How do you get lots of CC debt living in Texas?loco said:
Oh - I think I know. Vacations visiting places *other* than TX, eh?
The Black Hole
- Thread starter firetoole
- Start date
Oh - I think I know. Vacations visiting places *other* than TX, eh?
I'm 16 :nuts:narlus said:
not bad for a 15 y/o w/ a brand new Ventana Cuervo.
I have been saving money for a long long long time just in case I needed something like this, and I have about $1,700 saved, and so I decided to get the Ventana, and I hardly ever use my credit card though, mainly at school just in case.
Today was the day.
I went to the bank this morning and payed off the remaining balance on our CC. Then I deposited all the checks we've gotten from family for our baby into his own savings account. In addition, we've got about 4 months salary worth of savings now. Our only debt now is about 20K of low interest student loans, which I consolidated to keep the monthly payment relatively low. Now we can start saving for a house.
Feels good, I had to tell somebody!
Congrats, that's awesome!
Nada
Even when I made peanuts, I made sure to pay the Amex in full every month.
Even when I made peanuts, I made sure to pay the Amex in full every month.
Good Job JD! 
Although no CC debt I just recently payed off my last student loan and also just realized that I could pay off my mortgage if I cashed in all my savings/investments.
Although no CC debt I just recently payed off my last student loan and also just realized that I could pay off my mortgage if I cashed in all my savings/investments.
Good on ya. Now get that money of the baby savings account and put it in a vehicle that'll make some money!
A roach coach or ice cream truck?Good on ya. Now get that money of the baby savings account and put it in a vehicle that'll make some money!
Congratulations!
No CC debt for me!
I know a girl back in NH that I worked with who has $60,000-ish in CC debt (compiled from school, cars, marriage, etc.). She doesn't even seem to care; a few months ago she bought a two-week trip to Rome and tacked that onto the sum. 
I have a co-worker now who seems like she may be headed down the same horrible path soon.
No CC debt for me!
I know a girl back in NH that I worked with who has $60,000-ish in CC debt (compiled from school, cars, marriage, etc.). She doesn't even seem to care; a few months ago she bought a two-week trip to Rome and tacked that onto the sum. I have a co-worker now who seems like she may be headed down the same horrible path soon.
Yah have any advice? It's only a few hundred dollars right now. Obviously I'd like to see it grow.Good on ya. Now get that money of the baby savings account and put it in a vehicle that'll make some money!
i wouldn't do that, unless you think yr house will appreciate faster in value (which is doubtful, and also not very risk-adverse at all).Good Job JD!
Although no CC debt I just recently payed off my last student loan and also just realized that I could pay off my mortgage if I cashed in all my savings/investments.
JD, good to hear of yr fiscal prudence.
Get it in a 429 if you're thinking about using it for college.
Do you mean 529?
I could but I won't. Considering a low interest rate and being able to deduct the interest, the money is doing better elsewhere. Although I should invest in the house as the market here is still silly and a little remodeling will make it significantly more valuable.i wouldn't do that, unless you think yr house will appreciate faster in value (which is doubtful, and also not very risk-adverse at all).
JD, good to hear of yr fiscal prudence.
Get into a trust account of some form that is continually prudently invested.
This will allow you to put in your own money each month (a good idea) while it is earning a return at a higher rate then just a savings account (a better idea) and it will have some protections from taxes.
My folks did this for my brother and I. Over the years with them putting in money, some inheritances that came our way, my grandfather buying out my mother's stock in his corporation, and good solid investments, there was enough money in my trust for me to get three BA/BS degrees, two masters and 2 out of the 3 years of my law degree.
While this might sound spoiled and elitist, it was really nice not to have to worry about how I was going to pay the bills during the last decade of my life. It gave me the chance to focus on my schooling, and more often then not my beer, so I could maximize things.
Its a good investment man, solid work for starting one for your kid.
Yeah yeah... whatever.
I will be finished paying $60K in consolidation in 2 months. I could have went bankrupt, but I'm not a welcher. Never did the equity thing, why secure unsecured debt? My house will be paid off in two years, we had a ten year mortgage.
There ya' go. Taking out a line of equity to pay off unsecured debt is a terrible idea.
They can only do so much, since they can't actually repossess anything. Plus, if you end up in a worst case scenario and need to file Chap. 13, you typically don't have to pay a dime to unsecured creditors. You're liable for 100% of that secured debt, though.
For a fiscally responsible person, moving $15K of unsecured debt at 18% to secured at 6.5% can be a very good move.
Of course, a responsible person wouldn't get into that position....
We got out when most CC companies would freeze your account with no interest when you went to assisted debt consolidation. Of course, you can't have credit cards anymore when you do that, and that is quite a lesson.
It will also bite you in the ass down the road when you try to buy a car or get a mortgage...
That's the point. If you're so far in debt that there is no other way to pay for it than taking a loan out on your house, there's a very good chance you're boardering on defaulting on that debt. Defaulting on a credit card is bad. Defaulting on a secured house loan means you might end up with nowhere to live, or be forced into declaring bankruptcy just so the bank won't auction your house off.For a fiscally responsible person, moving $15K of unsecured debt at 18% to secured at 6.5% can be a very good move.
Of course, a responsible person wouldn't get into that position....
I agree that in some cases it can be beneficial, but I wouldn't say that most of the population can handle their money well enough to make the risk worthwhile.
I had a lot of CC debt in the past. It's an easy trap to fall into... especially when your "wants" are beyond your means and your friends are getting new "stuff" and you want new "stuff" too.
It also doesn't help suffer from depression and buying things makes you happy... if only for awhile...
Not saying either excuse is valid... but it happened...
You'd probably fient if you knew how much money I blew during my 20's... and still ended up in debt... car crap... guitars... bikes... other toys... and while I still have some of it (all of my current bikes were purchased during this period), the resulting value doesn't nearly equal what I spent.
But, I managed to get myself under control and have been debt free (other than car and mortgage) for a few years now. And like some others, my overall assets exceed my liabilities. Definitely a good feeling.
It also doesn't help suffer from depression and buying things makes you happy... if only for awhile...
Not saying either excuse is valid... but it happened...
You'd probably fient if you knew how much money I blew during my 20's... and still ended up in debt... car crap... guitars... bikes... other toys... and while I still have some of it (all of my current bikes were purchased during this period), the resulting value doesn't nearly equal what I spent.
But, I managed to get myself under control and have been debt free (other than car and mortgage) for a few years now. And like some others, my overall assets exceed my liabilities. Definitely a good feeling.
You don't have to carry credit to get a good credit rating. Just having a credit card, using it, and paying your payments on time works too.
600$ to the credit card company...Myself and the woman are about 5000$ in the hole in federal student loans.
Doood! My head has been raped by green coolant!1111 WOOT!
No credit card debt, but I did start tracking every penny I spend during this month.
It's quite shocking to see where my money goes. I'm using my "research" results to start budgeting my money better.
I was always pretty good with my money, but there are times when I look in my bank account and go "Where is all my money going?".
I hope to stop that this year.
It's quite shocking to see where my money goes. I'm using my "research" results to start budgeting my money better.
I was always pretty good with my money, but there are times when I look in my bank account and go "Where is all my money going?".
I hope to stop that this year.
So.......... where's it going? Sex slaves and blow?
From people that i talked to it was the quickest way to get credit without having to put money down to get a credit card since according to the credit report companies I don't exist. Also I'm keeping it longer to show i can and will make the payments on time over a longer period of time.
So I'll go from no credit to good credit in about 3-4 months and not have to build it up in a slower way. I was lucky that i was in a place where I A) needed to make a large purchase and B) I had the funds to make the purchase.
All I did was buy something using a small personal loan that i could afford without it to get credit.
My point is you don't have to pay the credit card company any interest. Just use your card & pay it off every month. Just make sure to pay it off on time....
A few dollars in interest per month is worth the credit you will accrue from carrying a small balance, IMHO.
I might be wrong, but I don't think that carrying a balance month to month does your credit score any good at all. As long as you're paying your bill promptly every month you should be good.
http://www.bargaineering.com/articles/carrying-a-balance-to-get-a-better-credit-score.html
Interesting...In "financial planning", or whatever bull**** class I took in high school they said to carry a balance.
Meh. Doesn't matter to me...my credit has been established.
Meh. Doesn't matter to me...my credit has been established.
My theory is if you can avoid giving the bank your money... do.
That's what I was told and as soon as My loan is paid off I'll be paying the balance off as soon as i get the bill from what ever CC I get.