In debt... To be or not to be?

[Boob Johnson]

kinda thinking you should probably head off to mitre 10


And agree with general concenus. Keep the bike and keep it in good nik. Pay off debt as fast as you can but dont run yourself short or you will soon get sick of life and find yourself robbing peter to pay paul. Keep a steady budget going so you dont end up with the highs and lows of cashflow. better to have the same ammount of money each week to know what you have and get used to livigng on it.

I agree 100%. Take a close look at every area of spending & get creative on tightening the belt. Where there is a will there is a way.

[NOMIS]

For me I would get out of debt asap

I had almost 40k in debt beginning of last year, during then untill now I have just under half of that and I purchased my bike and gear. Work hard while your young man and you will soon see your self with another bike.

Ill still be working hard to see my debt gone and save enough to get me into the USA est around $6000, Going to give my self 16 months to do it.

[mattimeo]

Since everyone else has thrown in their 10c I'll add mine, since I'm a student in a similar position. One difference is my loan being from my parents - and I'm having no real difficulty paying it off.

For me having my pair of wheels is a lifeline to the outside world. Uni life can be pretty full on and being mobile and able to escape is worth a ton. I resisted the urge to buy a big bike but wanted something I could travel some distance on - so went for a Zephyr 550 instead of an uber lightweight (<250cc...)

[Toaster]

jeez i wish i only owed 5k even 55k would be marvelous

yikes!!! student loan?

[klyong82]

Hard choice here to make as I agree with Frosty that having a 2-stroke can cost quite a bit to maintain compared to a 4-stroke. If you were to sell it now then you will be losing alot of money given the economic environment now. There is also the other factor of whether you are using the bike as a daily commuter or just weekend rides. If it sits in the garage and only riden on weekends then sounds like a waste.

In my opinion, debt is something I dislike and would advice you to quickly pay the debt back should you decide to keep the bike before it grows to an unsustainable amount.

[scumdog]

jeez i wish i only owed 5k even 55k would be marvelous

Sorta the same here 'jeez i wish i only owed 55k....'

[McDuck]

I borrowed for my 400, 2k. At the moment i am paying about 25 per week for it and am thinking about upping that to 30.

[breakaway]

If you have to set up a 'loan' for something under $5000, then you don't need it. I'm never buying anything on hire purchase. Except a house maybe.

[hang0ver]

kinda thinking you should probably head off to mitre 10

Amen to that... Do a whole bunch of DIY & hope like hell that hot Dog Control lady turns up.

[McDuck]

If you have to set up a 'loan' for something under $5000, then you don't need it. I'm never buying anything on hire purchase. Except a house maybe.

but what if it is worth 5k and you only have 4 saved do you still not 'need' to get a 'loan'?

[yod]

revolving credit @ 10.5% and no fees

yeehah

[cowboyz]

you have to be REALLY good with managing money to manage a revolving credit situation. They have their uses but I would strongly suggest staying away from it.

[90s]

so heres the question.....do i stay in debt and enjoy my first bike or sell it, hopefully get out of my debt but be bikeless for god knows how long?? what do u guys reakon?

Keep the bike. Replacement costs & ongoing transport costs would make you a loser overall. Maybe do some temp work to get teh debt down quick, although your studies may suffer. I don't do debt (mortgages aside) & when I was an undergrad worked holidays, weekends and nightshifts in a warehouse.
Most sensible idea overall is Ixions on the student loan concept.

I sold my last bike a couple of months back due to debt, and I'm still kicking myself about it now... Especially when I split with my girlfriend a couple of weeks later! ... Then my dog ran away (cue sad, sad country song).

I can not resist: -

[Badjelly]

If you have to set up a 'loan' for something under $5000, then you don't need it. I'm never buying anything on hire purchase. Except a house maybe.

but what if it is worth 5k and you only have 4 saved do you still not 'need' to get a 'loan'?

Nope. Wait until you've saved a bit more or buy something cheaper.

[Ryan432]

here is what you do:
You are a student, so first of all get out your course related costs $1000, put it all in the loan, then (provided you are at least second year), open up two bank accounts (at different banks obviously)and take advantage of their intersest free overdrafts at $2000 a piece, now you loan is intrest free for as long as you are studying and the feeling of financial pressure is lifted! You will prebably save over a grand in intrest this way as well as being able to take longer to pay off the loan.