Question about picking up a 360

[Rodster]

Re: Question about picking up a 360

you are looking at about $600 bucks when you throw in a game or 2, controller, extended warranty, etc. Chargung $600 bucks paying the minimum payment of 15 or 20 bucks, plus this is probably your first credit card so the interest is closer to 19%-25% you will end up paying for 2 360's for the one you have. If I could go back and do college all over again, I would have listened more to my parents about credit and credit history. $600 bucks is possible to save up for and you will feel much better. If you want to build your credit, fill up your gas tank and pay it off completly when you get the credit card bill.

My friends son who recently got married is already in debt for $11,000

[ExtremeGamer]

Re: Question about picking up a 360

My friends son who recently got married is already in debt for $11,000

I second that, I would wait and save up the money. Still put it on the card, then pay it off right away. Credit cards are evil, avoid them and don't use them.

[pk500]

Re: Question about picking up a 360

My friends son who recently got married is already in debt for $11,000

Because of basic wedding costs or because of being a moron and buying everything in sight on credit?

Too bad. This guy is about to start the book of his adult life with Chapter 11. Not the way to go.

Take care,
PK

[Chrono]

Re: Question about picking up a 360

My friends son who recently got married is already in debt for $11,000

I work with a women who has $80,000 in credit card debt. She recently had to take out a loan just to be able to pay her debt (can't see who would approve that loan). I have no idea how she sleeps at night.

You just have to REALLY be careful with credit cards, and understand how much money you end up flushing down the toilet. See if you can find a new card to sign up for that gives you a few months interest free, otherwise it's just not worth it. I signed up for a new credit card when I got married that gave me 6 months interest free. I put my entire honeymoon on the card and paid it off over 6 months before I got hit with any extra charges.

I'm almost 30 years old, and my wife and I have never paid an interest charge for anything. We either save up money, or for major purchases use a deferred payment plan... ALWAYS making sure we're all paid up before the finance charges kick in! Just be smart and think it through before you do anything you regret!

[ExtremeGamer]

Re: Question about picking up a 360

Because of basic wedding costs or because of being a moron and buying everything in sight on credit?

Too bad. This guy is about to start the book of his adult life with Chapter 11. Not the way to go.

Take care,
PK

We were in heavy debt when we got married from the wedding and school loans. Pecked away at it, and right now have 3500 in debt (from re-doing our bathroom) which gets paid off next month when I get my Xmas bounus since it was 6 months same as cash and we wanted it done for various reasons a month ago. I carry a balance of $0 on my credit card but we average about $500 in spending a month on it from groceries, gas, going out to eat, etc. It earns us points, so since we'd pay cash for everything normally, might as well earn something for it.

[Shaver]

Re: Question about picking up a 360

If you are absolutely dead set on charging it... find a place that is giving 12 or 18 months same as cash for new card members.

[forensicd]

Re: Question about picking up a 360

I learned the hard way along time ago about credit cards. When I was in college, I signed up for one, put about 500 or so on it, paid the minimum (20 bucks i think) and never saw my balance go down. As a college kid with a job paying for his way through school, 500 bones is a alot. From that time on, I have never had another credit card, and never will. I have a house, brand new cars, support a race team and so much more because I never let debt get me again. Save your money if you cant pay the thing off in less then a few months, or you are potentially getting into trouble that will affect you later on.

[Rodster]

Re: Question about picking up a 360

Because of basic wedding costs or because of being a moron and buying everything in sight on credit?

Too bad. This guy is about to start the book of his adult life with Chapter 11. Not the way to go.

Take care,
PK

Because he has no self control aka "Moron". Funny how his wife is the one who doesn't like to spend. His parents had a lot cash after selling their house and within a year have pissed away all their money and are almost broke.

And the irony is my friend has a business that grosses 150k a year and he nets 75k.

[AirLobo23]

Re: Question about picking up a 360

Circuit City just had a deal, no interest for 12 months on all purchases $299 and up. This includes the 360.

Not sure if that is still going on but that's the way to go.

[Rodster]

Re: Question about picking up a 360

I learned the hard way along time ago about credit cards. When I was in college, I signed up for one, put about 500 or so on it, paid the minimum (20 bucks i think) and never saw my balance go down. As a college kid with a job paying for his way through school, 500 bones is a alot. From that time on, I have never had another credit card, and never will. I have a house, brand new cars, support a race team and so much more because I never let debt get me again. Save your money if you cant pay the thing off in less then a few months, or you are potentially getting into trouble that will affect you later on.

I got into credit card trouble as well and I will never ever use another credit card again. I run a small business and I pay for everything with my debit card/cash now.

I have saved so much within 1 1/2 years of being in business.

[Lintyfresh85]

Re: Question about picking up a 360

lol ok so I think I'll pass on charging it lol!

Thanks guys for the info...

I was just going to use my Bank of America Credit Card, so far I've been very responsible with it, not using it once in the 8 months I've had it, but I really had the itch for the 360... I guess I'll call my parents and see if they want to help their kid start off with some great credit by paying the 500 off right now and letting me pay them back in installmens..

Either way, thanks alot guys! You talked me out of making a huge mistake!

[nemesis04]

Re: Question about picking up a 360

If a $400 purchase is taking all this thought / planning and wondering what your minimum credit card payment will be, then to me it sounds like you are not ready to charge. Save the money first, the system will still be there when you are ready!

[jdros13]

Re: Question about picking up a 360

Using a credit card isn't inherently evil, it just makes it easier to be irresponsible...and the reason that the credit card companies inundate the college campuses with CC offers is that young people tend to treat their cards like "free money" and just pay the minimums after spending their credit limit on beer and pizza.

If you use credit responsibly, and spend within your cash limit, when the time comes to take on useful debt on a house, car, etc, your credit rating will help you make that happen at the best interest rate possible.

Personally I almost never carry cash unless it's necessary and use my CC's for just about every purchase...but I also never carry a balance with the exception of a major purchase (like when we replaced all carpet and flooring in our new house last year) where I have 0% interest for X number of months, and I budget the monthly payment to make sure I will not incur any interest...as a result I pay lower interest rates on the things I actually need to finance (house and one of our two cars)...many people drive themselves into debt in their early 20's and can't get out, and their quality of life suffers as a result...

In short, you know how much money you have...don't spend more than that, and don't give the CC companies your money...just use them for convenience

[pk500]

Re: Question about picking up a 360

I'm almost 30 years old, and my wife and I have never paid an interest charge for anything. We either save up money, or for major purchases use a deferred payment plan... ALWAYS making sure we're all paid up before the finance charges kick in! Just be smart and think it through before you do anything you regret!

Smart move. Other than a mortgage for each of our properties, my wife and I have zero debt. We buy cars with cash or maybe make low-interest payments for 12 to 24 months and NEVER carry a balance on a credit card. EVER.

We did purchase our last car on a credit card and paid it at the end of the month to accumulate mucho miles and points, something we do with many big-ticket purchases. But the bottom line was that it was paid off before interest kicked in.

As an aside, we always buy year-old cars that are still under warranty and dealer certified because a new car loses up to 20 percent of its resale value the second you drive it off the lot unless you're dealing with premium luxury or sports cars, with which we're not dealing. You get a hell of a vehicle for a hell of a lot less money.

Our financial philosophy is simple: If you don't have the money in hand or by the end of the month, you don't buy it. And even if you have the money and the purchase would blow the numbers on our monthly budget, you don't buy it.

Debt is just plain stupid. You're giving your money to the bank. You worked hard for that money -- why give it away so willingly? It's bad enough that the government steals money from you through taxes, so why let banks do it?

It's ironic that many people who want investment advice carry heavy consumer credit debt. F*ck -- pay off all of your credit cards, and you'll give yourself an investment with a return of 9 to 20 percent, based on the APR of your current credit card(s). Not too many traditional investments can match that return.

Good move to avoid ringing up interest charges on the purchase of a 360, Superstar. Very good move.

Take care,
PK

[nemesis04]

Re: Question about picking up a 360

Debt is just plain stupid. You're giving your money to the bank. You worked hard for that money -- why give it away so willingly? It's bad enough that the government steals money from you through taxes, so why let banks do it?

Debt does not always come from irresponsible buying. Things happen in life too!