Got pre-aproved for a line of credit for 20g's

[Fusion]

Maybe, but atleast he uses his head when it comes to his personal money.

You shouldn't regard it as bragging, you should listen to or share your experience with people who have gotten out of debt and are willing to tell you about it. The only reason you could be agrivated is if you have debt and aren't willing to listen. Just like narcs. And I can name a shit ton of things heroin and thoughtless spending have in common.

[ck_taft325is]

Heh, I don't know anyone truly not in debt that have ANYTHING to show for it.

The idealization that you can live debt free is great, fantastic. I'm all for it if you can do it. But, it's not the majority and acting like you're so above it and everyone should be able to or attempt to be just like you as it's "the right way" is retardedly annoying.

I'll let it go and just say, Sorry Turf. You're not a douchey-bitch. But, you sure can act like one sometimes. Fair?

[Ryan...]

I'm a couple paychecks away from paying off my motorcyle loan. God damn it feels good.

Then I can start on my $3500 worth of student loans..

[brandondan1]

I'm somewhere around 35 cents a mile. not bad, all things considered. I know my wife spent way more than that on her two previous cars..

but taking out a $20k loan for a car? lol. It shows where your priorities are if all you care about is what people think you're worth because you need a flashy car. Having that much debt is not a good feeling, I think I started with about $25k in debt a few years ago, I'm down to about $10k now (student loans mostly). Every month I'm paying hundreds of dollars that I could be saving or spending on fun things..

Either way, you would've had to work for however many years, not spending money on "fun things," to pay for everything cash, whilst delaying your education and earning potential. Credit is fine if you know how to use it.

[ck_taft325is]

I lived with a Chiropractor for about 5 months awhile back. Very cool dude. He got out of school as he said, "lucky" with only $295,000 of debt.

Yikes.

[nando]

Either way, you would've had to work for however many years, not spending money on "fun things," to pay for everything cash, whilst delaying your education and earning potential. Credit is fine if you know how to use it.

yes, I know, and my debts aren't really that bad - but this dude is talking about taking out a $20k loan and blowing it on a car so he can fit in with the guys driving Ferraris and Bentleys, not using it to get an education or better his life. Totally stupid, especially in this environment. I finally got my wife off that train last year, when we found a very nice family car and paid $5k cash. That felt really good, and we'll definitely get our money's worth out of it.

I should get $8k in tax returns this year which will mostly go to pay off that debt. I guess I could blow it on a "new" car so I could "fit in" but that would set me back another 3-4 years again..

[Fusion]

I would have to pop sleeping pills every day to get over that. I just see too many dead-ends.

But I can understand education, housing and even car debt. What I don't understand are the various gadgets and things people don't need and throw away even before they pay them off. Those are usually the things with the highest interest.

[Bene]

Either way, you would've had to work for however many years, not spending money on "fun things," to pay for everything cash, whilst delaying your education and earning potential. Credit is fine if you know how to use it.

this is true, but it's a very slippery slope. All I'm personally saying is that committing to buying a brand new car that most likely will never be worth as much as you owe on it, plus paying a few G's extra because you want it nooooow is fucking stupid.

[s0urce]

what if I get it and not draw from it....will it affect my credit rating?

This will have a negative impact on your credit score.

[hi its me alec]

This is a no brainer. How the hell do you expect to borrow money if you have no way to pay it back?

Whoa now mr. high and mighty.. how would you expect me to get to job interviews with $0.08 in my checking account and no gas? I'm 21 and my parents can barely afford to feed me. My dad has to sell his car because he hasn't been able to find a job for about 7 years.

Look, life is different for different people. Some people will never need a credit card because their parents can always supply them with money as needed. Others are lucky enough to have 'green genes' and be born with a nice sum of money, or inherit things from relatives. Others have been financially responsible from the beginning and haven't incurred debt, worked hard for their money and saved, and are feeling great about themselves. I want to be one of those people, but I'm not going to pretend to be responsible when I blew all my money on my cars. I could have about $30k more than I do right now, but I don't care at all because I have 3 decently solid BMWs at my disposal. It's a tradeoff, one that I felt was a no-brainer from the beginning. Shit, I had 3500 saved up as a 'just in case' fund and bought HREs when I was 17, figured nothing major would break on the car at 40k miles. Worked out fine and I still have them.

Now that I'm still in debt after some time, I would sell one of the e30s if I needed to, in fact I was trying to for a while. But I'd rather stay 2k in debt than sell a good car, only to barely escape debt and be just as broke in the real world. Especially when I've already sunk thousands of hard earned dollars into the cars already. They're investments until the day they blow up or rust away.

Good news for me though, is I just got a super solid job today, so I don't think I'll have to sell anything or worry anymore. Can't wait to pay down this credit card and have some financial sanity again.

Moral of the story = don't incur debt unless you absolutely have to. I did and didn't go too nuts with it, fixed a car up while I didn't have a job, and will drive that car to work while I'm paying the debt off. I'm happy about that

[Vtec?lol]

Whoa now mr. high and mighty.. how would you expect me to get to job interviews with $0.08 in my checking account and no gas? I'm 21 and my parents can barely afford to feed me. My dad has to sell his car because he hasn't been able to find a job for about 7 years.

Look, life is different for different people. Some people will never need a credit card because their parents can always supply them with money as needed. Others are lucky enough to have 'green genes' and be born with a nice sum of money, or inherit things from relatives. Others have been financially responsible from the beginning and haven't incurred debt, worked hard for their money and saved, and are feeling great about themselves. I want to be one of those people, but I'm not going to pretend to be responsible when I blew all my money on my cars. I could have about $30k more than I do right now, but I don't care at all because I have 3 decently solid BMWs at my disposal. It's a tradeoff, one that I felt was a no-brainer from the beginning. Shit, I had 3500 saved up as a 'just in case' fund and bought HREs when I was 17, figured nothing major would break on the car at 40k miles. Worked out fine and I still have them.
Now that I'm still in debt after some time, I would sell one of the e30s if I needed to, in fact I was trying to for a while. But I'd rather stay 2k in debt than sell a good car, only to barely escape debt and be just as broke in the real world. Especially when I've already sunk thousands of hard earned dollars into the cars already. They're investments until the day they blow up or rust away.

Good news for me though, is I just got a super solid job today, so I don't think I'll have to sell anything or worry anymore. Can't wait to pay down this credit card and have some financial sanity again.

Moral of the story = don't incur debt unless you absolutely have to. I did and didn't go too nuts with it, fixed a car up while I didn't have a job, and will drive that car to work while I'm paying the debt off. I'm happy about that

Dude, I understand but at the same time, there's never really a reason for anyone to HAVE to put themselves into debt. If you're only 21, theres plenty of ways to make money and selling your car isn't always a bad idea. "well how will I get to work?" socialize, network, public transportation.. There's many ways to go about getting back in good standings but you can never do it without some sort of sacrifice. If you live in an urban setting then having a car is 100% a luxury especially if you have no job. If you have a job and you live outside of public transportation, then it makes a little more sense. Not to say that noone needs to own a car, what I am saying is if you need to sell something that is more than luxury than a need, you might have to make that sacrifice.

I wish I learned more about credit before I got into debt.

*edit... wait, you have 3 cars? going in debt for something so material is foolish. Not that I'm calling you a fool and I apologize in advance if I offend you but really.... not to sound like an old foreigner or anything but I think one of the biggest issues in america is the media and society. Kids are taught even with toys at such a young age to tend more to their want's than their needs. It's awesome to fulfill wants and all and if you can do it then bravo, but me being only 22 I've come to realize that I have lot's of living to do and if I wan't to live easy and baller in the future I have to work towards it now. I wan't to leave investments and saving for my kids, not debt. and unfortunately I didn't learn about all this until I was above 10k in debt.
Credit want's to put this image in everyone's head when they're young that they can play now and work later but that's not how shit works. And unfortunately it works every day. as the company, that's like me selling you a M3 for full retail value but I know it has a bad head gasket, bad bearings, and rust everywhere that has been painted over so you can't tell. but unfortunately you're soooo excited about owning an M3 you just bite the bait and buy it. and I sold it to you knowing that you're gonna be fucked not even 6 months later. But I got my $20k so I'm happy. Now you're stuck with repairs that cost more than half of what you paid.

[freeride53]

If misused, the credit card is the devil in disguise.
One goal in my life is to only go in debt for college & house down the line.
Fuck credit cards.

But unfortunately, our country runs on debt, and plastic money. It's pretty sad.

[Prestige]

woo! 19 and 34k in debt, I hope I'm not doing something wrong

[dannyyisntt]

I'm 20 and I've been paying for college and all of my other expenses for several years now, and can happily report that I'm debt free. Though unlike most people my age I've been blessed with a semi steady job for several years.

My parents made me learn at a young age that very few things in life are worth putting myself into debt. They always said, "If you can't pay with cash, then you can't afford it," when referring to "toys" (cars, jetski's, snowmobiles, etc).

I've been going to school part time for the last few years, so I can pay my own way through...and while it may take me longer to get my college degree, in the end I'll be debt free when I get done. I've also been building, modifying, and tinkering with 3-4 older BMW's all the while, but I've still managed to stay debt free.

My point is, as my parents said, If you can't pay for your modifications with cash, then you can't afford them. Do what you have to do to save up the money. Take on an extra job, bring lunch to work instead of eating out, save change, recycle the empty beer cans at the end of the weekend, whatever, but don't go into debt for something that you don't have to...especially with the current economy.

[hi its me alec]

Dude, I understand but at the same time, there's never really a reason for anyone to HAVE to put themselves into debt. If you're only 21, theres plenty of ways to make money and selling your car isn't always a bad idea. "well how will I get to work?" socialize, network, public transportation.. There's many ways to go about getting back in good standings but you can never do it without some sort of sacrifice. If you live in an urban setting then having a car is 100% a luxury especially if you have no job. If you have a job and you live outside of public transportation, then it makes a little more sense. Not to say that noone needs to own a car, what I am saying is if you need to sell something that is more than luxury than a need, you might have to make that sacrifice.

I wish I learned more about credit before I got into debt.

*edit... wait, you have 3 cars? going in debt for something so material is foolish. Not that I'm calling you a fool and I apologize in advance if I offend you but really.... not to sound like an old foreigner or anything but I think one of the biggest issues in america is the media and society. Kids are taught even with toys at such a young age to tend more to their want's than their needs. It's awesome to fulfill wants and all and if you can do it then bravo, but me being only 22 I've come to realize that I have lot's of living to do and if I wan't to live easy and baller in the future I have to work towards it now. I wan't to leave investments and saving for my kids, not debt. and unfortunately I didn't learn about all this until I was above 10k in debt.
Credit want's to put this image in everyone's head when they're young that they can play now and work later but that's not how shit works. And unfortunately it works every day. as the company, that's like me selling you a M3 for full retail value but I know it has a bad head gasket, bad bearings, and rust everywhere that has been painted over so you can't tell. but unfortunately you're soooo excited about owning an M3 you just bite the bait and buy it. and I sold it to you knowing that you're gonna be fucked not even 6 months later. But I got my $20k so I'm happy. Now you're stuck with repairs that cost more than half of what you paid.

I can't get to work (20 miles away) every day, Mon-Sat, via socializing. I have plenty of friends who are willing to do favors for me, but that's just a stretch. Public transportation would be a total waste of 2+ hours for me since I already have the cars to use. My solution would be 2 gas fillups per 2 weeks via credit card, end of story. It's easy enough, not wasteful if you're smart with it, and it's available at a time that nothing else is.

I got my e30s for a combined total of $1000. 1 is a running M50 swapped 1986 325e that I've poured the past 2 years and $2k in debt into, the other is a rust-free 1989 325i shell. Solid investment if I do say so, I've already made $350 selling unneeded parts from both cars. So now you don't have to think of '3 cars' as crazily as you did before.

I didn't buy anything for my cars on debt, with the exception of getting my e30 running. I spent a year troubleshooting and begging people for help before I finally said 'fuggit' and paid a shop to do it with my credit card, while I had a job. I paid the card down with the job and blew it all on the car, and then I drove it home about 2 months later.