How much credit debt and owning an EVO?
#46
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Originally Posted by evolution_racer
Between my four cards I carry about $5k in debt. I don't own a home right now, have two car loans and my score right now is still in the upper 700's which is decent for a 23 year old.
#47
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I make 100K per year and I have about 4k in CC debt. I can easily afford to pay off that CC debt, but I keep it. Why? I do not pay any interest. I have not paid any interest on CC for about 5 years now. I get 0% CC all the time. But now it is getting very rare to get these in the mail since interest rates are going up. But I still get 0% on balance transfers. I make siginificant monthly payments on the debt, but I still do not pay it off.
I also do not pay interest on my EVO. It is 0% for 60 month. I pay half of the mortgage ($700) and my Tundra and race car are paid for. I invest $800/month in my 403b plan. This is tax free money that goes directly from my paycheck. I have no student loan debt.
I also do not pay interest on my EVO. It is 0% for 60 month. I pay half of the mortgage ($700) and my Tundra and race car are paid for. I invest $800/month in my 403b plan. This is tax free money that goes directly from my paycheck. I have no student loan debt.
#52
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If you have CC debt, get a balance transfer onto a 0% interest card on balance transfer (and on purchases if available). Just DO NOT USE CHASE VISA cards as they will perform some serious bait and switch action on you. Also it doesnt hurt to ask your current credit card provider if they can give you a break on the interest rate on your account.
I would say it like this, "I'm considering getting a 0% card but I do want to stick with this card since I've had it for X months/years. Can you give me a competitive interest rate?" Then after that is done get a 0% card.
And as other people said after you get the car and keep your debt interest free for the most part, you can pay off your cards and car and keep modding on the low priority list.
I would say it like this, "I'm considering getting a 0% card but I do want to stick with this card since I've had it for X months/years. Can you give me a competitive interest rate?" Then after that is done get a 0% card.
And as other people said after you get the car and keep your debt interest free for the most part, you can pay off your cards and car and keep modding on the low priority list.
#54
Originally Posted by pog0
I make about $39K a year, owe $32k on the Evo, $2200 on CCs, $4500 to student loans. Insurance kills me with 2 points on my record (accident and ticket).
I make a decent amount of money. I have one car paid off and the evo is financed. I feel that even at my income level the evo is more then enough debt. I use credit cards for everything I can and pay the balances off each month (1 visa, 1 Discover). There is some really terrible advice in this thread.
You younger guys spending every last dollar to buy a lifestyle you can't afford are going to be in for a shock when you are 30 and still can't afford a house or have to buy one in the crappy neighborhood instead of the nice one. Some of you are setting yourselves up for major failures by posing right now.
#55
Originally Posted by filter
if you make 65k a year and our complaining about owning an srt-4. 1 you must be in debt 2 dont know how to spend your money right.
i make 52k a year only 1 credit card. has about $800 balance due to me rebuilding my credit. i have an evo 9. im married and have a house payment and thinking about buying an sti for the wife. and we still live very comfortably and putting money away for retirment. and im 28.
we just dont do other thing like go out and get drunk every weekend. we dont smoke or drink so we have extra money to throw around.
so i dont see how you cant afford an srt-4 making 65k a year.
i make 52k a year only 1 credit card. has about $800 balance due to me rebuilding my credit. i have an evo 9. im married and have a house payment and thinking about buying an sti for the wife. and we still live very comfortably and putting money away for retirment. and im 28.
we just dont do other thing like go out and get drunk every weekend. we dont smoke or drink so we have extra money to throw around.
so i dont see how you cant afford an srt-4 making 65k a year.
Last edited by justlooking; Sep 25, 2006 at 10:19 AM.
#56
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Originally Posted by justlooking
You younger guys spending every last dollar to buy a lifestyle you can't afford are going to be in for a shock when you are 30 and still can't afford a house or have to buy one in the crappy neighborhood instead of the nice one. Some of you are setting yourselves up for major failures by posing right now.
#57
Originally Posted by anjapower
QFT. You really should be making 55-60k if you're a single guy with an Evo. Having one while making less money than that is financial suicide. There's way better things to buy than a cool car.
#58
Originally Posted by justlooking
So what are you leaving out? 52k a year ends up being like 35k take home. That's roughly 3000/month. You can afford a mortgage, retirement (whatever that means), live comfortably and afford a 30k+ car and another one on the way? Simple math says that doesn't add up unless your mortgage is very tiny. I guess it depends on where you live, but many people's mortgages would eat up 60-100% of 3000/month.
#59
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I'm 26 years old
Make 65k a year
Owe
11,000 on EVO
2,700 ON Mercedes C280
8,600 on credit cards
Still live comfortable but need to start saving cause I'm getting married next year.
Make 65k a year
Owe
11,000 on EVO
2,700 ON Mercedes C280
8,600 on credit cards
Still live comfortable but need to start saving cause I'm getting married next year.
#60
Originally Posted by 559EVO
I'm 26 years old
Make 65k a year
Owe
11,000 on EVO
2,700 ON Mercedes C280
8,600 on credit cards
Still live comfortable but need to start saving cause I'm getting married next year.
Make 65k a year
Owe
11,000 on EVO
2,700 ON Mercedes C280
8,600 on credit cards
Still live comfortable but need to start saving cause I'm getting married next year.