I use a credit card like cash...............But it gets paid in full every month.  I have paid for my toys  by budgeting but I had to finance my F150 and of course student loans, which I'm still paying for.

Quote from: Cannon Fodder on April 06, 2006, 12:18:15 PM
I use a credit card like cash...............But it gets paid in full every month.

+1... kind of a convenience thing

I pimp myself!!!! LOL

I work my ass off making windows (stop laughing, seriously i put the two pieces of glass together and PRESTO!)
I have:
2002 Sunfire
2005 GS500F

i work at NTB (Tire Kingdom) full time as well as go to college full time...  and i have credit card debt!

i don't work, and gf buys me the toys 

but the bike was bought with suzuki credit. they gave me like 7000 credit aftre i told them I was unemployed 

how does that work!? does she have a sister? its always been the other way for me, and damn women can be freaking expensive

Bought a new 2005 GS500F, personal check OTD. Like others, I searched for a used one, but they're few and far between (even in so. cal) and usually only a few hundred $ less than new. This way, I thought I could break the engine in right, drive it sensibly, and not crash.

Right. So I crashed it at 575 miles.  Fortunately I insured it. Unfortunately, my insurance premium's gonna go way up next year. Hope I can afford to keep riding it.

I also bought a new VW golf in 2002. I echo the debt thing: don't go into debt unless it's a mortgage (that's "good" debt) or it's something you really have to have (like a car). I use a credit card just to get the airline miles--I make sure to pay it off each month.

I don't make much money at the job, but I am lucky:
1. Was in computers during the .com boom of the '90s;
2. Am frugal by nature;
3. Bought a condo in San Francisco before prices were outrageous; doubled its value in 7 years, then sold  and moved to cheaper so. cal

I no way am I trying to start something just my stupid opinion.**** I mean no offense

there is no such thing as "good debt"  unless you plan on living your life that way.  It's OK.  Most people do.

but think about it this way,  if you plan on being well off sometime in the future.

how much "good debt" is Bill gates in? Bill cosby? Oprah? any one of the millionaires of this country?


"Good debt" is like "healthy fat" , "beauty is skin deep", "not bad looking", "pretty in an ugly way"


A mortgage IS a GREAT investment. probably the best a middle class person could ever hope for "IF and ONLY IF" it is treated as an investment.

Like the condo you bought.  double its value.. awesome.  but most people treat their property as another credit card and would have refinanced to put the equity in their pocket. 

I would agree with you 100% had you replaced "good debt"  with  "investment"

but thats just semantics. I don't mean to offend, I just really hate credit cards and debt.

America's middle class will not survive if it continues as our parents did.  It's the new AMERICAN WAY.

I think it's funny and Ironic.  America's middle class lives better but owns nothing and owes 100's of 1000's in debt.

the poor own nothing but owe nothing either.

who is better off   those in debt or those with nothing?   mmhh  tough one.

Get me a job where I make half as much as cosby, gates, or oprah and I swear to you I will never buy another thing on credit so long as I live.

I promise! But for now, I plan on racking up piles of debt while having a good time at the pub.

eh... to these people saying never finance anything: 



I'm 21, work as an information systems specialist.  I make great money for my age, sh!tty money for my job.  I work full time, of course, and am going to school full time (~13-16 hours depending on my mood at the beginning of the semester)

I bought my first house about 4 months ago (got a great loan... 4.5%, 30 year fixed, 1.5% down w/ NO pmi...)



I have 3 vehicles.. a 98 ranger (paid cash...) 03 sv650 (paid cash....) 05 zx6r (financed @ 4.9%)


Here's my mentality... I'd rather eat what im paying in interest have fun...  you can't spend your entire life stock piling your money until "your comfortable paying for everything in cash..."..   Have some fun, live a little.  You won't be young forever. 

Quote from: 3imo on April 06, 2006, 10:01:32 AM
100% financing is for those who cannot afford a down payment.

It is actually two mortgages (and they can be sold to different companies)
one is 80% - what the bank will approve you for
the other is 20% - -the bank is loaning you the money to make the REQUIRED 20% down payment.

basically since you are too broke to come up with the 20% down payment, the banks puts it arm around you shoulder and say "hey we can help"
then they proceed to put one hand on each shoulder and pound away. you hardly feel it though cause they grease you up reallly well.

It might take a year or two before you realize you got f%$kED!!

Not entirely true.  Some banks (especially around the DC area) do handle 90-130% Jumbo Loans.  That's a single Loan for the entire purchase price (or more).  The 20% down is not really a requirement, but it makes banks feel better about their investment.  Something to keep in mind, if you're LTV (loan to value) is more than 80%, you also get to pay PMI (Private Mortgage Insurance) which is not cheap.

To clarify something in case it confused anyone else.  When you're talking about an Interest Only Loan, that's a (for example) 30 year loan that is structured as 5 years of Interest payments and then 25 years of Principle and Interest.  It allows many banks to offer an "affordable" rate to someone who generally cannot afford to live in the house anyway.  Some Interest Only's are a 3 (or 5 or 7) balloon loan - essentially a lease where you pay interest for a few years and then owe the balance if you don't refinance.  The worst I've seen was an acquaintance who had a 110% Jumbo Loan that was Interest Only.  A 400k house that he owed 440k on.  How much does that suck.

Luckily, the market around NoVA/DC is still rising for entry to mid level places.  I bought my condo for 101k just under 4 years ago and I listed it for $245 today.  Unfortunately, the townhouses that my fiancee and I were looking at a year ago have gone from 420k to over 500k.  Sucks.  But that's life around here.   Oh - and market rent for a place big enough for 2 ppl, some pets. and a kid in a few years .... is around 2500-3000/month.  Plus condo fees

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