Home › Forums › Financial Markets/Economics › Addicted to debt
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ucodegen.
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April 12, 2008 at 12:32 PM #185631April 12, 2008 at 3:28 PM #185691
DWCAP
Participantjimmyle, how the hell do they afford it? I mean do they live at home or with their man? I can see if I didnt rent a house with one other roommate but instead lived at home or in some communal living situtation where I managed to only pay a small rent I could afford that kinda stuff (for men, I dont give a rats ass about $200 jeans.) But I guess I splurge in other areas so I shouldnt be one to talk. I just wonder how the hell people like your sisters always manage to live like that on those kinds of salaries. Especially the cars, driving a new car every three years seems like a good way to loose alot of money.
April 12, 2008 at 3:28 PM #185702DWCAP
Participantjimmyle, how the hell do they afford it? I mean do they live at home or with their man? I can see if I didnt rent a house with one other roommate but instead lived at home or in some communal living situtation where I managed to only pay a small rent I could afford that kinda stuff (for men, I dont give a rats ass about $200 jeans.) But I guess I splurge in other areas so I shouldnt be one to talk. I just wonder how the hell people like your sisters always manage to live like that on those kinds of salaries. Especially the cars, driving a new car every three years seems like a good way to loose alot of money.
April 12, 2008 at 3:28 PM #185694DWCAP
Participantjimmyle, how the hell do they afford it? I mean do they live at home or with their man? I can see if I didnt rent a house with one other roommate but instead lived at home or in some communal living situtation where I managed to only pay a small rent I could afford that kinda stuff (for men, I dont give a rats ass about $200 jeans.) But I guess I splurge in other areas so I shouldnt be one to talk. I just wonder how the hell people like your sisters always manage to live like that on those kinds of salaries. Especially the cars, driving a new car every three years seems like a good way to loose alot of money.
April 12, 2008 at 3:28 PM #185660DWCAP
Participantjimmyle, how the hell do they afford it? I mean do they live at home or with their man? I can see if I didnt rent a house with one other roommate but instead lived at home or in some communal living situtation where I managed to only pay a small rent I could afford that kinda stuff (for men, I dont give a rats ass about $200 jeans.) But I guess I splurge in other areas so I shouldnt be one to talk. I just wonder how the hell people like your sisters always manage to live like that on those kinds of salaries. Especially the cars, driving a new car every three years seems like a good way to loose alot of money.
April 12, 2008 at 3:28 PM #185643DWCAP
Participantjimmyle, how the hell do they afford it? I mean do they live at home or with their man? I can see if I didnt rent a house with one other roommate but instead lived at home or in some communal living situtation where I managed to only pay a small rent I could afford that kinda stuff (for men, I dont give a rats ass about $200 jeans.) But I guess I splurge in other areas so I shouldnt be one to talk. I just wonder how the hell people like your sisters always manage to live like that on those kinds of salaries. Especially the cars, driving a new car every three years seems like a good way to loose alot of money.
April 12, 2008 at 3:43 PM #185670nostradamus
ParticipantHey if it makes you happy, splurge. We are all adults. They should be aware, though, that splurging is not saving so if at the end of it all they are confused as to why there’s no money, THEN I would question their sanity. The same goes if you’re buying fancy jeans and other luxuries while you are not feeding yourself or your family properly. But if you feel happy having a negative or 0 net worth then so be it.
I hope when I die my net worth is 0 or a huge, negative number. That is, unless I have children. But I sure as hell wouldn’t spend extra money on fancy jeans or handbags or anything like that… I’d rather wear trashy jeans and spend money on travel!
April 12, 2008 at 3:43 PM #185653nostradamus
ParticipantHey if it makes you happy, splurge. We are all adults. They should be aware, though, that splurging is not saving so if at the end of it all they are confused as to why there’s no money, THEN I would question their sanity. The same goes if you’re buying fancy jeans and other luxuries while you are not feeding yourself or your family properly. But if you feel happy having a negative or 0 net worth then so be it.
I hope when I die my net worth is 0 or a huge, negative number. That is, unless I have children. But I sure as hell wouldn’t spend extra money on fancy jeans or handbags or anything like that… I’d rather wear trashy jeans and spend money on travel!
April 12, 2008 at 3:43 PM #185701nostradamus
ParticipantHey if it makes you happy, splurge. We are all adults. They should be aware, though, that splurging is not saving so if at the end of it all they are confused as to why there’s no money, THEN I would question their sanity. The same goes if you’re buying fancy jeans and other luxuries while you are not feeding yourself or your family properly. But if you feel happy having a negative or 0 net worth then so be it.
I hope when I die my net worth is 0 or a huge, negative number. That is, unless I have children. But I sure as hell wouldn’t spend extra money on fancy jeans or handbags or anything like that… I’d rather wear trashy jeans and spend money on travel!
April 12, 2008 at 3:43 PM #185704nostradamus
ParticipantHey if it makes you happy, splurge. We are all adults. They should be aware, though, that splurging is not saving so if at the end of it all they are confused as to why there’s no money, THEN I would question their sanity. The same goes if you’re buying fancy jeans and other luxuries while you are not feeding yourself or your family properly. But if you feel happy having a negative or 0 net worth then so be it.
I hope when I die my net worth is 0 or a huge, negative number. That is, unless I have children. But I sure as hell wouldn’t spend extra money on fancy jeans or handbags or anything like that… I’d rather wear trashy jeans and spend money on travel!
April 12, 2008 at 3:43 PM #185712nostradamus
ParticipantHey if it makes you happy, splurge. We are all adults. They should be aware, though, that splurging is not saving so if at the end of it all they are confused as to why there’s no money, THEN I would question their sanity. The same goes if you’re buying fancy jeans and other luxuries while you are not feeding yourself or your family properly. But if you feel happy having a negative or 0 net worth then so be it.
I hope when I die my net worth is 0 or a huge, negative number. That is, unless I have children. But I sure as hell wouldn’t spend extra money on fancy jeans or handbags or anything like that… I’d rather wear trashy jeans and spend money on travel!
April 12, 2008 at 4:03 PM #185673ucodegen
ParticipantI suppose that after a year you could just transfer the balance to another 0% teaser rate credit card.
Notice the amount involved.. and the word “credit cards’“. More than one was involved. What is the likelyhood of being able to rollover the balance into new cards? Each card taken out can affect the FICO score, making it less likely that he can get new cards.. or open a new HELOC. At $45000, there are probably at least 2 if not 3 different major credit cards used.
Consider: why not pay down your LOC by $60k for one year, borrowing the same amount for 0% interest from credit cards? Assuming he is avoiding, say, 7% interest on the LOC, that’s $4,200. He just has to have the gumption to pay off the $60k card debt in one year by tapping into his HELOC
That is assuming that the HELOC will not be closed by the bank. Many people are finding that they can no longer draw on their HELOC because of debt to equity ratios on their property with the price of housing dropping. This method works in a stable or rising house price environment.
April 12, 2008 at 4:03 PM #185690ucodegen
ParticipantI suppose that after a year you could just transfer the balance to another 0% teaser rate credit card.
Notice the amount involved.. and the word “credit cards’“. More than one was involved. What is the likelyhood of being able to rollover the balance into new cards? Each card taken out can affect the FICO score, making it less likely that he can get new cards.. or open a new HELOC. At $45000, there are probably at least 2 if not 3 different major credit cards used.
Consider: why not pay down your LOC by $60k for one year, borrowing the same amount for 0% interest from credit cards? Assuming he is avoiding, say, 7% interest on the LOC, that’s $4,200. He just has to have the gumption to pay off the $60k card debt in one year by tapping into his HELOC
That is assuming that the HELOC will not be closed by the bank. Many people are finding that they can no longer draw on their HELOC because of debt to equity ratios on their property with the price of housing dropping. This method works in a stable or rising house price environment.
April 12, 2008 at 4:03 PM #185721ucodegen
ParticipantI suppose that after a year you could just transfer the balance to another 0% teaser rate credit card.
Notice the amount involved.. and the word “credit cards’“. More than one was involved. What is the likelyhood of being able to rollover the balance into new cards? Each card taken out can affect the FICO score, making it less likely that he can get new cards.. or open a new HELOC. At $45000, there are probably at least 2 if not 3 different major credit cards used.
Consider: why not pay down your LOC by $60k for one year, borrowing the same amount for 0% interest from credit cards? Assuming he is avoiding, say, 7% interest on the LOC, that’s $4,200. He just has to have the gumption to pay off the $60k card debt in one year by tapping into his HELOC
That is assuming that the HELOC will not be closed by the bank. Many people are finding that they can no longer draw on their HELOC because of debt to equity ratios on their property with the price of housing dropping. This method works in a stable or rising house price environment.
April 12, 2008 at 4:03 PM #185724ucodegen
ParticipantI suppose that after a year you could just transfer the balance to another 0% teaser rate credit card.
Notice the amount involved.. and the word “credit cards’“. More than one was involved. What is the likelyhood of being able to rollover the balance into new cards? Each card taken out can affect the FICO score, making it less likely that he can get new cards.. or open a new HELOC. At $45000, there are probably at least 2 if not 3 different major credit cards used.
Consider: why not pay down your LOC by $60k for one year, borrowing the same amount for 0% interest from credit cards? Assuming he is avoiding, say, 7% interest on the LOC, that’s $4,200. He just has to have the gumption to pay off the $60k card debt in one year by tapping into his HELOC
That is assuming that the HELOC will not be closed by the bank. Many people are finding that they can no longer draw on their HELOC because of debt to equity ratios on their property with the price of housing dropping. This method works in a stable or rising house price environment.
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