Is having credit card debt okay as long as you can pay it off?

I have about $5 grand of credit card debt now which can be brought down to 0, in less than a year, depending on how much I really want to pay it off. However, is carrying large amounts of debt (even if you CAN pay it off) bad? I don't see how. Isn't that the entire BUSINESS of credit cards anyways?

Is having credit card debt okay as long as you can pay it off?
If you have good credit and a decent income....apply for a new card that will give you a 0% balance transfer....I balanced transfered $5K in debt from a card charging 18% to a fixed 0% for two years....I've saved over $1K in interest charges. This enabled me to pay the debt off in installments without interest charges.





A site I've used for info in the past ...





http://debt.knowledged.info/credit_card....





Good Luck.
Reply:it can be bad cause it shows you having a higher debt to income ratio which lowers your credit score. Any credit card balance over 35% of your limit starts lowering your score. not to mention you are literally throwing money away on interest charges every month, and you have nothing to show for that. if you can pay it off....DO IT....you will only reap MANY benefits from doing so. if you dont want to do that, at least but your balance under 35% of the limit
Reply:It is actually wise to use your credit card and pay it off before interest builds. This, in turn, will build up your credit.





But be careful with credit cards. The power of having "credit" at your fingertips can sometimes lead to poor decision-making when it comes to spending.
Reply:You should pay it off as quickly as possible; the interest rates on such debt are exorbitant. Except for special low-interest promotions, I always pay my credit card bills in full every month.
Reply:If you can pay it off you should.





But its not bad. Its not going to hurt your credit as long as you make payments.
Reply:No it's fine as long as you pay it off monthly.

floral