Snake Debt

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Originally Posted by MasonC2K

The key is to have a payoff plan. And it sounds like you do. 2500 isn't really a lot in the CC debt would. If you have more I'd say go for a debt consolidation loan from your bank to pay off the CC and then you have a structured plan with a low fixed interest.

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$2500 on it's own isn't terrible, but that goes south in a hurry if you are a homeowner. A new roof, hot water heater, air conditioning, dishwasher, oven, lawn mower, etc., raise that in a hurry when they break unexectedly. Personally, I went through all of those in the course of just the last two years and still never hit $2500 on a cc. My rule is to never let my cc debt exceed my savings account, and never exceed $1000 for anything non-emergency.

I spent my 20's getting into debt/credit trouble. I spent my 30's digging my way out. Now that I'm in my 40's, I don't even own a credit card, and I only buy something if I can pay cash for it up front.

I'm not advocating this course of action for everyone, but it works best for me. I know plenty of people who use credit wisely.

My wife ran up a bunch of credit cards when I first met her.

My question to her was: How can you spend money you don't have? I made sure she knew that I didn't think highly of it.

Credit cards should all have low limits. No more than $2,500. IMO

OP: Hopefully your investment will pay for itself and give you lots of enjoyment!
Now, where are the pics of the pick ups? LOL

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How do you guys deal with the debt woes? Any up lifting words to help me pull myself out of this funk? LOL

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By not buying anything I can't afford, I either have the money or do not and nothing is placed on credit card. :gj:

So no snake debt here.

I have 6 credit cards. One has a limit of $17,500. Why anyone would ever charge $17,000 is beyond me. My total debt between the 6 cards is about $7555. Hopefully I will have it paid off with next years tax money.

I bought my Albino Spider and Piebald on a credit card 2 months after paying it off with my tax money. Not smart at all, but I HAD to have that Spider and my gf HAD to have the Piebald.

My last purchase was also charged, but I was against this one. My gf had to have the Lesser Ghost so I told her she had to pay for it, so she pays the payments on hat one.

My next purchase will be with cash.

Whenever I buy a snake, if it's over $500 I always ask if there is a payment plan option. Not because I dont have the cash readily available, but because I own 2 houses, one is a rental property and if something breaks or fails, I have to fix it right then. I have 2 personal CC, my wife and I share one, and she has a personal one. Only one has a balance and it's no where close to is limit ($12,500) ... Like someone said earlier, how can someone charge that much.

I haven't bought a snake since my Champagne, that was well over 6 months ago. I can't say that I'm not tempted, but I have to make myself not buy every single BP I see.

Trey

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I either pay cash or do payment plans. No snakes on credit cards here either. $2500 is pretty manageable. I would get these purchases paid off, then move forward with cash.

I've never had snake debt, but I did get a credit card while in college and put my self into debt pretty bad. Now I try to not even use my debit card because I catch myself spending blindly and being broke before my next check. I'm sure your snakes will help pay you back.

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Originally Posted by Rob

Screw all the credit/loan crap. This is why so many people are so far in debt today. Work hard earn money, don't spend money you don't have. If that means waiting a little while to have something you want so be it. It will mean more knowing you worked hard for it.

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At some point you dont have much choice... everyone needs to build up credit and loans/credit cards are a good way to do it. I cant have my mother co-signing for everything. You just have to be careful and not bite off more then you can chew. Its not easy but its doable.

I also don't buy animals on my credit card.. it is saved solely for emergencies and gas money.

Never live beyound your means.

That being said, I use financial software to give me a break down of upcoming expenses, current charges, and current account balances (checkings, savings, etc). I find it better to use Credit cards for everything I purchase - mainly do this because my accounts yield interest on a daily basis, so it's better for the money to be in the account as long as possible, regardless of whether its being spent. As long as I keep track of whats going in and coming out it never hits an issue. $2500 is extremely manageable. If you worry with high interest, this may sound bad, but consider finding a new credit card company that offers a an introduction free balance transfer with a low %APR on the balance transfer. If you do this you can avoid standard interest rates on high %APR credit cards, without having to consider consolidation. I did this a while back after some new photography purchases, just because my other credit card company offered a surprisingly good deal, ended up being a 3% of the total transfer as a fee, and 0% APR for 18 months. I jumped on this because basically it was allowing me to hold onto interest yielding money for greater than a year, which at the time was generating 4% on it's on, thus providing 3% additional interest on money I had spent for the time being. You usually still HAVE to make minimum payments, but it's around $20-26 per $1000 on average. Everyones different though. Again, I used this tactic to boost my interest gains on money already spent, you could use this as a consolidation method for reducing your APR.

But again, like I said, I keep tabs of all my accounts and show the money as taken out as soon as I make a purchase, $150 spinner to a $800 carpet python or a $2000 PVC cage rack wall, it all gets accounted for the same.