dejavu's public service announcement

[Dejavu]

An idiot friend of mine just went bankrupt at 23 due to credit card debt so i figured i would post a link to this video i just saw.

Please watch this for your own good. Its kinda boring and skewed but useful.











Also while i agree that the national debt and predatory lending are a problem the main reason that i posted this was to try and help the people who maybe don't have the personal responsibility necessary to stay debt free. More regulation is not the answer.

 

[Tymon]

I agree with this post completely.

my mom has been trying to get out of some debt she got herself into about 10 years ago, trying to impress one of her post-divorce redneck boyfriends

I'm proud at how much she's done towards it but still it's a horrible thing to get into. I, for one, am not going to go by her example. it's never gonna happen to me

 

[Daveman]

Most (not all..) people who fall into massive debt really have themselves to blame, not the companies. It's their job to maximize profits, it should be your job to maximize your own profits as well.

Personally, I have 2 credit cards, so far I've made like $100 off them in gift cards and reward points, the secret is paying everything you owe every month. It's better than carrying cash (don't have to deal with change, and a fat wallet), and it actually rewards you for being the so called "deadbeat".

 

[Dejavu]

i am a proud deadbeat... I have one credit card. with an lol $15,000 limit and i have never carried a balance.

 

[Tristam Green]

it's never gonna happen to me

Never say this, lest we see an RSI thread in a couple years.

Otherwise, smart spending, smarter saving, and maintaining your finances regularly are all the keys to keeping out of that boat.

 

[Rappa]

I never leave a balance on my card. If I don't have the money for something, I don't buy it. Pretty easy, straightforward stuff. I'm also a penny-pincher and I very rarely if ever splurge on myself (I only splurge on loved ones) so I have quite a bit of money saved up already for a rainy day. As long as you understand that money is a real, tangible thing and not some magical fairy-produced thing that will show up from the ether when you need it there's really no excuse to go into debt.

 

[Uzor]

I don't think its hard to stay debt-free. Really. If you don't have the money to buy something, don't buy it. Its as simple as that. Don't take a loan to buy something you can't afford.

And if you WANT to buy something more expensive later on that you originally can't afford with your monthly salary, start a savings account. Sooner or later you'll be able to buy that thing you couldn't afford with the money you saved up. And it will be with your own money. And you won't be in debt.

While I personally love credit cards since it means I won't have to carry money around, there's also a few dangers of them. For example, going out to the bar, I've ended up spending over $400 in a single night on myself. Simply because its harder to keep track of how much you've spent, especially while drunk. However, I rarely buy small things for myself, such as candy, ice cream etc. I put all of the money I have left every month in to my savings account, and occasionally withdraw a little to buy things I consider more important.

However, to those that say its not the company's fault, to some extent it is. While I don't know exactly how it works over there, most banks etc. perform a background check to see how your stable your economy is, what your current living situation is, and if you have and unpaid loans or late payment warnings, in order to set the loaning rate, and whether or not they want to loan money to you at all. If it looks bad, such as a lot of late payments or unpaid loans, they'll deny you. Which usually is for your own good.

However, there's also a few companies that don't do this, and also some companies that are aimed towards teenagers that can loan, say, $500 through mobile messaging. These companies can set people in debt without them being aware of the consequences. While yes, the people taking the loan are ignorant and foolish themselves, but the companies also abuse that in order to make a greater profit for themselves. So on one hand, some companies are to blame. On the other hand, its their own fault for not knowing that can happen if you loan money.

 

[Tristam Green]

I don't think its hard to stay debt-free. Really. If you don't have the money to buy something, don't buy it. Its as simple as that. Don't take a loan to buy something you can't afford.

Because education can wait, amirite?

Sorry, but while what you said holds completely true for retail merchandise, it doesn't for bigass purchases such as a) education, b) a house, or c) a car.

Anyone with a payment on Student Loans, Mortgage(s), or a car are in some form of debt.

 

[Valandil]

The entire American economic system is built on a debt-economy.

 

[Daveman]

Because education can wait, amirite?

Sorry, but while what you said holds completely true for retail merchandise, it doesn't for bigass purchases such as a) education, b) a house, or c) a car.

Anyone with a payment on Student Loans, Mortgage(s), or a car are in some form of debt.

While I agree with student loans/house, a car shouldn't be one of those, if you can't afford the car upfront, you shouldn't be getting it. People spend tens of thousands for a spiffy new car, when a cheap used one can do the job just fine

P.S. My views are directed towards middle/upper class people, if you can't afford even the cheapest car without taking a loan, can barely afford rent, and have a low paying job, then the posts aren't directed towards you.

 

[Dejavu]

I paid 7100 CASH for my last car.

 

[Tristam Green]

Yes, and I paid $5401 cash for my car I currently own. But I had to buy it in dire circumstances; the car I already owned seriously just about crumpled under its own necessary repairs because of its age.

The 5-and-a-half-large drained me, and if anything else comes up, say, a medical emergency, I'm f'd sideways because of the need to have reliable transportation.

I would bundle reliable transportation in with owning a house and an education, Dave. That's just me, and I'm not talking about buying Range Rovers or shit like that.

 

[Tristam Green]

The entire American economic system is built on a debt-economy.

And because I'm lazy and didn't edit my previous post, Valandil is absolutely correct. Our entire system is driven by debts and revenues.

I hear my CFO go on month after month about how much debt we have in the company, and how having a little is a good thing.

 

[Bluefrost]

I keep getting denied credit cards because I owe a hospital 500$ D: They told me I better pay it all off at once. So I'm kind of stuck. :\

 

[Deadbeet]

I paid 7100 CASH for my last car.

Deja -.-; Let's not bring up your living/financial situation.






lol, I almost thought you were talking about you-know-who, and was like wtf?, but then realized that they're not quite 23 yet.

 

[Dejavu]

point conceded DB, i do have it easy since my parents gave me their house but still. My car i did buy.

Also PM me who you think i'm talking about cause i'm confused but i can guarantee that you don't know them.

 

[Daveman]

I would bundle reliable transportation in with owning a house and an education, Dave. That's just me, and I'm not talking about buying Range Rovers or shit like that.

P.S. My views are directed towards middle/upper class people, if you can't afford even the cheapest car without taking a loan, can barely afford rent, and have a low paying job, then the posts aren't directed towards you.

If you can't afford even a cheap car without a loan, then that's fair, but many, many, many people who take on loans for a car, are getting a brand new car with tons of features when one that costs 80% less will do the job just fine.

There are legit reasons to be in debt, but it seems the vast majority of people in debt, well have no legit reason to be in such debt.