what a relief...

[rkjunior303]

Over the last 12 months or so, I found myself with close to $7k in credit card debt. I can officially say, after 12 months I have just made my last payment in paying it entirely off. Learn from me, young Padwans -- Don't get those credit cards!!

Smart spending, along with consolidating them into one low-interest personal loan really helped me big time.

It feels like a ton of bricks has been pulled off my chest.

[Python14]

Yes....debt of any kind is bad

[rkjunior303]

well, yes and no. debt also helps build credit if it's in good standing -- which mine was all the time. I'm 25 and I have impeccable credit, which comes in handy when I want to go buy properties.

[wad04]

I'm in debt up to my eye balls

[quik]

Congrats.

[Vex]

well, yes and no. debt also helps build credit if it's in good standing -- which mine was all the time. I'm 25 and I have impeccable credit, which comes in handy when I want to go buy properties.

You are mostly correct. You cannot build completely solid credit off of credit cards alone--but it's not a bad start. A car loan will really help your credit, as will your consolidation loan.
Good job getting out of debt! I know the feeling, and I've been debt free for close to 4 years; except for 2 cars (one will be paid off in the next couple of months) and 1 mortgage. However, since you need a motor vehicle to get around, I don't consider it debt since it's a necessity. And, well, a mortgage is not really considered debt.
The biggest key, no matter what, is to simply pay your bills on time--even if you can only afford the minimum payments. :)

[rkjunior303]

Very true. The only real debt I have right now is my car payment, which I only have a few payments left out of the 4 years.... Between that and a few other loans through my bank, I've built up a pretty solid credit history.

[Alley]

I have just recently joined the world of the indebted....I just bought a brand new 05' car and my very first loan. I still havent gone down the CC card path yet....which I think I've done pretty well considering I'm 27..and I work at a bank. I see enough people highly in debt that its pretty scary!

[SCpoloRicker]

Debt = teh bad

In my opinion: You should never use a credit card for a purchase you couldn't afford to buy right away.

Exceptions for cars, student loans, and home loans. But generally, I avoided debt like the plague. I still had decent credit scores.

Congrats on getting the debt monkey off your back, rkj. Now keep it that way.

/homeowner
//Get off my lawn!

[Maggot6]

I am still a wee one, and havn't experienced the wrath of debt. But something tells me that I should get in like, $100 debt or something small and then have to feel the pain. Because I know if I just say"well then, I'll never be in debt" If I ever get hit with $1000 + debt,when I have an apartment and rent to pay and university or whatever, then I'll soil myself..

Yeah, I'm not getting a credit card until I am very secure financial situation..

Congrats to you :)

[insanity415]

i jsut turned 18 a few weeks ago, but my plan right now is to get a credit card before i go to college and just use it to buy small things that i can pay off right away just to help build some credit. it would also be nice to have just in case of an emergency and have my parents help me if it comes to that.

[Bulldog]

i jsut turned 18 a few weeks ago, but my plan right now is to get a credit card before i go to college and just use it to buy small things that i can pay off right away just to help build some credit. it would also be nice to have just in case of an emergency and have my parents help me if it comes to that.

...and that's pretty much how it starts. I hope you stick to your guns, most don't. :)

[Jakedubbleya]

...and that's pretty much how it starts. I hope you stick to your guns, most don't. :)

Why i'm a debit card kinda-guy:) Credit is for losers You only need it for stuff your going to finance anyway, and thats basically like using a credit card... just leave me outta that whole mess... ill buy what i can afford thanks:)

[fire1811]

credit cards will get you in a lot of trouble if you dont be careful.

anyone who gets a credit card should call the company after recieving it and lower the limit to something that your income can manage.

I personally have one credit card with a $1000 limit on it. If I use it I pay it off that month. I learned as you have rkjunior303 that its easy to get in trouble quickly.

insanity415 thats how it always starts and then its.... well I REALLY need this new *enter product here* I will pay it off quickly. Then something else comes up, then another and another.

credit cards are addicting if not careful