PessimiStick

iTrader: (2)

I have one car payment, and I have never carried any debt on my CC's. My score is over 830. Seems your strategy isn't working so well.

nj1266

iTrader: (6)

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.

theEVOdream

iTrader: (41)

$22k on my 05 and $1100 on both my credit cards put together.

pog0

iTrader: (17)

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).

Makev

I owe ~14k on my Evo IX, no other debt, I pay of my CCs every month.

anjapower

iTrader: (18)

I'm 23.

School loans = 0
Evo loan = 0
CC debt = 0

Living at home, me = 0. Hoping to save a boatload of cash and then go straight into a house. I've had enough of consumer debt.

Kyoichi Sudou

iTrader: (23)

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.

Flocito

Only Debt I have is a home mortgage. I don't carry credit card debt and my truck is paid for. Those factors are making it easier for me to purchase my second car.

justlooking

WTF...I hope for your sake you have someone helping you out on your bills. You barely make as much money as you have tied up in a depreciating asset. Wow...

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.

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.

anjapower

iTrader: (18)

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.

justlooking

Depending on your other financial responsibilities (house, kids, etc) I think you should make at least 2 to 1 (gross) over the car you buy. In my case with a rather large mortgage (thanks a lot oregon home prices) and a baby on the way I went with closer to 4 to 1. I gave long thought to a new Z06, which would have been fine if I was single and didn't have these other responsibilities, but I do so evo it is!

Flocito

I find that most people in discussions like this tend to forget "small details" like second incomes from their spouse that can bump up the household income to something like 60-70K net. Other factors like where one lives also seems to be forgotten.

559EVO

iTrader: (1)

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.

justlooking

I just have to ask man....why not pay your credit card debt off? This just makes no damn sense to me.