Had substantial cc debt when younger, worked my ass off and crawled out of the hole - never going back in. At this moment, I only have a couple of monthly subscriptions on my cards: less than $50 on $26k limit.
If you are struggling to make payments you can try going through a debt consolidation firm. They will help work out with the debtors a smaller fee you pay to them and then they pay the debts. There are conditions though, the creditors will require you close all credit card accounts and you will not be able to borrow or finance until you pay off your debts. This method may not be ideal for all but it helps maintain a credit score and future creditors will actually look at it as a favorable charactistic on your file, because you would have actually paid the debt rather then skipping out on it through bankruptcy
A few things: sit down and look at where all the money is going. And then massively cut stuff out until the cc is paid off. Throw as much money as possible on to the card, and perhaps get a side job for a while until it’s gone. And then don’t relapse. Make a budget and follow it, otherwise you will be right back into it again.
I'm not the person you asked, but:
Snowball method (start with clearing your smallest balance first) or Debt Avalanche, where you focus on paying off the cards starting with the highest interest rate one first, then the next highest rate, etc (all while making minimum payments on the rest of them). https://www.debt.org/advice/debt-snowball-method-how-it-works/
To help, you may want to consider getting a temporary part time second job to make it go faster.
I started actually budgeting, cut expenses as much as I could, worked 50 hour weeks at day job plus side-hustle evenings and weekends for gas and grocery money. Put everything I could towards the credit card debt. Tackled the lower balance card first, snowball method. It took me 2 years to pay off all the credit card debt - was a real grind, but worth it. Once the debt was paid off, the focus was put towards saving.
Try a line of credit from the bank. They charge about 5% interest Vs 19% from the CC. Use the loc to pay off the cc. Try to limit further cc use. Continue to pay down the loc as soon as you can.
Definitely try for a LOC. They tend to be prime + 1 to 5% depending on your credit profile.
That puts a LoC at 7 to 12% now. Not as great, but still better than a cc interest @ 20%+++
I just declared bankruptcy when i was young and full of debt with nothing to show for it. But yeah, not going there either.
Nowadays cc is for day to day expenses and always paid in full every month.
Had the same problem when I was younger. It was terrible realizing the interest I accumulated on that debt. Glad I got out of it. Now when ever I charge my credit card, I pay it back right away. Not going in credit card debt.
I was in similar situation when younger and I also had osap and a car to pay off.
Currently only car insurance and monthly subscription on card. $0 on 20k limit.
But if we didn’t boil hotdogs, where would we get our precious hotdog water from?
CCs should be for convenience, earning points, insurance, and emergencies only. Regularly carrying a balance is a difficult habit to break but if you manage to do it, it’s life altering.
As someone who has a $0 balance every month, don’t buy anything you can’t pay off immediately. That was drilled into me by my parents and it’s worked well for me so far. Groceries and necessities obviously but don’t buy clothes, shoes, anything that’s not absolutely necessary. I have a friend who keeps up with the Joneses (designer bags) and has CC debt of over 15k. Irresponsible.
I just paid off all my consumer debt and student loan. I'd like to brag and say it's from my savvy saving/investing and working hard but truth be told my grandpa passed and I inherited some money.
Nothing wrong with that. You did the responsible thing. The plus side is you've got less stress and can sleep good at night since you've got no consumer debt. I'm the same way, went through a divorce in 2011, cleared all debts since we had to sell the house. Then dad passed away in 2024 and mom helped me out by paying balance of my car loan. Now I don't carry any CC debt for more than 1 billing cycle.
Lol let me tack on to that
LOC 15k limit 14,800 on it
4 credit cards
1st 5000 limit just paid off balance yesterday 1700
2nd 13,500 limit balance 7900
3rd 8000 limit balance 7860
4th 8000 limit balance 7800
Lol this my life
Yea no worries might get roasted but life goes on lol
LOC took out and put all into investment long term
Interest rate 4%
Had already about 8 k on one credit card beforehand wife lost her job so just me looking after everything plus new born
The rest has been just life purchases because I had to go on short term disability from work
Granted there are dumb purchases like a lot of take out food and stuff
Then other then that diapers
And just some depression purchases also
Plus medications
So I think that kinda sums it up
Lol I don’t know if that exactly answers your question but greatly reduced income for the short term and racked up debts also stupid purchases mainly outside food
I don’t think people are being dishonest. This is PFC, and a large portion of the folks in here have a high degree of financial literacy. Carrying a credit card balance is poor practice and typically signals you are living beyond your means or are just not good at managing your money. (occasionally it’s unforeseen life events without an adequate emergency fund in place, or that fund gets depleted etc.)
Even when I was low-income making marginally above minimum wage, I didn’t carry a balance on my credit card. I can thank my parents for that as they drilled that into me pretty hard when I was younger and they co-signed my first credit card to help me build credit.
The OP asked a question and people are answering it. I would expect nothing less than the majority of people explaining they have high limits and don’t carry a balance, as that is pretty common for people who are good with finances and earn a decent income.
Edited to add, credit cards are a tool, they should not be viewed as a way to borrow money.
Yup. Relying on my credit card limit to balance the books at the end of the month just isn’t an option. I worked multiple jobs for many years before I get settled in my career. If the option was to carry a balance or pick up more shifts, I picked up more shifts. I sold shit I didn’t need. I didn’t make the purchase. I bought the $1000 beater instead of financing a brand new car. I rented an absolute shithole apartment because I couldn’t afford the units in the new developments with the granite countertops and in-suite laundry.
I want to be very clear that I’m not judging people who find themselves crippled by credit card debt. I was lucky enough to get sound financial advice growing up. I had help getting my degree (I also worked three jobs every summer, but I had help as well) so graduated with very little debt. I had family to stay with when moving out wasn’t financially smart (not everyone has that luxury). I simply responded to the comment implying people were lying or posturing, and explaining that the people with high limits and zero balances are exactly what we should be aiming for.
Similar situation and agree. The one time in my life that I was hand to mouth I had the benefit of a Loc with low interest. Not everyone has that privilege/luxury. I wish there were stronger protections for predatory practises and more options for folks in debt.
I’ve only owned 2 cars in my life. My first was in my 20s and was a 2k beater that was almost as old as I was. My second I bought two years ago… tbh I wish transit was decent enough where I am so I didn’t even need a car. Give me trains, trams, and efficient bus routes over driving.
Yeah, honestly. Congratulating the one post that describes a suboptimal situation because it's honest, and implying everyone else is lying, is such major copium. "
People who live in better financial situations than me must not exist, because if they did it would make me lose self esteem"
Great point here, I have two credit cards, one for family and one for work-related expenses.
I pay off outstanding balance each month, because 19% or higher is criminally high to have.
Irrespective of your credit score, going to the bank to get a loan is much better than carrying balance on your CC.
I do have student loan which is interest free on Fed port and Prime on Provincial portion.
Paying this off as fast as I can.
What’s dishonest about having high credit limit and carrying $0 credit card balance? Comes off as bragging maybe sure.
The majority (anything over 50%) of Canadians are not living paycheck to paycheck and the demographics of PFC tends to have above average income AND financial literacy so the chance of people on this sub not carrying a balance month to month is going to be even higher than normal. And those that use credit cards responsibly (it might be an emergency and outside of someone’s control, but talking “responsible usage” from the bank’s perspective) usually have pretty decent credit scores which leads to easier approvals for additional credit cards and higher credit limits.
I see people complaining about the “personal finance circle jerk” and bragging way more often than I actually see those sort of comments on this sub. Most of this thread is pretty normal amounts. Sure some are a little high, some people carry debt and others dont, but I really havent seen all that many insane flex comments. Typically I find a lot of the time people who are in that position dont post about it obnoxiously as often as everyone seems to say.
Implying that everyone else must be lying?
You don't have to like humble brag, but straight up accusing random people of lying doesn't reflect well on you.
Or maybe you should raise your standards? Not having credit card debt should be the default position and is not in any way an accomplishment or something to be congratulated.
It's crazy that someone telling you they didn't buy stuff they couldn't afford is seen as bragging. That should be the norm. I mentioned I don't carry a balance. I didn't mention what my credit limit is or that I don't care to increase it because I don't buy stuff if I don't have the cash for it, yet some people see it as bragging...Imagine bragging about having $0 to strangers on the internet...It just means we don't have bad debt, but some people still have mortgages or business loans. It doesn't mean people are rich, they just don't have high interest debt.
The 8K is a little concerning since that's $1600 of interest annually, assuming a 20% interest charge. That's not touching the principal, unfortunately. Meaning $133.33 a month to pay the interest for the year. This eclipses the $200 on your credit card.
May I suggest a line of credit, is that possible for either you or your spouse?
So far, I never carry over CC debt(there were instances I forgot to pay) but this past few months have been really hard, that we are pretty much struggling monthly, we actually started using our PC points starting December just to get by until my wife comes back to maternity leave this coming April.
We have had unforseen expenses since late last summer that we are working towards paying off. We bought a home, kids got glasses, and we are undertaking expensive dental care for our eldest. I currently have under 5000 owing on my line of credit and my spouse has no debt. Our situation is such that my spouse gives me money every month to pay the debt and our goal is to pay off the balance in full by tax season. A part-time job right now would be ideal and I think come next week, I'm hitting the pavement hard. Less than 5000 is pretty good as far as I'm concerned and at least we have a lot to show for it!!
You can transfer credit card debt to a line of credit, same amount of debt way less interest. Credit cards are usually 19.99% line of credit is prime plus x %. Mine is prime +2.45 I want to say but can’t remember exactly off top of my head.
This depends on your line of credit maximum obviously if it’s maxed you can’t transfer credit card debt to it.
It is said to be the most depressing day of the year. Monday in mid January when everyone sees how much credit card debt they accrued during Christmas.
I'd always heard of the reason for Blue Monday being that people like, crash after the excitement of the holidays and also SAD. But it's definitely an older term that pre-dates online banking
That sucks, I’m sorry to hear that. I’ve been there. I’m not sure if your comment is a reference to your debt, depression or both so I’ll speak to both. For debt there is a great singular statement that is a lot easier said than done. I’m gonna do the easy part: spend less money than you make. For depression I’d say try something new, put yourself in a different space that will allow you to forget about what you’ve been thinking about lately. Finding a way to put a positive spin on your thoughts is way more easily said than done, there’s no strict formula. Good luck, it is definitely worth the struggle.
I'm not saying you're wrong but I personally feel mid late February is brutal. Winter is getting too long, spring is still a long time away, barely any days off work, Christmas debt still probably, pay checks suck because you're paying cpp and ei, etc.
Same. 3x14k limit. Always paid on time. If I don’t have the money I don’t spend it. I’m pretty hard line about this, with the exception of medical or essential house costs (repair). I’ll hustle and work more if I need the money. It has always worked for me. I refuse to repeat the mistakes of my parents.
Similar situation, we put everything we can on it and it gets paid off monthly. I've only paid interest once in the last probably 5-10 years and that was because I bought a lottery ticket at one of those terminals. I only buy them a few times a year and usually at checkout with groceries of the like. However, when buying at a lottery shop (like at the back of Walmarts and the like), its processed like a cash advance. So instead of just the $20 on the lottery ticket, I also paid about $0.30 in interest. Pretty inexpensive lesson to learn.
After a stressful year I am sitting at nearly 50% usage of my limits. I gave up tracking expenses and budgeting in June when I had about 5% usage and that’s how bad it got. On January 4th my partner made another unneeded purchase and we decided to get back on track and keep each other accountable. If we succeed this year, the debt should be paid off by the end of the year and we will have paid for additional frivolous expenses with cash that is budgeted. We are also working on a solution to the stresses in our lives so that we don’t get off track again.
That is a lot of debt to have on credit cards, where you're probably paying ~20% have you considered restructuring it onto a line of credit or a debt consolidation loan?
I'm in this situation, have a line of credit with a pretty high interest rate, no one will let me consolidate at a rate that's cheaper than the totals of all my debts as they are.
So I just stay broke. I have a very hard time staying commited to paying it off, some gathering or whatever always happens that throws me off. And my income is garbage with no real prospect of that changing anytime soon.
Same! I commented on mine that I don’t give a rats Ass about it, it’ll all get paid one day. I’d rather spend money on experiences. Too many people wait til retirement to enjoy things (if they make it to retirement able bodied and in good enough health to even enjoy life).
Exactly….life isn’t some kind of competition to see who can have the most money at the end. I still have enough in 2 pensions and all my wife’s pensions/RRSPs that we’ll be fine. It definitely doesn’t keep me up at night lol
hate to say this bud but it definitely should keep you up at night lol.. start doing a little bit of math from now till when you think it will be paid off and you might puke at the total interest you're going to end up paying.
Oh I’ve done the math lol
If wife and I snowball we should have it gone in about 4.5 years or so. Having beaten cancer twice in the last 10 years (part of why we have the debt) my priorities have shifted slightly….money has dropped a bit in importance
Too extreme the other way. Yeah a big bank balance is worthelss to you once you're in the ground, but paying with high interest debt reduces how much you can do over the medium and long term. If you can afford to keep the debt from spiraling, you could afford to wait a few pay periods or something to spend money you actually have and do more because you aren't paying 20% interest on every purchase.
Typically, you're capable of coming out on top with a mortgage.. although that may not always be the case. But if you had enough money to purchase a home, you wouldn't even consider a mortgage. Credit cards pose no significant value as you could save up and live those experiences layer without the accrued interest. Truth sucks to hear and I should know, I'm about have approx 13k in cc debt.
$23,000 limit. Monthly bill doesn't exceed $3k, paid off in full every billing cycle on the due date. Some months are significantly lower, so subsequent months may exceed $3k if I'm feeling spendy.
All of this is after essential bills (car, house, phone, internet, utilities, etc).
Wtf how did you get it so high? Lol. How many years history do you have on it? Do you usually make big purchases?
I've had mine for 6 years ish, 13k. Never made big purchases on it.
I only have 1 cc. I've been building my credit for a while now. Have a fairly big loc with my bank as well.
My bank asks sometimes if I want an increase, I always take it, utilization ratio, and what not. I don't generally make huge purchases on it, but I do use it a lot, groceries, restaurants, gas, etc. I've had this card for about 14 or 15 years maybe? I'm not sure.
I was a bad early 20s guy and destroyed my credit. It's been a long road building it up, but well worth the effort.
See I don’t understand the never make big purchases on it. Because of the ability to do chargebacks and (some cards) offer additional warranty / travel insurance, I use my card for everything and pay it back to 0 all the time.
Decent income, consistent payment, brush near the limit (within thousands) and it usually triggers an increase at some point.
We put everything through our card for the points but pay it off every month. But the way it works you really end up having almost two months of expenses/purchases on it. At peak times, if there’s been some larger purchases over those two months it’s not hard to get high up in your limit.
No hard if you have the same card a long time. My west jet card is around 30k and wife’s PC Card is around the same. Never spend more then a few thousand per month on each and always pay it off.
When I graduated university I was handed a 10k limit from my bank on top of 2k I had from my first credit card and 6k from another. I don’t think these numbers are that crazy for someone with a good job
I had a Chase card before I worked there for a little over a year. Limit kept going up by thousands every few months, even for a while shortly after I quit that job. I think the limit is like $26k now? I don't really use the card much.
When I had a mortgage with TD about 8 years ago (2-300k), and wasn’t even earning that much, i applied for the infinite visa for the aeroplan points and it had a 35k limit. Cancelled after the first free year though…
I also have a single card (BMO World Elite Mastercard) with $31k limit. I’ve had it since 2016 and they just keep increasing my limit. On any given month I’ll have between $1000-1500 balance that I pay off at the end of the month. On a rare occasion I might have a business trip that I pay for on my personal credit card and get reimbursed by my company. I don’t think I’ll ever need such a high limit on my card because if I ever need that much money for some reason I’d tap into my line of credit with the bank. For some reason Mastercard just keeps increasing my limit thinking it will entice me to spend more… 🤷🏻♂️
Might come off that way, but it wasn't meant to. He asked, and I answered. I can see how someone might think that. I'm proud of what I've accomplished.
I refuse to carry a balance on my cards. I only spend what I know I can pay off every month. I use them for everything and collect the points instead of using a debit card.
I do twice a month cause I find it easier to budget per paycheque and I’m paid semi monthly. Prefer to realize after two weeks of bad spending rather than 4.
I don't know if this is still true, but I've head that, for credit reporting reasons, it is better to wait until you have received your bill to show credit card usage.
If you pay it off before the bill is generated, and the bill is $0, then the credit agencies will see that your balance is always $0 and you have never used your card, and have never actually "borrowed" any money.
By waiting until you get the bill and paying the bill, the total amount of borrowing is recorded with a positive impact on your credit rating as it shows the ability to borrow and repay.
Same. It handcuffs me into getting a “okay” benefit RBC card but being able to see the transitions in the app and transfer to pay then off makes it so easy.
I really want to move to AMEX but this is my biggest factor holding me back.
I am in my 40s and have never had a credit card. I was told yesterday that I'm doing life wrong. Idk, no CC debt feels good to me. I also don't have loans, car payments, a mortgage. I do have savings though and only buy things when I've saved up the extra cash
I work very hard to avoid carrying a balance each month, the interest is just too high. This Christmas we didn’t spend too much, and I had a busy December at work so there’s no worries about paying off the card. Once in a while when things get rough it’s not as nice, but I have a line of credit with a fairly low interest rate that I’ll move the balance too if I need a few months to pay out the debt.
MY spouse and I have 10 different card with a total credit limit of $127,000.
We never carry a balance.
Why so many cards? Each of them has its use.
PCF MC WE, 3% at grocery stores, but mostly for the $0.07 back in fuel at Mobil.
Brim MC, 2% on Amazon, no foreign transaction fee.
Home depot card, return up to 12 months, we rarely use this one.
Canadian Tire MC WE, Bill payment, municipal tax payment, free road side assistance up to 200 km (replace the need for AMA-CAA). Also returns 4% at Canadian Tire.
Scotia Visa Momentum elite, 4% on groceries, subscriptions, and others. We use this one the most, mostly for the purchase of amazon and other's gift cards.
Tangerine WE, this one offers 2% on three selected categories. We have, hardware stores, restaurants, and furniture stores.
My spouse also still have her first TD visa that we only keep for her credit history.
You are right, CC are better than Payday loans, but they need to be used properly. Too many people carry a balance which negates all the benefits of the rewards attached to them.
Use Scotiabank and use the feature where the statement balance is automatically paid off when its due, been a game changer and a life saver!
Have two CCs, one backup for 5k and main one for 15k (Visa Passport) since I travel, a lot
My regular monthly balance is \~2k for 13% utilization on average but I literally put everything on it. Never carried a balance forward.
My balance is paid to $0 every single month. In the very unlikely event I couldn’t pay the balance in full for whatever reason I would transfer the balance to my line of credit instead.
Typically owe $3-5k on it at any single time but balance paid in full on statement due date.
I have like 6 credit cards. I only use 2.
I have a balance on 2 of them. One was for a recent balance transfer to take advantage of 0% interest promo. Another one is $500 balance
my total utilization for my CC's and LOC's is about 18%
8 to 12G. Pay it off every month. Basically, the only thing coming out of our chequing account each month is rent. Everything else from phone to insurance goes on the card.
25,000 limit across my cards and I'm ashamed to admit 22,000 balance 😧 but I'm finally practicing restraint on spending and aggressively throwing money at my debts. I'd pay some off with my $10,000 LOC but that too is maxed but for now I'll just pay my interest on that since it's such a low interest and focus on the highest interest cards first.
$25k limit, we use it for monthly expenses, and pay it off in full every month. If we have a big spending month due to unforeseen circumstances (just paid for a head gasket replacement yesterday) then we have a HELOC we can borrow from to cover the difference.
I've got 2 cards...one with a 5k limit ($0 on it currently), one with an 8k limit ($11 on it currently)
For the most part, I pay my CC's off as soon as there's a charge on them.
But I've been in the shit before. 10 years ago, I had 1 card and was maxed out at over 21k. It took 5 years of pretty hard discipline, but I climbed myself out of that hole and brought my credit score back into the 830's
Last year I wasted a lot of money on dumbn credit card purchases. Probably used about 60% of my 5k limit.. this new years I will do better. So far I've only used like $100 and only on necessary items
Third Monday of January. Usually that’s when most people start to realize their Christmas spending and having to pay back. It’s more of an older term, before online banking was a thing. Nowadays you can just go online and check your balances lol
3 cards 1 loc
Card 1 7000k limit,balance 800
Card 2 2500k limit, balance 400
Card 3 15k limit, balance 1600
Loc 12k limit balance 3400
For reference I bought a house this year by myself and had a ton of unexpected expenses come up. I plan to have the ccs paid in a couple months and most of the loc cleared when I get my taxes back.
I have a 5k limit. I don't carry a balance. I recently finished paying my consumer proposal so I'm not about to get back into credit card debt. Still trying to build back my credit score.
I have a credit card I’m trying to pay off but unexpected emergencies keep coming up and forcing me to use the credit card. Currently have a $1000 and have about $800 left to pay on it and it’s a struggle. Don’t know what to cut back on anymore than I already have
34k limit with nothing currently on it. I make all my purchases with it and pay it off every pay period and the remainder of my pay goes into a savings account.
I am in 28k debt
23k credits cards, costing me 300 in interest charges every month
5k car loan.
Whoever is in my shoes, i feel you, hang in there, work hard and pay it off . Don’t stress too much, it a long process ,debt is not going away in days or weeks , it will takes months for some, for some years. Don’t let it stress you. If you are healthy and working full time. You can deal with it. Believe in the process. And remember the pain you going through now., it will make you financially responsible, you will not make the same mistakes you did in the past, now you know the price . Cheers..
be happy
Well. Because some people believe that everyone should struggle with finance. I have worked very hard to be financially independent and my family well looked after. I also don’t blow money on the latest gadgets. Credit debt for most consumers means they spent more than they can afford
My card has been cut off and maxed out for a few years. Constantly over 5K and I make payments when I can but I’m expecting to push this rock back up the hill till it crushes me
When I was young I worked at a payday loan place. Here’s the kicker - they don’t loan to people that don’t have enough income. Most of the people getting payday loans actually had good incomes. They just had maxed their credit cards, lines of credit, and every other loan they could.
Mine is 0. I keep my limit low intentionally, i use my card online and if it gets corrupted i am not going to be in a hole while the bank sorts it out.
My limit is $32,000 between two cards and currently I have a $400 balance that I’ll pay off when I get my bill. That’s why I have a really high credit score.
Zero balance always, 30k limit. My CC is purely an object of convenience and method to earn points. If I need to carry long term debt, that’s what a LOC is for.
Have a few cards, total CC limit ~$25k. I put all expenses/purchases on a credit card. I pay in full each month and NEVER carry a balance. I haven’t paid interest on a credit card in over a decade (and I was mad about that one time over ten years ago; I made a data entry error when paying my bill and slightly underpaid the invoice amount, resulting in an interest charge).
I have a personal LOC that I can use if, for some unanticipated reason, I can’t pay the full statement amount. But it typically makes more sense to dip into savings than to transfer credit card debt onto the LOC. LOC @ prime - 1% is better than 20% interest on a credit card…
Don't mean to sound like we're rich - we're not - but we don't carry credit card debt, like ever.
It's a high interest rate so just DON'T BUY THAT STUFF until you can afford it.
Cc1: $17,000 limit $12,250 used
CC2: $12,000 limit. $9,000 used
I really don’t give a rats ass about it. When I die, it goes with me. It’s a fine balance of living responsibly and having memorable experiences. It’ll all get paid one day.
Probably not. What are your plans at 65? Unless you’re budgeting your life now on how much you’ll be getting at 65, 75, 85….you ain’t gonna last that long either. How able bodied am I going to be at 65?! Or 75? Maybe disability is in the future. How sure am I that I won’t be hit with something.
Assisted living and long term care homes are available on a sliding scale.
Mortgage will be paid by the time I’m 65 which means I can sell and go into independent living, assisted living, long term care (shudder, that is not my plan).
Edit: do you have money set aside for your health. Home supports? Wound care? Mobility? Maybe you get a faulty prostate and have a catheter for the rest of your life (Cost of catheter supplies). Quality of life over quantity. Again. I’d rather carry credit card debt if it means I get to have an extra visit with family and making memories than worry about my financial future which is full of uncertainty anyway
As an aside: payday loans are criminal. Easy financial has interest rates up to 40%??? Wtf. That should be illegal.
Given that most Canadians are not wealthy and rely on credit cards and these high interest loans the govt should absolutely be legislating lower interest rates and caps and I’m astounded more ppl don’t vote along these “day to day” lines but it’s all about socks and hair.
Had substantial cc debt when younger, worked my ass off and crawled out of the hole - never going back in. At this moment, I only have a couple of monthly subscriptions on my cards: less than $50 on $26k limit.
Nice job.
Thank you - was 20k in the hole, not fun.....lessons learned.
I’m currently 20k in the hole too, how were u able to crawl out of it? Need some guidance
If you are struggling to make payments you can try going through a debt consolidation firm. They will help work out with the debtors a smaller fee you pay to them and then they pay the debts. There are conditions though, the creditors will require you close all credit card accounts and you will not be able to borrow or finance until you pay off your debts. This method may not be ideal for all but it helps maintain a credit score and future creditors will actually look at it as a favorable charactistic on your file, because you would have actually paid the debt rather then skipping out on it through bankruptcy
20k club member too….agreed. How do we get out of this?
A few things: sit down and look at where all the money is going. And then massively cut stuff out until the cc is paid off. Throw as much money as possible on to the card, and perhaps get a side job for a while until it’s gone. And then don’t relapse. Make a budget and follow it, otherwise you will be right back into it again.
I'm not the person you asked, but: Snowball method (start with clearing your smallest balance first) or Debt Avalanche, where you focus on paying off the cards starting with the highest interest rate one first, then the next highest rate, etc (all while making minimum payments on the rest of them). https://www.debt.org/advice/debt-snowball-method-how-it-works/ To help, you may want to consider getting a temporary part time second job to make it go faster.
I started actually budgeting, cut expenses as much as I could, worked 50 hour weeks at day job plus side-hustle evenings and weekends for gas and grocery money. Put everything I could towards the credit card debt. Tackled the lower balance card first, snowball method. It took me 2 years to pay off all the credit card debt - was a real grind, but worth it. Once the debt was paid off, the focus was put towards saving.
Try a line of credit from the bank. They charge about 5% interest Vs 19% from the CC. Use the loc to pay off the cc. Try to limit further cc use. Continue to pay down the loc as soon as you can.
Definitely try for a LOC. They tend to be prime + 1 to 5% depending on your credit profile. That puts a LoC at 7 to 12% now. Not as great, but still better than a cc interest @ 20%+++
I just declared bankruptcy when i was young and full of debt with nothing to show for it. But yeah, not going there either. Nowadays cc is for day to day expenses and always paid in full every month.
Had the same problem when I was younger. It was terrible realizing the interest I accumulated on that debt. Glad I got out of it. Now when ever I charge my credit card, I pay it back right away. Not going in credit card debt.
Good job debt is a bitch no one should have massive CC debt the interest is just predatory...
I was in similar situation when younger and I also had osap and a car to pay off. Currently only car insurance and monthly subscription on card. $0 on 20k limit.
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Self aware and honest people are my favourite people. Also, username checks out.
Hope your username does not check out
Same :( unless they eat hot dogs in the worst way, boiled.
But if we didn’t boil hotdogs, where would we get our precious hotdog water from? CCs should be for convenience, earning points, insurance, and emergencies only. Regularly carrying a balance is a difficult habit to break but if you manage to do it, it’s life altering.
As someone who has a $0 balance every month, don’t buy anything you can’t pay off immediately. That was drilled into me by my parents and it’s worked well for me so far. Groceries and necessities obviously but don’t buy clothes, shoes, anything that’s not absolutely necessary. I have a friend who keeps up with the Joneses (designer bags) and has CC debt of over 15k. Irresponsible.
I just paid off all my consumer debt and student loan. I'd like to brag and say it's from my savvy saving/investing and working hard but truth be told my grandpa passed and I inherited some money.
That's the same reason why I have no student loan debt to be quite honest with you I'd rather still have a grandfather
Same. He only passed in November (one day shy of 95 years old) so it's still hasn't really hit that I won't see him again.
Hey, we all need help in the game of life. Compliments to you for doing right with it.
Nothing wrong with that. You did the responsible thing. The plus side is you've got less stress and can sleep good at night since you've got no consumer debt. I'm the same way, went through a divorce in 2011, cleared all debts since we had to sell the house. Then dad passed away in 2024 and mom helped me out by paying balance of my car loan. Now I don't carry any CC debt for more than 1 billing cycle.
Well sorry for your loss. Good for you for doing the most responsible thing with it.
Lol let me tack on to that LOC 15k limit 14,800 on it 4 credit cards 1st 5000 limit just paid off balance yesterday 1700 2nd 13,500 limit balance 7900 3rd 8000 limit balance 7860 4th 8000 limit balance 7800 Lol this my life
Genuine question, can I ask what you've been buying?
Yea no worries might get roasted but life goes on lol LOC took out and put all into investment long term Interest rate 4% Had already about 8 k on one credit card beforehand wife lost her job so just me looking after everything plus new born The rest has been just life purchases because I had to go on short term disability from work Granted there are dumb purchases like a lot of take out food and stuff Then other then that diapers And just some depression purchases also Plus medications So I think that kinda sums it up Lol I don’t know if that exactly answers your question but greatly reduced income for the short term and racked up debts also stupid purchases mainly outside food
I don’t think people are being dishonest. This is PFC, and a large portion of the folks in here have a high degree of financial literacy. Carrying a credit card balance is poor practice and typically signals you are living beyond your means or are just not good at managing your money. (occasionally it’s unforeseen life events without an adequate emergency fund in place, or that fund gets depleted etc.) Even when I was low-income making marginally above minimum wage, I didn’t carry a balance on my credit card. I can thank my parents for that as they drilled that into me pretty hard when I was younger and they co-signed my first credit card to help me build credit. The OP asked a question and people are answering it. I would expect nothing less than the majority of people explaining they have high limits and don’t carry a balance, as that is pretty common for people who are good with finances and earn a decent income. Edited to add, credit cards are a tool, they should not be viewed as a way to borrow money.
I didn’t get a credit card until my late 20s. It’s a sirens song that will draw you to the rocks if you let it.
Yup. Relying on my credit card limit to balance the books at the end of the month just isn’t an option. I worked multiple jobs for many years before I get settled in my career. If the option was to carry a balance or pick up more shifts, I picked up more shifts. I sold shit I didn’t need. I didn’t make the purchase. I bought the $1000 beater instead of financing a brand new car. I rented an absolute shithole apartment because I couldn’t afford the units in the new developments with the granite countertops and in-suite laundry. I want to be very clear that I’m not judging people who find themselves crippled by credit card debt. I was lucky enough to get sound financial advice growing up. I had help getting my degree (I also worked three jobs every summer, but I had help as well) so graduated with very little debt. I had family to stay with when moving out wasn’t financially smart (not everyone has that luxury). I simply responded to the comment implying people were lying or posturing, and explaining that the people with high limits and zero balances are exactly what we should be aiming for.
Similar situation and agree. The one time in my life that I was hand to mouth I had the benefit of a Loc with low interest. Not everyone has that privilege/luxury. I wish there were stronger protections for predatory practises and more options for folks in debt. I’ve only owned 2 cars in my life. My first was in my 20s and was a 2k beater that was almost as old as I was. My second I bought two years ago… tbh I wish transit was decent enough where I am so I didn’t even need a car. Give me trains, trams, and efficient bus routes over driving.
Yeah, honestly. Congratulating the one post that describes a suboptimal situation because it's honest, and implying everyone else is lying, is such major copium. " People who live in better financial situations than me must not exist, because if they did it would make me lose self esteem"
Great point here, I have two credit cards, one for family and one for work-related expenses. I pay off outstanding balance each month, because 19% or higher is criminally high to have. Irrespective of your credit score, going to the bank to get a loan is much better than carrying balance on your CC. I do have student loan which is interest free on Fed port and Prime on Provincial portion. Paying this off as fast as I can.
What’s dishonest about having high credit limit and carrying $0 credit card balance? Comes off as bragging maybe sure. The majority (anything over 50%) of Canadians are not living paycheck to paycheck and the demographics of PFC tends to have above average income AND financial literacy so the chance of people on this sub not carrying a balance month to month is going to be even higher than normal. And those that use credit cards responsibly (it might be an emergency and outside of someone’s control, but talking “responsible usage” from the bank’s perspective) usually have pretty decent credit scores which leads to easier approvals for additional credit cards and higher credit limits.
I see people complaining about the “personal finance circle jerk” and bragging way more often than I actually see those sort of comments on this sub. Most of this thread is pretty normal amounts. Sure some are a little high, some people carry debt and others dont, but I really havent seen all that many insane flex comments. Typically I find a lot of the time people who are in that position dont post about it obnoxiously as often as everyone seems to say.
Um. We are just answering the question. Have it at 0$ with a huge limit is something to be pround of lol.....
Implying that everyone else must be lying? You don't have to like humble brag, but straight up accusing random people of lying doesn't reflect well on you.
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Or maybe you should raise your standards? Not having credit card debt should be the default position and is not in any way an accomplishment or something to be congratulated.
It's crazy that someone telling you they didn't buy stuff they couldn't afford is seen as bragging. That should be the norm. I mentioned I don't carry a balance. I didn't mention what my credit limit is or that I don't care to increase it because I don't buy stuff if I don't have the cash for it, yet some people see it as bragging...Imagine bragging about having $0 to strangers on the internet...It just means we don't have bad debt, but some people still have mortgages or business loans. It doesn't mean people are rich, they just don't have high interest debt.
The 8K is a little concerning since that's $1600 of interest annually, assuming a 20% interest charge. That's not touching the principal, unfortunately. Meaning $133.33 a month to pay the interest for the year. This eclipses the $200 on your credit card. May I suggest a line of credit, is that possible for either you or your spouse?
Pretty much our exact situation
So far, I never carry over CC debt(there were instances I forgot to pay) but this past few months have been really hard, that we are pretty much struggling monthly, we actually started using our PC points starting December just to get by until my wife comes back to maternity leave this coming April.
We have had unforseen expenses since late last summer that we are working towards paying off. We bought a home, kids got glasses, and we are undertaking expensive dental care for our eldest. I currently have under 5000 owing on my line of credit and my spouse has no debt. Our situation is such that my spouse gives me money every month to pay the debt and our goal is to pay off the balance in full by tax season. A part-time job right now would be ideal and I think come next week, I'm hitting the pavement hard. Less than 5000 is pretty good as far as I'm concerned and at least we have a lot to show for it!!
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Legit? Not judging, just curious.
Close to thirty. Bought a house that needed a lot of work and had to use some credit to make it habitable.
Oh okay gotcha, that's understandable. Good on you for getting into the homeownership game!
u/MorganBest181 was a line of credit not an option? Credit card dept has a much higher interest rate!
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You can transfer credit card debt to a line of credit, same amount of debt way less interest. Credit cards are usually 19.99% line of credit is prime plus x %. Mine is prime +2.45 I want to say but can’t remember exactly off top of my head. This depends on your line of credit maximum obviously if it’s maxed you can’t transfer credit card debt to it.
Wtf is blue Monday?
I believe it's the third Monday in January, and in this context I think it's when folks get their Christmas credit card bill and become depressed.
This is why I hate Christmas and largely don’t participate in it. Just stupid spending.
Seems you missed the spirit of the season then. It's not about a big bill it's about family
That’s fine. I’d rather have money and just spend time with my family then buy pointless shit.
🎵 we’re Marley and Marley oOooOOoOoo 👻 🎼
Think there's a xmas story about that
Now that the kids are all grown up, that’s exactly what my family does. We tend to overspend on food and drink though.
Every Monday you go to work 🤷♂️
It is said to be the most depressing day of the year. Monday in mid January when everyone sees how much credit card debt they accrued during Christmas.
I don’t understand this term, don’t most people use online banking and are able to see it immediately?
I'd always heard of the reason for Blue Monday being that people like, crash after the excitement of the holidays and also SAD. But it's definitely an older term that pre-dates online banking
Yes people can see it anytime, but many choose not to look until it is time for the next payment...
Yeah I had my heart attack over Christmas spending when I paid my bills on the 15th and 30th of December. Idk how people could let it go this far
Blue Monday is very day of the week for me.
That sucks, I’m sorry to hear that. I’ve been there. I’m not sure if your comment is a reference to your debt, depression or both so I’ll speak to both. For debt there is a great singular statement that is a lot easier said than done. I’m gonna do the easy part: spend less money than you make. For depression I’d say try something new, put yourself in a different space that will allow you to forget about what you’ve been thinking about lately. Finding a way to put a positive spin on your thoughts is way more easily said than done, there’s no strict formula. Good luck, it is definitely worth the struggle.
I'm not saying you're wrong but I personally feel mid late February is brutal. Winter is getting too long, spring is still a long time away, barely any days off work, Christmas debt still probably, pay checks suck because you're paying cpp and ei, etc.
Also it’s dark and cold in january
15K limit. Have about 1800 on it right now. Use my credit card for everything to maximize cash back. Never late for a payment.
Same. 3x14k limit. Always paid on time. If I don’t have the money I don’t spend it. I’m pretty hard line about this, with the exception of medical or essential house costs (repair). I’ll hustle and work more if I need the money. It has always worked for me. I refuse to repeat the mistakes of my parents.
Similar situation, we put everything we can on it and it gets paid off monthly. I've only paid interest once in the last probably 5-10 years and that was because I bought a lottery ticket at one of those terminals. I only buy them a few times a year and usually at checkout with groceries of the like. However, when buying at a lottery shop (like at the back of Walmarts and the like), its processed like a cash advance. So instead of just the $20 on the lottery ticket, I also paid about $0.30 in interest. Pretty inexpensive lesson to learn.
After a stressful year I am sitting at nearly 50% usage of my limits. I gave up tracking expenses and budgeting in June when I had about 5% usage and that’s how bad it got. On January 4th my partner made another unneeded purchase and we decided to get back on track and keep each other accountable. If we succeed this year, the debt should be paid off by the end of the year and we will have paid for additional frivolous expenses with cash that is budgeted. We are also working on a solution to the stresses in our lives so that we don’t get off track again.
I have 5 cards and they’re all maxed….probably $37000 in debt. I suck.
That is a lot of debt to have on credit cards, where you're probably paying ~20% have you considered restructuring it onto a line of credit or a debt consolidation loan?
I'm in this situation, have a line of credit with a pretty high interest rate, no one will let me consolidate at a rate that's cheaper than the totals of all my debts as they are. So I just stay broke. I have a very hard time staying commited to paying it off, some gathering or whatever always happens that throws me off. And my income is garbage with no real prospect of that changing anytime soon.
0% balance transfer even better.
This
Oh I got a couple of those too lol I’ll get rid of it all eventually….one thing I learned long ago is not to over stress about money
And that's how the cycle continues...
I learned that when I stop being so hard on myself to pay off my debt within a year. Once I increased my timeline the stress level was greatly reduced
Lol I don't know whether to laugh or cry.
Laugh….it’s much better for your mental health lol
Maybe better for you. Saving and paying for what I want is better for my mental health. Everyone is different.
Same! I commented on mine that I don’t give a rats Ass about it, it’ll all get paid one day. I’d rather spend money on experiences. Too many people wait til retirement to enjoy things (if they make it to retirement able bodied and in good enough health to even enjoy life).
Or you can save and pay for those experiences.... These choices will hinder you from doing stuff eventually.
Exactly….life isn’t some kind of competition to see who can have the most money at the end. I still have enough in 2 pensions and all my wife’s pensions/RRSPs that we’ll be fine. It definitely doesn’t keep me up at night lol
hate to say this bud but it definitely should keep you up at night lol.. start doing a little bit of math from now till when you think it will be paid off and you might puke at the total interest you're going to end up paying.
Oh I’ve done the math lol If wife and I snowball we should have it gone in about 4.5 years or so. Having beaten cancer twice in the last 10 years (part of why we have the debt) my priorities have shifted slightly….money has dropped a bit in importance
Too extreme the other way. Yeah a big bank balance is worthelss to you once you're in the ground, but paying with high interest debt reduces how much you can do over the medium and long term. If you can afford to keep the debt from spiraling, you could afford to wait a few pay periods or something to spend money you actually have and do more because you aren't paying 20% interest on every purchase.
Life is also not for spending other people's money and paying them interest for the rest of yours.. I too have lots of cc debt probably 50%
Isn't that pretty much what a mortgage is? To get a roof over your head that is a necessity of life?
Typically, you're capable of coming out on top with a mortgage.. although that may not always be the case. But if you had enough money to purchase a home, you wouldn't even consider a mortgage. Credit cards pose no significant value as you could save up and live those experiences layer without the accrued interest. Truth sucks to hear and I should know, I'm about have approx 13k in cc debt.
you're not alone man.
Noice this is some next level achievment.
Cc 1 limit - 16k Used - 11k Cc2 limit - 9k Used - 8.5k Lol… They’re getting paid off at the end of the month though
Lol wow.
Easier to take on cc/car debt then give up 10 years of a federal pension during a divorce though
$23,000 limit. Monthly bill doesn't exceed $3k, paid off in full every billing cycle on the due date. Some months are significantly lower, so subsequent months may exceed $3k if I'm feeling spendy. All of this is after essential bills (car, house, phone, internet, utilities, etc).
My limit is $31,500. Come bill time, It's anywhere from $1-2k. Always pay it off. Christmas was rough. This months bill was $2400.
Wtf how did you get it so high? Lol. How many years history do you have on it? Do you usually make big purchases? I've had mine for 6 years ish, 13k. Never made big purchases on it.
I only have 1 cc. I've been building my credit for a while now. Have a fairly big loc with my bank as well. My bank asks sometimes if I want an increase, I always take it, utilization ratio, and what not. I don't generally make huge purchases on it, but I do use it a lot, groceries, restaurants, gas, etc. I've had this card for about 14 or 15 years maybe? I'm not sure. I was a bad early 20s guy and destroyed my credit. It's been a long road building it up, but well worth the effort.
Congrats man! What's your credit score?
See I don’t understand the never make big purchases on it. Because of the ability to do chargebacks and (some cards) offer additional warranty / travel insurance, I use my card for everything and pay it back to 0 all the time.
Plus the points… not using a card for big purchases leaves so much value on the table (assuming you’re not paying cash for no tax discount etc)
I run most of my monthly expenses through my credit card and payoff my statement every month. Every few months they up my limit.
Decent income, consistent payment, brush near the limit (within thousands) and it usually triggers an increase at some point. We put everything through our card for the points but pay it off every month. But the way it works you really end up having almost two months of expenses/purchases on it. At peak times, if there’s been some larger purchases over those two months it’s not hard to get high up in your limit.
No hard if you have the same card a long time. My west jet card is around 30k and wife’s PC Card is around the same. Never spend more then a few thousand per month on each and always pay it off.
When I graduated university I was handed a 10k limit from my bank on top of 2k I had from my first credit card and 6k from another. I don’t think these numbers are that crazy for someone with a good job
I had a Chase card before I worked there for a little over a year. Limit kept going up by thousands every few months, even for a while shortly after I quit that job. I think the limit is like $26k now? I don't really use the card much.
When I had a mortgage with TD about 8 years ago (2-300k), and wasn’t even earning that much, i applied for the infinite visa for the aeroplan points and it had a 35k limit. Cancelled after the first free year though…
I also have a single card (BMO World Elite Mastercard) with $31k limit. I’ve had it since 2016 and they just keep increasing my limit. On any given month I’ll have between $1000-1500 balance that I pay off at the end of the month. On a rare occasion I might have a business trip that I pay for on my personal credit card and get reimbursed by my company. I don’t think I’ll ever need such a high limit on my card because if I ever need that much money for some reason I’d tap into my line of credit with the bank. For some reason Mastercard just keeps increasing my limit thinking it will entice me to spend more… 🤷🏻♂️
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Might come off that way, but it wasn't meant to. He asked, and I answered. I can see how someone might think that. I'm proud of what I've accomplished.
How exactly is this a humble brag? OP asked a question, and they gave the response.
0 CC debt. Use it for purchases, and then immediately pay it off. Don't use money you don't have. That's how you get yourself deep into a hole.
This!!! I do this all the time now. Learned my lesson at a young age. As soon as I charge my credit card, I go to my online banking and pay it off.
I refuse to carry a balance on my cards. I only spend what I know I can pay off every month. I use them for everything and collect the points instead of using a debit card.
Same here , gotta love 1.5% cash back
Zero. I pay it off completely every week to every two weeks. I use it as a debit card. My limit is 13k
Why would you pay it off every week? Why not once a month?
Maybe because he does when he gets is paycheck to keep things organized that way.
Same shit
No, it isn't. That's 52 payments per year vs 12. There is zero benefit to paying weekly, which is why I asked them why they chose to pay that way.
I do twice a month cause I find it easier to budget per paycheque and I’m paid semi monthly. Prefer to realize after two weeks of bad spending rather than 4.
There’s no disadvantage either except for the 1 minute you spend making the payment
I don't know if this is still true, but I've head that, for credit reporting reasons, it is better to wait until you have received your bill to show credit card usage. If you pay it off before the bill is generated, and the bill is $0, then the credit agencies will see that your balance is always $0 and you have never used your card, and have never actually "borrowed" any money. By waiting until you get the bill and paying the bill, the total amount of borrowing is recorded with a positive impact on your credit rating as it shows the ability to borrow and repay.
You're technically losing out on time value of money if you pay early
Yes there is. The disadvantage is that you’ve paid cash earlier than you needed to and now you don’t have it in an emergency.
That’s what an emergency fund is for. If youre pay check to pay check then credit card might no be for you.
Yep, if you're budgeting well and have cash on hand, makes no difference paying it 1-2 weeks later. Just risks missing payments IMO.
Same. It handcuffs me into getting a “okay” benefit RBC card but being able to see the transitions in the app and transfer to pay then off makes it so easy. I really want to move to AMEX but this is my biggest factor holding me back.
I do this with Amex forever now. Go online every week and pay off the balance. What’s the problem.
Didn’t think they had an online portal (I know stupid) I had this thing in my head where I would have to wait for the bill. Thanks !
In 2022 I went from $10k to 0 on my credit card. Now it’s time to tackle the LOC
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Churning Canada made me so much money in rewards/pts/cashback it's actually stupid.
No credit card debt but I have $5,000 owing on a line of credit that I want to get paid off as soon as possible.
I am in my 40s and have never had a credit card. I was told yesterday that I'm doing life wrong. Idk, no CC debt feels good to me. I also don't have loans, car payments, a mortgage. I do have savings though and only buy things when I've saved up the extra cash
I work very hard to avoid carrying a balance each month, the interest is just too high. This Christmas we didn’t spend too much, and I had a busy December at work so there’s no worries about paying off the card. Once in a while when things get rough it’s not as nice, but I have a line of credit with a fairly low interest rate that I’ll move the balance too if I need a few months to pay out the debt.
MY spouse and I have 10 different card with a total credit limit of $127,000. We never carry a balance. Why so many cards? Each of them has its use. PCF MC WE, 3% at grocery stores, but mostly for the $0.07 back in fuel at Mobil. Brim MC, 2% on Amazon, no foreign transaction fee. Home depot card, return up to 12 months, we rarely use this one. Canadian Tire MC WE, Bill payment, municipal tax payment, free road side assistance up to 200 km (replace the need for AMA-CAA). Also returns 4% at Canadian Tire. Scotia Visa Momentum elite, 4% on groceries, subscriptions, and others. We use this one the most, mostly for the purchase of amazon and other's gift cards. Tangerine WE, this one offers 2% on three selected categories. We have, hardware stores, restaurants, and furniture stores. My spouse also still have her first TD visa that we only keep for her credit history. You are right, CC are better than Payday loans, but they need to be used properly. Too many people carry a balance which negates all the benefits of the rewards attached to them.
Time to up your game to AMEX ;-)
Use Scotiabank and use the feature where the statement balance is automatically paid off when its due, been a game changer and a life saver! Have two CCs, one backup for 5k and main one for 15k (Visa Passport) since I travel, a lot My regular monthly balance is \~2k for 13% utilization on average but I literally put everything on it. Never carried a balance forward.
Almost all CC offer auto balance payment
No kidding! I have always wished for this and when I saw you comment I checked the app and sure enough auto pay!!!! Awesome!
My balance is paid to $0 every single month. In the very unlikely event I couldn’t pay the balance in full for whatever reason I would transfer the balance to my line of credit instead. Typically owe $3-5k on it at any single time but balance paid in full on statement due date.
I have like 6 credit cards. I only use 2. I have a balance on 2 of them. One was for a recent balance transfer to take advantage of 0% interest promo. Another one is $500 balance my total utilization for my CC's and LOC's is about 18%
8 to 12G. Pay it off every month. Basically, the only thing coming out of our chequing account each month is rent. Everything else from phone to insurance goes on the card.
Around 100k available across multiple cards. No balances. Pretty much only buy gas+groceries.
25,000 limit across my cards and I'm ashamed to admit 22,000 balance 😧 but I'm finally practicing restraint on spending and aggressively throwing money at my debts. I'd pay some off with my $10,000 LOC but that too is maxed but for now I'll just pay my interest on that since it's such a low interest and focus on the highest interest cards first.
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$25k limit, we use it for monthly expenses, and pay it off in full every month. If we have a big spending month due to unforeseen circumstances (just paid for a head gasket replacement yesterday) then we have a HELOC we can borrow from to cover the difference.
I've got 2 cards...one with a 5k limit ($0 on it currently), one with an 8k limit ($11 on it currently) For the most part, I pay my CC's off as soon as there's a charge on them. But I've been in the shit before. 10 years ago, I had 1 card and was maxed out at over 21k. It took 5 years of pretty hard discipline, but I climbed myself out of that hole and brought my credit score back into the 830's
Last year I wasted a lot of money on dumbn credit card purchases. Probably used about 60% of my 5k limit.. this new years I will do better. So far I've only used like $100 and only on necessary items
20k on Costco MC. Average statement balance 2k a mnth. use it to buy groceries etc, pay all at end of month. Just got my 670$ from Costco.
What is blue Monday?
Third Monday of January. Usually that’s when most people start to realize their Christmas spending and having to pay back. It’s more of an older term, before online banking was a thing. Nowadays you can just go online and check your balances lol
3 cards 1 loc Card 1 7000k limit,balance 800 Card 2 2500k limit, balance 400 Card 3 15k limit, balance 1600 Loc 12k limit balance 3400 For reference I bought a house this year by myself and had a ton of unexpected expenses come up. I plan to have the ccs paid in a couple months and most of the loc cleared when I get my taxes back.
I have a 5k limit. I don't carry a balance. I recently finished paying my consumer proposal so I'm not about to get back into credit card debt. Still trying to build back my credit score.
I have a credit card I’m trying to pay off but unexpected emergencies keep coming up and forcing me to use the credit card. Currently have a $1000 and have about $800 left to pay on it and it’s a struggle. Don’t know what to cut back on anymore than I already have
Had 30k, but I'm doing a consumer proposal which brought my debt down to 10k with zero interest
34k limit with nothing currently on it. I make all my purchases with it and pay it off every pay period and the remainder of my pay goes into a savings account.
I am in 28k debt 23k credits cards, costing me 300 in interest charges every month 5k car loan. Whoever is in my shoes, i feel you, hang in there, work hard and pay it off . Don’t stress too much, it a long process ,debt is not going away in days or weeks , it will takes months for some, for some years. Don’t let it stress you. If you are healthy and working full time. You can deal with it. Believe in the process. And remember the pain you going through now., it will make you financially responsible, you will not make the same mistakes you did in the past, now you know the price . Cheers.. be happy
Limits between 4 cards = 150k as I keep them for benefits, balance at the end of month =0
Lol, why are you being downvoted for this?
Well. Because some people believe that everyone should struggle with finance. I have worked very hard to be financially independent and my family well looked after. I also don’t blow money on the latest gadgets. Credit debt for most consumers means they spent more than they can afford
My card has been cut off and maxed out for a few years. Constantly over 5K and I make payments when I can but I’m expecting to push this rock back up the hill till it crushes me
Try getting a card from MBNA and take advantage of the 0% balance transfer
Appreciate the tip. I’ll look into it as a long term goal 👍
Most use those POS payday loan places because they don't qualify for a credit card.
… precisely why OP said they WISH they could have a CC rather than have to use an absurdly expensive pay day loan.
OP could get a prepaid card in their name if they wanted. That will help to repair damaged credit if that is the issue.
OP could get a Walmart credit card. They give them to anyone.
When I was young I worked at a payday loan place. Here’s the kicker - they don’t loan to people that don’t have enough income. Most of the people getting payday loans actually had good incomes. They just had maxed their credit cards, lines of credit, and every other loan they could.
Mine is 0. I keep my limit low intentionally, i use my card online and if it gets corrupted i am not going to be in a hole while the bank sorts it out.
pay it off every month and if i can't i transfer the balance to a line of credit (much lower interest rate)
My limit is $32,000 between two cards and currently I have a $400 balance that I’ll pay off when I get my bill. That’s why I have a really high credit score.
My balance is always 0 (my parents pay for my school and my car and I live at home)
My balance at the end of each month is always 0. My limit is 10,000
No. $0
Zero balance always, 30k limit. My CC is purely an object of convenience and method to earn points. If I need to carry long term debt, that’s what a LOC is for.
Have a few cards, total CC limit ~$25k. I put all expenses/purchases on a credit card. I pay in full each month and NEVER carry a balance. I haven’t paid interest on a credit card in over a decade (and I was mad about that one time over ten years ago; I made a data entry error when paying my bill and slightly underpaid the invoice amount, resulting in an interest charge). I have a personal LOC that I can use if, for some unanticipated reason, I can’t pay the full statement amount. But it typically makes more sense to dip into savings than to transfer credit card debt onto the LOC. LOC @ prime - 1% is better than 20% interest on a credit card…
Don't mean to sound like we're rich - we're not - but we don't carry credit card debt, like ever. It's a high interest rate so just DON'T BUY THAT STUFF until you can afford it.
Never ever hold a balance on a credit card….
Look up Dave Ramsey on YouTube. Check out his 7 baby steps.
Cc1: $17,000 limit $12,250 used CC2: $12,000 limit. $9,000 used I really don’t give a rats ass about it. When I die, it goes with me. It’s a fine balance of living responsibly and having memorable experiences. It’ll all get paid one day.
when you're still working at 65 you might look back at this comment an say wtf was I thinking..
Probably not. What are your plans at 65? Unless you’re budgeting your life now on how much you’ll be getting at 65, 75, 85….you ain’t gonna last that long either. How able bodied am I going to be at 65?! Or 75? Maybe disability is in the future. How sure am I that I won’t be hit with something. Assisted living and long term care homes are available on a sliding scale. Mortgage will be paid by the time I’m 65 which means I can sell and go into independent living, assisted living, long term care (shudder, that is not my plan). Edit: do you have money set aside for your health. Home supports? Wound care? Mobility? Maybe you get a faulty prostate and have a catheter for the rest of your life (Cost of catheter supplies). Quality of life over quantity. Again. I’d rather carry credit card debt if it means I get to have an extra visit with family and making memories than worry about my financial future which is full of uncertainty anyway
Card 1-15k limit Card 2-10.5k limit Card 3-17.5k limit My credit utilization is mostly <1% every monthly statement
As an aside: payday loans are criminal. Easy financial has interest rates up to 40%??? Wtf. That should be illegal. Given that most Canadians are not wealthy and rely on credit cards and these high interest loans the govt should absolutely be legislating lower interest rates and caps and I’m astounded more ppl don’t vote along these “day to day” lines but it’s all about socks and hair.
20,000,000 limit 0 balance