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Donger
12-13-2004, 06:16 PM
Just curious as to how much CC debt folks have.

After hearing the woes of my closest friend, I began asking around. Pretty much everyone I know has greater than $5K in CC debt.

I was stunned. Most of them are well-educated and relatively bright. And, not a one of them got into CC debt because of need (e.g., medical bills).

Fairplay
12-13-2004, 06:18 PM
About $1200.

Rausch
12-13-2004, 06:19 PM
$400+...

Bowser
12-13-2004, 06:22 PM
Zero. My wife, she of the masters degree in finance, made me see the light with credit cards. If you can't afford to pay cash or write a check for it, don't buy it.

Bob Dole
12-13-2004, 06:27 PM
Since there was nobody else to buy for, Bob Dole's Christmas present to himself was to wipe what was left over from the divorce to $0. Bob Dole hasn't charged anything to a CC in over 5 years.

Skip Towne
12-13-2004, 06:31 PM
Zero here. The balance is paid in full each month.

Taco John
12-13-2004, 06:37 PM
Zero dollars...

We settled everything in October.

Fairplay
12-13-2004, 06:43 PM
I know of so many people out there, like Donger said, that owe so much on the Credit card. Some are 20 year olds that got themselves into that mess and some are have good paying jobs. If they were smart they would seel financial advise on ways to lessen the bill. Meaning lower the interest. There are several options out there.

OmahaChief
12-13-2004, 06:46 PM
Zero here as well. Credit cards are the devil.

I do have one friend that has over $40k in credit card debt. Unreal! Most folks I know do have between $5-$10k just sick if you ask me.

beavis
12-13-2004, 06:47 PM
$0

I'll never all into that trap again.

Fat Elvis
12-13-2004, 06:50 PM
If you can't afford to pay cash or write a check for it, don't buy it.


Ding! Ding! Ding!

Donger
12-13-2004, 06:53 PM
Glad to hear that many of you guys run a zero balance.

I'm genetically predisposed to be frugal, so I've never had any debt either.

This one couple my wife and I are friends with have over $30K. They also have a two kids and an interest-only mortgage. They started asking me questions the other day about their debt, and I did the best I could.

After about two hours of discussion, the female said, "Well, if it gets to be too much, we'll just kill ourselves."

The look on her face when I said that they'd go after her kids for the debt was, as they say, priceless.

Fairplay
12-13-2004, 06:58 PM
After about two hours of discussion, the female said, "Well, if it gets to be too much, we'll just kill ourselves."






Insert bad and insensitive joke here> Have one of them get a hefty life insurance policy.

Sad to say, thats what a guy i work with told me a few times, that my family would be better off dead then alive (with insurance policys to pay bills).

DTLB58
12-13-2004, 07:02 PM
$0 We haven't had a CC in 1 year and 9 months PBJ

On November 1st I started listening to Dave Ramsey a financial guru, I catch his radio show thru the internet, they archive his 3 hour show everyday so I listen at night. I first saw him on 60 minutes, the next day I went out and bought his book "The total money makeover" He has also made appearance's this month on CNBC and the Early show on CBS. He is a big hit right now because of the holidays and trying to talk to people about staying out of CC debt during the holiday season.

His book is awesome! I finished it in a week and I even got my wife (the shopaholic) to start to read it.

It is NOT a get rich quick scheme. It is just plain and simple common sense. CASH ONLY! No credit cards or loans EVER again. If you don't have the cash you save for it. He has several "baby steps" as he calls them listed in his book how to get out of debt and build wealth using your your best source of money, your income. Instead spending all of your money every month on payments for "stuff" pay all the crap off (even the cars) and save your money and build wealth, without winning the lottery.

Sorry, I'm getting carried away here but I'm really focusing on getting out of debt right now, I'll shut up unless others ask for more info on Dave's book or other info on it.

Here's to the road of being debt freeeeee :toast:

Herzig
12-13-2004, 07:17 PM
$0 We haven't had a CC in 1 year and 9 months PBJ

On November 1st I started listening to Dave Ramsey a financial guru, I catch his radio show thru the internet, they archive his 3 hour show everyday so I listen at night. I first saw him on 60 minutes, the next day I went out and bought his book "The total money makeover" He has also made appearance's this month on CNBC and the Early show on CBS. He is a big hit right now because of the holidays and trying to talk to people about staying out of CC debt during the holiday season.

His book is awesome! I finished it in a week and I even got my wife (the shopaholic) to start to read it.

It is NOT a get rich quick scheme. It is just plain and simple common sense. CASH ONLY! No credit cards or loans EVER again. If you don't have the cash you save for it. He has several "baby steps" as he calls them listed in his book how to get out of debt and build wealth using your your best source of money, your income. Instead spending all of your money every month on payments for "stuff" pay all the crap off (even the cars) and save your money and build wealth, without winning the lottery.

Sorry, I'm getting carried away here but I'm really focusing on getting out of debt right now, I'll shut up unless others ask for more info on Dave's book or other info on it.

Here's to the road of being debt freeeeee :toast:

I saw that 60 minutes too. I would like to buy his book too. Does he say anything in it that is just not common sense? I carry a little debt, but not 5-10K like the average American. I would never be able to sleep at night if that were the case. I would also never be able to get a mortgage for 2 houses on a teacher's salary!! Luckily, my Dad is a corporate accountant and has always stressed the importance of being fiscally responsible. I have even quit dating girls that have tons of debt due to fact that I don't want to be the one to pay off their irresponsiblity. I guess that's pretty shallow...

Fairplay
12-13-2004, 07:22 PM
I have even quit dating girls that have tons of debt due to fact that I don't want to be the one to pay off their irresponsiblity. I guess that's pretty shallow...



I agree with this. My girlfriend has little debt and saves quite a bit. And her salary isn't all that impressive. She's taught me a few lessons on my somewhat care free spending habits.

KcMizzou
12-13-2004, 07:42 PM
After about two hours of discussion, the female said, "Well, if it gets to be too much, we'll just kill ourselves."
ROFL

Wow.

MichaelH
12-13-2004, 07:42 PM
Zero. My wife, she of the masters degree in finance, made me see the light with credit cards. If you can't afford to pay cash or write a check for it, don't buy it.

I'm not a financial guru, but I agree with your wife. Unfortunately things happen and credit cards are there to help. I was doing good and paying the balance off each month until our second son was born, our dishwasher went, the water heater went, the AC compressor went, my wife needed a mini-van, ect. ect. ect. If it wasn't for credit, we'd be in a big pickle. Now we're in just a little pickle.

Ugly Duck
12-13-2004, 07:43 PM
Just curious as to how much CC debt folks have.Nutink. Nada. Zip. Zilch. Notta penny. The only money I owe to anyone for anything is a measly weenie little 90K mortgage on a half-million dollar home. And that at 5.25%. I'm wutchu call a "fiscal conservative" which is why I never vote for them budget-busting, debt-crazed Republicans.

Bowser
12-13-2004, 07:46 PM
Nutink. Nada. Zip. Zilch. Notta penny. The only money I owe to anyone for anything is a measly weenie little 90K mortgage on a half-million dollar home. And that at 5.25%. I'm wutchu call a "fiscal conservative" which is why I never vote for them budget-busting, debt-crazed Republicans.

500k house, eh? Being in Cali, as you are, does that make it a 850 sq ft, 1 bedroom 1 bathroom detached garage?

Ugly Duck
12-13-2004, 07:55 PM
500k house, eh? Being in Cali, as you are, does that make it a 850 sq ft, 1 bedroom 1 bathroom detached garage?Your're probably right... last appraisal I got wuz 5 years ago. Don't matter none, anyway - I plan on staying here so it don't really matter what its "worth." 'Cept for the dang tax bill.

Skip Towne
12-13-2004, 07:57 PM
I saw that 60 minutes too. I would like to buy his book too. Does he say anything in it that is just not common sense? I carry a little debt, but not 5-10K like the average American. I would never be able to sleep at night if that were the case. I would also never be able to get a mortgage for 2 houses on a teacher's salary!! Luckily, my Dad is a corporate accountant and has always stressed the importance of being fiscally responsible. I have even quit dating girls that have tons of debt due to fact that I don't want to be the one to pay off their irresponsiblity. I guess that's pretty shallow...
Oh, get real. You only use that if you can't find some other reason to shed 'em.

DTLB58
12-13-2004, 07:58 PM
I saw that 60 minutes too. I would like to buy his book too. Does he say anything in it that is just not common sense? I carry a little debt, but not 5-10K like the average American. I would never be able to sleep at night if that were the case. I would also never be able to get a mortgage for 2 houses on a teacher's salary!! Luckily, my Dad is a corporate accountant and has always stressed the importance of being fiscally responsible. I have even quit dating girls that have tons of debt due to fact that I don't want to be the one to pay off their irresponsiblity. I guess that's pretty shallow...

I think your being very smart about not wanting to take on debt of a women you might want to marry. If I was young again and looking for a wife I would look at her spending habits a lot more carefully now. Money can a ruin a marriage. My wasn't or isn't ruined in fact it's very good right now, but when we do fight it's still about money :cuss: :banghead:

His book does have lots of statitics and facts about people and their money. I thought I had our finances under control so-so but after reading his book we aren't even close where we should be. For me anyways the book was really inspiring and really gets your fired up about getting out of debt. There are hundreds of letters in the book from people that have written,e-mailed or called his radio show about their get out of debt success stories. When I read them I couldn't believe how "average" we are and I don't want to be average anymore. As one lady that wrote him put it "We were so busy keeping up with the Jones' till we found out that the Jones' are BROKE!" They have the nice house the fancy looking cars but it's all financed and they have nothing in the kids college fund or their retirement.

Iowanian
12-13-2004, 08:03 PM
$0

Paid in full

ENDelt260
12-14-2004, 11:22 AM
Zero. My wife, she of the masters degree in finance, made me see the light with credit cards. If you can't afford to pay cash or write a check for it, don't buy it.

Same here.

Well, except I wasn't stupid enough to get married. But, I agree with the rest of it.

NewChief
12-14-2004, 11:29 AM
$1200.

We were always of the "no way will we use a CC" philosophy. Then we got into a bind, happened to have one sitting around that just needed to be activated, and went ahead and did it. I'm dying trying to get the thing paid off, as it kills me to lose that money in interest every month. Once we get it payed, we won't let it go like this again.

bobbything
12-14-2004, 11:29 AM
$2000. It was paid off in full each month for 2 years until I got into a car wreck. Boom. $1000 right there for deductable, extra car rental for 3 weeks, and misc. expenses.

Another $600 or so when I got laid off and had no source of income. Used it for food and the such. Another $400 on random stuff.

Anticipate it being paid off in full in 6 months.

Frosty
12-14-2004, 11:37 AM
$0, now.

About 9 years ago, we were almost $35K in CC debt, due to running out of money on a construction loan and having no other way to get the house done enough to live in it.

Never again.

2bikemike
12-14-2004, 11:37 AM
I haven't had CC debt in about 10 years. We always pay in full each month. I don't care what the balance is. All our cars are now paid in full as well. The mortgage is the only thing we owe.

I always have stressed to my kids interest can kill you or it can be your best friend depending on if your paying or being paid.

I give each of my kids the book "The Richest Man in Babylon" upon HS graduation. Its about taking 10% of everything you make and saving it and letting it work for you.

The oldest boy does a good job with this advice. He doesn't carry credit card debt and when he had a car loan, he paid extra every chance he got. His savings account always has money in it and lately he is thinking about starting a Roth IRA. Not bad for a 22 year old student.

The middle boy can't even keep a job. So he has no money and no credit. Good thing too. He doesn't listen to our advice and has lived on his own since he turned 18.

My daughter graduates this year and we will see how she does. I sure would like to get through to 2 outta 3.

Amnorix
12-14-2004, 11:40 AM
$0.

Use credit cards for nearly every purchase I make over ten bucks, but pay the balance in full monthly.

Credit card debt is the easiest and fastest way to financial ruin.

Of course, my wife and I know the value of a buck, which is probably the most important thing. The freewheeling spending habits of friends and colleagues, whom I know to be in debt, is amazing to behold. One of my wife coworkers was talking to her about how she was going to "have to be" late on her rent payment because she had to have a PURSE. A freaking purse that was pricey enough to make her late on her rent.

We know so many people that sit around waiting for their next paycheck anxiously it's not even funny. I can't imagine (and don't want to imagine) the stress that causes.

ZepSinger
12-14-2004, 11:42 AM
About $1500.
And it's gettin' paid off with my 2004 tax return.

ENDelt260
12-14-2004, 11:44 AM
One of my wife coworkers was talking to her about how she was going to "have to be" late on her rent payment because she had to have a PURSE. A freaking purse that was pricey enough to make her late on her rent.

I have a buddy who bought his gf a purse that was like $200 or $300 for her birthday.

Um, yeah... I won't ever be doing that.

bringbackmarty
12-14-2004, 11:46 AM
We'll since noon is going to admit they have a lot, I'll tell my story. We moved to New Orleans just after we were married so my wife could go to law school. Me being a jazz bassist we felt it was not a bad place to be for that. I tried the day job market first. The only job I found was a hardware store. $5.25 an hour. I took it because I had been looking for about two months, and the only gigs I had managed to secure were meager at best. (church gig $300.00 a mos. occaisional club dates) Then the car blew up, most of my electronics (for my music) were stolen, (twice) I hurt my back at work, tried to go back to school and live off of student loans, that was worse, because the school was terrible. Then the irs called, I owed $12,000 on my mom's estate from three years ago, her lawyer screwed me again. The new Car was broken into, then the computer blew up. I lost my health insurance, got hooked by a fishhook, finally, I went on the cruise ship and made some money, and took out another student type loan to pay off the cc debt. Lately I've been kicking ass on the music tip, but it took three years to build myself up to the poin where I was making some bread. We are now$150,000 in debt, with no house. Luckily law school is one semester from being finished, and all of out debt is at %6. and consolidated. of the total maybe %15 was credit card debt, but we took out a bar exam loan, and another student type loan to pay off the higher interest stuff first. Figure thats the most responsible way.

Iowanian
12-14-2004, 11:50 AM
Zero. My wife, she of the masters degree in finance, made me see the light with credit cards. If you can't afford to pay cash or write a check for it, don't buy it.

This is all great in theory..........

Try it when you buy a fixer-upper house, need a roof, furnace, drywall etc.....It didn't work well for me either, when the woman needed a rock for her finger.......College didn't pay for itself, and no one else offered to pick up the tab.

The difference is, I refinanced the house when it gained equity to pay for some, and pay off the Menards card, put the remainder of the ring into a tax deductible mortgage interest, lived frugally at college..............where as 1 of my roomates maxed 3 CCs his first semester so he could keep up with has faggy Fraternity(thats right Delta Chi....I'm talkin' about you)

There is a difference between Foolish Debt and "smart debt". The debt I aquired to purchase and remodel the home has resulted in it more than doubling, and almost tripling in value.

ENDelt260
12-14-2004, 11:52 AM
This is all great in theory..........

That's where I like to live. Reality blows.

wutamess
12-14-2004, 11:58 AM
$150K :doh!:

yunghungwell
12-14-2004, 12:02 PM
$150K :doh!:

Holy Raiders

Calcountry
12-14-2004, 12:08 PM
Zero. My wife, she of the masters degree in finance, made me see the light with credit cards. If you can't afford to pay cash or write a check for it, don't buy it.
100% agree.

How many people have refinanced their homes to wipe out CC debt, only to start back up that road?

If your outflow is more than your income, then your upkeep will be your downfall.

Fat Elvis
12-14-2004, 12:15 PM
$0, now.

About 9 years ago, we were almost $35K in CC debt, due to running out of money on a construction loan and having no other way to get the house done enough to live in it.

Never again.

I know I'm going to regret asking this, but how do you run out of money on a construction loan?

Didn't you have a contract with a builder in place?

Calcountry
12-14-2004, 12:19 PM
I'm genetically predisposed to be frugal, so I've never had any debt either.

You racist. :p

Frosty
12-14-2004, 12:32 PM
I know I'm going to regret asking this, but how do you run out of money on a construction loan?

Didn't you have a contract with a builder in place?

You gonna make me relive that nightmare again?

The loan was for a remodel. They would only loan a certain amount based on a percentage of what they thought it would be worth after the remodel.

The bid came in under that amount but due to a comedy of errors, there were some serious cost overruns.

Here's some tips on remodels:

New carpet, paint and cabinets is a remodel. Jacking an old house up to put a new foundation under it, stripping it to the studs (on both sides) and putting completely new wiring, plumbing, insulation, siding, windows, doors, dryway, flooring, etc and adding an "addition" that is bigger than the original house is insanity.

If you wife falls in love with a 100 year old farmhouse that looks like it should be starring in a haunted house flick, put her on meds and run very fast, very far away.

If you are new to an area, really, really, really check on the credentials of a contractor. Don't take advise based on only one or two people you work with.

If there is any construction involved, get true blueprints made. Don't believe your contractor when he says that he knows what you want and doesn't need them.

Don't. Buy a new house instead or one that someone else remodeled (be leery of that, though).

There. Do you regret asking now?

Cannibal
12-14-2004, 12:32 PM
IMO there should be criminal charges for people who rack up huge debt and then declarge bankruptcy.

It is theft and should be treated as such.

Calcountry
12-14-2004, 12:39 PM
IMO there should be criminal charges for people who rack up huge debt and then declarge bankruptcy.

It is theft and should be treated as such.
They ought to regulate how much the stupid banks loan to people.

Fat Elvis
12-14-2004, 12:40 PM
You gonna make me relive that nightmare again?

The loan was for a remodel. They would only loan a certain amount based on a percentage of what they thought it would be worth after the remodel.

The bid came in under that amount but due to a comedy of errors, there were some serious cost overruns.

Here's some tips on remodels:

New carpet, paint and cabinets is a remodel. Jacking an old house up to put a new foundation under it, stripping it to the studs (on both sides) and putting completely new wiring, plumbing, insulation, siding, windows, doors, dryway, flooring, etc and adding an "addition" that is bigger than the original house is insanity.

If you wife falls in love with a 100 year old farmhouse that looks like it should be starring in a haunted house flick, put her on meds and run very fast, very far away.

If you are new to an area, really, really, really check on the credentials of a contractor. Don't take advise based on only one or two people you work with.

If there is any construction involved, get true blueprints made. Don't believe your contractor when he says that he knows what you want and doesn't need them.

Don't. Buy a new house instead or one that someone else remodeled (be leery of that, though).

There. Do you regret asking now?


Well, actually it kind of put my mind at ease since we are currently building a new home and have a construction loan. I can understand going a bit over on your allowances, but there should always be a number in place that is the builder's obligation in case of cost overruns (and the builder should give himself enough cushion for those costs). Fortunately, we have a fantastic builder with a great reputation in town.

svuba
12-14-2004, 12:40 PM
I guess I will be the object of criticism here by admitting that I have over $20K of CC debt......

But not all debt is bad debt......Since I have a very steady job I am CONSTANTLY getting offers for 0% for 6 months, and have been rolling along for 5 years like that slowly paying it down from $35K....

Here is where the good part starts...Using other peoples money can sometimes make money for you faster than any other way. The 35 K originated from personal loans that became neccesary to finace two real estate deals that have yeilded me $300,000 in equity in the past 5 years. I have a timeline that will allow me to move to take advantage of my equity....so somtimes it works out.

Cannibal
12-14-2004, 12:46 PM
They ought to regulate how much the stupid banks loan to people.

I don't know about that. If they pass the credit check, they are obligated to pay back the money. If they don't, charge them with theft.

There are so many people that charge up incredible amounts of debt with no *sincere* intention of ever paying it back.

stumppy
12-14-2004, 12:48 PM
ZERO, ZILCH, NUTTIN !!!!!

Chief Henry
12-14-2004, 01:01 PM
We pay our CC every month. We use it alot, but pay it off every month. We're racking up alot of
free points on our CC....... :)

Dartgod
12-14-2004, 01:04 PM
I think a lot of you are full of crapola...

We have CC debt, nothing outrageous though. Around $1,000-1,500.

The Bad Guy
12-14-2004, 01:09 PM
I owe 2,400, but that's on a new account that has zero interest for 2 years.

Other than that, I owe zero to all my other credit cards. I pay them off every month.

I have about 5 grand left on my car loan to pay off and then I'm scott free.

Frosty
12-14-2004, 01:09 PM
I can understand going a bit over on your allowances, but there should always be a number in place that is the builder's obligation in case of cost overruns (and the builder should give himself enough cushion for those costs).

I would agree on a new build. The problem starts with a remodel/rebuild. I didn't find any contractors that would guarantee any costs in that case because they don't know what they will find. A lot of it, too, was my own naivety.

It became a lot better when I became my own contractor and was in charge of sub-contracting specific jobs. That tends to be a lot more set in charge. I also learned enough to do most of my own work (the original fiasco only got it done enough for us to live in the addition; we did the rest of the work over the next 7 years).

Amnorix
12-14-2004, 01:26 PM
I have a buddy who bought his gf a purse that was like $200 or $300 for her birthday.

Um, yeah... I won't ever be doing that.

Before I got married, I didn't even know such things existed (I lived the poor college guy life, and didn't have a high-maintenance gf).

The first time my wife (who was then my gf) took me into a Coach store (Coach is a "nice" line of women's accessories, but not top-of-the-line), she dragged me out of there 10 minutes later. She was embarassed at my "Jesus Christ, this little thing is a hundred bucks?!" "Damn, are you kidding me?" "Is this thing sewn together with strands of gold or something?!?!"

Now, I not only buy that total waste of $$, but I encourage her to get it. Why? Simple:

1. My wife is friggin' impossible to shop for. If I don't buy her jewelry, handbags, etc., then I have no freaking idea what to get her.

2. My wife works full time and does far more than half the housework. We have 2 kids, and she RARELY spoils herself in any way. I frankly feel like a rotten husband if I don't spoil her a bit.

3. Her habits are less expensive than mine (computer games, electronics, DVDs, CDs, the usual "guy crap").

:shrug:

Amnorix
12-14-2004, 01:32 PM
New carpet, paint and cabinets is a remodel. Jacking an old house up to put a new foundation under it, stripping it to the studs (on both sides) and putting completely new wiring, plumbing, insulation, siding, windows, doors, dryway, flooring, etc and adding an "addition" that is bigger than the original house is insanity.

If you wife falls in love with a 100 year old farmhouse that looks like it should be starring in a haunted house flick, put her on meds and run very fast, very far away.


ROFLROFLROFLROFL

Amnorix
12-14-2004, 01:34 PM
IMO there should be criminal charges for people who rack up huge debt and then declarge bankruptcy.

It is theft and should be treated as such.

Debtor's prison was/is a bad idea. It's an unfortunate cost of doing business for the cc companies, and it's hopefully a life lesson for those that declare bankruptcy.

You can sit there and moralize about who declares bankruptcy, but it's not all people who just lived high on the hog and were idiots about it. Sh!t happens.

Amnorix
12-14-2004, 01:37 PM
I don't know about that. If they pass the credit check, they are obligated to pay back the money. If they don't, charge them with theft.

There are so many people that charge up incredible amounts of debt with no *sincere* intention of ever paying it back.

I have no idea how you'd prove who sincerely believed what. You'd have a rule that chucked everybody in prison, no matter what their intentions were.

Keep in mind, also, that for alot of couples usually ONE person runs the finances. I know alot of married couples where one person takes care of the $$ and the other is pretty damn oblivious (sometimes frighteningly so). I've encountered more than once (though not THAT many times, thankfully) couples where one spouse basically hid how bad their finances were until bankruptcy was unavoidable or whatever.

Besides, we have MORE than enough people in jail already.

The Bad Guy
12-14-2004, 01:56 PM
Before I got married, I didn't even know such things existed (I lived the poor college guy life, and didn't have a high-maintenance gf).

The first time my wife (who was then my gf) took me into a Coach store (Coach is a "nice" line of women's accessories, but not top-of-the-line), she dragged me out of there 10 minutes later. She was embarassed at my "Jesus Christ, this little thing is a hundred bucks?!" "Damn, are you kidding me?" "Is this thing sewn together with strands of gold or something?!?!"

Now, I not only buy that total waste of $$, but I encourage her to get it. Why? Simple:

1. My wife is friggin' impossible to shop for. If I don't buy her jewelry, handbags, etc., then I have no freaking idea what to get her.

2. My wife works full time and does far more than half the housework. We have 2 kids, and she RARELY spoils herself in any way. I frankly feel like a rotten husband if I don't spoil her a bit.

3. Her habits are less expensive than mine (computer games, electronics, DVDs, CDs, the usual "guy crap").

:shrug:

You sound exactly like me.

I walked into a Coach Store in Philly with my GF and she was like this bag is so cheap. I thought great, I could get this for her for Xmas. I looked at the price tag and it was 158.

I almost died because I never really shopped with a girlfriend because all the other serious girlfriends I had were in high school and mommy and daddy just bought them the expensive stuff.

But after my shock, I bought the purse because shortly after, we went into the Prada store and the purse she liked in there was 400.

But now I just buy her something nice that's designer for holidays because I don't know what the heck to get her and she helps support my electronics addiction.

Case in point, I know she bought me an IPOD for Xmas, which isn't cheap so I'm going to have to splurge for some decent priced pair of shoes or handbag.

Amnorix
12-14-2004, 02:15 PM
Case in point, I know she bought me an IPOD for Xmas, which isn't cheap so I'm going to have to splurge for some decent priced pair of shoes or handbag.

Exactly. It's like "welcome to a new phase of your life".

Now, I am frightened that I know how Prada ranks with Gucci and Louis Vuitton, compared with Coach, Burberry and the rest.

I swear to God that when Versace was murdered I had no idea who he was. Had never heard of him. My wife's eyes nearly popped out of her head. "Versace! VERSACE!! Don't you know VERSACE for God's sake?"

My utterly blank expression told her all she needed to about that...

jAZ
12-14-2004, 02:20 PM
I topped out at around $12,000, but that was just before starting my job and I had just put a trip for two to Japan ($4000), the down payment on two cars ($4000) and a few airline tickets on there.

I immediately rolled that debt over to a 12 month 0% card, and have payed it down at about a grand a month. It's now down to about $1500 (2 more payments), but with all of the expense of buying this business, moving my mom out to AZ and whatnot, we are heading north of $5000 again.

That's ok, because the business will repay that money soon.

HC_Chief
12-14-2004, 02:21 PM
Just made a couple of mid-size purchases ($500) and put dental work on another card. Still under $2k all-told.

I'll probably transfer funds from savings and pay 'em off.... I HATE paying interest

Cannibal
12-14-2004, 02:51 PM
Debtor's prison was/is a bad idea. It's an unfortunate cost of doing business for the cc companies, and it's hopefully a life lesson for those that declare bankruptcy.

You can sit there and moralize about who declares bankruptcy, but it's not all people who just lived high on the hog and were idiots about it. Sh!t happens.

Many people do just what I have stated above. It's an epidemic really.

Cannibal
12-14-2004, 02:54 PM
I have no idea how you'd prove who sincerely believed what. You'd have a rule that chucked everybody in prison, no matter what their intentions were.

Keep in mind, also, that for alot of couples usually ONE person runs the finances. I know alot of married couples where one person takes care of the $$ and the other is pretty damn oblivious (sometimes frighteningly so). I've encountered more than once (though not THAT many times, thankfully) couples where one spouse basically hid how bad their finances were until bankruptcy was unavoidable or whatever.

Besides, we have MORE than enough people in jail already.

I'm not saying we need to jail them. But when somebody charges up 20k in debts and then just gets out of it by declaring bankruptcy it is wrong IMO. The penalties need to be more harsh for this type of behavior.

ENDelt260
12-14-2004, 02:54 PM
I think a lot of you are full of crapola...

You mean, in general?

Iowanian
12-14-2004, 02:55 PM
arc........I feel your pain.

I didn't put a foundation under mine (though its needed)...just concrete reinforcement walls.


The best thing I did, by coincidence........when I moved to the town I live in now, I moved into a rental next to a guy who likes to drink beer, fish and watch football......who is an independent subcontractor, who hooked me up with a guy, who was a jeweler.

I had a buddy to help on the small stuff I didn't know how to do, and loan me tools, hired him to do some bigger stuff, and made buddies with a jeweler who hooked me up with a very nice diamond and put together a ring for me, at his cost.

Iowanian
12-14-2004, 02:56 PM
I'm not saying we need to jail them. But when somebody charges up 20k in debts and then just gets out of it by declaring bankruptcy it is wrong IMO. The penalties need to be more harsh for this type of behavior.

I agree with Cannibal........I know a guy who lives high on the hog, and declares bankruptsy about every 7-8 years, after "giving" his sons a new tractor or truck.


Sometimes, bad things happen, people get in a pickle and there is no out..........Other times, its irresponsibility and Plain old Theft.

Fat Elvis
12-14-2004, 02:59 PM
Many people do just what I have stated above. It's an epidemic really.

I don't think as many people do it as you would you have us to believe. The extreme cases are sensationalized by the media.

The vast majority of folks who get into real trouble with CCs are folks who were using them for "emergency" purposes. You get laid off, you start buying groceries and what not with the CC with the expectation that you will soon be employed again and can pay off the CC bill only to find out the job market is worse than you expected and suddenly you can't pay off the CC, but you still have to put food on the table. Another scenario: You can't afford health insurance and you get a big medical bill that wipes you out. Over 20% of bankruptcies in the US are due to medical bills.

It isn't that people declaring bankruptcy are living high off the hog (some are admittedly, but they are the exception rather than the rule); most just are having bad luck.

NewChief
12-14-2004, 02:59 PM
New carpet, paint and cabinets is a remodel. Jacking an old house up to put a new foundation under it, stripping it to the studs (on both sides) and putting completely new wiring, plumbing, insulation, siding, windows, doors, dryway, flooring, etc and adding an "addition" that is bigger than the original house is insanity.


There's a reason on that show Extreme Home Makeovers, they've started just tearing down the old house and building a new one instead of trying to remodel/expand the existing one. They were constantly barely getting in under deadline with the remodels. With the builds, they've always got plenty of time, and they've done some seriously big builds.


Unfortunately, my wife and I both love old homes. We're remodeling a 50s ranch right now. Probably end up with a farm house eventually.

Frosty
12-14-2004, 03:06 PM
There's a reason on that show Extreme Home Makeovers, they've started just tearing down the old house and building a new one instead of trying to remodel/expand the existing one. They were constantly barely getting in under deadline with the remodels. With the builds, they've always got plenty of time, and they've done some seriously big builds.

I said from the beginning that we should have remodeled our house with a match, but it wasn't possible at the time. It was on an owner contract which specifically said we couldn't tear it down. Also, we didn't have enough money at that time to do the whole thing at one time.

Finally, there is a certain historical value to the house. It was one of the original houses that were moved up from the banks of the Columbia River by the Army Corp of Engineers when the Grand Coulee Dam was built and the area flooded (historical for this area - not on a national level).

bringbackmarty
12-14-2004, 03:07 PM
$150K :doh!:
120 k was student loans, law school, both her college and mine. 30k cc debt, and car loan.

Dartgod
12-14-2004, 03:10 PM
You mean, in general?
Well, yeah....of course.

Actually, I was surprised that the first 12 or so responses were people claiming they had ZERO CC debt. Seems unlikely to me. Just my opinion though...not that its worth anything.

I also forgot we just rolled over about $10,000 remaining debt on our camper to a CC. Went from 8% to 1.9% on that, so its worth it IMO.

Iowanian
12-14-2004, 03:14 PM
In the past few months I've paid off her car, our Credit card, and last month, my final Student Loan payment....years ahead of schedule.

When I pay off 1 loan, I lump most of that money into the next and so on.

I have $0 credit card debt.

Frosty
12-14-2004, 03:20 PM
I DO have $0 CC debt.

Unfortunately, I have about $20K in debt for two cars, $8K for a student loan (the debt that never dies) and $92K on our house.

I can't wait 'til it's gone. I hate seeing all that money going to interest. :cuss:

Hoover
12-14-2004, 03:23 PM
Nothing on the CC, pay it off each month.

I just use a debit card.

Calcountry
12-14-2004, 03:25 PM
I don't know about that. If they pass the credit check, they are obligated to pay back the money. If they don't, charge them with theft.

There are so many people that charge up incredible amounts of debt with no *sincere* intention of ever paying it back.
There are a lot of companies that will issue cards to very high risk sub prime customers.

Why?

LTownChief
12-14-2004, 03:36 PM
about $2,500
but $1,000 of that is 0% interest at best buy that I still have about 11 months to pay off.

Ghostof
12-14-2004, 03:45 PM
My student loan was placed on a credit card about 3 years ago, I have about 27,000 left on it.

DTLB58
12-14-2004, 04:15 PM
Well, yeah....of course.

Actually, I was surprised that the first 12 or so responses were people claiming they had ZERO CC debt. Seems unlikely to me. Just my opinion though...not that its worth anything.

I also forgot we just rolled over about $10,000 remaining debt on our camper to a CC. Went from 8% to 1.9% on that, so its worth it IMO.

WTF??? Just because we aren't normal?
Again, $0 CC debt and proud of it :)

chiefs4me
12-14-2004, 05:04 PM
Well if your counting homes, trucks, campers, boats, student loans and other then 165k isin't really that bad,,,,