Comments on: Credit Card Debt Full Of Forgotten Items

By: Jason from MoneyTheory

Jason from MoneyTheory — Tue, 27 Jan 2009 04:31:50 +0000

I think one of the best ways for a person to “train” him or herself how to utilize credit cards as an important tool, rather than an easy way to live beyond means, is to use one for daily expenses, but track the expenses in real time. For example, if you buy groceries with it, then when you get home, you track that expense and deduct it from your checking account balance in your check register. That way, you actually see where the money goes and are instantly accounting for it, so when the credit card bill comes in, you can just pay it in full without having to make a new deduction, because everything will have already been accounted for! I used to have thousands in credit card debt, and paid it off years ago. I started doing this when the debt was paid off, and have never carried a balance since. Most importantly, I always know what I have spent, so there are no surprises!

By: mb

mb — Tue, 27 Jan 2009 04:05:01 +0000

this month i ran into a bit of an emergancy, so its the first im i’m ever paying intrest. i’m living on ranmen noodles for the next month to insure that it doesnt happen again

By: Tom

Tom — Tue, 27 Jan 2009 03:36:39 +0000

This is why I now leave my credit card at home.
It’s just too easy to walk around and charge those everyday leaving expenses … they can rack up pretty quick!

By: Andrea

Andrea — Mon, 26 Jan 2009 22:26:02 +0000

I am so grateful not to have that debt any longer but I am dismayed to think of how much that debt from the past cost me for my future. I wonder how much (invested in a 401K) 20 years ago my Chanel lipsticks, shopping vacations (that’s a vacation from work where all you do is visit malls and shops within a 2-4 hour drive of my house), junk from the ‘discount’ stores and the rest of my ‘must haves’ really cost me. That is, it isn’t just the price of the item and the credit card interest but the lost investment opportunity.

Sigh….

All I can do is move forward.

Great post!

By: Lynn Mac

Lynn Mac — Mon, 26 Jan 2009 21:15:18 +0000

One of the best things I heard on the tv was that this generation is actually depriving our children in a different way. By giving them everything they want we are depriving them of a balanced life. One thing I try really hard to do is to go into a store and leave without buying anything. My kids are shocked but I re-emphasize the fact that we don’t always have to buy something. We recently sold our boat and paid off our line of credit with the sale. As I was playing with my daughter in our backyard today I thought to myself “I’m so glad that debt is off my back.” Just a couple of things to chew on.

By: Imani

Imani — Mon, 26 Jan 2009 20:33:13 +0000

@Savvy Stepmom…you took on all his debt? YIKES. For sure, there is a place in heaven awaiting you (in 100 years or more).

Imani
~I vote~

By: Jason

Jason — Mon, 26 Jan 2009 20:27:38 +0000

The cards are paid off, but I’ll be paying for years those lunches & dinners that we ‘paid for’ with student loans. I kick myself now, but all you can do is move on, get a plan, and enjoy the process of paying it down for good.

By: Savvy Stepmom

Savvy Stepmom — Mon, 26 Jan 2009 19:44:51 +0000

My $6,400 in credit card debt is all from attorney’s fees…at least I know that for sure! The rest of it- a little over $30,000- is all from my hubby: his car, his student loan, a personal loan he took out for his ex that she won’t pay back, etc. It’s a good thing I walked into this marriage without any debt of my own- he’s got enough for both of us!

By: New-Dad-Blog

New-Dad-Blog — Mon, 26 Jan 2009 19:21:33 +0000

When I was single I would look at my credit card statement like I was waking up from a night of drinking “What did I do??” Disposal income led me to buy hundreds of dollars of stuff that couldn’t be accounted for later on. Had I only knownw then what I know now. . .

By: Angela V-C

Angela V-C — Mon, 26 Jan 2009 16:43:36 +0000

I don’t have any credit card debt anymore, but my high point was about $10000 credit card, $30000 student loans. And I can remember the very first thing. I got a credit card when I went to college and bought an instant camera and film for maybe $100. I shudder to think how much I really spent on that camera (and of course I had the debt for far longer than the camera).