in reality, all of this has been a total load of old bollocks


I owe LOTS of money
I owe a bit - it's manageable
I don't owe anything
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Re: debt

Postby Dayodead » 10 Jul 2017, 21:13

No debt...Haven't had any since we paid of our student loans years ago...We have two credit cards and only use one, which is paid in full each month...

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Re: debt

Postby sloopjohnc » 10 Jul 2017, 21:21

Recurring debt - my car and rental property mortgage in Oregon, that is meant to be offset by rents.

Other than that, nothing.
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Re: debt

Postby jimboo » 10 Jul 2017, 21:21

Rayge wrote:
BLACK FELLA wrote:I owe a modest amount on two credit cards. By the end of this summer I'll have worked enough to pay the whole lot off. But should I?

You're asking us??

FWIW credit card companies are vicious usurers, one step down from loan sharks, and of course you should pay them off

but it would leave me with NOTHING!

You have BCB !
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Re: debt

Postby *fun and open field* » 10 Jul 2017, 21:21

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Re: debt

Postby Goat Boy » 10 Jul 2017, 22:54

I now have a mortgage but apart from that I'm debt free. I only got a credit card last year for America but paid off the debt recently.

I don't have any savings but at least I'm debt free (mortgage excepted)
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Re: debt

Postby toomanyhatz » 10 Jul 2017, 23:13

JUST managing to make our mortgage - able to JUST BARELY afford to own a house. If we can make it through the first few years, we should be at least semi-set for life. Apparently we've already added over $100,000 in value.

I try to keep my credit cards low - treading water now, but outstanding debt on them is under a grand total, so as long as I can keep it that way we'll be fine.

My wife has huge credit card debt, unfortunately, but she also has a lot more retirement money saved up than I do. She also makes a lot more money than I do (it was pretty close to even when we got together, then her income went up and mine went down) and will get a HUGE payoff when her job ends in a couple months, which should be enough to pay down at least most of it.

It's a balancing act, but we'd be in MUCH worse shape had we not taken the plunge. Don't think we could afford it now.
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Re: debt

Postby trans-chigley express » 11 Jul 2017, 00:15

I've never regarded credit card as debt just a convenient way to pay for stuff, especially online. My bill is paid off immediately.

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Re: debt

Postby zoomboogity » 11 Jul 2017, 01:47

Rayge wrote:FWIW credit card companies are vicious usurers, one step down from loan sharks, and of course you should pay them off

Well, anyone who gets a credit card knows the rules. I have two cards, and for most of my life I've had a zero balance. They sure come in handy for emergency car repairs. It's worth getting into debt for a couple months to have your brakes fixed immediately. Sometimes I buy things that require two or three payments, so the interest is something like five or six dollars. Once, about ten years ago, I owed a couple thousand, and I just whipped it down $400-500 at a time, that was no problem either.

Right now, due to unexpected issues (mostly medical), I racked up several thousand dollars on one card. It's going to take a while to pay off. Last week I did a balance transfer to my other card, and for the $150 fee, I have 18 months to pay it off at 0% interest. I'm glad I had the one card for the doctors, and the second one to deal with the first one. I should have the debt paid off well before 18 months. This is only the second time this has happened, so it's not a pattern I need to break, just life got in the way and they helped get me through it.


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Re: debt

Postby Jimbo » 11 Jul 2017, 03:22

No debt, thanks to my thrifty wife. When I was single I was a deadbeat. I even had money garnished from my bank account once for an outstanding hospital bill. The cleverest shitty thing I did was I had a car loan cancelled when I typed a letter to the loan company saying I had been in a car wreck with their car and that I was now completely paralyzed so could you please send me the title as there was no way at all I could ever finish paying the loan. I then stuck a pen in my mouth and signed the letter. They sent the title.
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Re: debt

Postby Jimbo » 11 Jul 2017, 03:44

After I married I needed a credit card, but I was utterly unqualified. These were the days when parents were complaining that banks were giving them away to kids and and there were stories of family dogs getting a card. But I couldn't get one. So, following some talk radio guy's advice I applied for credit in as many places as I could. Eventually a gas company sent me a card and then I bought a suit from a store which had an in-store credit plan. Having paid off the suit I finally had something good in my credit history and used that accomplishment to get a credit card. You know how the best cards are labeled with precious metals and gems like "platinum," "diamond" and "gold?" My card is "Slate."
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Re: debt

Postby fire and fueryIre » 11 Jul 2017, 11:11

Having owed huge amounts of money after leaving Uni and spending six months on the dole before finding a job (not the one I wanted), I was in debt for a large part of my early to mid 20s. Only way I could crawl out from under that particular stone was to take a job in Saudi Arabia and follow the "one year for need, one year for greed" mantra. Aside from holidays, never been back to the UK since.

Being in debt was a horrible experience I have absolutely zero desire to repeat. So, no, not been in hock to anyone for a very long time and hopefully never will be again.

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Re: debt

Postby Nick » 11 Jul 2017, 12:16

Aside from our joint mortgage on the house, I owe nothing and haven't for a few years now, and it's a wonderful feeling. I'm solvent, and have money to spare at the end of each month, and the contrast with the way I used to live my life, financially speaking, is huge.

I spent years in an awful lot of debt, and remained all that while in a state of constant denial about it. It was only when I met my wife, who is a management accountant and by nature a far more responsible person than me, that I got it sorted out, and that was basically down to her giving me a few much-needed verbal slaps, getting me to face facts, and take responsibility for it.

I do have a couple of credit cards, but I only ever use one (the other is kept for emergencies), and I make a point of paying it off in full every month. That was the main way that I rebuilt myself up to a decent credit rating, after years of being fairly useless in that department.
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Re: debt

Postby The Great Defector » 11 Jul 2017, 12:18

I'm also in debt to Coan for enriching my life. Of course, we all are really.
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Re: debt

Postby Bride Of Sea Of Tunes » 11 Jul 2017, 12:34

The Great Defector wrote:I'm also in debt to Coan for enriching my life. Of course, we all are really.

Markus, you don't have a clue about what you mean to Coan.

He owes you.
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Re: debt

Postby northernsky » 11 Jul 2017, 14:14

Goat Boy wrote:I now have a mortgage but apart from that I'm debt free.

Same here. My parents successfully imbued me almost with a horror of it. Which sometimes feels silly and restrictive. But it was a principle I was delighted to extend to them as soon it was possible for me to earn. Having seen elder siblings stay semi-dependent on them into their thirties, I knew for damned sure I wouldn't let that happen to me.