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>> I'd be interested to see the debt to income ratio of families in this area. I heard on the radio this morning that since consumer confidence is up so is the amount of rolling debt people are carrying. Credit cards are bad news if you don't know how to use them. If you can't pay them off monthly you really can't afford what you are buying and shouldn't have them in my opinion.
@thetarget9: we had neighbors that were regularly driving new fancy cars and getting deliveries from upscale stores. I used to wonder how they could afford it. I was talking to one of them and found out they were buying everything on credit. They were up to their eyeballs in debt!
@Retired_Engineer: I think that is more common than spoken about. When I was in college I accrued a bunch of credit card debt and it took quite a while to pay off. Thankfully the only payments we have have is our mortgage and necessities like insurance and stuff like that. We used a credit card for all our shoppng because we get 6% back monthly and we have it set to pay off every month so we get no interest charges. That is the only way we use credit cards. We don't get in over our heads to impress others or make ourselves feel good, doing so is a sure recipe for foreclosure & bankruptcy.
@thetarget9: We paid off our house last year. I use a credit card because I don't like debit cards, but we pay it off each month. Other than that, we are debt free!I don't just pay the statement amount on our CC, I pay off the total amount accrued up to the day I pay the bill.
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