Mountains of credit card debt

[Eklectrick]

Well, Ive been approved for a new credit card for 2000 (i know, I have a bad credit history) which will get me a straightened body and new paintjob. Yay! But then I feel guilty for using credit to fix up my car cuz I have a history of mismanaging my money. I'm just curious, how many of you are in debt just because of your car? and I don't realy mean the loan on your car itself, unless it's bad enough to mention, but I'm talkin about that guilty pleasure kind of debt.

[fiznat]

Thats a pretty bad idea imo.... I bet a lotta people here will agree with me. Just wait till you have the money for things man: a history of mismanaging money, along with big debts (at high interest rates, no doubt) is a baaaaad situation. I wont even get a credit card, I know Ill dig myself so deep I wont be able to come out.

How would it feel to have to sell your car to pay a credit card bill?

[SmithSR]

I agree with Fiznat. I once owed alot of money to creditors, ended up i sold everything i had except for my streetbike, atv, and truck and moved back in with the parents. Those were a tough couple of years, and looking back, i'd say it wasn't worth it. Now i try and pay cash whenever i make large purchases

[fiznat]

ended up i sold everything i had except for my streetbike, atv, and truck

WOW man that musta sucked! only got to keep your ATV, STREETBIKE, and TRUCK, huh!?!?! damn man what did you sell!?! your personal helicopter and rocket powered backpack!?!? dayum!!

debt does suck though, true that.

[LaureltheQueen]

i wanna get one of those prepayed credit cards to build up my credit.

[SmithSR]

those were the only things i had actually paid off and used with any regularity. I remember i didn't buy any new clothes for a couple years, i ate whatever mom made for me, never went to the mall, never went out with friends for drinks or to shoot pool or whatever, never did a damn thing. i sold my cameras, my comp, my home audio stuff, my guns, my video games...everything i could think of that i didn't really NEED.

[Rockenreno]

I would have sold my truck before my video games

Anyway, yeah, debt is a bad thing. This is why I am getting on older 240sx instead of the 97+. I can buy the old one in cash from last summer's job. Now I just have to get another job to pay rent next year.

[BuudWeizErr]

I have a $3000 credit line on my card. And the CC company has never made a cent off of me. This is the first month I am leaving any money on my account, about 30 something bucks, just so I can maybe speedup the good credit on my name. I want to move out soon, and I need all the good credit I can get.

[RedShred]

I've been bad deep in debt... even filed bankruptcy. That is behind me by a few years but I still feel it. I finally got a credit card. it has a 300 dollar limit. By not resisting your wants and letting them sink you financially, you'll definately feel it later in your life. Get that shiz paid down and stop worrying about a straight body and nice paint until you can afford to do it. Putting that much on credit, just for looks is not responsible, since your in so much debt to begin with.

I have no credit to speak of. all of my mods had to come from saved money... Almost 5 grand.

Show some patience and be responsible.

I hate my bankruptcy. I hate that I cant buy a house at a reasonable rate. I blame myself wholly, but you have to trust me on this one, bro... just get rid of the card. Pay down the ones you have and then once you are all but debt free, you'll definately be much happier, finacially.

[SmithSR]

Agreed!! It was a tough couple of years for me that i spent paying off bills, thank goodness i didn't have to file banko...but i still had to learn the hard way. The past few years have been debt free for me, and i intend to keep it that way.

[Eklectrick]

wow. I guess I assumed that more people would be willing to go into some debt for their cars. I guess I ought to lay down some paitence and restraint. Just for the record tho, I am not currently in debt, I don't have any major credit to pay off. That subject might be misleading, but it's from a song. I just had some bad history from when I was at school and couldn't pay my balances and it all went down from there. I know how it goes. I just applied for this card to see what kind of credit I could get. Thanks for the insight everyone.

[CalsonicR34Skyline]

Keep away from debt, don't be a slave to something for the rest of you. Instant Gratifacation is very dangerous, and even when you get the money, think it all the way through. Make sure you will be happy with the purchase further down the road.

[slw240sx]

stay out of debt, youll regret it later.... im feeling my foolishness now !! i turned 22 friday and im around 3grand with debt that counts against me and i owe another 1000$ to the state for some stupid stuff i did 3yrs ago and im still payin for !!! but thats not on my history, when i was 18 i got a 500 cc and maxed it out on my car !! now 3 years later i havent yet made a payment on it.. its up around 1300$ now !!! i also just recently went to the hospital! bad move i should have just died! that alone was over 1500$ and i havnt paid anything on it yet!! my present day CC im acutally taking good care of payin my balances off way before the due date... but the other stuff is killing my rating!!

now my friend josh ! hes 23 and he lives at home works full time at a job that pays 12 somthin a hour and hes drowning in debt hes screwed for at least 10yrs i know it, hes even gone suicidal over it ! he bought his first car on credit totaled it and didnt pay it off he repaired it ! still owed on it !! wrecked it again gone this time... still 3g out standing on car!!he got a 5g platnium discover !! put a 2500$ crotchrocket on it !! totaled it 2months later !! hes maxed out that card and like 2-3 other cards!! he drives a beater now ! drinks way too much and never has any money to have fun with!! can move out and his family is totally psyco!! he needs to move out but cant! hes jugling bills month to month paying some and not others so all his bills are late at one time or another..bad bad judgement!

[Cyberkreig]

I have about $5000 in School loans (money that was actualy spent on my SR).. and about $500 on my CC with a limit of $1000. Before this month I have never let a balance carry over..but i'm not gonna pay it off till i have the item I charged..

as for the school loans, i have 10 years to pay them off, and if i go back to school they get deffered till I graduate.. Just sent them $500 this month. So I feel OK about my debt.

[LaureltheQueen]

rocked..dudaaa..dadadada... rocked by rape..dodadadadada....dudundadada...mountains of credit card debt, a mountain of cocaine, tons of cocaine.

coolest song ever. Nirvana owns.

[fiznat]

I have about $5000 in School loans (money that was actualy spent on my SR)..

Damn man howd you manage that? All the school loan places I looked at had to get all these verifications from my school to make sure the money was actually goin there....

I had an extra like $250 one year that I spent on some stuff and I felt like I made out on the deal, howd you sneak an extra 5 grand??

[Cyberkreig]

Well.. i hope no-one thinks I'm a privledge kid. but my dad has always said that if i keep a steady job and make OK grades school was on him. So he paid the school. and the loans payed the school.. so i had the amout of tuition extra in my school account. then the school credited me the extra.

[fiznat]

damn thats cool. you're lucky your dad was nice enough to pay AND allow you to take the extra dough out. (I assume he had to cosign for the loan?)

Ah well... can ya spare a grand? lol I've got my eye on this s13 but I need a grand more....... comeonnnnnnnnnnnnn

[Cyberkreig]

Yeah, one of the loans is in his name, one is in mine.

screw you man, He pays for school, but I paid for my car, and I am payin down my debts.. no silverspoon here.

EDIT: Wait, i'm 5g's in the hole and you wanna borrow money from me? I think you outta toss some dough my way, help me get above water.

[fiznat]

aw man, I wasnt making a comment about the spoon you were fed with, I was simply asking for a $1000 handout from some dude I've never met on the internet!

(it was a joke, relax- I'm like $20,000+ in the hole for school)

[Cyberkreig]

no relax, all taken in good spirits.

[[Zero-S]]

Credit cards suck...Which is why I love my check card, and whats even better, it can be used as a credit card...(as long as the money is in my account). But you know whats even better? Cash.

[Rockenreno]

only problem with cash is you always spend it... I try to keep a 20 in my wallet at all times, but beyind that i just hit the ATM before going to the store so I don't spend too much. Or I put it on my credit card ($500 limit) so I am not tempted to spend the change on anything else. Also, since the limit is so low, I make sure to always have plenty of extra money available on it in case of "emergency"... this also helps to prevent me from spending

Then again, I just bough Final Fantasy Origins. I'm a sucker for FF games, so I'll allow this one to pass

[[Zero-S]]

Tell me how origins comes around (I haven't played either of the games before, I'm guessing just improved grfx and stuff), I've wanted to get that for a while.

[BadMojo]

Credit cards suck...Which is why I love my check card, and whats even better, it can be used as a credit card...(as long as the money is in my account). But you know whats even better? Cash.

I try to be very careful with my check card. I'm not sure they have all of the protection associated with a credit card. If someone managed to get your card information, they could clean out your entire checking account (maybe your savings too if you have overdraft protection). For instance, I feel much safer using my AmEx card for online purchases.

I'm 28 now, and I got my first credit card when I was 18. I mostly used it to buy school books. I never spent more than I could pay off in a month or two. Just set a budget and stick to it. It's really that easy. If you can resist temptation, you can build good credit, which will help you in so many ways.

[Onizuka]

my credit card has a $500 limit so i cant do too much damage here. But sometimes i have to use my dads credit card ( for car parts of course) and his card has like a $12,000 limit.

I dunno, just useless info im posting i guess, i just thought the 12,000 limit thing was cool, LoL

[C-Kwik]

There is nothing wrong with Credit. You can have as much as they will give you. It comes down to how you use it. Self control is the key. If you have very little of it, then you may try to keep from getting too much Credit. If you have a lot of self control, then you can probably have loads of credit and will rarely use it.

It is in many cases good to use some credit in a controlled manner. Having no credit history can be as bad as having a bad credit history. Good credit is like trust. It's not something that is given to you. You have to earn it.

Those of you who have lots of debt, and are in some trouble, consider using a debt management service. Especially if Bankruptcy is an option you may start looking at. These firms talk to your banks and in many cases have programs and agreements made witht hem already. Some banks will go as far as to waive all interest while you pay your bills through them. And there will be no fees to do this since they are sponsored by banks. While it may show that you had to use this, it also shows that you were still trying to pay your debt and that you didn't file bankruptcy.

[s14sr20det]

Im not in debt, and I dont think I will ever be in debt.I know how to manage my money.

[BadMojo]

There is nothing wrong with Credit. You can have as much as they will give you. It comes down to how you use it. Self control is the key.

The only caveat to this is that some credit scoring models look at your *potential* credit debt to income ratio. If you make $20K a year and have $40K in credit limits on your cards, obviously that could be a serious problem.

I was once turned down for a bank loan for this exact reason (well, not as extreme as the example).

This is easily remedied. You can ask your credit card company to lower your limits, and then reapply for the loan again in two months or so.

[Phax]

Well, Ive been approved for a new credit card for 2000 (i know, I have a bad credit history) which will get me a straightened body and new paintjob. Yay! But then I feel guilty for using credit to fix up my car cuz I have a history of mismanaging my money. I'm just curious, how many of you are in debt just because of your car? and I don't realy mean the loan on your car itself, unless it's bad enough to mention, but I'm talkin about that guilty pleasure kind of debt.

My car is all about the guilty pleasure kind of debt. I figured out what I wanted, figured out how much I was making and how much I could afford to repay each month, set a budget.. then went out and bought everything I need. I guess it kind of sucks that I'm going to be wearing pretty much the same clothes for the next year or so, and not going out to party very much.... but having a 2.0, turbo-charged, RWD sports car is so worth it to me.