Snake Debt

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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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X2!!!!
This x10000000!!!!!^^^ Maybe this is why so many people in America are in debt! (for the record i realize youre from canada chris, but im just making a point here).
I only buy snakes with cash or i do a payment plan. I dont own a CC now. I really dont want one either but im only 19 and my parents have been telling me itd be good to get one to start to build up credit. I think im gunna get one soon but i dont want one with more than like a $1000 limit. I dont like owing people money. I also dont like having people owe me money which is why i rarely let people borrow money from me.

I think the OP's original post was sorta half jokingly to be honest. But if you were being serious then that kinda disturbs me that you have so little self control. Maybe you shouldnt have a CC i you dont know how to be responsible with it. Not trying to be an ___ but just being honest with you. I just hope that youre still able to take care of the snakes properly even though youre $2500 in the hole...

This is one thing I will never understand is CC debt. I've had a CC since I was 15. On the other hand, I NEVER spend money I don't have. I always know what is in my checking/savings accounts and do my best to stick to my budget. I try to keep a couple of months of emergency money, but I also have been unemployed/underemployed 90% of the time since 9/11 so it has been really hard.

We only made new additions to the family when we both are working and always pay off all the CCs at the end of the month. I admit we use our credit cards a lot, but that's so I only have to make one savings withdrawal a month and we use the cashback rewards money as fun money. I see American debt problem as more of a self control issue - we know we can't add a new snake right now, but we both agree that is the next thing we get when we have extra spending money.

FYI Both of my cards have email/txt options where you can set it up to yell at you if you reach an amount that you've set - no matter what your limit is. Back in college, I had mine set to $750, even though my limit was, to quote my best friend, "Enough to buy a new car." I kinda of forgot I still had that turned all all these years later as the last two months they been killing me because we put most of our wedding on my cards (yes, more cashback bonus) - nothing like a daily recounting of how much you're spending on a "new life!" :P

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Originally Posted by sissysnakes

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.
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True the problem is people who are not disciplined spend more than they can afford with credit card.

I have 2 credit cards and zero CC debt, credit card are paid of each month and are only used as a buyer protection, no interest, no fees, it does not cost me to have my credit card it actually earns me as one gets air miles and the other gets Hilton points, this mean FREE vacations.

CC companies hate people like me ;)

Key word with CC is discipline use it like you would a debit card and do not spend the money you don't have.

To all the folks saying "never spend money you don't have."

I guess you've never owned a house or car. And with that mentality, you never will.

Credit cards and loans have their place. It's only a problem when someone uses them foolishly.

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Originally Posted by MasonC2K

To all the folks saying "never spend money you don't have."

I guess you've never owned a house or car. And with that mentality, you never will.

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That's what's called the difference between a secure debt and a non secured debt. ;)

Credit card debt are not secured debt. :gj:

Credit Card dept scares me. Why? Because my ex ran up all my credit cards when he left me, and due to some immigration policies, I couldn't fight him for the money to be repaid (Long story short: I sponsored him to come into the country, so it made me 'legally' responsible for his expensives for 4 years following his immigration. He left me at the 3.5 year mark, so technically my money was still 'supporting' him...) I ended up $7500 in debt because of that. And it took me two years to pay it off due to the killer interest. I actually had to open a line of credit based on my home equity (I had a mortgage by age 20) with a reduced interest rate, pay off the credit card and then pay off the LOC. By doing that it saved me $100 a month in interest, which was good.

Overall, credit cards still scare me. Debt scares me. I lowered all my 'credit' to the absolute minimum to avoid any problems in the future with credit card debt.

There is a time and place for it, and yes, it is how you build credit.

All I can tell you in hopes of helping you through this rough patch is designate a certain amount each paycheck towards your debt. A set number. Say, $150 each paycheck (so likely $300 a month). Only after I have that will I start putting money away for stuff I wish to pay for. So if I put $300 down on my credit in a month, does it make sense to spend $300? Not really. So I'll put the $300 away, look and see that I have $50 unassigned, and I'll put that into savings. Next month, maybe I'll have $150 left over. Suddenly I have $200 stashed away for my projects, and I'm still paying $300 down on my credit. Pays off your credit while switching over to using cash.

It's not fast to get out of debt. Heck, I was putting down $500 a month on my credit for a year and it barely made a dent. Scary, isn't it?

Do the best you can. Realize that it's okay to make mistakes and slip up with your money, as long as you're willing to admit it was a mistake and not let it derail your efforts to get your debt paid off.

Now, I'm 25, I'm one of two owners on a $500,000 house (that has only $150k remaining in payments) and have a savings account that is more than the debt my ex left me with.

It's a hard lesson, but it teaches you priorities. I see people my age that are $15k in debt on their credit cards. When I calculate it out how much their monthly payments need to be to touch their principle, they just bury their heads in the sand and refuse to admit that it's that bad.

So good for you for realizing it now, and being happy to work towards a positive outcome! You'll get there. :gj:

No snake debt here. I pay cash. I love sellers who offer layaway plans.

My husband and I learned our lesson with credit cards. We went crazy for our wedding and honeymoon, and had almost seventy thousand in credit card debt at the end of 2007 on top of a mortgage. It's disgusting when someone who pulls in six figures has trouble paying their bills, by their own fault. We cinched in the belt, and hooked up with a good debt-repayment program. We no longer use cards, but have one for emergencies, along with a chunk of cash stashed in savings. Now we're five thousand away from being completely debt free (will be gone by July), our credit score is back up in the 800's, and we're never going into that kind of debt again.

Life is good. :)

I'll say what everyone else is saying, if you can't use your cc wisely, you shouldn't have one. I had about 700 on a card and started freaking out. So I cut up all my cards. I would say save up and try to get the "I have to have it now" mentality off your mind. Saving up sucks BUT, it's safe, and who's to say you wouldn't find an even sweeter deal down the road?


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Originally Posted by pigfat

I'll say what everyone else is saying, if you can't use your cc wisely, you shouldn't have one. I had about 700 on a card and started freaking out. So I cut up all my cards. I would say save up and try to get the "I have to have it now" mentality off your mind. Saving up sucks BUT, it's safe, and who's to say you wouldn't find an even sweeter deal down the road?
Sent from my iPhone using Tapatalk

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^^^ This! Absolutely! Because of that, I ended up with a great female Corn as my first snake. Full grown. Healthy. Successful clutches for the past few years.... Only $20 more than the juvie I'd been looking at.

Waiting can suck, but more often than not, it works out in the end.

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Originally Posted by JTrott

I only put in what I get out..,.......my paycheck NEVER goes to snakes.........therefore, no debt.

Jason

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This. I don't make enough for extra money out of my paycheck to go to snakes, so I save up money from my hobby business (doing commissions for people online) and use that for snakes (ie new additions, cage items, and bulk frozen orders). Sometimes I "splurge" and buy some tubs and cage decor out of my paycheck since those are cheap.