Debt.

Smoke

Addict
Feb 11, 2009
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As some here have noticed,I'm not as active in meets and such on the TCG like I was.Right now I'm working my way out of $30K of student loan,credit card,and owed tuition debt.As such,I've had to cut back on some things.

IMO,personally I don't want to owe on a damn thing.No credit card,no car note,no interest rate hikes,no BS.

Just a goal I'd take a second to share.
 

sickmint79

I Drink Your Milkshake
Mar 2, 2008
26,882
16,589
grayslake
if you can continue to make money, debt might not be too bad a thing once we get some inflation going... which i expect is coming. inflation makes debt easier to pay off, because you are paying off your debts with dollars worth less than when you borrowed them. if worth way less then it's possible to come out ahead of that game...
 

blakbearddelite

I'm not one of your 'shit-hole' buddies!
TCG Premium
Jun 28, 2007
29,201
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FL
I have two credit cards that I pay off each month. It helps build credit and it doesn't cost you anything, unless you're stupid with it. I think I built up my credit score (815) with paying off the balance of credits cards each month, and having a mortgage for 5 years. When I first got a credit card, I think my score was around 700.
 

importcrew

Forum Sponsor
TCG Premium
Jan 26, 2008
14,508
4,150
Hampshire
You get better credit if you have a balance and pay at least a little more than minimum on a credit card. Paying off a balance each month does help your credit but not as much as paying on time with a little above minimum payments. (I knew a few people who worked with credit card companies)
 

b00ya

AHHHH!!
Jun 10, 2008
1,342
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Aurora
You get better credit if you have a balance and pay at least a little more than minimum on a credit card. Paying off a balance each month does help your credit but not as much as paying on time with a little above minimum payments. (I knew a few people who worked with credit card companies)
I've always been told this. Banks like to see that you can hold a balance and pay it off slowly, dont max a card out but put like 100 on it and pay 15-20 a month and it builds much faster.
 

98GTPDriva

TCG Elite Member
Jun 24, 2008
1,473
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Smoke,

You will learn in life that you will always have debt unless you are rich/wealthy. I have learned that you will almost always have a mortgage payment and more often than not a car payment as well. It is a fact of life unless again, you are rich/wealthy.

Where you can really get ahead is how you budget yourself. Between my fiancee and I, we have two car payments, mortgage and my student loans every month, outside of your basic utilities, gas, food, entertainment, etc. We are also planning a wedding that we are paying for 100%.

Even with all of that, I budget us to where we still save every month on top of what we have already saved for a "rainy" day.

Don't try to live outside of your means and don't try to frustrate yourself with paying it off quickly. 30k is not much, but seeing that you are a young guy, it will still take a few years to pay off..

Edit: NOT carrying a balance on your CCs is a definite must. A friend of mine pays almost $200/month on interest alone because he racked up his CCs a few years ago when he was irresponsible. That's $2,400/year, which is a good amount of mod money!!!
 
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