Household Debt hits Record High
- Thread starter UCFKnight85
- Start date
So so so so so so so so so so jealous. He said they were 10+ year old cars. Douchebag.
To each their own. I'd rather have cash in the bank or liquid assets when shit hits the fan. If I get fired and can't find a job the bank can take my truck and I'll still have easily accessible money to live on. Try doing the same with a truck you paid cash for, you'll have to firesale it to get the cash. I guess I'm a pessimist. I'll use other people's money as long as it's affordable. I understand the cash only life. It provides security most of the time, but I have a step brothers wife that couldn't get a 90k mortgage because she always paid cash for everything and didn't have a credit history.
That is one of the reasons why I use a credit card for just about all my purchases. I mainly use it to accumulate airline miles. BUT....I pay off the entire balance each month so I pay $0 in interest charges. Accordingly, my credit rating is excellent though I really don't care because I ain't buying unless I can afford to buy it with cash.
I agree with that. I use my CC for everything single thing I can for the cash back and I pay it off every month. I am losing some money because I ditched BoA for being douches and went to to local credit union. My faux rage is well worth losing the few bucks I lose a month though. Bunch of assholes nickle and diming over stupid shit.
As long as the loan taker understands how it works, there's no problem in having a loan. The problem is people will get a 2.5% car loan over 6 years to pay for a $40k car and don't understand how the loan works. They're paying more interest in the beginning which means they'll be underwater on the car for the first 1-2 years and will end up paying ~$4k in interest.
In my household budget, I break out loan payments into principle and interest so I can clearly see how much a loan is costing me on a monthly/yearly basis. Once you see how much you pay the bank, you start to limit your loan amounts.
In my household budget, I break out loan payments into principle and interest so I can clearly see how much a loan is costing me on a monthly/yearly basis. Once you see how much you pay the bank, you start to limit your loan amounts.
No, he had to stop buying new cars every 4 years to afford the gold digger he found. Now, he drives a 2003 car and couldn't even afford a BMW series 5
Im glad no one is surprised it's a BMW, would've thought his other car would be a Mercedes or Volkswagen.
Poor 11 and Zero, he has no idea that there are women out there that can and are very successful. My wife also didn't want a five series as it wasn't sporty enough for her. Her 435 would blow the doors off a 535.
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My daily driver is a 2010 Chevy Cobalt XFE (Extra Fuel Economy) 100% manual, 0% power (other than steering and brakes -- but no anti-lock) as my daily driver. I paid cash for it new ($10,300). My colleagues, especially those living beyond their means -- usually (and not so coincidentally) in DC -- still make fun of me for it, among other things, like the $200 new phone I carry, because it's not Apple, Google or Samsung.
I literally just SMH, and realize ... they never left high school. Of course, they call me 'trust fund baby,' even though I have received $0 in inheritance, and paid my mortgage off a decade ago, and buy cars with cash.** It's called saving money, living within my means, and saving for my retirement.
**Disclaimer: I actually finance to get the rebates, then pay off the car when the first payment comes in. Did the math years ago.
I literally just SMH, and realize ... they never left high school. Of course, they call me 'trust fund baby,' even though I have received $0 in inheritance, and paid my mortgage off a decade ago, and buy cars with cash.** It's called saving money, living within my means, and saving for my retirement.
**Disclaimer: I actually finance to get the rebates, then pay off the car when the first payment comes in. Did the math years ago.
