To think most people don’t actually pay off their credit cards in full each month?

[PoliteCyanViewer]

I always hear advice about clearing your balance each month to avoid interest but how many people actually do it? With the cost of living, unexpected expenses, and temptations everywhere, is it realistic? Do you pay yours off in full or do you carry a balance?

We do every single month. We use a tesco one though just for the points but never get that many in relation to spending to be honest
Husband hates paying interest on anything

I don't all the time, I have no idea about what other people do, never asked anyone and it hasn't occurred to me. Why?

I do when I’m using it like I would a debit card, everyday things. Once a year or so I make a larger purchase (tech, flights) that I plan to pay off over 2-3 months but that’s it.

I’ve never been in a cycle of holding a large balance long term, it’s difficult to escape from. You need to be looking for a 0% balance transfer offer if you’re spending months and months with a big balance on a card.

I do. I have a direct debit set up to always pay the full balance.

I’m a mixture. Sometimes I let it build a bit if I have a demanding month for the paltry amount of spare cash that I have each month. This month I’m paying off.

I don't use one but when I did I always repaid in full each month. It's too expensive not to do this.

Thanks. I definitely need to look into that properly!

Virgin need a 20k spend for a companion voucher (unless you pay a yearly fee to bring it down to 10k)

For October half term they want 58k miles for an economy to the states. At 1 point per pound.... the value isn't adding up anymore.

It's so easy these days to set the direct debit to pay the full amount - I believe the banks now HAVE to offer that option, they didn't used to in order to 'catch you out' so you didn't clear the balance.

I use mine for travel expenses, which then always sit in finance for an age.
So I have not overspent, I used my own money to pay for something that my company will pay for, but they take their own sweet time.

But aside from that, nope, I have debt on mine I move it from 0% to 0% and chip away at it.
I don't mind - my horrible divorce wiped me out, I earn a good salary and spare gets spent on long overdue home improvements (fence, replacing wooden window frames, boiler).

If everyone paid them off every month the whole credit card business would likely not work.

..to add, I don't use it for day to day expenses at all. It's a lingering debt from years ago just sitting there.
I don't know what any of my peers do, I tend not to talk about personal finance with them.

I have a DD set up to clear my credit card every month. I’ve always paid in full in the many years I’ve had a credit card.

I have a residual balance from when I was younger that I try to chip away at, if I do use it I clear what I’ve spent that month but still carrying the silliness of my 20s!

The direct debit is set to pay the full balance each month.

I do try to, maybe once a year I will struggle and get it done the next month. You have to assume that enough people are stuck in a high interest trap for the companies to be making enough money to keep going/ make substantial profits. The people who can’t afford to pay off their bill are subsidising the free interest period that the more sensible customers are enjoying.

So do I.

i do, always.

The one I use every month for spending, yes I clear in full (or very close if unable to for unforeseen reasons). I have another with some planned spending on which is at 0% for almost 2 years - that I overpay compared to the minimum payment, but not in full.

It has (currently) the car insurance, a modest holiday, house insurance etc on it. Will be cleared long before the 0% finishes and is obviously significantly cheaper than paying for these things monthly.

Balance paid every month.
I can’t afford to accumulate debt
I can’t bear to waste money on interest.

Though I have made a v few purchases (new sofa) on finance.

We do.

We have several cards between us and they are all paid off monthly. We've been together over 40 years and I don't think we have ever not paid our cards off monthly by direct debits. The interest on credit cards is horrific.

I don't have a credit card. I. In my 60s and don't want to risk debt.
So many people I know have horrendous debt, they use their card to pay mortgage and bills and arent able to pay it off.
My exH has around 50k on credit. He just cannot be sensible with money.

It's a Tesco mastercard. It gives me points if I use it outside of Tesco (although not as many as in Tesco) so I think it's better (admittedly I haven't checked recently and there may well be better reward cards out there).

Always paid off every month. If we can't afford it, we don't buy it.

I suspect the response are not representative of the uk population!

No, I've never used a credit card this way. I tend to use them for a large, one off purchase and then pay it down over X months.
But I'm trying not to do that anymore. I haven't used a credit card for 6 months and am paying down my remaining balance with the hope that I can be rid of it this time next year.

I don’t and I still have around £1700 to pay between two cards. We had a rough time though with my DH on statutory sick pay and me on a zero hours contract after being furloughed and then redundant by the same company before being offered zero hours by them. I applied for other jobs but so many people were applying for jobs that hardly any of them offered me an interview. The company then decided to staff the shop with volunteers and so got rid of me again. DH did get another job as soon as he was fit to do something but he was paying for almost everything. I have another job now though it took me 18 months after my second redundancy to get it. DH managed to get back into construction after spending 10 months driving HGVs accepting a job in construction, having the offer pulled before he started as the work they expected to materialise didn’t and having to go cap in hand back to the company he had been driving HGVs for and doing that for another 7 months. Life is back on an even keel now and we have money left over every month. This month I managed to clear £2500 from the two cards combined and hopefully in the next month or two we’ll finally clear the balance.