# So, how much do you owe on credit cards? **URL:** \ **Category:** In My Humble Opinion\ **Created:** [June 5, 2003, 11:50am UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794 "2003-06-05T11:50:59Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![minor7flat5](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/minor7flat5/32/258_2.png) [@minor7flat5](https://boards.straightdope.com/u/minor7flat5)\ **Post date:** [June 5, 2003, 11:50am UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/1 "2003-06-05T11:50:59Z")
Until yesterday I had no good idea of how much we owe on our credit cards. The darned things proliferate like rabbits and even if you have a relatively small balance on each one, it adds up. I sat down and entered all of the balances in an Excel spreadsheet and watched in amazement as the total grew. I felt that we owe more than my comfort level allows. As I considered this, I realized that my comfort level is based on a salary of many years ago, and came up with the following question: **How many months of your take-home pay would you need to pay off your credit card debt?** For example, if you take home $2,000 per month and you owe $4,000 then the answer would be “two months.” Of course, I am ignoring the fact that we all pay rent/mortgage and a few dozen other fixed costs. I did a rough calculation and figured that we owe about **one and a half months** of our take-home pay. This puts things into perspective for me and shows me that we really don’t owe any more than we ever did in the past. Of course, I would prefer not to have any such debt since the interest is so high, but I lack such self control. So, anybody else? ---
**Author:** ![DeadlyAccurate](https://avatars.discourse-cdn.com/v4/letter/d/ac91a4/32.png) [@DeadlyAccurate](https://boards.straightdope.com/u/DeadlyAccurate)\ **Post date:** [June 5, 2003, 12:16pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/2 "2003-06-05T12:16:47Z")
About 1 day of take-home pay, of just one of us. We don’t like to be in debt, can you tell? ---
**Author:** ![Kalhoun](https://avatars.discourse-cdn.com/v4/letter/k/3bc359/32.png) [@Kalhoun](https://boards.straightdope.com/u/Kalhoun)\ **Post date:** [June 5, 2003, 12:17pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/3 "2003-06-05T12:17:55Z")
Zero balance. We pay it off every month so we don’t accumulate interest. We only use one card. We used to have a few and ended up in financial trauma. We have a line of credit at a bank that can be used for big emergencies. The interest is only 5.25% or something like that. ---
**Author:** ![DeadlyAccurate](https://avatars.discourse-cdn.com/v4/letter/d/ac91a4/32.png) [@DeadlyAccurate](https://boards.straightdope.com/u/DeadlyAccurate)\ **Post date:** [June 5, 2003, 12:18pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/4 "2003-06-05T12:18:48Z")
Correction: none. I just paid it off. Thanks for the reminder. ---
**Author:** ![Eonwe](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/eonwe/32/240_2.png) [@Eonwe](https://boards.straightdope.com/u/Eonwe)\ **Post date:** [June 5, 2003, 12:19pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/5 "2003-06-05T12:19:44Z")
about $2000 dollars. Since I’m unemployed, it’ll be paid off indefinitely, though it’s priority #1 as soon as I get a job. I hate debt (it’s so high 'cause I paid for a bit of school tuition on it). ---
**Author:** ![RealityChuck](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/realitychuck/32/195_2.png) [@RealityChuck](https://boards.straightdope.com/u/RealityChuck)\ **Post date:** [June 5, 2003, 12:26pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/6 "2003-06-05T12:26:51Z")
I pay mine off each month. Right now, it’s a bit high, but my next paycheck should cover it. ---
**Author:** ![Sublight](https://avatars.discourse-cdn.com/v4/letter/s/439d5e/32.png) [@Sublight](https://boards.straightdope.com/u/Sublight)\ **Post date:** [June 5, 2003, 12:58pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/7 "2003-06-05T12:58:50Z")
1.5 business days worth. And even that’s mostly work related and will be reimbursed. I set up an automatic payment from my bank so the full balance is always paid up on the due date. In any case, Japanese rules make it impossible to carry a balance for more than two months ---
**Author:** ![Frank\_2](https://avatars.discourse-cdn.com/v4/letter/f/8c91f0/32.png) [@Frank\_2](https://boards.straightdope.com/u/Frank_2)\ **Post date:** [June 5, 2003, 1:05pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/8 "2003-06-05T13:05:44Z")
4.7 months. A good chunk of that was a rather large purchase I just recently made. Racing engines tend to be a tad expensive. ---
**Author:** ![zev\_steinhardt](https://avatars.discourse-cdn.com/v4/letter/z/97f17d/32.png) [@zev\_steinhardt](https://boards.straightdope.com/u/zev_steinhardt)\ **Post date:** [June 5, 2003, 1:09pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/9 "2003-06-05T13:09:45Z")
About a bit less than a week’s pay. Zev Steinhardt ---
**Author:** ![Marathon](https://avatars.discourse-cdn.com/v4/letter/m/7cd45c/32.png) [@Marathon](https://boards.straightdope.com/u/Marathon)\ **Post date:** [June 5, 2003, 1:22pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/10 "2003-06-05T13:22:24Z")
Just under 2 months. This is, in part, because I just ordered plane tickets to and from NYC and also a new iPod. And as soon as it’s gone, it comes right back again! I’m going to buy a new guitar and get my clarinet overhauled. Nursing a little bit of debt responsibly is healthful for you. At least, that’s what I keep telling myself. ---
**Author:** ![Gorgon\_Heap](https://avatars.discourse-cdn.com/v4/letter/g/f475e1/32.png) [@Gorgon\_Heap](https://boards.straightdope.com/u/Gorgon_Heap)\ **Post date:** [June 5, 2003, 1:25pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/11 "2003-06-05T13:25:02Z")
Not one red cent. We don’t have a lot of cash to begin with, and we see no reason to screw with our already crappy credit. We have no credit cards, and we have no debt. ---
**Author:** ![mhendo](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/mhendo/32/3159_2.png) [@mhendo](https://boards.straightdope.com/u/mhendo)\ **Post date:** [June 5, 2003, 1:34pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/12 "2003-06-05T13:34:07Z")
You just reminded me to pay it off. Balance now zero. ---
**Author:** ![Eve](https://avatars.discourse-cdn.com/v4/letter/e/9e8a1a/32.png) [@Eve](https://boards.straightdope.com/u/Eve)\ **Post date:** [June 5, 2003, 1:35pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/13 "2003-06-05T13:35:06Z")
I also pay mine off immediately, and only have one credit card. If I can’t afford it, I don’t buy it. ---
**Author:** ![Jonathan\_Chance](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/jonathan_chance/32/701_2.png) [@Jonathan\_Chance](https://boards.straightdope.com/u/Jonathan_Chance)\ **Post date:** [June 5, 2003, 1:36pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/14 "2003-06-05T13:36:50Z")
Maybe a week and a half. Most of our large purchases I roll into the home equity line so I can deduct the interest. ---
**Author:** ![dwc1970](https://avatars.discourse-cdn.com/v4/letter/d/a183cd/32.png) [@dwc1970](https://boards.straightdope.com/u/dwc1970)\ **Post date:** [June 5, 2003, 1:40pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/15 "2003-06-05T13:40:55Z")
About two months worth of my net income. I just sent $1000 in from my tax refunds to knock off a good chunk of it, though. ---
**Author:** ![bittersweet](https://avatars.discourse-cdn.com/v4/letter/b/c57346/32.png) [@bittersweet](https://boards.straightdope.com/u/bittersweet)\ **Post date:** [June 5, 2003, 1:41pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/16 "2003-06-05T13:41:04Z")
Well, seeing as how I’m now unemployed, it may take me forever to pay them off… regardless, I think I owe somewhere in the range of $15,000. ---
**Author:** ![Dunderman](https://avatars.discourse-cdn.com/v4/letter/d/ecb155/32.png) [@Dunderman](https://boards.straightdope.com/u/Dunderman)\ **Post date:** [June 5, 2003, 1:41pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/17 "2003-06-05T13:41:28Z")
Balance zero. Never otherwise for more than a couple of days. ---
**Author:** ![UnwrittenNocturne](https://avatars.discourse-cdn.com/v4/letter/u/6de8d8/32.png) [@UnwrittenNocturne](https://boards.straightdope.com/u/UnwrittenNocturne)\ **Post date:** [June 5, 2003, 1:47pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/18 "2003-06-05T13:47:14Z")
No credit cards (hate that interest rate), no debt. If we cannot pay cash, we do not buy it (mortgages excepted) ---
**Author:** ![Kayeby](https://avatars.discourse-cdn.com/v4/letter/k/9de0a6/32.png) [@Kayeby](https://boards.straightdope.com/u/Kayeby)\ **Post date:** [June 5, 2003, 1:48pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/19 "2003-06-05T13:48:26Z")
I used internet banking to pay it off, but accidentally put in a little too much - so I actually have a surplus of $1. I always pay it off within a day of spending the money, and always within the week. ---
**Author:** ![Mullinator](https://avatars.discourse-cdn.com/v4/letter/m/c2a13f/32.png) [@Mullinator](https://boards.straightdope.com/u/Mullinator)\ **Post date:** [June 5, 2003, 1:53pm UTC](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794/20 "2003-06-05T13:53:28Z")
1 card. We have never carried any balance from one month to the next. If possible, I put every purchase on it. Why? I could pay cash or check, but in paying by credit card, I automatically have an itemized list of what I am spending money on each month. That way, if I suddenly were to start spending more than I could afford I would immediately be able to recognize I was doing so rather than underestimating my spending through a combo of cash, card, and check. [Next page](https://boards.straightdope.com/t/so-how-much-do-you-owe-on-credit-cards/179794.md?page=2)