Rising Star
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$0 - unless you have a zero interest card or something. if you have any outstanding balance that you don’t pay off each month aka debt, it just means you’re not managing your finances well. there are lower interest options out there. i understand there may be one-offs/emergencies but if you need to go into the cc debt territory then it’s probably a sign for you to cut back on some expenses and “live within your mean”
I’m 27, live alone in nyc, 127k income and charge probably 2k on credit cards every month. Always pay it off.
Not sure what the circumstances are that OP is describing? 100k but supporting a whole family? I’d probably feed the kids hamburger helper every day and they won’t be doing any after school activities that ain’t free or subsidized. When they grow up they’ll understand 100k in nyc is…rough and that we did our best. Nyc is tough in the sense that you are so close to the fine dining and activities and rich people but damn if you can’t afford it you just can’t.
I mean ideally you pay off the statement balance each month on the due date and never accrue interest. That’s the best way to use a credit card period
I think if you’re building up credit card debit, it means you’re living outside of your means …
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nice try, IRS
Rising Star
You Accenture folks are the best on this app 😂
$1
Rising Star
Well said !
Rising Star
Hi OP, have you considered a personal loan from the bank or a lender? The interest rate is substantially lower than the CC debt will be. Plus, I think it can help your credit score a bit.
CCs do not help with this situation. As you said yourself, sitting on 30k of credit card debt only makes the situation more helpless. Only finding a way to reduce expenses or increase income helps.
I hear you on it being difficult, but the sad reality is that the people who find themselves in CC debt are usually those who can least afford it.
If you don’t have enough money without the CC, you def don’t have enough with it. The interest rates are far too high for me to see any scenario where carrying CC debt would be a preferred solution. I’d look at personal loans, redraw against mortgage etc instead.
Perhaps they are a necessity in some situations, but if you want to know how much credit card debt is too much, the answer is always $1
Married. We use our credit cards and we don't pay it off until the due date but we always pay the full balance and won't carry a balance to the next statement.
Even a dollar is too much to carry over
$1
Rising Star
You give us all high hopes PWC1
I like how IRS has asked a question just to argue with every answer
Very on brand
There is also the cashflow management element here.
Just paid for summer camp but can't get the money out of the DCFSA until after camp. Then I'm carrying that balance for a few months.
Air for 2023 spring break is a great price right now but will be insane when the cash is in the bank. Swipe....
Ideally no debt but let’s be realistic some people have credit card debt including high earners.
As a thought exercise, If you have debt I’d imagine any balance you couldn’t comfortably within 2 months.
If you’re financially savvy and have the cash on hand to make a payment. There’s an argument to invest the difference if the interest were 0% for a period but most people probably wouldn’t know how to beat their credit cards interest rate.
Visual Storyteller
I’d avoid having any debt except mortgage or car loans…
Rising Star
Only if it was that simple. That’s deff the ideal scenario, but a lot of people in big cities like NYC rely on CC’s to get themselves out of a tight pinch.
<5% of your available credit - gotta look after that credit score 🤩
Rising Star
Alright that’s a fair response !
Don’t have any
Rising Star
Thanks ...
Married here as well - we probably spend $2-3k a month on CCs and always pay the statement balance on the due date to avoid interest. However, I myself have found myself in a pinch and needed to use my credit card. In my mid-20s, my apartment burned down and I needed to get myself back on my feet. Put probably around $12k on my CC, and then focused on leading a very moderately lifestyle for ~8 months after to ensure everything was paid off. What can be considered “too much” or “moderate” is relative to the person and the situation - what matters is that you adjust and plan accordingly to make sure you’re living within your means and are responsible with credit
It’s not a good response. You’re just seeking validation for your lifestyle. The other responses in this thread are correct.
For the duration of 0% apr, I’d max out the card. Then pay everything off. No debt here I pay any interest.
Any credit card debt is too much. It’s high compounding interest that’s difficult to get out of. The goal should be to pay in full monthly. Otherwise you’re living beyond your means. I would cut expenses to absolutely necessary to pay it off.
I try not to carry any debt over what a single paycheck could theoretically pay off. I have definitely carried debt when moving apartments pretty much every year, unforeseen circumstances, or just saying fuck it and wanting to do something extravagant lmao. I’m in my 20s and already owe $150k in student loans, I’m not penny pinching my youth away just to hoard money for the kids I’m not having 😂