Paying off debt

[XxKiTtiExX]

Congrats G-Wrath.

[Rodney007]

good stuff mang,
promised my self not to get a credit card. hasnt stoped me from being in the poo financialy,

meh debt funds passion, passion funds happyness, so i like to think anyway

[Gremlin]

The only good thing to do with credit cards

http://www.wpclipart.com/tools/scissors/scissors_2.png

Not necessarily... If you are well disciplined, you have up to 30 days to pay the balance, and it can be handy depending on cash flows etc.

Also, EFTPOS can attract charges on each transaction (depending on bank account), which credit cards don't (surcharges could be coming tho, with those changes re VISA etc).

[Stirts]

Not necessarily... If you are well disciplined, you have up to 30 days to pay the balance, and it can be handy depending on cash flows etc.

I proven to myself time and time again that "well disciplined" when looking after my finances is an attribute that I do not possess. I best stick to the scissors.

[Gremlin]

I proven to myself time and time again that "well disciplined" when looking after my finances is an attribute that I do not possess. I best stick to the scissors.

Fair enough, better than getting yourself into trouble...

Oh, and the other handy thing, you get the cash backs/points whatever, with the credit card. Then, if you have something like a gold mastercard, book your flights on it etc, you get free travel insurance

[R6_kid:Me]

Good on you. But hardly cause for celebration???

Try $50,000 within a year which is pretty much what I did a couple of years ago now. I now live 100% debt free, have a large disposable income and just go out buying toys! Something for you to look forward too once you have finished studying and join the workforce...

You are better off with a independent 'pre-pay' "credit" type card - like the Prezy Card or the Loaded card. You pop a few hundred on it at the post office or via internet transfer and viola - you have an emergency supply you can use anywhere a normal credit card can be used. That way you NEVER get into debt !

I've been in debt since 2005 when I started studying at Uni. I took two years off with the idea of 'paying off all my debt' and all I managed was a GSXR1000K3 which I ended up selling to put my in the green. I still owe my old man a considerable amount. My income is usually less than $300/wk so being able to pay off debt and save is nice feeling. Just figured there might be other people out there in a similar position that could do with a little encouragement.

[vindy500]

Good on you. But hardly cause for celebration???

Try $50,000 within a year which is pretty much what I did a couple of years ago now. I now live 100% debt free, have a large disposable income and just go out buying toys! Something for you to look forward too once you have finished studying and join the workforce...

You are better off with a independent 'pre-pay' "credit" type card - like the Prezy Card or the Loaded card. You pop a few hundred on it at the post office or via internet transfer and viola - you have an emergency supply you can use anywhere a normal credit card can be used. That way you NEVER get into debt !

my debt was bigger than your debt.... gosh u sound like a 5 year old

[Mom]

Well done that man!

Want to take on a bit of mine

Seriously though, good on you! It is a great feeling indeed.

[discotex]

I only wish that this had happpened a long time ago and that I'd been saving for the last two years rather than spending money when I didn't need to.

Think the whole world has been having those thoughts in the last year mate.

If you can keep yourself from using it a credit card with a zero balance is a better backup than cash on a debit card. Much better putting the cash into a high interest savings account (or a rolling 6 month term deposit that you can break to pay the credit card off in an emergency).

Big props to your for living within your means

[gatch]

hookers and blow usually does the trick.

Lol, I'm gonna keep it there for emergency purposes

Emergency hookers and blow ?

[puddytat]

Good onya man !!

My advice to anyone is dont owe more than you own , 'cause it means THEY own you... youll never be truly free otherwise.

But thats damn hard in a system that can only operate on debt

[LBD]

Good on ya...Debt free today for living (Investment and home loans exempt) is the way to be, live within means

BTW why does Mortgage sound so much like mortuary and mortician...mortiti...mort ....undertaker?

[tri boy]

BTW why does Mortgage sound so much like mortuary and mortician...mortiti...mort ....undertaker?

Think it has something to do with early French translation of "death grip".
Quite appropriate really.

[Boob Johnson]

Think it has something to do with early French translation of "death grip".
Quite appropriate really.

Mort = Death
Gage = Hold

And that it is.

A standard table loan over 25/30 yrs will see the home owner paying roughly 3 times the original value. Given that houses in NZ historically double in value every 10 tears this obviously cancels out any capital gain. And let's not mention repairs/maitenance.



ps: Well done R6

Cash is king

[BiK3RChiK]

Mort = Death
Gage = Hold

And that it is.

A standard table loan over 25/30 yrs will see the home owner paying roughly 3 times the original value. Given that houses in NZ historically double in value every 10 tears this obviously cancels out any capital gain. And let's not mention repairs/maitenance.



ps: Well done R6

Cash is king

I was talking to my bank manager a few years back regarding mortgages and he showed me that you should never take a mortgage out for more than a 20 year period. The repayments are the same but the extra years is just interest! I saw it on the mortgage calculator otherwise I would have been skeptical.

Good on you R6Kid. It's a great feeling that..... And I agree with Stirts scissors idea!