As economy shrinks, credit card debt ...

As economy shrinks, credit card debt grows

There are 24 comments on the KOB.com Eyewitness News 4 - New Mexico story from May 13, 2009, titled As economy shrinks, credit card debt grows. In it, KOB.com Eyewitness News 4 - New Mexico reports that:

Like other parts of the country, local consumer credit advisors are reporting that more New Mexicans are finding themselves carrying more credit card debt.

Join the discussion below, or Read more at KOB.com Eyewitness News 4 - New Mexico.

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Concha Pena

Huntsville, AL

#1 May 13, 2009
that is the President's topic. Albuquerque should be ALL EARS an' listen about real money becoming plastic. I'm told it's a SIGN of things to come.
mad

Rio Rancho, NM

#2 May 13, 2009
Cut up the cards, pay them off and spend only what you need.

Quite simple really.
BigBadWolf

Albuquerque, NM

#3 May 13, 2009
Hahaha I just had an account closed on me... one I kept as a just in case card.. you know every once and a great while charge like $300 the turn right around and pay off the balance... the letter said if I wanted to keep the card they would double my interest rates ad a couple new fees and I had to keep a min, balance...as if... I let them close it and said good riddance
Ret-Cop

United States

#4 May 13, 2009
I'm just now paying off the cards I had to run up because of the taxes I had to pay to the feds and to NM on April 15th.
I always pay off my cards every month when the bills come due and this is the first year I had to let a month "ride" to avoid going to jail for not paying the ridiculous income and property taxes the government demands every year.
Now we are finally back to normal but it set us back a full month's income.
hat is this joker going to say to folks like me except, "bend over, here it comes again-and how!"
wheres the sense

United States

#5 May 13, 2009
If an individual tried doing what the %$#*& credit-card companies are...it would be illegal...and called loan-SHARKing.

There laws against USURY...but they don't apply to these goons.

“You Think You Know...”

Since: May 09

Farmington, New Mexico

#6 May 13, 2009
I do recommend that for those who have a large amount of credit cards, get rid of a lot of them and switch to one with a low rate. I know I had five, and was able to drop most and it saves me from yearly charges. Also calling the company to cancel may get you a lot of benefits in the long run. I called to cancel one of my cards and due to I have been a member so long, they agreed to drop my yearly charge, along with lowering my interest rate, but to lower my max. Some will change the interest to keep some long time customers.

Those who are going to get a card, I agree with BigBadWolf, just get a card to pay for gas, but don't pay it off right away because that will actually work against your credit. I suggest you get a credit card to pay for gas every so often but pay the Minimum. Or get a Credit Union card, where you pay the $500. up front and have a $500. dollar credit, the rates are very low, plus builds credit, and you also don't have to worry about going into debt due to it's your money anyway.
RealityCheck

Santa Fe, NM

#7 May 13, 2009
Ret-Cop wrote:
I'm just now paying off the cards I had to run up because of the taxes I had to pay to the feds and to NM on April 15th.
I always pay off my cards every month when the bills come due and this is the first year I had to let a month "ride" to avoid going to jail for not paying the ridiculous income and property taxes the government demands every year.
What a joke! To have to use a credit card to pay taxes! Unable to set aside enough money during the year or what? Someone with a financial IQ this low should DEFINITELY not be trusted with a credit card! Or a bank account for that matter.

And if you don't like the "ridiculous income and property taxes" in this country, why don't you go somewhere where the quality of life is so low that taxes are not collected.

For a whiner of your caliber, I'd suggest the Moon. Or Texas. Similar quality of life.

Since: Jun 08

Location hidden

#8 May 13, 2009
I have no credit cards, no loans. This is the first time I've ever seen my bad credit have favorable effect in my life. Scary.
CallousOneToo

Albuquerque, NM

#9 May 13, 2009
I'm so glad I don't have any credit cards. I got rid of them over 15 years ago. I had gotten myself into big financial trouble with them, so they had to go. When I did get rid of them it was very hard at first to try and live without them but eventually that passed. Now it's very liberating to not have those burdens. If I want something I save up for it. If I can't afford it then I don't get it, it's that easy. An addiction to material possessions can slowly destroy you from the inside out, especially if you cave into impulse and charge away on a credit card.

“Truth is the answer”

Since: Sep 08

Magdalena

#10 May 13, 2009
I paid off the house early, paid all the bills off, have great credit and now BofA is going to charge me a monthly fee for the "services" Play the game right and you still get skrewed. I don't like NObama but something has to be done as Usury laws died along time ago

Since: Jun 08

Location hidden

#11 May 13, 2009
CallousOneToo wrote:
I'm so glad I don't have any credit cards. I got rid of them over 15 years ago. I had gotten myself into big financial trouble with them, so they had to go. When I did get rid of them it was very hard at first to try and live without them but eventually that passed. Now it's very liberating to not have those burdens. If I want something I save up for it. If I can't afford it then I don't get it, it's that easy. An addiction to material possessions can slowly destroy you from the inside out, especially if you cave into impulse and charge away on a credit card.
So true. It's amazing how much "stuff" we not only can live without but never really wanted anyway. Like you said, if you really want something, save up for it and you'll know it's something you'll really appreciate possessing.
John

Rio Rancho, NM

#12 May 13, 2009
It took us a long time to dig our way out of credit card debt. It's sad to see people digging themselves into that hole. Don't ever take a cash advance on one. On your payments, only pennies go to that advance repayment. The debit card is the way to go, and if you can join a Credit Union, they have better rates and terms on their cards. They all have online web sites. Creditunionsonline.com and pick NM
Anyone Home

Albuquerque, NM

#13 May 13, 2009
Live within your means. Adjust budgets and maybe you have to sell your BMW or Mercedes. Think about it!
Dog

San Jose, CA

#14 May 13, 2009
Ret-Cop wrote:
I'm just now paying off the cards I had to run up because of the taxes I had to pay to the feds and to NM on April 15th.
I always pay off my cards every month when the bills come due and this is the first year I had to let a month "ride" to avoid going to jail for not paying the ridiculous income and property taxes the government demands every year.
Now we are finally back to normal but it set us back a full month's income.
hat is this joker going to say to folks like me except, "bend over, here it comes again-and how!"
Hate to tell you this buddy, but the federal taxes you had to pay were the ones GW Bush put in places. So the person with his hands on your shoulders was not the new guy. Maybe you should save a little more out of the money you get and be prepared for next tax season.
Ret-Cop

United States

#15 May 13, 2009
RealityCheck wrote:
<quoted text>
What a joke! To have to use a credit card to pay taxes! Unable to set aside enough money during the year or what? Someone with a financial IQ this low should DEFINITELY not be trusted with a credit card! Or a bank account for that matter.
And if you don't like the "ridiculous income and property taxes" in this country, why don't you go somewhere where the quality of life is so low that taxes are not collected.
For a whiner of your caliber, I'd suggest the Moon. Or Texas. Similar quality of life.
Who likes taxes? You do? Who has the low IQ now, genius?
I sold my business over a year ago because my taxes got sky high and the time I had to spend to prepare them just to get them ready for my accountant was not worth it.
So 10 part time workers I employed don't have additional income as a direct result of taxes!
New Mexico is much more hostile toward business than Texas.
mad

Rio Rancho, NM

#16 May 13, 2009
if you are in debt and want to get out without going to a debt counselor, go to www.daveremsey.com

he also has books and there are sessions called "Financial Peace University"

I am currently on step two of his plan and I have paid off a truck, wedding ring, two credit cards and am close to paying off another. I still have a long way to go (expenses from school), but life is not as stressful now.

It can be done, just have some discipline.
mad

Rio Rancho, NM

#17 May 13, 2009
sorry.... that is www.daveramsey.com
Ret-Cop

United States

#18 May 13, 2009
Dog wrote:
<quoted text>
Hate to tell you this buddy, but the federal taxes you had to pay were the ones GW Bush put in places. So the person with his hands on your shoulders was not the new guy. Maybe you should save a little more out of the money you get and be prepared for next tax season.
I am an Independent, "Buddy". In addition, a I’m Conservative with a strong dose of Libertarian.
The "new guy" and his Socialist following will only make things worse than they were last year.
I guess my greatest sin is that I’m now “rich” by the elitists in this administration.
you would like to know

Albuquerque, NM

#19 May 13, 2009
Ret-Cop wrote:
<quoted text>
I am an Independent, "Buddy". In addition, a I’m Conservative with a strong dose of Libertarian.
The "new guy" and his Socialist following will only make things worse than they were last year.
I guess my greatest sin is that I’m now “rich” by the elitists in this administration.
Wow, a libertarian? Who would have guessed. Now, if you were only a fascist. But wait....
Timetogo

Albuquerque, NM

#20 May 13, 2009
Ret-Cop wrote:
<quoted text>
I am an Independent, "Buddy". In addition, a I’m Conservative with a strong dose of Libertarian.
The "new guy" and his Socialist following will only make things worse than they were last year.
I guess my greatest sin is that I’m now “rich” by the elitists in this administration.
I agree that things are going to get worse. Think about it - HE now controls (or will shortly) banks, auto manufacturers, banks, and soon, coming to a store near you - credit card companies! This is scary people! Obama and his cronies are taking over everything! You watch and see. They will be creeping into every aspect of your lives - you will be able to do nothing without "them" knowing about it. The time is coming.

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