spdracerut

iTrader: (2)

Only if you don't have the money to pay it off. I pay for almost everything with CCs for convience. I just make sure I have enough money in the bank before any major purchase. Only buy it if you can pay for it!

Yodobashi

iTrader: (5)

Lots of really terrible advice in here.

19psi

iTrader: (6)

You are absolutely correct.

Only buy it if you can pay it back pretty much right away.
Credit cards should be used as a means of convenience.

BenjyJ

iTrader: (5)

agreed.

Evogenji8

30,000 in student loans
6000 in cc
gonna be 12K for automotive training now
30,000 on evo

I might get out of evo soon. But the evo is super cool to get rid of. I am looking into consolidating cc or someothing i dunno. Living for the moment for a lil while. But might trade the evo in with a negative equity type of deal to drop my payment. Its crazy high. After school which is in november i will work a night job and aim for debt free. May do it with the evo if I see doable. An evo with no debt would be great especially withe knowledge to rebuild it. Also putting together a tool box now so that I can work as a tech after school. 25 now and do wanna move out and maybe buy a condo or something. Still live with mom because of my bad car addiction.

crasher

i like this thread... gives me a general idea of how people manage their credit debt and maintain a high cost vehicle, ive read every reply on here and like to hear everyones stories. :


so whats the ultimate advice pay off 60-70 percent of card debt then consider purchasing the evo? i can do that if im really dedicated and dont eat out every day, in 4 months.

cMw

i really dont understand why or how ppl would go into thousands of dollars in credit card debt?? if u dont have the money, you can't buy it, plain and simple...

its a different story if ur buying a car as your not going to be able to put down 30k dollars down on the spot, even if ur making 65k a year

invest as early as possible and start young

best advice possible for young people, if u can stay at home, do it, it saves money and is a good decision

im 18 and will be going into debt with student loans but plan to pay them off ASAP as soon as im out of college.

LV///R

iTrader: (36)

[QUOTE=cMw]i really dont understand why or how ppl would go into thousands of dollars in credit card debt?? if u dont have the money, you can't buy it, plain and simple...
QUOTE]


I see it day in and day out actually being that I work in that industry. Its really simple. CC's are convenient, meaning its much easier to whip out a card and pay for stuff than taking cash out from your billfold and watching it dwindle away.

Also, CC's usually offer tempting 0% offers to get people pulled in. If the person screws up his payment (1 missed pymnt or 1 time over the limit can void that 0%), or something else in life comes up while having that balance, then things get interesting.

While I agree to not use cc's for buying stuff you cannot afford, most people think otherwise. Buy now, pay later should be America's slogan...

cMw

totally agree, and i think i've actually heard that said before and its soo true..

and while they are convenient for purchasing things at the time and paying them off instantly later when u get the bill, but for when u definitely cannot afford it and are going to end up making payments for something that is a "want" instead of a "need" i dont really believe in unless u are in a very good situation financially and will be able to make all the payments on that item

f-dub

iTrader: (5)

If you are almost 10 grand in debt you have no business even trying to buy an Evo. You will end up homeless in less than 6 months.

I don't even spend $5,000 a year on living expenses, so it either took you a long time to rack up that debt, you have a large family, or you bought things you didn't need. I hope you don't take offense to this post, just trying to give you a reality check.

beastlytalon

iTrader: (1)

do not close your credit card accounts once paid in full. just cut up the card and throw it away. the banks and credit score see that as available funds. hey if you have 30k available funds on credit cards you threw away, its going to look good in your favor.

Jasil

iTrader: (22)

Yep, I married well!!

S2myEvo

iTrader: (20)

700+1200+150+500=a good 2500 plus 14k for my evo 16,500!

crasher

yeah you guys are right, i should kill the credit debt, it sucks to have to pay 500-700 dllrs in credit cards a month!

LV///R

iTrader: (36)

That's not necessarily true. If you have TOO much available credit, creditors will look at that as a negative because you COULD use that credit at anytime. I'm not saying in all cases this is true, but in most it is, depending on a variety of things.