How Many Of Us Are In Debt?
09-18-2003, 01:16 PM
#1
Senior Member
Thread Starter
Join Date: Nov 2002
Location: Atlanta, Georgia
Posts: 285
I don't use a credit card so i'm ok. But I got something in the mail that says I can get a card with a ten thousand dollar limit. But I don't think i'll do it because I saw this thing one MTV about debt and how much it sucked to be in it. But if I only Use it when I have money I should Be ok.
09-18-2003, 01:25 PM
#2
Super Moderator
Join Date: Sep 2002
Location: Tallahassee, FL
Posts: 5,425
When I get credit card offers in the mail, I put one company's info in the other company's reply envelope, and mail it. Wasting their postage-paid envelope. 
I don't have a credit card, I use a debit card, and I have good credit from my last loan. So I'm not in debt!
But I do have only $4 in my account, and we're out of food.
I don't have a credit card, I use a debit card, and I have good credit from my last loan. So I'm not in debt!
But I do have only $4 in my account, and we're out of food.
09-18-2003, 01:29 PM
#4
Senior Member
Join Date: Apr 2002
Location: IL
Posts: 2,930
it's not too bad to have one with a sane limit and pay things off quickly, helps build good credit for purchases requiring financing like house. But for the most part, you are better off saving money and paying cash.
09-18-2003, 02:03 PM
#7
Senior Member
Join Date: Dec 2001
Location: Jensen Beach, FL / Sylva, NC
Posts: 2,934
I got into really bad credit card debt. a long time ago. I got a debt consolidation loan.. the biggest mistake I ever made. I ended up running up my credit cards AND having a debt. consolidation loan to boot.
My wife decided to put our credit cards in an envelope and seal it up and put them away. We applied for an American Express card about a year later. Its great convenience of a credit card BUT it has to be paid off every month. It makes you think twice about using it. I taught my a lot of self control.
If it wasn't for my gold visa card I never would have started my own business. I maxed it out getting the business off the ground.
Right now I am on a 3 year plan to be totally out of debt. including my mortgage. Then I will start saving to open up a speed shop and do what I love for a living.
My wife decided to put our credit cards in an envelope and seal it up and put them away. We applied for an American Express card about a year later. Its great convenience of a credit card BUT it has to be paid off every month. It makes you think twice about using it. I taught my a lot of self control.
If it wasn't for my gold visa card I never would have started my own business. I maxed it out getting the business off the ground.
Right now I am on a 3 year plan to be totally out of debt. including my mortgage. Then I will start saving to open up a speed shop and do what I love for a living.
09-18-2003, 03:32 PM
#9
Super Moderator
Join Date: Sep 2002
Location: Tallahassee, FL
Posts: 5,425
Originally Posted by Erik' date='Sep 18 2003, 03:53 PM
own both cars...no debt for anything...lots in the savings
hmmmm...new car or ring for the gf? lol
hmmmm...new car or ring for the gf? lol
09-18-2003, 03:40 PM
#10
Senior Member
Join Date: Jul 2001
Location: Tulsa, OK
Posts: 3,346
Lets see, I paid cash for the FD as well as all the mods. However I still owe about 15k on my loan toward my mini, have about 2k worth of credit card bills due to my recent move, and a big fat loan of about 45k for flight school. I'm gona go ahead and pay off the credit card bills next time or two around. The Fd will be sold tomorrow (cross fingers) for 18k. I'll get my mini pickup truck and a daily beater and have about 6k left over for school. And this morning I was up 12k in invested stocks. So things could be better, but they aren't that bad.