Another Debt thread

Lol, who'd have figured I'd be one of the big spenders? I'm actually pretty frugal, but life has a way of getting expensive.

How much: R100 000
What kind of debt? Two credit cards, overdraft, student loan, revolving loan
How did you get there? An expensive time living while my wife was unemployed, a loss on a car trade-in, rental deposits, a few other bad decisions that I can live with, University studies
How soon will you pay it off? I figure another three years
 
How much debt do you have? [Excl house/Cars]: R4500 (Was a debt of R25 000 3 months ago)
What kind of debt is it?: Credit Card
How did you get there? Bank offered, I said yes...meh.
How are you paying it off?: Once off payment today in fact
How long will it take: 3 Months in total, will be clear today
 
How much debt do you have? [Excl house/Cars] R0

What kind of debt is it? The good kind

How did you get there? Took me forever but paid off student loan after studying. When we did renovations and the usual happened I had quite a bit on CC and it took years to pay it off and break the cycle. Thinking of it now and my cc limit is below my gross salary. I allocate most of it to "budget" which I never use and keep the "straight" amount quite low. I just keep refusing increase it. Every time I log into Internet banking there's an offer to upgrade and it's enough to buy a pretty decent car but they are mad, I'll never pay off if I had to take it and just go mad.

How are you paying it off? As quick as possible if it happens again
How long will it take? Depends but I try keep a good chunk of income "spare" now
 
How much: 40k on cc's.

What kind: 10k on mine, made up of fck knows, 20k on gf's made up of fck knows with another 10k coming up fixing my car :(

How did you get there: Changing jobs and moving cities, life issues and having a girlfriend.

How are you paying it off: Transferring my salary into the cc monthly and paying 1k towards to what is owed keeps interest and payments down. Paying minimum on girlfriends until she finds a job in the new city.
 
mike156 said:
How much: 40k on cc's.

What kind: 10k on mine, made up of fck knows, 20k on gf's made up of fck knows with another 10k coming up fixing my car :(

How did you get there: Changing jobs and moving cities, life issues and having a girlfriend.

How are you paying it off: Transferring my salary into the cc monthly and paying 1k towards to what is owed keeps interest and payments down. Paying minimum on girlfriends until she finds a job in the new city.
Click to expand...

You'd save 20k by just being single
/runs
 
Around R1000 in TV License fees. I would have paid the initial amount had I been reminded in time. Instead I was told that it was my responsibility to know when to pay it.
 
How much debt do you have? [Excl house/Cars] about 7k
What kind of debt is it? Credit Card
How did you get there? Day to day living, buying new cell phonw
How are you paying it off? Clear my cc monthly.
How long will it take. I never spend more than what I have, so I could clear it today.
 
R2000.

Clothing account. I can square it up now... but is rather pay it off to help boat credit record.
 
About R500 in clothing account, pay it off R200/month for credit history purposes



Another R200 on student credit card, I normally pay it at the end of the month and use the card at the beginning of the month again.
 
zizo911 said:
R2000.

Clothing account. I can square it up now... but is rather pay it off to help boat credit record.
Click to expand...

Smart move :)

Some people don't realise this, but having debt AND paying it off is actually a good thing. It builds a credit record for when you want to buy a house or a car etc.
 
Method said:
Smart move :)

Some people don't realise this, but having debt AND paying it off is actually a good thing. It builds a credit record for when you want to buy a house or a car etc.
Click to expand...
Cellphone contract + not missing a debit order?
 
I've mentioned on this forum before that after I closed my company 5 years ago, I was in debt to the tune of almost 1 million. I am very proud and happy to say that last month I paid off the last of my debt, and I now only owe on a new car and on my house. :)
 
KingBel said:
I've mentioned on this forum before that after I closed my company 5 years ago, I was in debt to the tune of almost 1 million. I am very proud and happy to say that last month I paid off the last of my debt, and I now only owe on a new car and on my house. :)
Click to expand...

How the hell did u clear a million in 5 years?
 
How much debt do you have? [Excl house/Cars]: R980
What kind of debt is it?: CC
How did you get there? Forgot my other card at home
How are you paying it off?: meh
How long will it take: Probably a minute, but need to build up courage to log into internet banking first.

/Don't get me started on bonds and car payments though. :cry:
 
How much debt do you have? [Excl house/Cars]: R1000
What kind of debt is it?: Home Loan
How did you get there? Paid off extra on bond every month
How are you paying it off?: Keeping it open for access bond facility
How long will it take: 10 minutes assuming the Standard Bank website actually decided to start working.
 
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