Are you in debt?

Natasha H said:
Alot of woman do this, however woman are becoming money savvy ;) In my marriage I am the one with no debt and savings :D
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Thats because hubby pays for most things and you sit with a wad of extra cash you don't spend. Easy when there's 2 incomes isn't it?
 
SlinkyMike said:
Often getting out of debt is not the immediate goal per se.
For the sake of argument lets say that the second property is a good deal and renting it will not only cover the cost of the loan but maybe even put a little back in your pocket (which you can the divert to the repayment of your original loan if you choose) - in this context more debt is a very good idea!
Granted this is just for the sake of argument and the reality is often a lot harsher particularly as of the last year or so but in theory this is the point I am trying to make. :)
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In that case, yes. IT's a good idea...

Yip.

Many are now finding themselves between a rock and a hard place...

:)
 
flarkit said:
TBH, if I'd had some solid advice when I was much younger, I would not have gotten an RA. Now that I've saved 100's of thousands in it, it doesn't seem wise to stop. But if I hadn't even started, I think it would've been better to put those funds into property or some other form of investment. IMO, RA's are just a less risky form of investment which require less financial discipline. But investing carefully in property, seems to make more sense (and cents!) now.
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Exactly, I dont have one yet, but its one of those things that if you start, you have to see it through or be penalised. OR I can pay off my current investment (property etc.) and look at either another property/investment down the line.

Edit: As SlinkyMike said, it would be interesting to see age compared to investment.
 
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AcidRaZor said:
Thats because hubby pays for most things and you sit with a wad of extra cash you don't spend. Easy when there's 2 incomes isn't it?
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Rather don't type out assumptions..

My husband is not earning an income, and hasn't for 9 months (we have been married for 5).. He is trying to get his business off the ground, and has debt coming out of his ears presently.. All he pays is his car, his medical and half the rent..

But ya woman couldn't possibly manage without men paying for everything.. :rolleyes:
 
AcidRaZor said:
Thats because hubby pays for most things and you sit with a wad of extra cash you don't spend. Easy when there's 2 incomes isn't it?
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My my my, how sexist you are, Acid.

Some women actually work for a living and know how to manage finances. Shocking, non?
 
TMoose said:
I'm no debt expert, but I would say start with your smallest debt first, kill it, then use the money you paid on it to kill the next biggest debt.
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Sound advice. And it's been working for me for the last 6 months already :D
 
Rule #1: A car is NOT an investment.

Rule #2: DO NOT get into dept. If you think paying something off over 24 months sounds too good to be true - it probably is.

Rule #3: What goes up, always comes down. Depreciation.

Rule #4: If you read this post so far, then you pretty desperate.

Go see someone who fixes brains.
 
iDenTiTy said:
Rule #1: A car is NOT an investment.

Rule #2: DO NOT get into dept. If you think paying something off over 24 months sounds too good to be true - it probably is.

Rule #3: What goes up, always comes down. Depreciation.

Rule #4: If you read this post so far, then you pretty desperate.

Go see someone who fixes brains.
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:(
 
AcidRaZor said:
Thats because hubby pays for most things and you sit with a wad of extra cash you don't spend. Easy when there's 2 incomes isn't it?
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Another sexist comment! What's up with you guys? My husband is unemployed, I'm the bread winner...and we're debt free!
 
Im 23 and got a R8000 student loan that i'm paying off. The interest is killing me:(

Thinking of buying a nice car but after reading some comments here i'm thinking twice...

Got a absa credit card that i owe about R500 on and some clothing cards that i owe about R2500 on.

The only reason i made the debt was to get a credit record before buying a car. I hate this system.
 
Fern9do said:
Im 23 and got a R8000 student loan that i'm paying off. The interest is killing me:(

Thinking of buying a nice car but after reading some comments here i'm thinking twice...

Got a absa credit card that i owe about R500 on and some clothing cards that i owe about R2500 on.

The only reason i made the debt was to get a credit record before buying a car. I hate this system.
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It's exactly why credit cards are the devil.

Cut those clothing cards up. Pay them off first.

Forget the car, pay your loan off first. Once that's done, your credit history will look better.

I'm 26, debt free. Plan to stay that way.

Good Luck. ;)
 
I'm curious. A lot of people here say they are debt free. Where do you guys live? Did you inherit property or do you rent?
 
iDenTiTy said:
It's exactly why credit cards are the devil.

Cut those clothing cards up. Pay them off first.

Forget the car, pay your loan off first. Once that's done, your credit history will look better.

I'm 26, debt free. Plan to stay that way.

Good Luck. ;)
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The thing is i'm not tempted. I had a Markhams card for two years without buying anything with it. I've got a R6000 credit card but i've only used R800 of it thus far.
The only reason why i bought things on the cards was to get a good credit history. I'm earning just over 10K a month but got turned down when trying to take out a R150 p/m vodacom contract because i don't have a good credit record. They basically dont care how much you earn or how much you have in the bank if you dont have any debt they wont help you out(Buying a car/house etc)

So it may be all well and good saying " i'm debt free" but if you're young you're screwing yourself because you will not get finance if you want to buy a car or a house.

Once i have a car and a house i will get rid of the credit and clothes cards but for now i need them.

Do you have a car and/or house Identity?
 
I have a car which was purchased cash and just purchased a house (obviously NOT cash) so yeah my biggest expense is the house. I'm pretty young & still stay with my parents so yeah, at least I don't have to pay it off alone.
 
How do you guys buy your cars cash??

We have alot of debt - 2 cars, PL, 2 credit cards, Store cards can prob think of more....

We took out the PL last year to pay of the c/c which we did however we were so stupid not to cut the cards and hence the c/c debt + PL.

We earn a "what I think is quite good" income but their always seems to be something that pops up that is not budgeted for. We also spend alot of money on a good medical scheme, policies and insurances but still - I just don't get how you don't have debt.

Please tell me your secrets...

P.S. what is average income here? (apoligies if a thread already exists)
 
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Fern9do said:
The thing is i'm not tempted. I had a Markhams card for two years without buying anything with it. I've got a R6000 credit card but i've only used R800 of it thus far.
The only reason why i bought things on the cards was to get a good credit history. I'm earning just over 10K a month but got turned down when trying to take out a R150 p/m vodacom contract because i don't have a good credit record. They basically dont care how much you earn or how much you have in the bank if you dont have any debt they wont help you out(Buying a car/house etc)

So it may be all well and good saying " i'm debt free" but if you're young you're screwing yourself because you will not get finance if you want to buy a car or a house.

Once i have a car and a house i will get rid of the credit and clothes cards but for now i need them.

Do you have a car and/or house Identity?
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Yip, car. Not purchasing a house for the foreseeable future...
Paid off my study loan. Got credit history from there.
 
most guys here earn above R18k...i think?:)
That's just a guestimate...there was a thread about salaries a couple of months back here. Search for it.
 
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