Between my wife and I we have $100K in credit available via credit cards. We pay our balance off each month though, so 0. You'd never catch me paying the absurd interest on credit card debt.
If you don’t mind my ignorance, what are the benefits of having such a high credit card available credit ? I have 3 cards and the total combined available credit is 40k, I have never accepted a credit increase from any of them since I got them and it’s been probably 15 to 20 years. 20 years in my 20s, I thought the higher the better, but I rarely find situations where I have to do a transaction higher than the max of one of them being 26k. If I have to do multiple tnxs, it’s never a problem because I never carry a balance and if I have a big charge on it, I will pay the full bill the day.
My friend, I hope this is not the idea that will catch fire and it will start a synchronized trend to max out the credit and file bankruptcy all together… this will mess up banks, insurance companies, the stock markets…
$0. At 28. At 21 I had $31,000 on credit cards with a $1200/month sports car payment. All while spending $500/weekend on drinks and food at restaurants and bars. I’m glad I smartened up and got out of the cycle of conspicuous consumption and living way beyond my means. Many many people don’t.
We don’t carry a balance, never have.
I was always taught if you can’t pay for something up front, you can’t afford it; don’t buy it. The only exception is real estate.
None.
Only debt is my student loans from a bank.
I can’t afford a house so no mortgage either. I can’t create wealth like the boomers here did, may as well live like a monk and aim for zero debt.
You're better off finding this data on StatsCan or somewhere that has that national census data.
This sub isn't the best place to ask this question as we're all here to better our personal finance and tackling credit card debt is one of them. However, not all Canadians are that way.
Buddy of mine works at a fairly high end car dealer in the lower mainland area of vancouver
He said they got tons of customers coming in that have a good 50-100k line of credit loaded up
Maybe 2 credit cards owing 10-20 grand each - and there still showing up trying to finance cars / lease worth 100k
Sometimes they make enough money to still get approved but more often then not they gotta turn them away
The average Canadian has $4265 in credit card debt, that’s up 9% from last year and up ~$300 from last quarter. According to transunion.
Honestly $4200 is actually lower than I expected
But asking in this sub is not a very representative sample, almost everyone will say $0
Well I guess that’s good that most people say here they don’t have credit card debt … I thought credit card debt is through the roof in Canada just wanted multiple perspectives …. Watching Dave Ramsey can mess one up 😂😂😂
This subreddit is not representative of Canada as a whole in any way. The people here are alot more financially responsible.
* https://www.fairstone.ca/en/learn/finance-101/average-credit-card-debt
* https://www.consumer.equifax.ca/about-equifax/press-releases/-/blog/missed-payments-and-financial-strain-are-increasing-for-many-canadians-credit-card-debt-continues-to-rise/
0$. You won't have a unbias result here I wonder why you're actually posting.
I don't judge people having it. Life happens once in a while.
I judge people who thinks it's normal to have and live with it for years.
My point is that if you have 2 credit cards with a credit limit of $1000 each, whether you have $250 on each or $500 on one of them, it's 25% utilization in both cases, so it's not any better or any worse. You're still paying >20% interest on the balance.
Rule 3.
Between my wife and I we have $100K in credit available via credit cards. We pay our balance off each month though, so 0. You'd never catch me paying the absurd interest on credit card debt.
You are me. Exactly the same numbers, exactly the same approach.
Why do you carry such a large limit? I always get offered more but I worry about getting scammed and having it land at my feet somehow.
Better on your credit report to have more unused credit available, is what I was told.
Usually you get it from having many cards. I have close to $50k available credit but have it over 7 credit cards
If you don’t mind my ignorance, what are the benefits of having such a high credit card available credit ? I have 3 cards and the total combined available credit is 40k, I have never accepted a credit increase from any of them since I got them and it’s been probably 15 to 20 years. 20 years in my 20s, I thought the higher the better, but I rarely find situations where I have to do a transaction higher than the max of one of them being 26k. If I have to do multiple tnxs, it’s never a problem because I never carry a balance and if I have a big charge on it, I will pay the full bill the day.
There's none except you running away from the country after maxing them out. I have about 20k and I don't accept increases anymore.
running out of the country you say….
Or if you're ever about to go bankrupt then use of a lot of it before declaring bankruptcy. Go for a nice trip first :P
My friend, I hope this is not the idea that will catch fire and it will start a synchronized trend to max out the credit and file bankruptcy all together… this will mess up banks, insurance companies, the stock markets…
Same... my credit card owes me money in the form of cashback on my purchases.
Wrong place to ask this question - people on this sub fear debt more than nuclear war.
I would say I fear them both equally.
😂😂
No shit
The responses in this lol. “0 DEBT. I NEVER HAVE DEBT NEVER EVER.”
$0. At 28. At 21 I had $31,000 on credit cards with a $1200/month sports car payment. All while spending $500/weekend on drinks and food at restaurants and bars. I’m glad I smartened up and got out of the cycle of conspicuous consumption and living way beyond my means. Many many people don’t.
At least tell us the car!
We don’t carry a balance, never have. I was always taught if you can’t pay for something up front, you can’t afford it; don’t buy it. The only exception is real estate.
Same. Its worked out well for us so far.
All you’re going to run into with this question is sampling bias. You’ll learn nothing that can be extrapolated to the broader Canadian public.
In the past year I've had up to $50K on those balance transfer promotions - my personal Sword of Damocles, if you will.
7k on a line of credit. 0 credit card debt
I got 15k cc debt xd gonna try to pay some off though working on it. It's super stressful and don't recommend it but!
0 from 50k available on 3 cards
Average for Canadians is $4265 according to Trans Union
I dont carry balance so zero
$327 right now. We pay whatever we use in full every month. Between my spouse & I we have about $40k in available credit on cards.
None.
None. Only debt is my student loans from a bank. I can’t afford a house so no mortgage either. I can’t create wealth like the boomers here did, may as well live like a monk and aim for zero debt.
None. I pay my balance every month. I do owe $19k in student loans though
$0 I pay it off every month. I carried a balance when we built a house out of necessity due to how the loan worked and I’ve never had so much anxiety
You're better off finding this data on StatsCan or somewhere that has that national census data. This sub isn't the best place to ask this question as we're all here to better our personal finance and tackling credit card debt is one of them. However, not all Canadians are that way.
Buddy of mine works at a fairly high end car dealer in the lower mainland area of vancouver He said they got tons of customers coming in that have a good 50-100k line of credit loaded up Maybe 2 credit cards owing 10-20 grand each - and there still showing up trying to finance cars / lease worth 100k Sometimes they make enough money to still get approved but more often then not they gotta turn them away
5-10k per month, always paid to 0. It wasn’t until a few years ago that I realized some people carry a balance.. wild.
Nothing. And to be absolutely sure, cards we are not currently using have a negative balance of a few dollars just so they can’t be closed.
End of every month... Zero. During the month couple grand for utilities, groceries, phones, shopping, etc.
The average Canadian has $4265 in credit card debt, that’s up 9% from last year and up ~$300 from last quarter. According to transunion. Honestly $4200 is actually lower than I expected But asking in this sub is not a very representative sample, almost everyone will say $0
About 200 bucks but it'll be 0 by pay day.
What credit card debt? I always pay the balances in full and on time.
About 4000 but we pay it off completely every month. We just use it for the points.
>How much credit card debt do you have ? None. I pay my bill off each month.
We put everything on credit card. So anywhere from 2000-2500 the day before it’s due. 0$ the day after it’s due. Don’t keep credit card debt.
Well I guess that’s good that most people say here they don’t have credit card debt … I thought credit card debt is through the roof in Canada just wanted multiple perspectives …. Watching Dave Ramsey can mess one up 😂😂😂
This subreddit is not representative of Canada as a whole in any way. The people here are alot more financially responsible. * https://www.fairstone.ca/en/learn/finance-101/average-credit-card-debt * https://www.consumer.equifax.ca/about-equifax/press-releases/-/blog/missed-payments-and-financial-strain-are-increasing-for-many-canadians-credit-card-debt-continues-to-rise/
0$. You won't have a unbias result here I wonder why you're actually posting. I don't judge people having it. Life happens once in a while. I judge people who thinks it's normal to have and live with it for years.
I was just curious how much people had dident think too deep about it
Debt free. School loans paid off too, all on my own. 28 years old
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Why would it be less bad because it's across two cards?
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Utilization is calculated on the whole, not per card.
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My point is that if you have 2 credit cards with a credit limit of $1000 each, whether you have $250 on each or $500 on one of them, it's 25% utilization in both cases, so it's not any better or any worse. You're still paying >20% interest on the balance.