topic Re: read an article in Credit Cards

read an article

mrlimo — Fri, 11 Jul 2008 04:33:40 GMT

it said that the average person pays close to $1200 a year in finance charges on credit cards. does that sound about right? What is your oppinion? MHO is it sounds low!

Re: read an article

Anonymous — Fri, 11 Jul 2008 05:01:35 GMT

That's crazy! I try to pay in full so I really don't pay to much of anything. If I can't pay the full balance by the due date then it won't go on a credit card. I don't like giving these CCC a dime.

Re: read an article

Anonymous — Fri, 11 Jul 2008 10:16:19 GMT

I think that sounds about right......that means the average American is probably 8-10k in credit card debt if they have a 12-15 percent average interest rate on their cards.

Re: read an article

Anonymous — Fri, 11 Jul 2008 11:11:18 GMT

Maybe the whole PIF acronym is getting lost in translation. If so, please see the sticky on myFICO lingo and abbreviations.

For all of those laypeople, that means PAY IN FULL!

Re: read an article

Anonymous — Fri, 11 Jul 2008 12:06:02 GMT

Right now I'm paying more in interest than I want to. This year, if it wasn't for bad luck, I'd have no financial luck at all. But yes, those interest charges can get you.

Re: read an article

haulingthescoreup — Fri, 11 Jul 2008 12:26:06 GMT

Wow, I guess if the average consumer is paying $100/ month, I won't worry about not letting the CCC's have some interest. They'll have to make do with my transaction fees!

Re: read an article

Anonymous — Fri, 11 Jul 2008 13:37:38 GMT

@mrlimo wrote:
it said that the average person pays close to $1200 a year in finance charges on credit cards. does that sound about right? What is your oppinion? MHO is it sounds low!

That probably does sound right. In all honesty, I don't want to go back through my financial records to see how much interest I was being charged when I was carrying balances on cards that charged 20 and 30 percent interest.

Now, however, I am not a part of that club! I have 4 cards that carry balances 1 is at 2.99% interest for the life of the BT, and I'm finally in a position where I'm paying that one off. I have a BB card with a purchase that's 0% interest for 6 months, and it will be paid off prior to the interest being back charged on it. The other 2 cards are 0% interest through Jan and Feb of 09. And I will have them paid off before the intro period ends.

I still have just over 14K in CC debt, but I'm only paying about $15 in interest a month, and come September, no more interest.

I'm still using my other CC's, but only when I know I can PIF by the due date.

I'm NEVER going down this road again!