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?

There’s enough debt on credit cards to make them a profitable product for financial services providers to offer so clearly a significant amount of debt is not paid off in the interest free period.

I put everything on credit card and pay off in full
each month, if I want actual credit I use 3 pay or PayPal credit to pay in 4 instalments

We usually do, around 80% of the time. Sometimes, if it’s been a big month for emergencies, we will take 2-3months to pay it off.

Yes always have. I wonder what the proportion is of those who do and who can't. Obviously this thread won't be realistic picture

We have an Amex card for the avoid points and pay it off full every month

Always. Never pay interest here. House is paid up, cars bought with cash, credit cards paid up at end of each month. We are pensioners. If we don’t have it we don’t spend it

Depends on what it was used for these days.

Years ago when we were skint (part time, large childcare bills etc) we didn’t and ended up in a lot of debt.

Now, it’s only used with thought, either for the protection or because with our Monzo card we can make the patent split into three interest free. We’ve recently made a couple of large purchases using this. We could pay it off with savings if needed but as it’s interest free there is no need. Also slowly helping to rebuild our credit using it wisely.

Yes, always, by direct debit for the full amount

We don’t. We put our holidays on it and pay some off each month. When it’s paid off we put the next holiday on. Always use interest free cards though and keep a close eye on them to avoid paying any interest.

We do, and now set up to pay with direct debit (full amount). I forgot once, very annoying to get charged.

Yes, in full, apart from cards that we might borrow on for 0% interest, but the DD is always set to pay it off fully before the offer ends.

In my younger years, I carried balances, paid interest, and learnt from that very costly mistake.

I put everything on mine, and pay in full at the end of each month. If I needed credit, I used to when I was younger, but not now, I’d take out a specific loan. Card interest is so high.

@PoliteCyanViewer do you feel stuck in a cycle of debt repayment? Do you want advice on that?

What have you used the card for?

When I ran up debt in my twenties, it was a classic Chuck Palahniuk case of “buying things we don’t need, with money we don’t have, to impress people we don’t like.”

Amex here, paid off in full every month.

I always do. If I get into trouble then I transfer balance to a 0% card. Interest charges are literally throwing money away.

Both.
I have two cards, one I pay off monthly as it's used for all spending, I get clubcard points.
Another one is 0% that I use for actual credit for things like car insurance and pay off bits monthly as it's cheaper than paying interest to the car insurance people.

Why do you think so?

I never looked for any statistics for this.

We do.

Always

Never do. Never have. We always have 0% interest cards and use them for bigger purchases. Then we chuck lump sums at the card until it’s either clear or we transfer to another 0% card.

we could clear the balance if we have to but our savings are earning more than the debt costs so we leave it as it is.

I’m not necessarily talking about my own situation - just curious about how common it is for people to clear their balances each month, given rising costs.

Always. It’s used for big purchases and paid off each month.

I pay it all off.
I hate debt. I can just about handle having to have a mortgage!

Years ago before we moved in together DP had a huge credit card bill. Did the old trick of transferring to a new card. Took several years to pay off.

Always pay it off. I only use it for buyer protection and business expenses though.

It’s just something I’ve wondered about because advice always says to pay it off in full but with the way things are, I imagine a lot of people carry a balance. I haven’t seen official stats on it - just curious what others’ experiences are: