Another Debt thread

Method said:
lol @ wife :D
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Her: come lets go open a clothing account for the kids, they're growing too fast and I can't keep up (something to this effect. I can't quite recall).
Me: why can't we just put money in a separate account for that?
Her: <vuilkyk> so you can withdraw it and spend it on booze?
Me: what time are we going?
 
YingYang said:
How much debt do you have? [Excl house/Cars]: R70 000
What kind of debt is it?: A loan (58k) + CC (8k) + clothing account (4k)
How did you get there? Loan:fixing things in and around the house (call it alterations), CC: have had it since I started working and its always been maxed out, but I'm clearing and closing it within the next month or two. Clothing account: wife!
How are you paying it off?: With blood, sweat and tears
How long will it take: 12 months, but I'm giving up drinking so I can clear it in 6 months - schitt just got real!
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dude how much do you spend on liquor a month? wtf.

How much debt do you have? [Excl house/Cars]: R5500
What kind of debt is it?: CC - R5k store card - R500
How did you get there? CC - life! store card - 6 months no interest is hard to resist + ps4 incoming end of the year....
How are you paying it off?: CC - trying to clear it before the new bond kicks in SC - overpaying so repayments are probably at R100 or something
How long will it take: CC - moving expenses might run over SC - this month but then I smaak a ps4 for christmas
 
akescpt said:
dude how much do you spend on liquor a month? wtf.

How much debt do you have? [Excl house/Cars]: R5500
What kind of debt is it?: CC - R5k store card - R500
How did you get there? CC - life! store card - 6 months no interest is hard to resist + ps4 incoming end of the year....
How are you paying it off?: CC - trying to clear it before the new bond kicks in SC - overpaying so repayments are probably at R100 or something
How long will it take: CC - moving expenses might run over SC - this month but then I smaak a ps4 for christmas
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Its not that I spend too much on liquor. Its what I buy when I'm drunk!

Also wtf is SC?
 
Debt can be a good thing if used correctly.

I have a bond that I could clear from investments, but if I did SARS would not credit my tax bill with the interest on a rented out property.

The real deal is actually your net worth, and also your debt to liquid assets.
 
Billy said:
Debt can be a good thing if used correctly.

I have a bond that I could clear from investments, but if I did SARS would not credit my tax bill with the interest on a rented out property.

The real deal is actually your net worth, and also your debt to liquid assets.
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YingYang's going to get rid of his "liquid assets"

Meme.jpg
 
Only the bond.

Not counting the usual monthly expenses that are on the credit card, pay those off every moth.
 
How much debt do you have? [Excl house/Cars]: R15k
What kind of debt is it?: CC - R15k
How did you get there? CC - life and steam sales :o
How are you paying it off?: CC - With hard work?
How long will it take: CC - December probably.
 
How much debt do you have? [Excl house/Cars] R17500
What kind of debt is it? CC
How did you get there? Over time and car tires etc
How are you paying it off? Mthly + 25%
How long will it take 18mths
 
How much debt do you have? [Excl house/Cars] R30k
What kind of debt is it? CC
How did you get there? Over time, flights, car issues, life issues, meh :o
How are you paying it off? double the monthly minimum payment
How long will it take: gone at the end of august (thank you bonus)
 
No debt & if I play my cards right I can probably keep it that way lifelong. (Except house...will probably need debt for that)
 
How much debt do you have? [Excl house/Cars]: R252791-
What kind of debt is it?: Maintenance
How did you get there? Divorce
How are you paying it off?: monthly
How long will it take: 69 months and a R50k balloon payment at the end.
 
How much debt do you have? [Excl house/Cars]: R17000
What kind of debt is it?: Credit Card
How did you get there? Paid my nieces exam fees, helped a nephew buy a car and another nephew buy a bike
How are you paying it off?: monthly, and a few bucks back from the kids now and then
How long will it take: couple of months...
 
How much debt do you have? [Excl house/Cars]: R6500
What kind of debt is it?: Personal Loan
How did you get there? I was weak and bad at saving. Started out as a R20k personal loan for a holiday to Thailand 2 years ago, added another R20k when I bought a bike. Added another 15k for a trip to Reunion and 8k for a GoPro 4.
How are you paying it off?: Monthly plus bulk payments when I have extra money.
How long will it take: My last payment will be at the end of this month.
 
Zero

How much interest do personal loans attract these days? I'm assuming they are all unsecured so they gouge you with the interest?
 
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