Credit
#31
07-03-2007, 06:24 AM
Back when this happened I didnt have a 401k with enough money to borrow. Carrying a balance for several months for an emergency is alot better than carrying one because you wanted a chin spoiler and some FR500 wheels which is the point that Im trying to make. Since I have invested in several areas I can pull cash from several sources if I need to now. It is good never to put all your eggs in one basket.
I have told many young friends of mine not to concentrate on hooking up your Mustang the best investment you can make now is in your education. When you graduate you can buy yourself something way better than what you have now.
I have told many young friends of mine not to concentrate on hooking up your Mustang the best investment you can make now is in your education. When you graduate you can buy yourself something way better than what you have now.
#32
07-03-2007, 08:57 AM
I never understood why people get credit cards with such a high limit. My only CC has a $3000 limit. Its always paid at the end of the month.
I think its crazy that people rack up CC bills for random stuff and buy parts for their cars that have loans on them. I am 27, both cars are paid for. I have no debt other than my mortgage and even that is 5.25% for a 30 year fixed. I always pay at least $1200 when the payment is $850.
In conclusion, dont spend more than you make, save a much as you can, invest it, and dont go into debt unless there are no other alteratives. If you do have CC debt dont pay the minimum, you are not paying off the principle so youre pissing the $$ away. If you cant afford more than that, cut out other bills. Sell your car and get a cheaper one, eat cheaper, get a better job, etc.
I think its crazy that people rack up CC bills for random stuff and buy parts for their cars that have loans on them. I am 27, both cars are paid for. I have no debt other than my mortgage and even that is 5.25% for a 30 year fixed. I always pay at least $1200 when the payment is $850.
In conclusion, dont spend more than you make, save a much as you can, invest it, and dont go into debt unless there are no other alteratives. If you do have CC debt dont pay the minimum, you are not paying off the principle so youre pissing the $$ away. If you cant afford more than that, cut out other bills. Sell your car and get a cheaper one, eat cheaper, get a better job, etc.
#33
07-03-2007, 02:54 PM
Resident Mental Patient
Join Date: Apr 2006
Location: Wappingers Falls, NuYawk
Posts: 2,834
I never understood why people get credit cards with such a high limit. My only CC has a $3000 limit. Its always paid at the end of the month.
I think its crazy that people rack up CC bills for random stuff and buy parts for their cars that have loans on them. I am 27, both cars are paid for. I have no debt other than my mortgage and even that is 5.25% for a 30 year fixed. I always pay at least $1200 when the payment is $850.
In conclusion, dont spend more than you make, save a much as you can, invest it, and dont go into debt unless there are no other alteratives. If you do have CC debt dont pay the minimum, you are not paying off the principle so youre pissing the $$ away. If you cant afford more than that, cut out other bills. Sell your car and get a cheaper one, eat cheaper, get a better job, etc.
I think its crazy that people rack up CC bills for random stuff and buy parts for their cars that have loans on them. I am 27, both cars are paid for. I have no debt other than my mortgage and even that is 5.25% for a 30 year fixed. I always pay at least $1200 when the payment is $850.
In conclusion, dont spend more than you make, save a much as you can, invest it, and dont go into debt unless there are no other alteratives. If you do have CC debt dont pay the minimum, you are not paying off the principle so youre pissing the $$ away. If you cant afford more than that, cut out other bills. Sell your car and get a cheaper one, eat cheaper, get a better job, etc.
#35
07-03-2007, 03:32 PM
My dad is a CPA (accountant) he owns his own business, and gives me that shpeal a lot. Funny because right before reading this thread I was just dreaming about buying all this **** when I get a credit card. I'll actually be 18 in 2 months, but i'm def. gonna have to control myself.
#37
07-03-2007, 10:18 PM
I never understood why people get credit cards with such a high limit. My only CC has a $3000 limit. Its always paid at the end of the month.
I think its crazy that people rack up CC bills for random stuff and buy parts for their cars that have loans on them. I am 27, both cars are paid for. I have no debt other than my mortgage and even that is 5.25% for a 30 year fixed. I always pay at least $1200 when the payment is $850.
In conclusion, dont spend more than you make, save a much as you can, invest it, and dont go into debt unless there are no other alteratives. If you do have CC debt dont pay the minimum, you are not paying off the principle so youre pissing the $$ away. If you cant afford more than that, cut out other bills. Sell your car and get a cheaper one, eat cheaper, get a better job, etc.
I think its crazy that people rack up CC bills for random stuff and buy parts for their cars that have loans on them. I am 27, both cars are paid for. I have no debt other than my mortgage and even that is 5.25% for a 30 year fixed. I always pay at least $1200 when the payment is $850.
In conclusion, dont spend more than you make, save a much as you can, invest it, and dont go into debt unless there are no other alteratives. If you do have CC debt dont pay the minimum, you are not paying off the principle so youre pissing the $$ away. If you cant afford more than that, cut out other bills. Sell your car and get a cheaper one, eat cheaper, get a better job, etc.
True....but people don't listen.
If you took all the money in the world and divided it equally among everyone, within 6 months it will all be back in the same hands in started.
This is why I try to not make fun of anyone's car. Seriously, does a guy with say a 2007 GT with a 30k loan and 25k in CC dept have a right to make fun of a guy with a 1996 V6 with no debt?
#38
07-03-2007, 10:47 PM
Guest
Posts: n/a
I almost got in over my head with my first Credit Card.. It's kind-of a family thing I guess, for some reason when CC's come around debt seems inevitable.
My First credit card had a $17,000 limit.. I ran it up to about $3,000 then BOOM, lost my job.. Never again. Thank-God I managed to pay it off. After paying it off I immediately changed the limit to $1,000.
Now I use my Credit card to pay my bills at the beginning of the month and pay it off before the end of the month, figure it's good for my credit if I keep it that way. Basically if I use my card I only use it to the point where I can pay it off at the end of the month or don't use it at all.
My First credit card had a $17,000 limit.. I ran it up to about $3,000 then BOOM, lost my job.. Never again. Thank-God I managed to pay it off. After paying it off I immediately changed the limit to $1,000.
Now I use my Credit card to pay my bills at the beginning of the month and pay it off before the end of the month, figure it's good for my credit if I keep it that way. Basically if I use my card I only use it to the point where I can pay it off at the end of the month or don't use it at all.
#39
07-03-2007, 11:59 PM
So since we're on finances/banking .. my "Available Balance" is only $36 bucks. But my "Ledger Balance" is 300 something. So I have a question, what is a ledger balance, and if I exceed $36 in the available, will the ledger be available?
#40
07-04-2007, 12:29 AM
Guest
Posts: n/a
Available balance is what you have in the bank to spend. If you have a check waiting to clear you might have more than $36 to spend, but until then i wouldn't spend anymore than about 20 bucks..
#41
07-04-2007, 12:47 AM
yea i've had a check in there since saturday afternoon waiting to clear.. i know its fine, its from my grandma.. idk what the holdup on it is though. 
#42
07-04-2007, 10:49 PM
Bouncing checks is another way to rob yourself of income. It's nice to have an over draft of at least a couple hundred bucks. Plus my CU will take out from my savings if checking doesn't cover a check. I try not to write a check my account can't cash but, Hey, Sometimes I get greedy at Walmart... 
#43
07-05-2007, 08:04 AM
go to your local video store.. i don't know if blockbuster and family video have it, but some smaller independents might.. anyways, there is a 80 minute documetary type of film called "maxed out".
it will really open your eyes, and you will never look at your credit card the same.
it will really open your eyes, and you will never look at your credit card the same.
#44
07-05-2007, 09:30 AM
i have become more and more grateful of how my parents have dealt with things for me financially ever since i started college.
they made me get a job at 15-16 and i started saving. im going through college paying cash every semester. granted that meant not staying in dorms but it will be better in the end. my brother just finished college with absolutely no debt. i obviously didnt like this idea when i wanted to buy a car and they said that i couldn't get a loan, but im still able to have two cars.
i talked to my friend a few weeks ago who bought an 04 stratus and then went to a private college, which he didn't like. now he's goin to the same school as me and he said he is about $30,000 in debt. i just couldnt imagine being 20 yrs old and oweing that much money.
they made me get a job at 15-16 and i started saving. im going through college paying cash every semester. granted that meant not staying in dorms but it will be better in the end. my brother just finished college with absolutely no debt. i obviously didnt like this idea when i wanted to buy a car and they said that i couldn't get a loan, but im still able to have two cars.
i talked to my friend a few weeks ago who bought an 04 stratus and then went to a private college, which he didn't like. now he's goin to the same school as me and he said he is about $30,000 in debt. i just couldnt imagine being 20 yrs old and oweing that much money.
#45
07-05-2007, 01:05 PM
go to your local video store.. i don't know if blockbuster and family video have it, but some smaller independents might.. anyways, there is a 80 minute documetary type of film called "maxed out".
it will really open your eyes, and you will never look at your credit card the same.
it will really open your eyes, and you will never look at your credit card the same.
#47
07-05-2007, 10:38 PM
For example, lets say you have a ledger and an available balance of $100. THEN, you use your debit card to by gas. The gas costs $25.00. So, now your ledger balance is $75. BUT, the station might put an additional hold on your account of $50 until the amount clears. This will further reduce your available balance to $25. Then, you go to dinner and spend $30. This will actually result in your going over your balance, bouncing checks, etc...
Gas stations, dinning establishments, and hotels do this a lot, so be careful and aware of this.
#48
07-06-2007, 11:05 AM
got my card day i turned 18, always charged the mustang parts to it, then paid it off in full when the bill was due. no problems for me.
Thread
Thread Starter
Forum
Replies
Last Post