Debt and quality of life

Debt and quality of life (Full Version)

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Level -> Debt and quality of life (10/21/2007 6:48:08 AM)
Termyn8or's thread "I might have finally succeeded" sparked the idea for this one. Are you in debt? How has that added or subtracted from your quality of life? How does being in debt (or not being in debt) make you feel?

SeeksOnlyOne -> RE: Debt and quality of life (10/21/2007 7:01:05 AM)
im in debt for my house.....if i didnt have a house payment id be upper lower middle class.....but its worth it to be able to come home and close the world out when i get a hankering....

servantforuse -> RE: Debt and quality of life (10/21/2007 7:06:30 AM)
Some debt is very worthwhile, say for buying a home. Other debt, say credit card debt at 18 % will ruin most.

NorthernGent -> RE: Debt and quality of life (10/21/2007 7:07:59 AM)
quote: ORIGINAL: servantforuse Some debt is very worthwhile, say for buying a home. This is often taken as a given, but is it really worthwhile? What are the pros and cons?

camille65 -> RE: Debt and quality of life (10/21/2007 7:11:15 AM)
My only debts are medical ones. 'Only'... hah. I pay a whopping $70 a month against $46,000 so I will be paying that one forever. Sometimes it looms over me and feels like I'm surrounded, other times I keep perspective. It was not a debt I incurred deliberately. I keep my credit card at a 0 balance by paying it off every single month, I will not pay interest. If it is that expensive then I probably don't need it! Weird how money or lack of it can rule a life, destroy a relationship or bring about a life of financial ease. Yup I do believe money can buy happiness. If I could remove the worry about money owed, if I didn't fret over not having money to heat my house this winter or pay for snow plowing then I wouldn't want to move to Texas!

KatyLied -> RE: Debt and quality of life (10/21/2007 7:12:45 AM)
I just paid off my car, feeling good about that, but knowing I will probably have to get another next year, more debt. My home mortgage is small compared to what most people are carrying, so I feel good about my mortgage debt and what I would make if I had to sell tomorrow. My home is a keeper, I already have equity in it. I have some other debt, but nothing that isn't manageable. And mainly the result of raising kids. I'm very miserly with my money and I don't waste it. If anything I'm more obsessive about it than most people.

switchsecrets -> RE: Debt and quality of life (10/21/2007 7:17:13 AM)
Debt free with the exception of a small home equity loan that I have the ability to pay off if needed.

velvetears -> RE: Debt and quality of life (10/21/2007 7:23:59 AM)
Debt sucks, but in the end it's only paper and i won't let it control my life. Society sucks you in and they want you trapped with high interest rate credit cards and wanting all that crap they advertise. Keep it simple. Why do people need homes with 5000 sq ft for 2 to 3 people? Seems when i was growing up and familys had betwen 5 to 10 kids, homes were smaller - family size shrunk but houses got bigger?!?!? Makes no sense - its wasteful, greedy and selfish.

GhitaAmati -> RE: Debt and quality of life (10/21/2007 7:28:00 AM)
I dont have housepayment or rent...of course I have taxes and insurance but they only add up to about $1200 a year so its not bad, All three of our vehicles are paid off and I doubt Ill have to go buy new ones anytime soon. I have no credit card payments...well..I have no credit cards..lol....The only bills I have are phone, electric, insurance, the typical type stuff....I dont know about quality of life, it definantly helps keep the stress levels down. But even without all those debt type bills, we are still low middle class......now....if I could get the kids to grow up and move out we'd have plenty of excess spending cash........

SeeksOnlyOne -> RE: Debt and quality of life (10/21/2007 7:31:04 AM)
quote: ORIGINAL: NorthernGent quote: ORIGINAL: servantforuse Some debt is very worthwhile, say for buying a home. This is often taken as a given, but is it really worthwhile? What are the pros and cons? for me, the pro is definately the tax break-my house payment is cheaper than many pay for rent-and i get my own lil acre of paradise

MsSophie -> RE: Debt and quality of life (10/21/2007 8:01:17 AM)
I have struggled with debt I managed to put on in my early 20's. Stupid, and pointless, to say the least. However, I started paying it off about a year ago and recently plucked up the courage to finally check out how much I have to pay before I am in the clear. To my great surprise it's a very maneagable amount (less than $2000 left) and I'll be done paying in four months time. It felt like christmas come early when they told me, I started crying and kept thanking the debt manager for several minutes. He was quite chuffed and told me he seldom got people thanking him for telling them how much they owed :) Up until then I actually thought I would have to pay, and pay, and pay for countless years! I can't say that it's been an enjoyable lesson to lear, but I probably needed to sink into living really cheaply to learn to manage. When I grew up I never had to think about money, and I needed to learn. All in all I'm grateful. These days I don't spend very much, don't need much either. I don't, and will not, buy on credit. If I need something I save up for it, or I borrow from my parents if there is something urgent. Being in debt (at least the kind you're unable to manage) makes you scared stiff. You're afraid to open the mail, afraid to open the door when it rings, almost afraid to answer the phone. It's not just a bad quality life - it is no life! When the debt is a managed debt it still makes you unable to buy what you need, if it's big enough. You've got to get yourself into more debt. If there is one thing there should be a 30+ age-limit on it's Credit Cards! At least it should have been for me!

velvetears -> RE: Debt and quality of life (10/21/2007 8:08:50 AM)
quote: ORIGINAL: SeeksOnlyOne quote: ORIGINAL: NorthernGent quote: ORIGINAL: servantforuse Some debt is very worthwhile, say for buying a home. This is often taken as a given, but is it really worthwhile? What are the pros and cons? for me, the pro is definately the tax break-my house payment is cheaper than many pay for rent-and i get my own lil acre of paradise That you have to mow every week in the summer [&o]... and when the oil burner breaks down... the septic needs pumping.... roof needs replacing.... exterior needs painting .... endless list that all lead down the same path...................DEBT

TheHeretic -> RE: Debt and quality of life (10/21/2007 9:00:14 AM)
We just bought a house, so yeah, I'm suddenly deeper in debt than I've ever been. Getting our credit rating to a place where we could do that meant running up some credit cards and making the payments. Getting those cleared now that the debt has served its purpose will be a bit of a priority. As to the "why buy" question, I had the same landlord for four years (two different houses). Over that time, I wrote him checks totaling just over $50,000 and have precisely nothing to show for it. Last time I saw him, he was riding a brand new Harley. And hell yes, my quality of life is way up already and we haven't even had a play party under the cathedral ceiling yet.

petdave -> RE: Debt and quality of life (10/21/2007 9:14:07 AM)
quote: ORIGINAL: NorthernGent quote: ORIGINAL: servantforuse Some debt is very worthwhile, say for buying a home. This is often taken as a given, but is it really worthwhile? What are the pros and cons? I was having sex in the swimming pool yesterday without a single worry about being "caught". Pro! [:)]

meatcleaver -> RE: Debt and quality of life (10/21/2007 9:16:35 AM)
quote: ORIGINAL: NorthernGent quote: ORIGINAL: servantforuse Some debt is very worthwhile, say for buying a home. This is often taken as a given, but is it really worthwhile? What are the pros and cons? Its a good point and worth thinking about. Most people that buy a house will have one foot in the grave before they have bought it if the bank has not taken it back in the mean time. You could get lucky like me who bought a cheap flat in London at the beginning of a boom and sold it at the top of the boom and got out of the market and bought myself a couple of homes for cash, here in Amsterdam and France. However, for most people the reality is they will pay their mortgage for 25 years and tie themselves to a lifestyle they hate. I bought that original flat with no intention of trapping myself in a lifestyle, if my plan went pear shaped I would ahve sold up and rented and kept my options open. Life sucks when you have to go to work every day to pay the bills because you have no choice.

Level -> RE: Debt and quality of life (10/21/2007 9:17:33 AM)
quote: ORIGINAL: TheHeretic We just bought a house, so yeah, I'm suddenly deeper in debt than I've ever been. Getting our credit rating to a place where we could do that meant running up some credit cards and making the payments. Getting those cleared now that the debt has served its purpose will be a bit of a priority. As to the "why buy" question, I had the same landlord for four years (two different houses). Over that time, I wrote him checks totaling just over $50,000 and have precisely nothing to show for it. Last time I saw him, he was riding a brand new Harley. And hell yes, my quality of life is way up already and we haven't even had a play party under the cathedral ceiling yet. Congrats on the new house, Rich [;)] I know how sickening the feeling of paying rent can be......

RCdc -> RE: Debt and quality of life (10/21/2007 9:21:02 AM)
I do not have and do not want a credit card and I do not do store credit. I have no debt. And my life just about rocks...[:)] Peace the.dark.

IrishMist -> RE: Debt and quality of life (10/21/2007 9:28:21 AM)
quote: ORIGINAL: Level Termyn8or's thread "I might have finally succeeded" sparked the idea for this one. Are you in debt? How has that added or subtracted from your quality of life? How does being in debt (or not being in debt) make you feel? when I moved back here from Texas, I made the decision to NOT buy another house; instead I rent. I own my car and have one credit card which I pay off every month. I put two children through college already, have one in the Navy, and my youngest is still at home. Thanks to the sell of some good property investments in Texas, the youngest will be able to go to college where she wishes and each will have a nice tidy sum when all is said and done. All in all, I am very happy with the quality of my life, in the past, in the present, and in how it's moving toward the future.

pahunkboy -> RE: Debt and quality of life (10/21/2007 9:34:50 AM)
Ild say I am upper lower class. Not middle class. Previoulsy I rented from a relitive. That ended and I bought a cheap house in April. Credit card debt for items to fix the place up has acrrued. Interest rate 9.9%. Mortgage interest, 5.5 % 30 yr fixed. My house payment is cheaper then rent. [market rate] I am not alarmed at the mortgage balance or the payments. Heating bills DO alarm me. So insulation and replacement windows are 1/2 in. I see the one real estate place has a buy it guarantee. I am upgrading this place- so that I can move on- hopefully to acreage in the country. The neighbors in back wanted to buy- but could not. Even with 2 of them working full time. Yet- 2 new vehicles are there. I have never ever bought a brand new car. In fact- I shop at thrift stores, and dumpster dive. Socks and underwear I buy new. For 7 years in the 90s I shared a place. Rent was $250 includes heat. So my share was $125. It was a chance to get my teeth fixed.

GhitaAmati -> RE: Debt and quality of life (10/21/2007 9:38:29 AM)
The only reason I own a home is because I inherited one from my great grandfather. That was one of the great things he did for us. There were three of us, we each got a house and at least 3 acres.....well..J got 14 acres and a trailer and I got 3 acres and 2 houses and a garage....and S got 4 acres and a cabin on a lake....but we all got what we wanted and everyones happy....but its honestly the only reason I am financial afloat right now...if I was having to pay rent, I doubt I could manage on the income we have

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