707CMF
Topic Author
Posts: 4698
Joined: Thu Mar 14, 2002 5:39 pm

You Credit Indebtment?

Wed Mar 16, 2005 12:01 am

Or how much do you owe to various banks, credit companies, friends, parents... etc, and what have you borrowed money for ?

Starting with me, I'll say that I loathe the idea of spending money I do not have, so I tend to avoid credits like the plague.
Basically I consider that I should not get a credit for anything else than a house or a flat. For most of the other things, my philosophy is : "if I cannot afford it, then I probably do not need it."

As of now, the only money I owe is 250€ I borrowed from my parents when I bought my current car. (then again, I needed car).

What about your debts ?

Cheers,

707
 
dtwclipper
Posts: 6668
Joined: Wed Oct 29, 2003 3:17 am

RE: You Credit Indebtment?

Wed Mar 16, 2005 12:05 am

$320K if you want to count a mortgage, car payments add up too. Credit cards, only about 2K a month, but I pay them off every month.
Compare New York Air, the Airline that works for your Business
 
UTA_flyinghigh
Posts: 6304
Joined: Wed Oct 03, 2001 8:46 pm

RE: You Credit Indebtment?

Wed Mar 16, 2005 12:05 am

My credit card debt is a big as your..., erm, anyway I have 0€ in debt with my banking institutions.

I think I owe some money to some fool in PAris but he never gets to calculating the amount of the pitite facture, so I'll guess I'just have to pay various hotels and thingies for the next meets we attend.

Other than that my house, my vehicles, my computers and camerhaas are all but paid for.

Cheers,

UTA
Fly to live, live to fly - Air France/KLM Flying Blue Platinum, BMI Diamond Club Gold, Emirates Skywards
 
prosa
Posts: 5389
Joined: Sat Oct 27, 2001 3:24 am

RE: You Credit Indebtment?

Wed Mar 16, 2005 12:17 am

My total credit card debt is about 20% of my gross annual income, which is a bit higher than I'd like but still quite manageable. I also have a car loan which should be paid off within 18 months. Finally, I have a small mortgage on a rental property which will be paid off within a month when I sell the property, if all goes well. I plan on using some of the sales proceeds, after paying the mortgage and sales expenses, to reduce my credit card debt; as best I can determine, that would knock down my total credit card debt to about 10% of my annual income, which seems reasonable.
All in all, therefore, my debt load isn't too bad, and should be going down soon.
"Let me think about it" = the coward's way of saying "no"
 
Wanderer
Posts: 231
Joined: Sat Oct 23, 2004 4:47 am

RE: You Credit Indebtment?

Wed Mar 16, 2005 12:18 am

I went bankrupt a couple of years ago due to credit cards and bank loans. Steer well clear of any of that stuff. If they offer it to you, then walk away - fast.

These days I owe nothing to anybody.
 
prosa
Posts: 5389
Joined: Sat Oct 27, 2001 3:24 am

RE: You Credit Indebtment?

Wed Mar 16, 2005 12:22 am

Quoting Wanderer (Reply 4):
I went bankrupt a couple of years ago due to credit cards and bank loans. Steer well clear of any of that stuff. If they offer it to you, then walk away - fast.

Under soon-to-be-enacted federal law, going bankrupt in the United States will become costlier and more difficult. While there are a lot of provisions in the new law, the most important one will require most people whose incomes are in excess of their home state's median income to repay a certain percentage of their debts over a 5-year period, rather than have the debts discharged outright.
"Let me think about it" = the coward's way of saying "no"
 
PilotJmartin
Posts: 132
Joined: Tue Feb 22, 2005 11:04 am

RE: You Credit Indebtment?

Wed Mar 16, 2005 12:25 am

I owe about $21,000 CDN to Credit cards, I have been bad with about 12 or so plastic devils in my wallet. I am now in the process of paying them off bit by bit.....this is a tuff battle.
 
MYT332
Posts: 7283
Joined: Mon Sep 08, 2003 7:31 pm

RE: You Credit Indebtment?

Wed Mar 16, 2005 12:33 am

BOEING747-700, that sucks! Makes my debts look not so bad!

I owe £2270 on credit cards and £800 in tuition fees. Oh and £2000 for stupid car insurance.
One Life, Live it.
 
PilotJmartin
Posts: 132
Joined: Tue Feb 22, 2005 11:04 am

RE: You Credit Indebtment?

Wed Mar 16, 2005 12:38 am

Alex, I seem to have forgot about that too, I owe another $2,000 for my school loan, and then my monthly car payment of $507.20 and my monthly insurance of $150.00 and on top of that I pay for my cell phone $70.00, my satellite TV $100.00 and my Gym Membership $61.60 then I have to make the payments on those Credit cards.....I Think its time to get a second job.
 
MYT332
Posts: 7283
Joined: Mon Sep 08, 2003 7:31 pm

RE: You Credit Indebtment?

Wed Mar 16, 2005 12:43 am

Ah that reminds me, my student loan! £3700 but that's no issue for the time being...I also have my phone, last bill was £103..I'm quite glad I've lost the thing now. Ahh life can be a bitch sometimes, how do we cope?
One Life, Live it.
 
adam
Posts: 456
Joined: Fri Jan 07, 2005 11:45 pm

RE: You Credit Indebtment?

Wed Mar 16, 2005 12:49 am

I have more than $15,000 in credit card debt. Fortunately for me it is manageable.
Texas: You'll come for the Alamo, You'll stay because you were wrongfully executed. - Conan O'Brian State Quarters
 
707CMF
Topic Author
Posts: 4698
Joined: Thu Mar 14, 2002 5:39 pm

RE: You Credit Indebtment?

Wed Mar 16, 2005 12:49 am

Quoting Myt332 (Reply 9):
. Ahh life can be a bitch sometimes

Worse than that, sometimes she has puppies !!!!

Cheers,

707
 
PilotJmartin
Posts: 132
Joined: Tue Feb 22, 2005 11:04 am

RE: You Credit Indebtment?

Wed Mar 16, 2005 12:50 am

Quoting Myt332 (Reply 9):
how do we cope?

Well I tried Ebay but that didnt help the problem I think it made it worse LOL..... Sad
 
luisde8cd
Posts: 2444
Joined: Thu Aug 12, 2004 12:02 am

RE: You Credit Indebtment?

Wed Mar 16, 2005 12:54 am

€3000 aprox. 2005 Ford Fiesta loan. Should pay it off by 2006.
 
fbgdavidson
Posts: 3563
Joined: Thu Oct 14, 2004 6:25 am

RE: You Credit Indebtment?

Wed Mar 16, 2005 1:28 am

Wow, so much debt! Holding a balance on a credit/chargecard is a fools game although as a student myself it is scary what the credit card companies offer you! Thanks to loyalty on one particular card I have when it came to applying for a Mastercard the credit limit offered was insane. It is easy to see how people can rack up thousands on cards and loans.

I am fortunate enough my debt is currently zero, always pay off my credit and charge cards in full. As it stands I am owed several thousand including some from the Inland Revenue! Not sure whether I should frame that cheque or pay it in the bank  Wink
"My first job was selling doors, door to door, that's a tough job innit" - Bill Bailey
 
ryanb741
Posts: 5058
Joined: Thu Mar 28, 2002 6:36 pm

RE: You Credit Indebtment?

Wed Mar 16, 2005 2:27 am

I owe about 11000 GBP on bank loans and another 4000 UKP on credit cards. Just finished paying off my student loan this month.
I used to think the brain is the most fascinating part of my body. But, hey, who is telling me that?
 
N5176Y
Posts: 309
Joined: Tue Mar 01, 2005 10:39 am

RE: You Credit Indebtment?

Wed Mar 16, 2005 2:32 am

I have $9000 in credit card debt but it's only at 1.9% and those $10,000 that I borrowed were put into a CD yielding 4.6%.
 
VSlover
Posts: 1860
Joined: Sat Feb 07, 2004 1:36 am

RE: You Credit Indebtment?

Wed Mar 16, 2005 2:34 am

due to recent travels, my credit card debt currently equal 4% of my income, and combined with my 3-yr mortgage, my debt load is 500% of my income currently, but a quarter of my net worth, so i'm not sweating the credit cards.
 
British767
Posts: 1523
Joined: Sun Nov 20, 2005 1:17 am

RE: You Credit Indebtment?

Wed Mar 16, 2005 2:39 am

I owe about £200 to 2 people for random things . I have a credit card, but am paying off everything I spend.
 
AsstChiefMark
Posts: 10465
Joined: Thu Feb 05, 2004 2:14 pm

RE: You Credit Indebtment?

Wed Mar 16, 2005 3:38 am

$125000 mortgage, $20000 student loans, $5000 credit cards. I hate thinking about it.

Mark
Red tail...Red tail...Red tail...Red tail...Red tail...Red tail...Red tail...Red tail...Damned MSP...Red tail...Red tail
 
JetService
Posts: 4611
Joined: Mon Feb 21, 2000 1:12 pm

RE: You Credit Indebtment?

Wed Mar 16, 2005 3:39 am

For those that pay-off your credit card debt, make sure if you cut your cards up, you still retain the account. Having the credit line open is good for your credit rating.
"Shaddap you!"
 
alcregular
Posts: 2139
Joined: Fri Sep 26, 2003 5:53 am

RE: You Credit Indebtment?

Wed Mar 16, 2005 3:46 am

I have around £18,000 of debt, consisting of 2 credit cards, two loans, car credit and my overdraft. Al I have to show for it is my laptop and my car, which is my last thing I will pay off, in 4 1/2 years time. How I can't wait for the day. I also live at home with the parents as well. I've considered declaring myself bankrupt, but I couldn't do it, my brother did that last year. I just need a win on the lottery then i'll be happy.
Why drive when you can fly?

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