Anyone in debt.... "Up to their eyeballs"?

[Fishhead]

^^^^??????

 

[FairWarning]

I know a lot here in Michigan. Obama to save the day on 1.20.08

 

[harrington]

^^^^??????

Nope never been. Always pay cash or at least pay the card off every month. I owe 80k at 4.75% on the mortage on a 275k house. I own two new cars and a Harley all are paid for. It can be done. People get themselves in trouble then blame everyone else. If you don't have the cash then do without. Needs and wants need to be looked at as well.

 

[FairWarning]

It is why good credit is so important. You could get FHA loans for 4.75% yesterday if one wants to re-fi. Would be smart for people to lock in and pay off CC's.

 

[bellyputter]

I have been debt free(including mortgage) for almost 20 years. It is very simple to accumulate wealth when monthly payments are eliminated. Trust me, it's also much easier to sleep at night.

 

[Fishhead]

Nope never been. Always pay cash or at least pay the card off every month. I owe 80k at 4.75% on the mortage on a 275k house. I own two new cars and a Harley all are paid for. It can be done. People get themselves in trouble then blame everyone else. If you don't have the cash then do without. Needs and wants need to be looked at as well.

Your Harley alone is probably worth more than my total net worth...............

 

[WharfRat+]

No debt, but I lost $40,000 last year in investments/retirement. That equals a year's worth of takehome pay for me.

I'm sure many had it much worse. The bigger they are, the harder they fall.

 

[Fishhead]

No debt, but I lost $40,000 last year in investments/retirement. That equals a year's worth of takehome pay for me.

I'm sure many had it much worse. The bigger they are, the harder they fall.

I heard a good line in the pokerroom the other day.

A guy told me his 401k had turned into a 201k...............:lolBIG:

 

[harrington]

I have been debt free(including mortgage) for almost 20 years. It is very simple to accumulate wealth when monthly payments are eliminated. Trust me, it's also much easier to sleep at night.

smart man

 

[harrington]

No debt, but I lost $40,000 last year in investments/retirement. That equals a year's worth of takehome pay for me.

I'm sure many had it much worse. The bigger they are, the harder they fall.

I lost or am down 300k across the board.

 

[harrington]

Your Harley alone is probably worth more than my total net worth...............

I doubt that as Harley's and cars are horrible investments in any financial climate. I paid 39k for a new car a little over a year ago and I'd be lucky to get 28k for it today. I always though you were pretty well off Fish?

 

[Hitman26]

New cars are terrible buys as most lose around half their value after the first 2 years. Refinancing cc debt into your home is a terrible idea, I don't care how low the rate is. You run the risk of having your house taken away if you hit bad times, where they can't take away your house if you default on a cc and continue paying your mortgage. When people take out a HELOC to pay off cc or other unsecured debt they are financing steak dinners, tennis shoes, christmas gifts, gas, and all kinds of other crap for 30 years.

 

[Hitman26]

BTW:


All of that crap I mentioned in my post above and I have done so I'm speaking from experience. But I do feel as though I've learned some very expensive lessons.

 

[CappingSystems]

I know a lot here in Michigan. Obama to save the day on 1.20.08

Here in Michigan with ya, just outside Detroit. Been laid-off for a year. Major Debt.

What is supposed to happen 1/20/09?

 

[CalvinTy]

With good credit scores over the past decade as a single, full-time employee living under parents' roof or in apartments, I was able to get quite high credit limits on multiple credit cards that I didn't use much until after I got my 1st condo in 2006. The cards were used much more for this condo in 2007 after my then-gf & her daughter moved in with me, and we got a lot of house stuff on my cards.

With our wedding in 2008 as well as "everything else" in my name due to better credit, I now owe more on all combined credit cards than my current annual income at work. My minimum monthly payments on the combined credit cards are bigger than my mortgage. LOL!

We are trying to go through this rough patch, but yes, we are "in debt up to our eyeballs". I had not had any 30-day late marks on my credit *EVER* until this past fall, and it sucks royally. With my financial creativity and negotiations, I hope we will go through just fine.

* CalvinTy

 

[whalewager]

you are a perfect candidate for bankruptcy

 

[Seymour]

I lost or am down 300k across the board.

I have been abused from 12/12/07 - it's become funny money - I guess being spread conservatively through 30+ mutual funds in all kinds of markets does not make a difference when every market is down over 40% - I keep telling myself things will be back in a couple of years - fingers crossed

 

[Seymour]

I lost or am down 300k across the board.

Big difference between being down or having lost - these indexes will come back over time - that is fact

 

[whalewager]

seymour...

you a golfer

 

[Gaz]

I know a lot here in Michigan. Obama to save the day on 1.20.08

Really? What's he going to do, warp back a year?