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Snake Debt

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  • 05-16-2012, 04:54 AM
    decensored
    Snake Debt
    Hey guys,

    So my paycheck came in today and more than half of it went to my line of credit to try and pay off my new additions.. and new rack.. and new Herpstat etc etc..

    Even after my $800.00 contribution, I'm still $2500 in the hole..

    I know I will be able to pay it off in the next few months, I just wanna cry every time I evaluate my finances..

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

    Cheers,
    Chris.
  • 05-16-2012, 07:09 AM
    moonlightgdess
    I save up instead of digging a hole. It takes a while but its less stressful. And I don't put anything on credit. A lot of breeders offer layaway options and I use those.
  • 05-16-2012, 07:13 AM
    Rob
    Work hard, be smart with what you spend money on day to day and you will have money to play.
  • 05-16-2012, 07:26 AM
    JTrott
    I only put in what I get out..,.......my paycheck NEVER goes to snakes.........therefore, no debt.

    Jason
  • 05-16-2012, 07:47 AM
    oskyle1567
    Same situation :( Hurts lol im 900 in the hole with no job its allot for me but it will be paid off in a couple months also. I dont think theres a way to deal with it i guess you just try not to put yourself into those kind of situation.. Im debating cutting up the credit card lol Nothing but bad news :gj:
  • 05-16-2012, 08:11 AM
    jbean7916
    We pay cash for anything snake related so we don't end up in trouble. The only credit cards we have are for large home purchases (appliances, new carpeting, fencing etc).



    Sent from my PC36100 using Tapatalk 2
  • 05-16-2012, 08:13 AM
    jcoylesr76
    Cash, no credit. we use a pre-payed card to purchase it all. maybe a payment plan along the way.
  • 05-16-2012, 08:23 AM
    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.
  • 05-16-2012, 08:29 AM
    jcoylesr76
    Re: Snake Debt
    Quote:

    Originally Posted by MasonC2K View Post
    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.

    i am not to positive, but i do not think they will even consider that unless your at or above $10k in debt?
  • 05-16-2012, 08:30 AM
    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.
  • 05-16-2012, 08:34 AM
    Annarose15
    Re: Snake Debt
    Quote:

    Originally Posted by MasonC2K View Post
    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.

    $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.
  • 05-16-2012, 09:19 AM
    Slim
    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.
  • 05-16-2012, 09:25 AM
    Jason Bowden
    Re: Snake Debt
    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
  • 05-16-2012, 10:02 AM
    Stewart_Reptiles
    Re: Snake Debt
    Quote:

    How do you guys deal with the debt woes? Any up lifting words to help me pull myself out of this funk? LOL
    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.
  • 05-16-2012, 10:20 AM
    Tzeentch
    Re: Snake Debt
    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.
  • 05-16-2012, 10:35 AM
    Chuckels
    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

    Sent from my MB865 using Tapatalk 2
  • 05-16-2012, 10:50 AM
    DemmBalls
    Re: Snake Debt
    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.
  • 05-16-2012, 10:51 AM
    ChrisS
    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.
  • 05-16-2012, 10:55 AM
    sissysnakes
    Re: Snake Debt
    Quote:

    Originally Posted by Rob View Post
    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.

    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.
  • 05-16-2012, 11:02 AM
    reptileexperts
    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.
  • 05-16-2012, 11:03 AM
    Mike41793
    Quote:

    Originally Posted by Rob View Post
    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.

    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...
  • 05-16-2012, 12:04 PM
    sleepygeckos
    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
  • 05-16-2012, 12:07 PM
    Stewart_Reptiles
    Quote:

    Originally Posted by sissysnakes View Post
    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.
    .

    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.
  • 05-16-2012, 12:40 PM
    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.

    Credit cards and loans have their place. It's only a problem when someone uses them foolishly.
  • 05-16-2012, 12:47 PM
    Stewart_Reptiles
    Re: Snake Debt
    Quote:

    Originally Posted by MasonC2K View Post
    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.

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

    Credit card debt are not secured debt. :gj:
  • 05-16-2012, 01:13 PM
    Vasiliki
    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:
  • 05-16-2012, 01:38 PM
    Shadera
    Re: Snake Debt
    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. :)
  • 05-16-2012, 01:45 PM
    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
  • 05-16-2012, 01:55 PM
    Vasiliki
    Re: Snake Debt
    Quote:

    Originally Posted by pigfat View Post
    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

    ^^^ 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.
  • 05-16-2012, 02:09 PM
    Daybreaker
    Re: Snake Debt
    Quote:

    Originally Posted by JTrott View Post
    I only put in what I get out..,.......my paycheck NEVER goes to snakes.........therefore, no debt.

    Jason

    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.
  • 05-16-2012, 03:09 PM
    crossbonecorns
    Going in the hole for a snake to add to a collection is silly, yet people do it everyday. The only person I am in debt to for snakes is myself. I use money that I have that is not part of my emergency savings. Right now, I really want a female pied. Hell, I even have a nice male for it already. I could go out and buy one and not really have to worry, but I have decided that only my snakes will buy me snakes. After my initial large investment, I do not want to actually pull money out of my pockets to add anymore. But, heck, if I profit $2000 at a show why not spend a bit to reinvest? Or make a trade for the snake you can't live without.

    Once the hobby becomes a financial strain, then it opens the door for the passion to be lost.
  • 05-16-2012, 04:13 PM
    angllady2
    I really don't have much snake debt. Technically I've only ever bought one snake on credit, and that was only $350.

    BUT my husband and I have way more CC debt than I want, we live from paycheck to paycheck, and since I had to quit my job for health reasons, I'm scared silly we are going to end up in an even worse situation.

    I try to keep things under control, or at least I tell myself I do. But even after my mom payed off both of our car loans to help us out, that $700 a month still manages to disappear somehow. I thought we'd have money saved up by now and be in good shape, and we don't.
    I need someone to teach us how to manage money better I guess. I tell myself I try very hard, I do my best to keep track of spending and such, I try to limit unnecessary purchases, but I know in my heart I can't blame it all on my husband. I just wish we could see eye to eye on this and work together to fix it instead of blaming each other and things never get any better.

    Gale
  • 05-16-2012, 05:25 PM
    wolfy-hound
    Actually.. I own my home outright, my running truck outright, and another project truck outright. I don't have ANY credit cards and never have had a credit card and the only person I owe ANY money to is the IRS. I don't believe in owing large amounts of money to companies or people.

    But, I've been talking to a finance guy(a professional my friends know) and will be getting 1-2 credit cards in the near future. I'll be using these to buy a tank or two of gas per month, then paying it in full each month in order to build credit up more. Why? Because I need superb credit because I want to buy a new property with a better home because dang it, I feel at 42 years old, I deserve it.

    Deborah, if you'd PM me with info on which credit cards are the good ones, I would greatly appreciate it. I'm going to get a bank credit card through my own bank, and I need one more.
  • 05-16-2012, 05:55 PM
    Khay
    I've spent the last two years going: Oh my... I want one NOW!... And being stuck waiting. Basically, I've been snake window shopping, and it's been very frustrating. I'm tempted (quite tempted!) to just shove everything on my credit card and go... However, I know I'll regret that later on, and I'm stuck still staring at the snakes going: "But I want it..."

    I just recently got my credit card to start a line of credit (hooking up internet and electricity was difficult enough without one!), and I only use it if I know I can pay it off before it collects interest. Basically, I only spend what money I have.

    When I order my Animal Plastic cages, I plan on just shoving it all on my credit card, if possible, but I plan on putting money away each two weeks to be able to afford it, and pay it all off in one go. It's a game of patience, and I'm hoping that by the time this game of waiting is over, I'll have a lovely pet, or a few.

    All I know is that my empty snake terrarium is staring at me in the face, but soon, once I'm all saved up, I'll be able to jump into the project full swing, and I know I'll be proud of it.


    How would I handle debt? One step at a time. I'm over 4k in debt after losing a job, and from my girlfriend going to university, and we're just making plans, and budgeting. Everything (except the snakes) is being pushed until we're debt free. (Then I'll take a university course or four and cry all over again!)
  • 05-16-2012, 08:56 PM
    Shadera
    Re: Snake Debt
    Quote:

    Originally Posted by wolfy-hound View Post
    But, I've been talking to a finance guy(a professional my friends know) and will be getting 1-2 credit cards in the near future. I'll be using these to buy a tank or two of gas per month, then paying it in full each month in order to build credit up more. Why? Because I need superb credit because I want to buy a new property with a better home because dang it, I feel at 42 years old, I deserve it.

    You DO deserve it! We're trying to do something similar. We'll be looking for a beautiful piece of property next summer, and then once we save up another good chunk of cash we'll start putting some sort of house on it. Right now it's a 50/50 split between a modular, and something site built but with all the energy saving doodads. He's in his 40's, I'm almost 40, it'd be nice to not have such high utility bills for the rest of our lives.
  • 05-17-2012, 02:21 PM
    sleepygeckos
    Re: Snake Debt
    Quote:

    Originally Posted by MasonC2K View Post
    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.

    I think the argument being made here is you need a home/apartment and vehicle (at least where there isn't public transit) but it is hard to argue you need to go into debt every time you see a cool reptile.

    That being said, we are looking at buying our first house, but I've been having a lot of trouble find and holding down a job since 9/11 so we are buying a house solely based of my husband's hourly salary. When I'm working, I make 3x what he does, but we are not even going to consider that as a possibility - we are buying only what he can afford alone. Sure, he could get hurt at work and we'd lose his income, and in a few months we'd be struggling when the saving ran out, but since in that time we wouldn't be buying any animals, won't be going out to dinner, and no new video games, I hardly see us as "Spending money we don't have" on a mortgage. Just my 2 cents.
  • 05-18-2012, 09:53 AM
    jben
    I have 4 cc but I pay cash for everything. I learned my lesson when i was "younger". If I don't have the cash, I don't buy it. All my snakes were paid cash. I use my cc for gas or groceries and I pay them off in full as soon as it posts. I agree with everyone, don't spend money you don't have.

    Sent from my EVO Design using Tapatalk 2.
  • 05-18-2012, 10:34 AM
    4Ballz
    I'm in a situation where I have three different people offering me a 5 level rack, 2 melamine, and 1 pvc. One of those racks don't have bins. All of them have flew watt setup, and two is missing the thermostat. I can get all three for $400 and I just need 5 iris tubs, and the two thermostats. I reallllllly want them all. However, I need to check what comes first. New brakes and wheels on my truck, or 3x5 rack, and a lesser male??
  • 05-18-2012, 11:18 AM
    WingedWolfPsion
    I wouldn't say never do it, but I would say, 'only do if you've done all the math, can afford the debt, and can make additional money by doing it'.
  • 05-21-2012, 06:44 PM
    suzuki4life
    Re: Snake Debt
    pretty much all of our output goes on a credit card. Why wouldn't someone take advantage of using someone else's money for nearly a month interest free? Any time the 6 month or year interest free ads come around, we start looking for anythign we might want or need.
  • 05-21-2012, 08:58 PM
    Kymberli
    I despise credit cards, but at this moment it is the way I am building my credit. There are other ways, but I spend money wisely. My monthly income is in the 4 figure range so I went with a credit card that only has an $800 limit. I use it for gas and hay for my horses, nothing more. This way, even if I max it out for any reason, I am able to pay it off in full with one paycheck.
    I don't spend money I don't have. I've watched my entire family fall into a deep hole with debt. I refuse to let myself become like them.

    Herp related purchases all go on my debit card. ;)
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