Do you have debt?

dreamy · #1 06-12-2008, 06:28 PM

I have debt - I took a personal loan of $5000,00 last year and I lease my car. I try to pay my credit cards every month but sometimes I can't pay the full amount and the debt is accumulating really fast.

Do you have debt? How much you are in debt?

trent · #2 06-12-2008, 06:41 PM

I avoid debt at all costs. When you owe money, somebody else owns your future.

Canadian · #3 06-12-2008, 08:40 PM

I'm leasing Toyota Camry for 3 years, and I have some revolving credit card debt, but I never carry balance and repay everything back at the end of the month. I'm thinking of buying a house in Toronto in the near future (will need a mortgage for that), but currently I'm priced out of the market and waiting for prices to fall.

donner · #4 06-16-2008, 08:26 PM

I have around $2,000 debt on one of my credit cards, but I should be able to pay it off in the next 3 months, so it's not a big deal.

dreamy · #5 07-10-2008, 02:59 PM

Quote:

Originally Posted by donner

I have around $2,000 debt on one of my credit cards, but I should be able to pay it off in the next 3 months, so it's not a big deal.

I could be because you probably have bad credit history because of that...

Zephyr · #6 12-02-2008, 02:22 PM

Quote:

Originally Posted by dreamy

Do you have debt? How much you are in debt?

If you know someone who is not in debt please, ask him/her to share their secret. I don't know anyone who is not in debt. With mortgage, leased car and credit card bills what do you think?

Canadian · #7 12-03-2008, 03:47 PM

Quote:

Originally Posted by Zephyr

If you know someone who is not in debt please, ask him/her to share their secret. I don't know anyone who is not in debt. With mortgage, leased car and credit card bills what do you think?

I don't have a mortgage (I'll get one when prices are more reasonable), and I don't carry credit card balances. I'm financing a car, but that's about it. I actually save money every month.

Steven · #8 12-04-2008, 02:08 PM

Quote:

Originally Posted by Canadian

I don't have a mortgage (I'll get one when prices are more reasonable), and I don't carry credit card balances. I'm financing a car, but that's about it. I actually save money every month.

Yes, but keep in mind that most people are not like you and live paycheck to paycheck. The ordinary Canadian family has 2 cars (leased/financed), a line of credit or two (carrying balance), several credit cards (some carrying balance), mortgage, etc. That's why most people are very vulnerable when it's hard to obtain credit.

bronto18 · #9 01-08-2009, 02:03 PM

Quote:

Originally Posted by Steven

Yes, but keep in mind that most people are not like you and live paycheck to paycheck. The ordinary Canadian family has 2 cars (leased/financed), a line of credit or two (carrying balance), several credit cards (some carrying balance), mortgage, etc. That's why most people are very vulnerable when it's hard to obtain credit.

This is true. I don't know a single person who doesn't have debt!

trent · #10 01-09-2009, 03:41 PM

Quote:

Originally Posted by bronto18

This is true. I don't know a single person who doesn't have debt!

I have no debt, and I can sleep well at night. I have friends that owe $100's of thousands and are in big trouble. Don't assume that everybody is like you, because there are still people who save and will weather the current crisis just fine.