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06-03-2010, 06:10 PM | #1 |
Banned
Join Date: Oct 2008
Location: Liverpool, Pennsylvania
Posts: 12,546
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ok, we've all got it in some way, shape or form. Debt. College loans, car payments, bail, loansharks, fines, credit cards, kids, ex-wife, ex-husbands, revenge seeking hookers, bookies, small business loans or just your average everyday bills ya gotta pay to get by.
How much debt do you figure you are in and how do you go about dealing with it. Semi-serious topic for Tankers who might need some inspiration as how to deal with their own debt. Also semi-serious because I am in debt to a chick named Karl who I thought I was buying a TV from off Craigslist - but apparently in that forum TV had a whole other meaning. |
06-03-2010, 06:12 PM | #2 |
All That Remains
Join Date: Sep 2008
Location: Southern CT
Posts: 2,089
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Man... Debt... We have an understanding... I'll forever be in debt and he will forever collect from me.
I have a lot thanks to school as well as several really crappy hands in life that caught me unprepared and caused me to get even further over my head. Let's just say I could have bought an average house in America and my debt load would be lower... |
06-03-2010, 06:18 PM | #3 |
Wicked-Bad
Join Date: Jul 2008
Location: Vancouver, Canada
Posts: 2,162
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The only debt I have now is basically my mortgage. But before I had the mortgage, I got debt free a few years ago.
I had thousands of dollars to my credit card, and a few more thousand to the government for a student loan. How I paid it off was by not spending money and sacrificing, as well as getting a better job. for years, I lived with roommates to split rent. I didn't have cable or even own a tv. and I sure as heck didn't collect any toys during the time I was trying to pay off my debts. I also got a much better paying job, about $5 more per hour, which was like winning the lottery for me at the time. When people get raises or get better pay, they tend to increase their lifestyle to reflect it, which is a bad move. I didn't. I kept my frugal, spartan lifestyle and was able to pay back my debt very quickly, due to my lifestyle costs being kept the same, but any additional money I made from my new job was going to debt servicing. Oh, and for a while, I was working two jobs. Five days at a bank, two days at an electronics store, so basically 7 days a week. It wasn't bad when I was doing that, but I'm glad I don't have to do that anymore. Debt sucks donkey balls. Last edited by pud333; 06-03-2010 at 06:20 PM.. |
06-03-2010, 06:18 PM | #4 |
"Commando"
Join Date: Jan 2008
Location: Boston
Posts: 273
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We're not too bad off, I believe we (by we, I mean my wife and I) only owe a couple of grand on a couple of credit cards. My wife was pissed though because she just paid them down and we got hit with a couple of car bilsl and she had to buy a suit for work.
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06-03-2010, 06:22 PM | #5 |
Cobra Viper
Join Date: Jun 2009
Location: Galena, IL
Posts: 378
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I hear ya. My wife and I have a total of about $5,000 in credit card bills, which we're slowly and painfully paying off. We're chipping away at it--slowly. We also have a mortgage, and we have a couple years left on both our cars.
We had a particularly bad November--my car needed new brakes AND tires around Veteran's Day, and then my wife's car needed four new tires around Thanksgiving. Then my car had a transmission issue. Things are looking up. I paid off our Best Buy card this week. . . |
06-03-2010, 06:22 PM | #6 |
Banned
Join Date: Jan 2010
Location: Pittsburgh
Posts: 914
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I owe a few people some paypal that will be paid on Friday and Saturday. Otherwise I live a cash life I've had debt before it is horrible car payments suck loans really suck credit card debt is like a hellish pit it seems like you have to crawl out of a centimeter at a time. Cash is king
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CobrasUsedCars |
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06-03-2010, 06:29 PM | #7 |
Banned
Join Date: Oct 2008
Location: Liverpool, Pennsylvania
Posts: 12,546
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I have...
$13,000 - left on my car loan. $17,000 - left of my student loans $4,000 - total credit card debt currently - that fluxuates pretty drastically. No rent or morgage - I pay half the bills at the girlfriends house Car and motorcycle insurance every six months. $15 - Warcraft Account monthly $20 - Gym membership monthly Not too bad - I make more a month than I put out in expenditures. What saved me from having insurmountable debt was not having a credit card until I was 25 - certainly helps. I was a bartender for 10 years prior to my current job with the state, and I lived a total cash existance, which I wish I could go back to doing. So much easier than having the balance a checkbook and decide on what credit card is paying interest. |
06-03-2010, 06:29 PM | #8 |
Fashion Photographer
Join Date: Jul 2002
Location: .
Posts: 1,067
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after this monday, $0 debt. Why?
1) Student loan is paid 2) Credit cards are both at $0 3) Van was paid in Cash 4) Insurance was paid in full in January for the year Do i have bills, Yes, but i do not consider them debt, only an expense. I have money each month now that i can cover my bills and still have surplus. my bank accounts total almost 20k combined, and as per my other thread, am getting another 13K for a land sale, i will probably have just more than $8000 left after taxes, and lawyer fees, so my bank account will be close to 28K come this monday. my 20K account is a NO-TOUCH account incase something serious happens. it was an inharitance from when my mom passed. With it i was able to pay my student loans, my Credits cards, buy a van, and blow 5k on parties, and live free for 6 months. I was able to pre-pay a 20 day trip to Ireland and still have 20K left, so my future is good. now, BEFORE today, i would have said that i owed over $1000 to my credit card due to Joecon, but thats been taken care of with my land sale. |
06-03-2010, 06:30 PM | #9 |
Say what?!?
Join Date: May 2007
Location: Kirksville,MO
Posts: 1,411
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Hmmmmm... let's see , we have two loans out one for about 1200.00 and the other for for around 2000.00. so about 3200.00 all together but I make monthly payments so not to bad . I have a second job though to pay it off and other things like back to school stuff for the kids , b-days in august then a little put back for joes. Yea a second job sucks but I have been layed off before with nothing to fall back on so I don't complain to much. Oh and if I can afford to ,go back to school in fall $$$$$ ......it never ends,lol
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06-03-2010, 06:32 PM | #10 |
Cobra Viper
Join Date: Jan 2003
Location: Portland, OR
Posts: 340
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My wife and I have been able to reduce our debt down to just our home mortgage. Few years back I had credit card debt (not a lot few hundred dollars) car loan, student loans, and mortgage. I got laid off from my job and it took a few months to find another job. I was one of the lucky ones and from layoff package, unemployment and wife's job we were okay. But after I got my new job it just happened that we got a copy of Dave Ramsey's book Total money Makeover. Really made us re-evaluate our debt so we worked hard and paid off our debt outside of the mortgage.
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