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2
Posted on 10/8/24 at 9:05 am to Jenious
980 credit score seems a little low...
Posted on 10/8/24 at 9:06 am to Jenious
I’ve never had debt. I’ve had reversal of fortune and/or business collapse or not much in the bank but I’ve never had debt or shitty credit. Psychologically, the way I’m wired, that would make me way too stressed to enjoy my life.
Posted on 10/8/24 at 9:12 am to Lsupimp
Besides credit card debt, took out a $5000 loan to purchase an engagement ring (first fiancé) back in 1995 when I was just starting my career. Put my car up as collateral. She called it off and kept the ring. The good news is that I paid off the loan, established credit and was able to get a credit card (other than American Express card which you had to pay off the balance each month)... 
This post was edited on 10/8/24 at 9:14 am
Posted on 10/8/24 at 9:15 am to Jenious
Personal debt, I ran up about 80k on my Amex when I was building my house. Had 6 months of interest free so why not.
As for my businesses, two out of the three live in debt, but its not bad debt. You just need to be disciplined and know how to manage it.
As for my businesses, two out of the three live in debt, but its not bad debt. You just need to be disciplined and know how to manage it.
Posted on 10/8/24 at 9:16 am to Jenious
Student loans, Tigerdroppings premium membership, and youTubeTV, those are my heavy hitters for recurring bills.
Posted on 10/8/24 at 9:16 am to Lsupimp
quote:
Psychologically, the way I’m wired, that would make me way too stressed to enjoy my life.
This. My grandparents and mom did an awful job of modeling financial responsibility. Granted she was a single mom, but she's never adhered to any kind of delayed gratification. We lived paycheck to paycheck and she filed for bankruptcy 3 times in her life. She used to count down the 7 years before she could file again and go buy shite. It was a mess.
I vowed I wouldn't love like that. Never had any debt as an adult except for for mortgage and a brief car note in the early 90s (forgot about that one).
Posted on 10/8/24 at 9:16 am to TheFlyingTiger
quote:
Boy, wait till she hears about HELOCs
Posted on 10/8/24 at 9:17 am to Jenious
I took out a $15k unsecure loan once but paid it off in two years. Other than that I try to stay under $1k in credit card debt at any given moment. I prefer to pay off month to month but it always seems something comes up that cost me $1k....and I'm right back to paying that 1k off. Vicious cycle.
Posted on 10/8/24 at 9:22 am to Jenious
quote:
and ran up $12K in CC debt.
Really not that hard to do.
Lol at signing up for a payment program.
I dug myself into a pretty deep hole, but will be debt free in a year or two
quote:
most amount of debt you've been in?
About 60k
This post was edited on 10/8/24 at 9:24 am
Posted on 10/8/24 at 9:27 am to Jenious
Signed a personal guarantee for a $3MM note. It wasn't my debt, but I was on the hook for it if the venture fell apart.
Posted on 10/8/24 at 9:28 am to mthorn2
quote:
always seems something comes up that cost me $1k....and I'm right back to paying that 1k off. Vicious cycle.
We have 3 vehicles, two of which are 7+ years old, and an older house. It seems like I've been dropping 1k unexpectedly every few weeks lately.
Posted on 10/8/24 at 9:30 am to mthorn2
quote:
I prefer to pay off month to month but it always seems something comes up that cost me $1k....and I'm right back to paying that 1k off.
Get $1k into an emergency fund savings account & pay cash..
Posted on 10/8/24 at 9:30 am to Jenious
Car note is the only debt I’ve ever had
Posted on 10/8/24 at 9:31 am to JimTiger72
quote:what’s 1k going to do for an emergency? Needs to be at least 5-10+
Get $1k into an emergency fund savings account & pay cash..
Posted on 10/8/24 at 9:35 am to GreatLakesTiger24
quote:
what’s 1k going to do for an emergency? Needs to be at least 5-10+
Yeah 1k does not seem like much of an emergency fund.
We've had 3k in vehicle repairs, 1k dental issue and 1k home repair all in the past 2 months unexpectedly.
Posted on 10/8/24 at 9:37 am to Jenious
About 35k in student loans.
Spent 2 years on frac locations in the oil field and cut one check go pay it all off, almost entirely comprised of per diem money.
Spent 2 years on frac locations in the oil field and cut one check go pay it all off, almost entirely comprised of per diem money.
Posted on 10/8/24 at 9:38 am to Jenious
$15k for finishing my basement.
Posted on 10/8/24 at 9:39 am to GreatLakesTiger24
quote:
what’s 1k going to do for an emergency? Needs to be at least 5-10+
Sure, a full emergency fund should cover 3-6months expenses, but I was responding to someone who says they keep putting $1k on a credit card & then have to pay it off again
Posted on 10/8/24 at 9:41 am to Jenious
quote:I am debt free and I have no idea what my credit score is but I doubt it’s good. In my late 30’s I was probably 60-75k under water in unsecured debt. It sucked. Playing the balance transfer game, barely making minimum payments, doing cash advances on new cards, etc…
I know this is the OT where everyone is debt free with 980 credit scores but let's be realistic for a second.
a living nightmare due to poor planning, bad habits, a divorce and low income. I would not recommend it
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