Quake3World

Okay, so some of us have loans, credit cards, line-of-credit, etc. It fucking sucks to have em. But it feels great to pay them off. I just payed off my futureshop card and my first car loan, and I've never felt better about it.

All those months of complaining about having no money are now over and it was worth it.

Now it's time to finish off the mastercard and my integra.

Seriously, i feel great.

Yeh its good shit
Just dont be tempted into getting another card or loan for a few months
I have £500 to pay of my current card then i'm laughing

I can't wait until my damn car is paid off. Credit cards aren't so bad but my car is a god damn money pit. Sometimes I wish I had just gotten a low mileage Honda instead an almost new convertible.

I never buy something unless I can afford it there and then, has worked well so far

PhoeniX wrote:I never buy something unless I can afford it there and then, has worked well so far

That logic doesn't entirely make sense. True, you will run into trouble if you don't have the money later. But I think of credit as inverse saving. Instead of waiting 2 months to buy something, I buy it at a good price and they pay for it over the next 2 months. Really no difference if you get yourself a card with a good rate.

PhoeniX wrote:I never buy something unless I can afford it there and then, has worked well so far

same, you want something save up and buy it

that way, it gives you plenty of time to re consider your purchase, you know you wont be in the shit, interest rates can go fuck themselves and it mightve come down in price or something bigger and better might come along for the same deal

losCHUNK wrote:

PhoeniX wrote:I never buy something unless I can afford it there and then, has worked well so far

same, you want something save up and buy it

that way, it gives you plenty of time to re consider your purchase, you know you wont be in the shit, interest rates can go fuck themselves and it mightve come down in price or something bigger and better might come along for the same deal

:icon14:

It also teaches fiscal responsibility, helps you learn the true relative value of things, and keeps you from living beyond your means.

With credit, you can live way beyond your means, and never know it until some sort of small disaster hits, and then you're fucked for years instead of months.

Yeah, I subscribe to that wherever possible.

I still have a student loan, but that's a lesser of 2 evils. I'd never consider taking money from my parents.

oh yes think small

teeny even

i don't know where it's like elsewhere, but here in the U.S. you almost have to have a credit card when it comes to making larger purchases such as a house.

if you have no previous history of credit then good luck getting a good rate on your new home or even getting a loan for that matter.

Debt is for morons.

Up until a couple years ago I always lived paycheck to paycheck, and if I wanted to buy something, I just counted how much of my paychecks wasn't already going to bills and whatnot, and decided if I could afford another X amount of dollars out of every paycheck.

A little over 2 years ago, I paid off my truck, my student loans and all my outstanding debt. I haven't taken on any new debt since then, and I'm able to save about $1000 a month if nothing comes up.

I'm currently trying to save about 10 grand for a downpayment on a house. I had to use a couple thousand for my vacation, a few hundred here and there for new things, but otherwise I'm saving like crazy and it's working well. Within the next 4 months I should have the downpayment saved up, and what I save after that is free and clear for what I want. But I'll probably just keep saving it, unless something comes up.

I've also got to take a trip to Vegas in December... I still haven't decided how much of my savings is going to be used there. :icon34:

edit: It's surprising how little that kind of saving affects your life. I still go out about once a week and things like that. The main thing that's different is that, before I would see something in the store that I wanted, and if I had the money right then, I would just buy it. Now I practice a little restraint and make wise purchases. I don't drop 200 bucks on something just because I think it's 'neat' anymore - I don't even spend 50 or 60 bucks on something unless I need it. Other than that, my lifestyle and spending habits haven't really changed at all.

Grandpa Stu wrote:i don't know where it's like elsewhere, but here in the U.S. you almost have to have a credit card when it comes to making larger purchases such as a house.

if you have no previous history of credit then good luck getting a good rate on your new home or even getting a loan for that matter.

That's true for cars and cellphones, but those are the only quote-unquote "necessities" that are like that.

Home loans do not require that kind of credit. The house isn't going anywhere, and if you wind up not being able to pay it, then the bank can just take it back and sell it to someone else, and keep the money they've gotten off of you.

If you're a first-time buyer, you even get incentives. And once you buy a house, you have great credit, so as long as your debt-to-income ratio isn't bad, you can finance just about anything you need.

Student loan aside, i'm free from debt. I'm lucky living at home since I pay minimal rent, and I don't need to work which gives me more time to concentrate on my degree (read: waste time and be lazy). I'm prone to the odd impulse buy, but generally i'm pretty good with my money. Most of it is just spent on music and travel anyway.

im totally debt free these days, feels great.

I'll still be paying on my student loans when I'm in the ground.

redfella wrote:Debt is for morons.

Guess you're either wealthy or never plan to own a home. There's nothing wrong with a certain amount of debt, and it's damn near impossible to operate without it these days.
It just depends on what the debt's for. Going way into the hole to get clothes, a vacation, entertainment purchases, that's fucking stupid.
Student loans, a house, a car, those are reasonable. You just have to be smart about it.

I only have my car loan. I recently got a better paying job, I've considered a new car or condo.

R00k wrote:

Grandpa Stu wrote:i don't know where it's like elsewhere, but here in the U.S. you almost have to have a credit card when it comes to making larger purchases such as a house.

if you have no previous history of credit then good luck getting a good rate on your new home or even getting a loan for that matter.

That's true for cars and cellphones, but those are the only quote-unquote "necessities" that are like that.

Home loans do not require that kind of credit. The house isn't going anywhere, and if you wind up not being able to pay it, then the bank can just take it back and sell it to someone else, and keep the money they've gotten off of you.

If you're a first-time buyer, you even get incentives. And once you buy a house, you have great credit, so as long as your debt-to-income ratio isn't bad, you can finance just about anything you need.

No credit history is still a hit to your credit score, as stupid as that is. Just because you're an unknown risk to a bank doesn't mean you're a bad risk. But, not having any history of responsibility with credit will reduce your chances of getting a home loan or getting a good rate. I'd say that debt-to-income ratio is definitely more important, but credit history is a big factor.
I personally don't care if I have to get loans for every cent of my education, it's a damn good investment. Unfortunately, my savings isn't what it should be, due to the fact that my wife and I are both in school. I also don't exercise as much restraint with smaller purchases as I should, but I'm getting better.
My wife and I went through credit hell for several years, and it was WAY too easy to get into. All beacuse we got stupid during my first year in the Marines. Since paying off all those department store credit cards( goddamn that felt good), we haven't financed shit. I've gotten really good deals on my Jeep and my Beetle, I bought them from my grandparents for no interest and cheap payments. I did take out a small loan for the bike, but that will be paid off shortly, and it will be a couple years before I get a new truck.
If I stay in NC for any length of time, we plan on taking out a home improvement loan to redo the deck, some landscaping, and put in a hot tub.

duffman91 wrote:I only have my car loan. I recently got a better paying job, I've considered a new car or condo.

no-brainer

Nightshade wrote:
Guess you're either wealthy or never plan to own a home.

exactly. that's the one debt i do have that i'll never regret. money maker.

oops. i also have an Amex that gets paid off monthly. mostly for emergencies.

heheh

bwaahaha

i did it myy wayy

i haven't paid a bill in 8 years...

*edit

ya'll wouldnt understant this gigerish anyways

i owe absolutely thousands - to the point where the bank treat me like i'm rich, because nobody poor could possibly owe them that much fucking money.

that said, none of it's classed as personal debt. i don't know how students cope, the shitty debts they have to get into.

btw, if you don't like credit cards, you can use direct debits to get your rating up a bit - pay all your household bills by direct debit for a year or two and you should be in pretty good standing with the bank the account is held with.