, I paid minimums (or double the minimum) on my smallest lines of debt and put the bulk of my money towards paying the largest debt. That bulk is what is eating away towards your utilization at the highest percentage and eventually impacting your credit score. That being said, I also consolidated spending to only 1 card so that I could see the balance drop on smaller cards with minimum payments/one off bigger payments. Once I got the smaller cards to $0, I did do a personal loan (I used upstart) for ~15K to continue paying off my biggest debt. Do not miss this monthly payment and continue to use one card (I suggest the card with the lowest limit for daily spending). Pay this off each month and if for some reason you can’t, you need to tackle your budgeting and spending habits as a root cause for CC debt. Not everyone is a bad spender, CC debt happens for so many reasons, just make a plan and commit to getting out of it in the fastest way possible (which may not look the same for everyone)!
Fr this just became a thread for everyone to brag about how they have no debt and use it like a debit card 🙄 congrats but things happen, no need to shame others
~15k across all cards. I just pay off little each month. I don’t pay off in full because I would rather have $ in savings just in case
Just chiming in to be that 15th person saying this is insane.
Credit card interest rates are sky high. You're digging yourself into a deeper and deeper hole with 15-25% interest in your credit card debt.
People already mentioned the possibility of doing a balance transfer to a low interest rate or 0% interest rate promotional offer card. Another option is to just get a student loan.
Student loan interest rates are like 5-6%. You can take a student loan and pay off the credit card debt with all the money you have sitting in your bank right now. Incurring 15-25% interest to pay for college is illogical and unnecessary.
Pro
0. Wife and I pay off the balance in full every month.
Rising Star
$0 - I pay it off weekly. If you have actual CC debt, consolidate it to the lowest possible rate (or balance transfer) ASAP and work as hard as you can to put every cent to it. Credit card debt is debilitating
Chief
Interest free CC debt is not debilitating by any means
Most responses here don’t even answer your “strategy” question cause of the lack of people holding debt (including myself).
There are generally two methods, (1) start with the highest interest debt and work you way down (which is the “technically” correct mathematical answer) or (2) start with the lowest debt amount (assuming it’s spread over cards) and “snowball” your way to eliminating your debt from smallest to largest amount. That is the more “psychologically” healthy way cause it gives you small wins at first.
Like others have said, you can try 0% balance cards or consolidation loans, but fact is, assuming your credit card debt is not due to a singular exigent circumstance (like surprise medical bill), you need to cut up your cards, rethink your relationship with credit. (That last part is a bit Dave Ramsey, I’m not a huge fan of his, but some aspects of his philosophy I can agree with).
I mean, you’re not wrong lol
Zero. I use it like a debit card and pay it off immediately to keep my credit score high
0.
If you have cc debt, look into balance transfer cards. Chase slate was one and you can get offers if you have other ones open. Capital one and discover send them out a lot. They offer like 3% paid up front and added to the balance.
I get that emergencies happen but hopefully this teaches you to spend less than you earn and get an emergency fund.
If this was an emergency you'll probably have good credit and can do the balance transfer thing. If you were just irresponsible, shape up.
Rising Star
Zero. Had 15k or so and moved to a balance transfer card then paid off in about a year. Now I just pay off everything in full.
Chief
0. Pay every statement in full each cycle. Credit card debt is a terrible place to be.
Definitely not $44b
I actually have a fair amount of cc debt, probably around 3k across several credit cards. I’m in a weird situation though. My wife is a very heavy spender and we end up living well above our means when factoring in house, car, groceries, random purchases for the kids, etc. But it’s bc she comes from a relatively wealthy family and always says don’t worry her parents will send us money for things. I don’t not believe her, but as the one who is responsible for all this debt it certainly makes me stressed.
Anyone, at this point my strategy has just to been to act as if I will never get that support money from the in-laws and pay down higher interest cards as much as possible. I try to get the cards down to a certain balance (~$3k) and then put whatever I can into savings. Bonuses and tax returns generally go toward credit cards first as well.
That woman needs to take responsibility and stop thinking that her parents will support her forever like a child. This mindset of overspending is what makes USA so materialistic compared to the whole world. Live according to your pay check, jesus, is not hard.