Author Topic: Credit Card Debt  (Read 2814 times)

samhh

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Credit Card Debt
« on: June 05, 2019, 10:35:30 PM »
Won't go too into detail but.... one of my coworkers has about 35k in CC debt (remodeling his home) but keeps 35-40k in an emergency fund. I told him to use the emergency fund to pay off the debt and he says the debt doesn't bother him and he's just used to the $800 monthly payment.....

Enigma

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Re: Credit Card Debt
« Reply #1 on: June 06, 2019, 07:48:21 AM »
Definantely a overheard at work example
https://forum.mrmoneymustache.com/antimustachian-wall-of-shame-and-comedy/overheard-at-work-2/

That is one way to pay for the remodeling of his home for years to come.  Hopefully he has a 0% intro APR instead of paying aroudn 20+% on the CC.

Parizade

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Re: Credit Card Debt
« Reply #2 on: June 06, 2019, 07:52:31 AM »
I see this kind of attitude with car loans too. Many people think it's just normal to buy a brand new car every 5 years and just get used to always having a $500+ monthly payment. Makes me feel a bit woozy and anxious even to think about, but apparently that makes me abnormal. Oh well!

2sk22

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Re: Credit Card Debt
« Reply #3 on: June 08, 2019, 09:30:22 PM »
I see this kind of attitude with car loans too. Many people think it's just normal to buy a brand new car every 5 years and just get used to always having a $500+ monthly payment. Makes me feel a bit woozy and anxious even to think about, but apparently that makes me abnormal. Oh well!

I see the same thing among acquaintances. Itís disturbingly normal to simply assume monthly payments. At one party there was shocked silence when I mentioned that I didnít have any monthly payments.

Plugra

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Re: Credit Card Debt
« Reply #4 on: June 09, 2019, 12:37:53 PM »
Went car browsing a couple of weeks ago.  Try telling the dealer rep that you don't have a car payment and don't intend ever to have one. That's not good way to make small talk.

nick663

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Re: Credit Card Debt
« Reply #5 on: June 09, 2019, 02:18:13 PM »
Went car browsing a couple of weeks ago.  Try telling the dealer rep that you don't have a car payment and don't intend ever to have one. That's not good way to make small talk.
I facepalm every time the "how much are you looking to spend per month?" question comes up.

That being said, be careful with being too up front about not taking on a car payment.  Some dealers assume you will take the financing and price the car lower due to the kickbacks.  I wouldn't lie but let their assumptions help you. :)

chicklets123

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Re: Credit Card Debt
« Reply #6 on: June 09, 2019, 08:00:00 PM »
Arenít leased cars almost the same as financed cars since here is a small buy back cost at the end?


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Plugra

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Re: Credit Card Debt
« Reply #7 on: June 11, 2019, 05:37:50 PM »

Quote

That being said, be careful with being too up front about not taking on a car payment.  Some dealers assume you will take the financing and price the car lower due to the kickbacks.  I wouldn't lie but let their assumptions help you. :)

Absolutely. I never discuss ďfinancingĒ  (which is a personal check) until we have agreed on the out the door price.  Thatís why I am persona non grata at some local dealerships ....


martyconlonontherun

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Re: Credit Card Debt
« Reply #8 on: June 14, 2019, 10:27:43 AM »

Quote

That being said, be careful with being too up front about not taking on a car payment.  Some dealers assume you will take the financing and price the car lower due to the kickbacks.  I wouldn't lie but let their assumptions help you. :)

Absolutely. I never discuss ďfinancingĒ  (which is a personal check) until we have agreed on the out the door price.  Thatís why I am persona non grata at some local dealerships ....

It's kind of hard to hide depending on the situation. I like to buy GM-Certified pre-own. I'm risk adverse and can't miss work meetings if my car goes down.... at least until I'm FIRE'd. The certified comes with 1.9% so they know up front when I ask 5x times to make sure they can certify my selected car. Even when negotiating back and forth they verify each round on financing/monthly payment and you either have to dance the whole time when they come out with different rates/longer months (also have to deal with the finance manager) or do you just say "I'm getting 36mths at 1.9% and let's stop with the 4-square and focus on what your are selling the car for bottom-line." I've had good luck with that where I think I get a fair number and they see it a quick mini to hit their cars sold bonuses instead of dealing with someone who might be flaky.