How much is everyone's minimums on cc's?

iVillage Member
Registered: 04-26-2003
How much is everyone's minimums on cc's?
14
Wed, 06-04-2003 - 10:28pm
I just added up my minimums on all of these credit cards and I am at a whopping 775.00 per month. JUST MINIMUMS! This is so sickening! I just wondered if I am in this boat alone???? Is that really bad, or just really common?

Just curious,

Lucy

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iVillage Member
Registered: 05-08-2003
Thu, 06-05-2003 - 7:24am
You are not alone Lucy. My minimums are $1125 on $40000 of debt, of which I can pay $720/month. I pay the $720 onto a line of credit and I use online banking with the line of credit to pay the payments to the cc's. It's essentially transfering the higher rate cards over the line of credit, month by month. It's the only way I can do it until I have some part time income, then I will add about $700 to my debt payoff.

Otherwise I would either have to declare bankruptcy or not pay the minimums, and neither is acceptable to me. I took out the debt so I owe the money, I'll keep plugging away at it. It could take me 7 years to do it if I don't increase my income, but I'm determined to increase my income, if not this year then definitely when both kids get into school.

So anyway, no you're not alone. With the USD to Canadian dollar exhange rate, we have just about the same payment amounts actually. Your husband makes more than mine, but our mortgage is only about $450 USD, so I think we're pretty much in the same boat money wise.

Hang in there.

PS: I could in fact pay all the minimums, but then I'd have to use credit for non-routine expenses, so we have about $400/month funding ffreedom funds (mary hunt style) , it's the way to go in order to have cash for emergencies and odd things and to not use the cards. Last year I tried paying all the minimums, but having to use the cards for clothing, insurance, etc was too annoying and too hard mentally, so I cancelled them all and now take this route.


Edited 6/5/2003 7:39:33 AM ET by birdiecheeks

Avatar for jajaadetton
iVillage Member
Registered: 03-29-2003
Thu, 06-05-2003 - 8:16am
I guess I am the really lucky one! Didnt' think that I was, but after reding this board, I really am. My minimums now are only about $65. I was in debt up to $27000 at one time and I thought that was bad and that I was the only one going through it. Turns out that I was really lucky to have found out when I did and put a stop to my hubby's spending. In the last year, I have learned tons and am in the midst of being free for the first time in 14 years. There is hope beyond all this.

Good luck!

Andi D.

iVillage Member
Registered: 03-31-2003
Thu, 06-05-2003 - 8:26am
I just finished transferring my last two balances onto one card. At one point a couple of years ago, I had something like 12 credit cards, with balances, interest, over-limit fees, and late fees. No wonder I was confused!! I've since been rolling them over onto low % introductory rate cards, and finally have it all on one card now. I'm not sure what my minimum will be, but it should be around $200. And that's interest-free until the end of the year. Much, much easier with fewer cards to pay.

Lee Ann

www.werenotafraid.com

Avatar for mquin73
iVillage Member
Registered: 03-27-2003
Thu, 06-05-2003 - 10:42am
You are definitely not alone! My minimums on my cc bills total $750.00 on $35,000 of cc debt. Yes it is sickening! And of course that doesn't include what I have to pay on my mtg, utilites, auto ins, life ins, car pmt, babysitter, and food/toiletries. We pay a total of $3000 a month out (not including food/toiletries) and only bring in $3100 a month.

Absolutely disgusting!

Michelle


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Avatar for cl_beckymk
iVillage Member
Registered: 03-19-2003
Thu, 06-05-2003 - 11:17am
I think mine is around $200 that's just the CC's though, not my car payment, etc...

Becky

Avatar for thinkingpos
iVillage Member
Registered: 03-25-2003
Thu, 06-05-2003 - 1:19pm
Nope you sure aren't alone. We have about $1400 in minimums plus two car payments, rent, utilities, car insurance, and on and on and on. I added it all up today and I think our minimum payments excluding any food or clothing or misc is $4,144. Monthly pay is $4,098 for a 4 week month. Hmmm? Not going to work. No wonder we have no money LOL! We're in the midst of selling one of the cars which will save us $337 plus car insurance of probably another $100 a month. Plus it should net us about $3,000 cash to pay off some things.

Makes me sad when I add it up but I do it very often to keep on top of it.

Val

Val, Anika, Diego and Vincent Photobucket
iVillage Member
Registered: 03-26-2003
Thu, 06-05-2003 - 3:56pm
Wow! I am really kicking myself for not gettin gon track with my budget sooner. At the moment i have 1 0% card that the minimum is $162 per month. I have a furniture bill that is 0%, $0 per month until Jan '04. I had another furntiture bill that was losing its 0%, $0 pay this month but just transferred that to another 0% cc of which I do not yet know what the minimum will be but suspect it will be around $200 month. So all total my minimum cc should be about $375.

We are still occasionally using our other cc's but usually pay off the balance when the bills come in. I am working hard trying to get to a point where I don't use them anymore.

iVillage Member
Registered: 06-05-2003
Thu, 06-05-2003 - 4:19pm
What kind of interest rates are you paying???
iVillage Member
Registered: 03-27-2003
Thu, 06-05-2003 - 5:57pm
$49, $53, $260, $276

For a total of $638.

Makes it hard to snowflake but I am managing. June should be a good month for me because I just got a new job making more money and DH has picked up some overtime. Get my first paycheck tomorrow!

Rebecca J.

iVillage Member
Registered: 04-05-2003
Thu, 06-05-2003 - 10:25pm
I guess my credit debt isn't too bad/ Sears is $112 but i'm stuck for five years until i can afford to pay more. The Balance $5413. It's through a DMP. And my capital one is $26 but i pay more the balance is $941. Hopefully I get a phone call that says you're hired soon. Dh wants his weekends off soon and not have to work ot.

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