How much debt do you owe?

[superbike81]

Originally Posted by initial_jc

Superbike care to talk about stocks?

Any time, one of my favorite things to talk about other than medical type stuff.

Originally Posted by ChaserAero

We are very rare. I am the same way.

Not the best for the economy, unfortunately - the US thrives on consumer debt.

Not the best for you either IMO. Unless you are planning on paying cash for absolutely everything, having no credit is only going to hurt you. You don't have to go into massive debt just to establish and maintain a good credit score, you can use a credit card and still not pay more than a few dollars a year in interest while establishing a decent (700+) credit score.

Originally Posted by cardoza

Do not, I repeat, DO NOT even think about trading on margin if you don't have a VERY DEEP understanding of the way that exchanges work.

Very true. I've been doing is for 10+ years now and margin trading for about 3 years.

[ZsHatch]

-$0.00, somewhere around that area. =)

[zkrobs4]

20 and about 13k on personal loans and cc's. On top of total debt, what are you guys paying just to sustain every month? $700 for me.

[WISH ONE]

debt free, just finished paying my student loan a few weeks ago, and still broke.

[supportTHEezln]

I just checked my credit card bill.

$18 is how much debt I'm in this month.

I pay my CC off every month. I don't own a house, of course.

The only reason I can really see for being in debt is either owning a house, or being dumb with money.

[RedSiBaron]

as of right now, i am $0 in debt...i dont know how i just finished 6 years of school and pulled it off, but somehow i did it...except im taking my nice car off driving insurance and throwing it on garage insurance so i dont go into debt...beater $1000 240 FTW!

[LoveMyProbe]

..............

[T chop]

I would never want to go into debt for anything besides buying a house, but I wouldn't even call that debt. Buying a new car is kind of stupid unless you can afford it. Buying a new car and eating ramen noodles 20 days a month isn't being able to afford it.

I owe like $500 on my CC, but I can pay that off anytime. I just don't want to kill all my spending money right now.

[Silentoreo34]

20. 4600 on my civic. 2000 to my mom for my rb25det.

[RedSiBaron]

correction, i am about to be $500 in debt to my father so i can pick up this 240 beater i found...but the best part is ill be out of debt again by the 1st of the year...score

best part of going home for the holidays, parents love you more

then i can put my nice car on garage insurance and save 100 bucks a month on my insurance

[WISH ONE]

Sad truth is if you want good credit it seems like to need to be in debt. Revolving debt.

[RedSiBaron]

Originally Posted by WISH ONE

Sad truth is if you want good credit it seems like to need to be in debt. Revolving debt.

And you don't think they want it that way? Haha

[Crazyirish]

I think you need a higher range of debt. At least if you want to consider home-owners.

[superbike81]

Originally Posted by supportTHEezln

The only reason I can really see for being in debt is either owning a house, or being dumb with money.

What you are saying has some validity to it, but there are circumstances where debt can be a good thing. Without going too deep into finance talk (since that's not really the point of this thread), with how low interest rates are now for consumer loans, you can actually make money off of debt. You might have $25k to buy that brand new car, but if you put a minimal amount down, get that 0% (or somewhere around that) and invest the rest of the money, this year you would have made about $2-3k extra from most basic mutual funds. By the time your 48 month or so loan is up, you probably made an extra $10k just by taking out a loan.

Now of course, not all investments go that way, you may lose money too, but with smart money management on your part, you could potentially make a significant amount of money by going into debt.

Debt doesn't have to be a bad thing people.

[Silentoreo34]

Originally Posted by superbike81

Now of course, not all investments go that way, you may lose money too, but with smart money management on your part, you could potentially make a significant amount of money by going into debt.

Debt doesn't have to be a bad thing people.

I agree with you 100% going of topic of the tread. My friend from when he was 16 he took loans out (grandparents co-signed) agaisn't his name and put them to CD's. This was back when CD has a good interest % but now its crap and I feel like I should just throw my money in the toilet when my parents tell me I should get a CD. Back to my point my friend did this for a few years and kept recycling the loan/cd with the same rate, he has about 20,000 saved up in just about 4 years. His loan/cd are coming to a close mid 2011 and he is going to put a down payment on a town house.

[yingiang]

Originally Posted by Silentoreo34

I agree with you 100% going of topic of the tread. My friend from when he was 16 he took loans out (grandparents co-signed) agaisn't his name and put them to CD's. This was back when CD has a good interest % but now its crap and I feel like I should just throw my money in the toilet when my parents tell me I should get a CD. Back to my point my friend did this for a few years and kept recycling the loan/cd with the same rate, he has about 20,000 saved up in just about 4 years. His loan/cd are coming to a close mid 2011 and he is going to put a down payment on a town house.

i find this hard to believe. generally loans have interest monthly and cds have interest after the term is over for whatever amount it was. i dont see him earning/gaining anything

[Silentoreo34]

Originally Posted by yingiang

i find this hard to believe. generally loans have interest monthly and cds have interest after the term is over for whatever amount it was. i dont see him earning/gaining anything

Well, today this would seem to be impossible due to hard times and banks hardly giving out good CD rates. But been a some odd years now but before you could get a loan with about 3-4% on in and a cd that put out 5%. Basically after inflation you make a little money, but its a good way to start/learn how to save. Again the bank was okay with it because they were loaning out the money but also getting the money back. Therefore the money never really leaves. But now of days this stuff won't happen.

[kognition]

Looks like you opted for the red pill and can finally see the matrix for what it really is. For that i congratulate you.
I just checked my credit score yesterday with the big three. Having not seen it since last december, i see that they all switched to a new scoring system to align themselves better. Probably for the eventual merger in the future. My score is worth less now as a result. Which is their attempt to rescale the system to what it really should have been in the first place. But none of that matters to me anymore. After seeing that Wall Street sought enjoyment in playing with the livelyhoods of so many investors, i decided "fuck a bank". Fuck them all. I run my business with my own money, and always will.

Originally Posted by WISH ONE

Sad truth is if you want good credit it seems like to need to be in debt. Revolving debt.

[sleeper108]

im about to turn 21, and I will finish off the 14k i borrowed for a new car in December 2011. (just over 2.4k left) I pay off my CC every month, so no debt there. I am about to get a house (150k-200k is my range atm) and with all the rates as they are, I will only be paying the utility bills, and putting off the rest on roommates who I've already talked to about moving in with me (contract signing them for minimum of 1 year, just in case).

[jumboflan]

I am in no debt. Why is this thread even started? Because it's expensive to own a drift car? Lol? I would never get myself into a thread over a car. How about investing in something that returns and doesn't depreciate? lol. I owned my s13 for almost 8 years now. I never spent more than $1000(clutch, springs, welded diff, vlsd, 300zx calipers,cheap ass short throw shifter from ebay($45 and working still for 4.5 years)and rims) on it. It is still running like a champ. I am the ultimate savvy shopper. I prey on the good deals...this was even before the recession started. So, i wasn't taking advantage of anyone.

[Tantwoforty]

ugh..
like 475 for gay x shiney shit
annnd like 250 to bank of America
lame

[Corbic]

Originally Posted by spartanic

I'm sure not a lot of people here can say they're debt free. Statistics say that Americans are over grand total of over $1 trillion dollars in debt. What about you?

I have a Mortgage.

You options are great for college kids and chumps living at home.

[SimpleS14]

Originally Posted by jumboflan

I am in no debt. Why is this thread even started? Because it's expensive to own a drift car? Lol? I would never get myself into a thread over a car. How about investing in something that returns and doesn't depreciate? lol. I owned my s13 for almost 8 years now. I never spent more than $1000(clutch, springs, welded diff, vlsd, 300zx calipers,cheap ass short throw shifter from ebay($45 and working still for 4.5 years)and rims) on it. It is still running like a champ. I am the ultimate savvy shopper. I prey on the good deals...this was even before the recession started. So, i wasn't taking advantage of anyone.

cool story bro

[titangts]

Originally Posted by jumboflan

I am in no debt. Why is this thread even started? Because it's expensive to own a drift car? Lol? I would never get myself into a thread over a car. How about investing in something that returns and doesn't depreciate? lol. I owned my s13 for almost 8 years now. I never spent more than $1000(clutch, springs, welded diff, vlsd, 300zx calipers,cheap ass short throw shifter from ebay($45 and working still for 4.5 years)and rims) on it. It is still running like a champ. I am the ultimate savvy shopper. I prey on the good deals...this was even before the recession started. So, i wasn't taking advantage of anyone.

do you have any other cool stories like this bro?


im 22

~1k personal loan
~$500 CC
.. positive with more than i owe ( yea i know i should pay it off lol )

but i have cool sr s14, and 2jz FD rx7.. uh..but im going house shopping this year.. not to go in debt, but to only invest

[afred]

debt free =D

[ov1989]

ovr 9k on a bmw
900 to bro
500 to gf and im unemployed haha

[zeitgeist]

25k in debt, just graduated

Ive got a good paying job and wont be spending much so Id like to pay it off within 1-2 years so just to not have anymore to worry about. But obviously this is way earlier than it should be paid

Since I will still be paying all of the interest, will my credit score suffer in any way?

[atomicguy7]

you guys are lucky, im well over 100k from school.

[blingbling]

Debt free and always broke. Sounds like an exciting life huh?

[allmotaef9]

debt free holla


well unless your counting a mortgage ooohhp! haha