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OfflineNewbieS
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Debts...and a hypothetical question.
    #7784866 - 12/21/07 08:58 AM (16 years, 1 month ago)

I have so much debt right now, but it's not overbearing. I maxed out my $7500 credit card in a matter of months, I have a phone bill, another smaller limit credit card, gym membership, and a Best Buy card to pay off. I have thousands out in student loans too, but I keep deferring them or fore-bearing them or w/e but they're still incurring interest. In short, I suck with my money. It's like water through my fingers. I can usually afford to pay at least $50-$100 more than the minimum payments, but it just sucks when it takes up the majority of your paycheck to pay off. I'm right where the credit card company wants me to be! My plans? Christmas money goes right to my credit card, as does upcoming income tax money. That should shave a grand or 2 off, other than that I need to budget.

Anyone else in the same boat? This brings me to my main point here...

If somehow the government cleared you of all debts, do you think you'd wise up and spend smart, or would you just rack it all back up again? I really can't say. I'm always telling myself, this time I'll do it right, but I never do. If the money's there, I use it.


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Invisiblebadchad
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Posts: 13,372
Re: Debts...and a hypothetical question. [Re: Newbie]
    #7784986 - 12/21/07 09:58 AM (16 years, 1 month ago)

I'm not in debt so I would continue to spend wisely.

To me, debt is a very curious thing. I know that once I owed even a few hundred dollars, I would cease spending money. So an honest question: What is going through your mind as you are maxing out a $7500 credit card? Are you not consciously aware that you have to pay it back?


--------------------
...the whole experience is (and is as) a profound piece of knowledge.  It is an indellible experience; it is forever known.  I have known myself in a way I doubt I would have ever occurred except as it did.

Smith, P.  Bull. Menninger Clinic (1959) 23:20-27; p. 27.

...most subjects find the experience valuable, some find it frightening, and many say that is it uniquely lovely.

Osmond, H.  Annals, NY Acad Science (1957) 66:418-434; p.436


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InvisibleOneMoreRobot3021
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Re: Debts...and a hypothetical question. [Re: badchad]
    #7785003 - 12/21/07 10:08 AM (16 years, 1 month ago)

Quote:

badchad said:
I'm not in debt so I would continue to spend wisely.

To me, debt is a very curious thing. I know that once I owed even a few hundred dollars, I would cease spending money. So an honest question: What is going through your mind as you are maxing out a $7500 credit card? Are you not consciously aware that you have to pay it back?




Yeah the same questions ran through my mind as well...I have what I consider to be a very large amount of debt...which is 1/5th of that maxed out credit card. I can't imagine ever being in that much debt. What a monkey on the back.


--------------------
Acid doesn't give you truths; it builds machines that push the envelope of perception. Whatever revelations came to me then have dissolved like skywriting. All I really know is that those few years saddled me with a faith in the redemptive potential of the imagination which, however flat, stale and unprofitable the world seems to me now, I cannot for the life of me shake.

-Erik Davis


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InvisibletrendalM
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Re: Debts...and a hypothetical question. [Re: Newbie]
    #7785006 - 12/21/07 10:09 AM (16 years, 1 month ago)

If the money's there, I use it.

I'm the same...

Fortunately for me (or unfortunately, if you look at it the other way) I systematically destroyed my credit rating while I couldn't get any large amount of credit. Credit is an evil thing. Now nobody in their right mind will give me credit :wink:


--------------------
Once, men turned their thinking over to machines in the hope that this would set them free.
But that only permitted other men with machines to enslave them.


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InvisibleRandalFlagg
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Re: Debts...and a hypothetical question. [Re: Newbie]
    #7785020 - 12/21/07 10:14 AM (16 years, 1 month ago)

Manage your money better...but you already know that.  :smirk:


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InvisibleWhiskeyClone
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Re: Debts...and a hypothetical question. [Re: Newbie]
    #7785067 - 12/21/07 10:36 AM (16 years, 1 month ago)

Quote:

NewbieShroomie said:
If the money's there, I use it.




But it's not there! Not when you've already spent it. Seriously, what kind of purchases racked up 7500 bones so fast?

I recently paid off my credit card debt and felt a huge relief. I had unexpected expenses and had to put it all on my card. It was never higher than $1000 though, but it still felt quite heavy on my mind. It lingered for months and I'm not going to let it happen again.

The only other debts I have are my car and my student loans, which are manageable direct withdrawals. In two and a half years I will be debt free.

If I were you I'd have a serious sit down to look at my finances and figure out a plan before it gets worse. You're not going to suddenly find 8 grand, and you're going to need a lot more than that if you don't stop the bleeding ASAP.


In my case, if the government cleared by debts, I'd never be in debt again unless I was hit with substantial unexpected expenses (like a lawsuit or something).


--------------------
Welcome evermore to gods and men is the self-helping man.  For him all doors are flung wide: him all tongues greet, all honors crown, all eyes follow with desire.  Our love goes out to him and embraces him, because he did not need it.

~ R.W. Emerson, "Self-Reliance"

:heartpump:


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OfflineNewbieS
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Re: Debts...and a hypothetical question. [Re: WhiskeyClone]
    #7787198 - 12/21/07 09:11 PM (16 years, 1 month ago)

I honestly have no idea. It feels like it just slipped away! I made only a few big purchases: A video card, clothes, dvd player... But the majority came from gas, munchies, bar, etc... It's like I go into an apathetic state when I whip out the card. I don't think about it at ALL. I am however starting to see what it's doing to me and I'm hoping it's not too late to turn it around. Like I said, I'm not buried, I'm still able to make payments and whatnot but I really need to learn to budget. Nobody ever taught me.


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OfflineToTheSummit
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Re: Debts...and a hypothetical question. [Re: Newbie]
    #7787282 - 12/21/07 09:38 PM (16 years, 1 month ago)

Its easy to get in debt.  And many people do it when they are younger.  My wife and I got in deep when we were in our 20's.  We had one credit card alone that was over 25K!  Add to that some other credit cards, some car loans, and various other debts and we were screwed.  By the time we were in our 30's it was just a matter of survival...pay the bills, don't rack up any more debt, and hope for the best.

We kept up on all our payments though so our credit was good.  Then we bought a house in 2001.  The market soared.  We took out seconds on our house to pay off all our debt.  Then we sold the house in early '06 (right before the bottom dropped out).  We had enough equity in the house that even with the seconds we paid off our cars and walked away with a little in our pocket.

We were lucky.  And in the meantime we learned how to live within our means.  We don't buy anything on credit anymore.  Credit cards only get used for things like vacations and get paid in full when the bill comes.  If the money isn't going to be there when the bill arrives then we just don't spend it.  And I gotta say, its nice to own our cars also.  The only bills we have to pay each month are the things you need for survival (rent, food, insurance, utilites, etc).  And we don't blow all the excess money on stupid shit.  Savings is important and we try to maintain a nice little safety net.

Live and learn I guess.  And hopefully don't dig a hole you can't climb out of before you learn!!
:crazy:


--------------------
You invented the wheel....You push the motherfucker!!


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OfflineSirTripAlot
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Re: Debts...and a hypothetical question. [Re: Newbie]
    #7787569 - 12/21/07 11:20 PM (16 years, 1 month ago)

Working for a major credit card company I will tell you some advise:


1. Balance Transfers......they help if you do them right.

2. Whenever you transfer a balance to another credit card....your APR is probably lower with the "promotion".....be it 4.99fixed for the life of the loan or whatever.

3. What people don't understand is that when you submit a payment to a finical institution, the LOWEST APR is paid off FIRST. Meaning that if you have purchases on an account (at a higher APR) your payments will not effect the balance of such, until your promotion is paid off in full (at which time your purchases are gaining interest) So the point is, to have a separate account with ONLY the balance transfer on it with NO PURCHASES on it; that way you can asses the principle 100% with your payments, thereby reducing your debt from other cards....


--------------------
“I must not fear.
Fear is the mind-killer.
Fear is the little-death that brings total obliteration.
I will face my fear. I will permit it to pass over me and through me.
And when it has gone past I will turn the inner eye to see its path.
Where the fear has gone there will be nothing. Only I will remain.”


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Invisiblememes
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Re: Debts...and a hypothetical question. [Re: SirTripAlot]
    #7787589 - 12/21/07 11:25 PM (16 years, 1 month ago)

i never go in the red, ever. i don't anything more than $50 over what i physically have in savings. I hate owing money, if i owe anything at all (money to parents etc.) i don't spend SHIT until i have it all paid back.

but then again, i have high anxiety on a lot of things - so money shouldn't be any different


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Offlineravin0fff
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Registered: 10/17/07
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Re: Debts...and a hypothetical question. [Re: Newbie]
    #7788118 - 12/22/07 05:57 AM (16 years, 1 month ago)

i'm pretty sure debt is just a way of being

like meams, i despise debt(perhaps not for the same reason... as it doesn't cause me anxiety - i just don't like it)

i know people who always seem to have enough, or more than enough(like me) without well paying jobs(like me - near minimum wage part-time job), and i know people who never seem to have enough and always need to borrow(from people like me)

i think the much larger portion of debt accumulated isn't circumstantial. there will always be opportunity to perceive that "just a little more" will get you where you want to be.


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InvisibleWhiskeyClone
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Re: Debts...and a hypothetical question. [Re: Newbie]
    #7788386 - 12/22/07 09:54 AM (16 years, 1 month ago)

Quote:

NewbieShroomie said:
I honestly have no idea. It feels like it just slipped away! I made only a few big purchases: A video card, clothes, dvd player... But the majority came from gas, munchies, bar, etc... It's like I go into an apathetic state when I whip out the card. I don't think about it at ALL. I am however starting to see what it's doing to me and I'm hoping it's not too late to turn it around. Like I said, I'm not buried, I'm still able to make payments and whatnot but I really need to learn to budget. Nobody ever taught me.




Use cash. Toss your credit card. When you're actually handing over a stack of $20s you'll see how much money you are parting with.


--------------------
Welcome evermore to gods and men is the self-helping man.  For him all doors are flung wide: him all tongues greet, all honors crown, all eyes follow with desire.  Our love goes out to him and embraces him, because he did not need it.

~ R.W. Emerson, "Self-Reliance"

:heartpump:


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