Are you in major debt? Do you know people who are?

blunomore

blunomore

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Jul 8, 2007
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Debt is always deprressing!

1. Home loan for primary residence paid off
2. Owing on vehicle finance
3. Owing on a home loan for 3 other properties
4. Owing on credit cards
 
S

SinghDude

Chief Sports Analyst
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Jan 16, 2009
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Bond + car.


Everything else is cash/ card paid up by month end.


One has to be financially prudent to make things work out.
 
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senyetse

Senior Member
Joined
Mar 26, 2013
Messages
791
No debt. We avoid it as much as possible. Unfortunately not many have sufficient funds available to buy house and car cash. But then one must only make debt that you can comfortably afford, even if interest rates do go up.
I do have friends and family that are very deep in the debt, battling to keep their heads above water. All due to bad financial habits and decisions. Bad mistake buying a large flat screen TV on debt if you can't even afford a medical aid. :wtf:

Avoidable if good financial habits are adhered to.
 
Tinuva

Tinuva

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Feb 10, 2005
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12,494
I only really have a Bond + FNB Mobile device and then the CC which gets paid of each month, but then again I still feel like I am in Debt :(
 
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DrewChan

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May 19, 2010
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My reference of 3 properties might be positive - as indeed it is. I am yet to attain 1.
ITT: Blutics
 
D

DrewChan

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No I affirmed the statement by saying " as indeed it is" - followed be self depreciatingly saying "I have yet to attain 1"
 
TelkomUseless

TelkomUseless

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Mar 13, 2006
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Bond (About 70% of market value paid off). Will be paid off in about 3-5 years (I put extra away every month)

Cars paid off.

Still owe R50k to parents (from R100 k which I paid off) (thanks to the swimming pool, renovations). Told the wife that was it. No more debt.

Difficult with wife and kids not spending all money.

But I don't buy tech stuff (gadgets that cost +R5000's), and cellphone contracts that cost more than R200 p/m. I buy when I have cash.

I have seen people go into debt, cars repo.. I don't want to experience that.
 
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SmartKit

SmartKit

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Jun 29, 2008
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Sly21C said:
Obviously this is a very sensitive question and I'm taking a chance posing it as I might not even get one reply.

The question is are you in a lot of debt? If so, how did you get yourself into your current situation? Do you perhaps know someone close to you that is in a lot of debt and is finding it hard to cope?

I'm not in debt. That's only because I am single, I have no kids, I rent a very cheap flat and drive a dirt cheap car. I know a few people who are in debt. I try advice to be frugal with their hard earned money but their responses range from life being too short and must be enjoyed to mind my own business. I know a guy who resigned from one company to another, cashed out his pension from his old company and bought a new car with it.

I ask because I read articles almost on a weekly basis about consumers who are in debt, consumers who take up unsecured credit loans to pay for day to day expenses, even food. This is a worrying trend and has most sectors of society biting their nails.
Click to expand...

Was, all my cards maxed out. Had to choose between car payments and house payments every month. Borrowed money to buy beer and food!

That's what happens when you start a business in a recession.

Thankfully those days are behind me.
 
Nerfherder

Nerfherder

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Apr 21, 2008
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MKFrost said:
I see what we went through every single day everywhere around me. People will live off bread and water, just as long as that BMW is in the driveway. Sometimes a person needs to go through this to learn the true value of money, unfortunately very few will.
Click to expand...

Our first house was in a student complex, you should have seen some of the cars there... X5, Jags one guy had a S500 etc... but they were sharing a 2 bedroom flat with students just to sustain it.

They used to laugh at me with my little car but we were putting 7k on the bond every month !
By the time we left we would have been able to rent it out without having to pay in at all. Would have kept the flat but was too much risk in the complex. Only reason we could sell was because we had been paying in on the bond.
 
C

Celine

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Aug 25, 2008
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blunomore said:
Debt is always deprressing!

1. Home loan for primary residence paid off
2. Owing on vehicle finance
3. Owing on a home loan for 3 other properties
4. Owing on credit cards
Click to expand...

i've thought about investing in another property for my children. but the mere thought of having a bond kills me. i don't know if any of you understand OCD, but that's where i'm at. i wish i could move past it actually.
 
blunomore

blunomore

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Celine said:
i've thought about investing in another property for my children. but the mere thought of having a bond kills me. i don't know if any of you understand OCD, but that's where i'm at. i wish i could move past it actually.
Click to expand...

What does OCD have to do with debt ? :)
 
H

HavocXphere

Honorary Master
Joined
Oct 19, 2007
Messages
33,155
I run with CC debt all the time - its convenient...but I make sure I can clear it asap if I need to.
 
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