How much debt do you have?
- Thread starter puresavage
- Start date
Ohh damn, there you go, every rejection is making it less likely that you'll get approved for the next card you apply for. Don't quote me on this but I've heard that whenever a business such as a car dealer or a credit card company runs your credit and it doesn't lead to a new revolving account, that does not look good on your credit report.
Fool; Slaves today can't opt out of their debt. :boid:
I'll grant you that IF you have the option of making a higher ROI than your interest rate, debt CAN be a good tool for us. -Sadly 9/10ths of the US will never be on that level and most of those will be trapped by massive student, medical, mortgage, and especially credit card debts that will eventually be passed to their damn children when they die.
Of course you can. Just stop paying, or declare bankruptcy. Not all debts are dischargeable under bankruptcy (IRS, student loans, child support/alimony) but only IRS or child support will send you to prison.
Lots of people have done strategic defaults on their mortgage during the recession.
$42,000 in student loan debt out of school.
Cuz I am a dumb fuck and got the biggest student loan possible so I could eat and drink like a king for 4 years while everyone else had KD and Lucky Lager.
Then acted a fool again and married a girl with $32,000 in student loans.
Combining to a total of $74,000 in student loans.
Im 25 now and have just $17,000 left.
feelsgoodman.jpg
Cuz I am a dumb fuck and got the biggest student loan possible so I could eat and drink like a king for 4 years while everyone else had KD and Lucky Lager.
Then acted a fool again and married a girl with $32,000 in student loans.
Combining to a total of $74,000 in student loans.
Im 25 now and have just $17,000 left.
feelsgoodman.jpg
Little over $20k credit card debt, but never late on AmEx Plum 
They have Blue for long time.
Yeah they've jumped into the game with their blue card I think.
They have Blue for long time.
have been reading about smith manuever, I'm not sure how legit it is but many seem to be using it, it basically makes your mortgage tax deductible in Canada
Smith Manoeuvre (Maneuver) Mortgage Comparison – Part 1 | Million Dollar Journey
p.s. houses in vancouver are stupidly overpriced.
Those all have pretty bad consequences I don't think it would be fair to equivocate to "Opting Out."
If you flee, you'll have PIs tailing you for years... And harrassing any family you left behind.
If you declare Chapter 7 bankruptcy, (the most popular kind) you have to give ALL of your property to the bankruptcy court. Yes, even the monitor you are staring at now. Everything that can be sold! And yes, they do have you investigated harshly to ensure they've found it all. The sherriff goes through your undies and everything. Skwoo dat.
If you own more shit than your bills are worth, then you should have just sold your shit in the first place; you won't get as much money for them this way.
If you have a steady job and declare the other type of bankruptcy available to humans, (not corps or bizzes) Chapter 13, you are not wiping out any debt at all. Chappy 13 is just a 'Bill Reorganization Plan,' where ALL of your wages are garnished minus a living allowance. I fail to see any reason for anyone, anywhere, whatsoever, should ever ever ever do a chapter 13.
So clearly, "Stop paying or declare bankruptcy" are both worse options than paying. :thefinger:
I paid, but only after CCCS made the payments very low. -When you think of this low CCCS payment as a low-interest loan, (because they haggled down your rate & finance charges for you) there isn't any other decent choice out there.
I actually seek out debt to profit from it.
Debt is a slave to me, not the other way around.
See username for more info...
Debt is a slave to me, not the other way around.
See username for more info...
Actually what I meant was that taking on debt is a voluntary process ... no one forces you into it. And as papajohn you can even opt-out if you want after taking it on (not recommended but doable). The point is that unlike someone being sold into slavery, getting into debt is done by choice.
1. I know ppl with big honkin' school and medical bills that would say otherwise
2. The ones I'm referring to though are fools. They don't have a choice in JACK SHIT except to continue being fools.
They don't have a choice because the medical field is essentially capped in several ways making it not subject to normal market forces; the AMA is a cartel. On top of that, this I'd say is still an exercise in "good" debt.
There is good debt and bad debt. Good debt pays for itself and generates a return for you. Bad debt costs you money. There is a real estate investor saying, "What you owe today is what you'll be worth later." I reinvested a bunch of AFM money into leveraged real estate over the last couple of years and will as long as I can.
If the government will tell a bank to give you a loan on a house 4.5% interest with only 3% down you can buy a house for less then rent in most places. Why not take advantage of that. If you pay cash for a house, you're basically satisfied with a 4.5% yearly return on your cash. You should be able to beat 4.5% almost anywhere.
Bad debt for personal items is a whole different topic and should be avoided.
If the government will tell a bank to give you a loan on a house 4.5% interest with only 3% down you can buy a house for less then rent in most places. Why not take advantage of that. If you pay cash for a house, you're basically satisfied with a 4.5% yearly return on your cash. You should be able to beat 4.5% almost anywhere.
Bad debt for personal items is a whole different topic and should be avoided.
What you can do also is take out a LOC on your mortgage and invest that whole LOC into whatever you please... and that interest on that LOC is tax deductable.
no taxes no
