quote:
Hilarious that you choose your one post to mock me for paying down debt fast instead of giving solid advice to a 22 year old about to finance a 30k vehicle.

We get it. You're 27, pay cash for everything and will have your house paid off before you're 30.

Despite the fact that might not be the best opportunity.

Contrary to popular belief, debt is not always bad.

This post was edited on 4/1/11 at 3:26 pm

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Posted by Brageous

Member since Jul 2008

107724 posts

Posted on 4/1/11 at 3:29 pm to Golfer

I never wanted to do a loan for a vehicle, but wouldn't mind considering the option. What's the main plus of this? Besides having a newer vehicle without paying full price

I have a mortgage for my credit. What's percent interest would y'all start to consider in getting a new vehicle? I say this because I feel like my car may have issues in the near future being over 100k now and no warranty.

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Posted by I Love Bama

Alabama

Member since Nov 2007

37764 posts

Posted on 4/1/11 at 3:35 pm to Golfer

quote:
Contrary to popular belief, debt is not always bad.

I couldn't agree more. I just don't think it is wise for a 22 year old to finance a 30k vehicle and I don't think you believe it is a good financial move either.

Good debt can be a great thing. I borrowed 45k last week for an investment property.

I think we can agree that this isn't "good" debt.

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Posted by JWS3

Baton Rouge

Member since Jun 2008

2502 posts

Posted on 4/1/11 at 5:01 pm to Golfer

quote:
We get it. You're 27, pay cash for everything and will have your house paid off before you're 30.

I am 56 and wish that at age 22 I would have the good sense to learn more about building wealth and not a credit score, over the long term the two seem to become almost mutually exclusive.

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