I have credit card debt again, gonna be sick to my stomach

[Reverend Conehead]

I went 15 years with no credit card debt, but it's back! I was in a tough spot. It was going to cost about $1,000 to fix my car, but I could only afford to pay $300. However, I qualified for the auto repair place's credit card, so I put the remaining $700 on that. I hate that, but my only alternative would have been to leave it unfixed and not drive until I had the bucks in the bank to get it fixed.

So I went $700 in debt to their stupid card, and I can't pay it off immediately. So I got their first statement today and paid as much of it as I could, way more than the minimum. I'm still pissed off! I went 15 years with no credit card debt at all. They really suck you in and get you paying interest. I'm paying this down to zero as soon as is humanly possible.

I get stinkin' credit card offers in the mail all the time. For some reason, it would seem every bank wants to loan me money, but I don't want to owe them all a bunch of money! I've already got a 5-year car loan, which will finally be paid off in April.

It was important to get that car running right, but @#$%, I didn't want to go into debt to do it. I'm sure I'm probably not the only one who's had to do something like this.

 

[Tabascocat]

It’s not necessarily a bad thing, it takes credit cards to build credit anyways among other loans, etc. Also, $700 minus what you paid isn’t much at all. Being in debt would be like me on my first CC long ago, blowing thousands on nothing to show for it

 

[BrAinPaiNt]

Did you inquire about getting a small personal loan from the bank?

I know it is too late now but that is an idea if you have a next time.

 

[dsturgeon]

sell a guitar

 

[Reverend Conehead]

sell a guitar

No sacrilegious posts!

 

[Reverend Conehead]

Did you inquire about getting a small personal loan from the bank?

I know it is too late now but that is an idea if you have a next time.

Banks were all closed. It was either their credit card or calling up Uncle Bubba to borrow cash from his meth lab business.

 

[BrAinPaiNt]

No sacrilegious posts!

The nerve of some of these brutes

 

[cowboyec]

time machines ain't cheap.

 

[nightrain]

$700 is manageable. Hold firm until you pay it off.

 

[DZSierra]

Consider yourself lucky. $700 is more than manageable, and the interest for x amount of time on that principal shouldn't be to bad to buy the time you need.

Hopefully you read all the fine print on the auto's credit card and you know what stupid fees could be lurking for a late payment.

None of my business, but I have to ask, why not just have a standard credit card in your possession? This way, you know all the ins and outs of the credit card, their fees and what to expect.

As someone else mentioned, having a credit card is a good thing as long as you can manage it (which it sound's like you are able to do). Having a good credit history (at least with a credit card) is a good thing to be on the radar with, added some offer rewards. My card I get 2% cash back on anything I buy. I use it for work as well (which can be some big ticket items) and currently have enough saved to really help out on a family vacation.

Generally speaking, I never carry cash, nor do I write many checks. Pretty much credit card for everything (paid off in full every month).

 

[jsb357]

There was a time I had to sign my truck title over to the repair shop to be able to make payments on the repair.

Don't know your situation but $1000 repair for a car is pretty common these days with the $150hr labor rates.

As friend paid $1700 (and that was the low bid) to have his A/C redone but it was a complete redo including the dash.

I come from the day of $23 starters and $30 batteries so ANY modern price is too expensive.

$700? Don't skip, pay more if you can.

ANY money that you pay on interest is kinda like throwing out the windows.

If you have to pay interest, makes sure it's for a worthy cause.

 

[DZSierra]

Don't know your situation but $1000 repair for a car is pretty common these days with the $150hr labor rates.

Average car dealership labor rate it from $80 to $130 a hour (I'm talking about a dealership, not a mechanic who's good that has a one man show operation).

For $150 and hour, I'd pass unless you have a Mercedes, BMW or Audi (Mercedes can go as high as $400 a hour, don't ask me how I know, but I have never bought a Mercedes car in my life (as I wouldn't be stupid enough to buy a car from made in Europe when I live in the US).

Two words / phrases...

Inflation and cost of doing business.

If you're paying for service work, what warranty work after the job is done is included?

The question becomes how much are you willing to spend as well if you can't do the work yourself (certain tools play a variable in the equation as well).