All Of My Visa Bill ...

[brian64]

I pay mine off every month. Having one is a nice convenience, but the usurious interest rates being charged are indefensible by anyone with soul.

+1

The average credit card interest rate is 21.28%, up a slight 0.02 percentage points from the previous month, according to data collected by The Balance in January 2020.

Average Credit Card Interest Rate Is 22.70%

The average credit card APR is 22.70%, based on data collected throughout December from the 356 card offers The Balance tracks in its database.

www.thebalance.com

If that ain't usury I'd hate to see what is.

In quarter four of 2018, America owed a total of $870 billion in credit card debt alone — a 5 percent increase from 2017. When other sources of revolving consumer credit are factored in, Americans owe a total of $1.057 trillion as of March of 2019. The outstanding revolving consumer credit debt is growing at a staggering rate and has surpassed revolving credit owed during the 2008 Great Recession.

2020 Average Credit Card Debt Statistics in the U.S. - Lexington Law

With the average credit card debt balance in America is at $6,506, credit card debt statistics are more prevalent than ever and a cause for concern.

www.lexingtonlaw.com

 

[canucklehead]

I got a credit card for several reasons, mainly to improve my credit score. We had some difficulty getting a mortgage a few years ago because I didn't have enough "credit history" as I had no debt and paid for most things with cash my entire life, which, according to the banks, is not good.

Also, you need a credit card to book airline tickets, hotels, rental cars, etc, so somewhat of a necessity for any long distance travel.

 

[charf]

Lucky you, I have a balance of ~$29,000 on my Visa. No; I did not pay it off this month.

In New Zealand credit card interest rates are an extortionate 19%. I pay my statement in full every month. Things can get out of control fast if you don’t.

 

[olkofri]

In New Zealand credit card interest rates are an extortionate 19%. I pay my statement in full every month. Things can get out of control fast if you don’t.

Here too. I have another credit card, a MC, with a $9,100 limit that was 19% interest rate when I had it active and was using it. It became unpayable. Even one time that I made a $1000 payment it was obliterated into nothing in a couple of months by all the interest and their balance 'protection' fee. I had to end up being put in their 'hardship program' which cut the interest rate to 5% and that's the only way I'm slowly paying it off—I only owe about 4K on it.

The Visa is a low interest card. I pay an annual fee and get low interest. Heck, gimme annual fees over any card with 'free' operative costs.

Oh, and don't even get me started on departmental store credit cards: those are 29% interest. It took me years to pay a Sears card with a credit limit of $1500.

 

[Old School 3319]

I do not own credit cards or have anything financed if I want something I save up and buy it outright

 

[Gecko]

I do not own credit cards or have anything financed if I want something I save up and buy it outright

Good on you and credit to you for managing it. Being prudent with personal finance is among the most important thing for having a good life I belive.

Kind of hard to save up cash for entire sum when it comes to bigger things like houses or cars, no?

 

[Old School 3319]

Good on you and credit to you for managing it. Being prudent with personal finance is among the most important thing for having a good life I belive.

Kind of hard to save up cash for entire sum when it comes to bigger things like houses or cars, no?

The house i paid off some years ago it I bought more property last paid cash. The vehicles I paid cash and yes it takes a little time but I live within my means

 

[Sloopjohnbee]

I always pay in full and have excellent credit; I know how it feels to be behind the eight ball and buyiing Tobacco and Pipes can definitely get out of hand fast.

 

[litup]

I do not own credit cards or have anything financed if I want something I save up and buy it outright

So how would you buy a plane ticket or hold a hotel room without a credit card to reserve it?

 

[Chasing Embers]

Kind of hard to save up cash for entire sum when it comes to bigger things like houses or cars, no?

Not at all. I've never been in debt and everything I own has been paid for with cash, my home included.

 

[Old School 3319]

So how would you buy a plane ticket or hold a hotel room without a credit card to reserve it?

A debit card if I had to but I don't fly I barely go to town once a month for bourbon and tobacco

 

[Old School 3319]

I always pay in full and have excellent credit; I know how it feels to be behind the eight ball and buyiing Tobacco and Pipes can definitely get out of hand fast.

I found out about credit scores when I went to buy my house I had not financed anything for many years. I went to the bank for a mortgage and was laughed at and told I had no score. So I just took out of my 401k and bought the place and laughed at the bank

 

[Sloopjohnbee]

I found out about credit scores when I went to buy my house I had not financed anything for many years. I went to the bank for a mortgage and was laughed at and told I had no score. So I just took out of my 401k and bought the place and laughed at the bank

you had enough in your 401k to buy a house!~ what was in there?

 

[Old School 3319]

you had enough in your 401k to buy a house!~ what was in there?

I was able to take half out of my 401k which was around 80d replaced it in about 8 yrs I got 5 acres a big garage and a arm to boot and has been a great place to raise my family of coarse I have an amazing woman by my Side through it all we grow most of our meat and veggies so that helps money wise and I work in the engineering dept at a factory close by

 

[Sloopjohnbee]

I was able to take half out of my 401k which was around 80d replaced it in about 8 yrs I got 5 acres a big garage and a arm to boot and has been a great place to raise my family of coarse I have an amazing woman by my Side through it all we grow most of our meat and veggies so that helps money wise and I work in the engineering dept at a factory close by

sounds like the American Dream embodied. Too bad us yoiunger dudes can no longer pull that off. I've been lucky though.

 

[Old School 3319]

sounds like the American Dream embodied. Too bad us yoiunger dudes can no longer pull that off. I've been lucky though.

I have been very blessed but I had a lot of failures in My 20s but I never gave up and kept setting goals and rules for myself I don't have riches and fine things or new things but a big part was coming to peace with what I have and taking satisfaction in the simple things in life and that's a great thing about a pipe it's simple and so gratifying

 

[olkofri]

I do not own credit cards or have anything financed if I want something I save up and buy it outright

Old school indeed, eh? Just like my parents: they hate the plastic things and have never wanted or had one. Me on the contrary...

I couldn't do without a credit card, though: many places I deal with require one (web site dues, to name just one) even if you end up paying with something else.

 

[jzbdano]

Too bad us yoiunger dudes can no longer pull that off.

Wow. Sounds depressing. How old are younger dudes?

 

[Sloopjohnbee]

Wow. Sounds depressing. How old are younger dudes?

mid thirties

 

[olkofri]

Apex age for a man: 33. It's downhill from there.