{ "media_type": "text", "post_content": "How much money do you guys owe on your credit cards? I am at around 15K, is that completely outrageous?", "post_id": "586ec1b89fc7a20010a70068", "reply_count": 97, "vote_count": 10, "bowl_id": "552d1d24dc1c586b09d2d051", "bowl_name": "Consulting", "feed_type": "crowd" }
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How much money do you guys owe on your credit cards? I am at around 15K, is that completely outrageous?

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I had like $13k and I recently brought it to $0 by making some lifestyle changes for a few months.

1) Stop eating out. If you're local, learn how to cook. I used Amazon fresh and a crock pot and brought my food expenses down substantially.

2) Only use cash at bars. Once you're drunk you have no clue what's going on with your tab. Every weekend night I'd easily ring up $100-$125, now I only use cash and can get away with about half that. I also started drinking more beer in bars instead of mixed drinks.

3) Change your standard of living if you can. Roommates if it makes sense, sell your car and buy a beater. If you're only using your car a few days a week do you really need that 3 series?

Hope this helps!

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Apologies for sounding like a total dick.

Completely understand that people have different backgrounds and are in different parts of life. I know I don't know all the various stories of people who go into debt.

However, I do know some extremely materialistic folks who completely live outside their means i.e. buy unnecessaily expensive cars, clothes & jewelry they don't have any business owning, or living super expensive places in SF that cost most of their paychecks. For those folks, it's really easy for me to see why they are in debt - they are following America's consumerism, living outside their means, and not saving.

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Will you pay it off this month? If no, yes.

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I owe nothing I can't pay in the month

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I charge everything to one card, usually comes out to 3-5k a month. Set autopay to statement balance and forget about it.

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I've always paid off my balance completely each month. Unless there is an emergency like P2 mentioned, nothing should be charged that you won't be able to pay each cycle.

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42k

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Holy shit

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OP. Hope that's for one month and you can pay it off. Otherwise, please create a budget and pay that thing off. CC companies don't deserve any of your hard earned income

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$0. Never carried a balance in nearly 20 years.

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I don't understand how people get into CC debt unless it's a complete emergency and they blew thru their rainy day fund. I'm so afraid of debt, I could never get myself to spend over what I can afford to pay each month. December I spent money on presents, put a rental house on my card and paid for a trip abroad and while I can cover it, I don't have anything left for my usual savings target and that freaks me out

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Just start drinking straight alcohol, it's the cheapest and it's pretty easy to develop a taste for it if you start to really get to know one liquor type. I'm a bourbon drinker, some people like white rum, etc

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Yea D1, someone needs a lesson in better managing finances. I should know better.

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15k is not terrible. I once was with 0 debt then I had got married had kids parents got older etc...Get on a plan to knock it down and u will be fine. Everyone has to learn. Many criticizing have not been through different things in life yet that can put u in a situation of debt so stay positive, like I said, get a plan and execute. Good luck.

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My debt built up when I was following my passion at an underpaying industry job and wife stayed home with kids. Slowly fixing it :)

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Not terrible, but that interest carries a big cost. Def reign in on your budget and pay that sucker off.

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Lots of smug, unhelpful people came here to brag about their lack of debt and make judgmental comments. Congratulations on your fiscal discipline, but you're still assholes. Listen OP, $15K is not great but it's manageable. I'd recommend working with a financial planner (lots of firms provide access to basic services for free) and looking into a 0% interest balance transfer card. I was 15K in the hole once too. It's alright, just make the decision to pay it off, and do it.

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I can relate. Look into personal loan or balance transfer cards to help pay it down with paying 25% APR during the process

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Zero

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It took a long time for me to see the point of credit cards other than points/mileage accumulation. I always cleared it at the end of the month and spent less than I earned, even when I didn't earn much. It's only other utility is added security and cash reserve when traveling. It's more like insurance in that respect

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And of course if you really want to go to town on finances, there's always mrmoneymustache.com and madfientist.com.

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