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2 Bumps

Debt

Are you debt free? What debts do you have? What things do you think are acceptable to finance? House, car, 4 wheelers, boat, schooling, computer, furniture, TV..what would you finance?

If you don't finance stuff what is your reasoning? Who taught you about money?

Answer Question
 
ria7

Asked by ria7 at 2:47 PM on Dec. 16, 2010 in Money & Work

Level 23 (15,224 Credits)
Answers (16)
  • I WISH we were debt free! We have credit card debt, medical debt ( my son was dia with seizures and we has to have about 3000 added to our debt that insurance did not cover, and of course our house! thankfully the car and school is paid off! when we get tax $$ back we will pay off more... I am not good with money ...should have learned from my mom
    rebeccadac

    Answer by rebeccadac at 2:53 PM on Dec. 16, 2010

  • Eliminating credit card debt - should be paid off in two years.
    tasches

    Answer by tasches at 2:56 PM on Dec. 16, 2010

  • I am not totally debt free, but the debt I do have I think is acceptable to have. I have a house mortage and I am paying for my daughters schooling and we just had to put a new furnace and air conditioner in both were old, one stopped working and the other was near the end. But those are the only things we owe on. We have no car payments and don't finance or charge anything else. If we don't have the cash we don't need it.
    Anonymous

    Answer by Anonymous at 2:56 PM on Dec. 16, 2010

  • Our debt is our two vehicles and some CC. We NEVER use our card for unnecessary things. Which is why we still don't have a flat screen tv lol. We have to use it for our oil every few months and that's about it. IF everything goes as planned (yeah right) everything will be paid off in a year and we will buy a house.
    Luvmybooskies

    Answer by Luvmybooskies at 2:57 PM on Dec. 16, 2010

  • I guess I should be happy. I have no c.c debt. The only thing I owe on are my house and car. As far as smaller things, I either save up to buy them or we don't get them at all.
    arenad

    Answer by arenad at 2:59 PM on Dec. 16, 2010

  • We used to have debt coming out our ears. We had credit cards, and we bought a above ground swimming pool and a computer and a four wheeler all in one summer. and 16 months later, we added on another new four wheeler, and a year later we added on yet another four wheeler. So for awhile we were paying for credit cards, and 3 four wheelers, and a pool & computer. And many other little bills. We finally got a consolidating loan and paid off the bills, now all we owe is a small loan my DH got to buy a new utility building and a used 0 turn lawnmower.
    Honda309

    Answer by Honda309 at 3:08 PM on Dec. 16, 2010

  • We have been debt free for over a decade now. We do not finance anything, not even our son's college education.
    For us, there is nothing that is worth financing.
    My grandmother taught me about money. One thing I'll always remember her saying is this " Money is not evil. Money is not dirty. Money is scarey. What people will do for and to keep money makes money scary.". She was taught about money by her mother (who came to the US as someone's servant girl). I realizede many years ago that this ideology that has taken hold that "debt is good" is a farce that was created (and perpetuated) by the banking/financial industry to make them $$$$.. Banks, even Sears lol, make more money off of their credit cards (all the fees and charges)than they do off of anything else. To the tune of BILLIONS a year.
    pixie_trix

    Answer by pixie_trix at 3:10 PM on Dec. 16, 2010

  • Yes, we are debt free. House, HELOC, cars ... all paid off. We only have 1 credit card and pay it off anytime we have a balance. We have money for both our children's colleges (son starts next year) and we'll be OK when retirement comes around. Financing is fine, as long as you have the means to pay it back. The only things we've ever financed are big ticket items: house (mortgage), kitchen remodel (HELOC), and cars (bank loan). My grandparents and parents taught me about money. You'd never know by looking at them that they were millionaires. My grandparents were immigrants; within 3 years of coming here, they owned an entire apartment complex. My parents too were immigrants and have done very well for themselves. They worked hard and saved; they really knew the value of a dollar and how to stretch it. We are teaching our kids the same and they're off to a great head start.
    Anonymous

    Answer by Anonymous at 3:14 PM on Dec. 16, 2010

  • We have our house and two cars and our camper financed and that is all the debt that we have and we are comfortable with those decisions.
    Melbornj

    Answer by Melbornj at 3:14 PM on Dec. 16, 2010

  • We will be rid of what I consider "bad" debt next month!! :) So excited. We will still have our mortgage and one car payment. We overpay on those whatever and whenever possible to knock them out as quick as we can. We also owe a little to the doctor's office and a little to the hospital. I don't really think of those as "debt" though. I mean, I realize it is, but even with good insurance coverage, a family our size is just likely to always have a bit of that laying around I think.
    Anonymous

    Answer by Anonymous at 3:30 PM on Dec. 16, 2010

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