credit card debt

i pay half the bills in this house....and i buy really expensive things with cash...and when i dont have cash...like now....i use my credit card to buy now and pay later :D....im always broke...but i earn alot...im just an compulsive buyer.....i owe 400$ but they are getting payed off on next week....but i really want this synth for 300$.....grrrrr.....

trey555555

So if you can pay it off next week, what's the problem?  You won't even have interest tacked on that quickly.

Carrying a balance from month to month counts against your credit score. If you can pay off the entire balance, do it, this will improve your credit score. Using your credit card and paying off the entire balance counts positively towards your credit score. If you cannot afford to pay off the entire balance, you should not be using a credit card.

Credit cards are the most expensive for of borrowing there is. Student loans are around 8% (give or take), while credit cards can be in excess of 20%. 

Carrying a balance from month to month counts against your credit score. If you can pay off the entire balance, do it, this will improve your credit score. Using your credit card and paying off the entire balance counts positively towards your credit score. If you cannot afford to pay off the entire balance, you should not be using a credit card.

Credit cards are the most expensive for of borrowing there is. Student loans are around 8% (give or take), while credit cards can be in excess of 20%. 

Bozanimal

how is that positive credit? u have to owe at least a couple of bucks to show them your responsible for your purchases. if u pay off the debt when the bill comes in...then u owe nothing...credit card companys dont like that and so they give u nothing for it and it will increase your score verrrrrrrrrrrrrrrrrrrrry slowly....by owing money, it shows your able to owe and pay back a reasonable amount, and it gives them some interest......but then again, why do u guys fuss over interest when its only like 8$

[QUOTE="Bozanimal"]

Carrying a balance from month to month counts against your credit score. If you can pay off the entire balance, do it, this will improve your credit score. Using your credit card and paying off the entire balance counts positively towards your credit score. If you cannot afford to pay off the entire balance, you should not be using a credit card.

Credit cards are the most expensive for of borrowing there is. Student loans are around 8% (give or take), while credit cards can be in excess of 20%. trey555555

how is that positive credit? u have to owe at least a couple of bucks to show them your responsible for your purchases. if u pay off the debt when the bill comes in...then u owe nothing...credit card companys dont like that and so they give u nothing for it and it will increase your score verrrrrrrrrrrrrrrrrrrrry slowly....by owing money, it shows your able to owe and pay back a reasonable amount, and it gives them some interest......but then again, why do u guys fuss over interest when its only like 8$

If you carry a balance it will negatively impact your credit score. You have a balance the second you charge anything to your credit card. By carrying it month to month, you are exceeding the terms of your contract (to pay the balance each month). Whatever your logic, the big three credit reporting firms only care that you pay off your bills when they come due.

If you want to know more, check the following:

http://www.studentmarket.com/student-credit-card-tips-for-building-and-maintaining-a-strong-credit-history.html

http://www.youngmoney.com/credit_debt/credit_basics/021007_01

If you still need help understanding why carrying a balance adversely affects your credit, you can go to the horse's mouth at one of the credit reporting agencies like Experian.

If you can pay off your balance, do so every month to have the greatest positive impact on your credit score. There is no rapid method of increasing your score, since the calculators require regular payments to determine that you are a reliable borrower.

Best of luck, I hope this helps!