We got new credit in a second!! Unsecured! Wow

[LSUTiger32]

You consider 22K a huge car loan? There you go again telling me what I should do. The difference between us is I'm trying to educate people by giving them ideas on ways they can use credit to their advantage and/or save for retirement etc....

You on the other hand just want to chastise us for taking on any debt.

Yeah, absolutely. I'm trying to educate people on how they don't need to finance everything in existance so that they can invest and that they don't need 5 credit cards, a $22K car loan and whatever else they can grab to rebuild their credit. I believe in paying debt first, then maximize investing. When I said "you" should, I meant that in general. You being anyone. I am not telling you what to do, I could not care less what you end up doing. Since retirement is so much more important to you, MORTGAGE EVERYTHING! Take a loan out on everything that you possibly can an invest it. Then, when you retire you will have a million dollars in your retirement accounts, that will be amazing. Too bad that you'll also have a million dollars in debt. Ouch, that sucks.

Yes, I live to chastise people. It's OK for you to "educate" people by giving your opinion on finances, but I am not allowed to do so because it isn't what you want to hear. So you do it, it's "education", I do it and it's "chastising".

[backtoschool]

Although I do not think a $22k auto loan is a large loan (most suv's and family cars cost around 30k these days), I do think that it is debt, and is a different animal than credit rebuilder cards that are paid off in full every month. If someone becomes unemployed, they always have the option of not using their credit cards, but a car payment is a debt obligation that has to be fulfilled even when money dries up.

That is a risk that I am willing to take however, because I just get depressed thinking about working so hard my whole life, only to drive around in a beater now. I do think its a choice however and that if saving money was more important to me, I could get around in a used car. I am working extra to earn extra money for savings to balance out my spending so, hopefully I will end up having just as large a retirement account as the savers on this board. (The bets are on between me and LSU in 30-35 years. We're starting up a pool and setting up brackets now....All proceeds go into our retirement accounts. )

[Logan]

I thought we covered this. The money in the ROTH did you no good. You LOST money. Yes, you couldn't have put as much into one ROTH but I believe you are married and you can do one ROTH for each person. Therefore you could have done up to $10,000 in 2010. What good does the ROTH do you if you couldn't pay the loan for some reason. You'd likely cash it out and pay off the car. .

Then I have 2 ROTH's to manage rather than one and have twice the fees.

[Logan]

Yeah, absolutely. I'm trying to educate people on how they don't need to finance everything in existance so that they can invest and that they don't need 5 credit cards, a $22K car loan and whatever else they can grab to rebuild their credit. I believe in paying debt first, then maximize investing. When I said "you" should, I meant that in general. You being anyone. I am not telling you what to do, I could not care less what you end up doing. Since retirement is so much more important to you, MORTGAGE EVERYTHING! Take a loan out on everything that you possibly can an invest it. Then, when you retire you will have a million dollars in your retirement accounts, that will be amazing. Too bad that you'll also have a million dollars in debt. Ouch, that sucks.

Yes, I live to chastise people. It's OK for you to "educate" people by giving your opinion on finances, but I am not allowed to do so because it isn't what you want to hear. So you do it, it's "education", I do it and it's "chastising".

What you seem to not get it's not necessarily a matter of need but a matter of want. I bought a 2K mountain bike last month. I could've put that against my car loan or into retirement but I like to mountain bike and so I bought the Bike I wanted. I wanted a car that cost 28K so that's what I did because I can afford it. Even if I lost my job my wife and I could still afford it using her income.

[Logan]

Yes, you are right. I am a moron and I don't know what a furlough is. What does it matter, either one will be a REDUCTION IN INCOME. Yeah dude, I'll call ya in 20 years and we will see which one of us had the plan that worked better. LOL!

At the time I financed my loan my company was furloughing people in my position. I was comfortable at that time that it wouldn't affect me but I took precautions. Less than a year later the furloughed people are coming back and I just got a promotion. I'm not going to lose my job.

[LSUTiger32]

LOL @ BTS!! I do think it would be fun to see where we all are in many years, but Logan seems to want to make it a contest. Obviously he makes like 500K a year because he is buying stuff like he is congress. Logan.....I am done responding to you on here because this is just silly. You are more than welcome to do whatever you want with your finances. I just caution you on coming on here and telling people to take out car loans in order to invest. Most every financially minded person with a brain and that is not in bed with the auto financiers would call that advice insanity. I am going to rebut when I see advice that just doesn't make any sense but I am going to let this go because this is morphing into something personal and I am NOT going there.....again! BTS has made me a better man!

[backtoschool]

LOL @ BTS!! I do think it would be fun to see where we all are in many years, but Logan seems to want to make it a contest. Obviously he makes like 500K a year because he is buying stuff like he is congress. Logan.....I am done responding to you on here because this is just silly. You are more than welcome to do whatever you want with your finances. I just caution you on coming on here and telling people to take out car loans in order to invest. Most every financially minded person with a brain and that is not in bed with the auto financiers would call that advice insanity. I am going to rebut when I see advice that just doesn't make any sense but I am going to let this go because this is morphing into something personal and I am NOT going there.....again! BTS has made me a better man!

I am a better person too LSU, as a result of our lively debates. Passion is a good thing in my opinion, and if we both apply our passion to our financial goals we are going to be doing great when it comes time to retire.

As to where to get money to invest for retirement, well that is a matter of personal choice. I personally believe in maxing out any tax deferred retirement accounts and doing what is needed in order to reach the max. That being said, less debt is always a better thing, as LSU has said. I took on a car loan in order to continue to invest in my retirement accounts while being able to drive a nice, safe car now. LSU saved up for a car, and puts the money that would have gone to a car loan, into his retirement savings. Both approaches result in putting money into savings each month so both approaches should pan out well in 30 years. (only I will look better than LSU now, driving around in my new Rogue. )

[LSUTiger32]

I am a better person too LSU, as a result of our lively debates. Passion is a good thing in my opinion, and if we both apply our passion to our financial goals we are going to be doing great when it comes time to retire.

As to where to get money to invest for retirement, well that is a matter of personal choice. I personally believe in maxing out any tax deferred retirement accounts and doing what is needed in order to reach the max. That being said, less debt is always a better thing, as LSU has said. I took on a car loan in order to continue to invest in my retirement accounts while being able to drive a nice, safe car now. LSU saved up for a car, and puts the money that would have gone to a car loan, into his retirement savings. Both approaches result in putting money into savings each month so both approaches should pan out well in 30 years. (only I will look better than LSU now, driving around in my new Rogue. )

LOL! And I can sleep at night knowing that the REPO MAN doesn't have my address in the event that something goes wrong.

I told Logan on his other thread that I hope he has no hard feelings. Like you said these discussions help us all. It was a rough week, a bunch of stuff came up so I feel a little under the "financial weather" if you know what I mean. It's times like this that I am glad I don't have a car payment to send in. I still struggle from time to time because I try to pay so much to the debts that survived bankrutpcy that I get overzealous. NOT ME!!!! I am thankful to have a place to come talk about things because I am learning that somewhere in the middle of where I was before BK and completely being a debt hater is probably the right place. I still doubt I would go get a car loan but I can see how some people need a small car loan and need to rebuild some credit. While I personally won't do it, I am not mad at someone who does it a different way. I hope Logan understands that and can understand how I am trying to offer a different approach.

[backtoschool]

LOL! And I can sleep at night knowing that the REPO MAN doesn't have my address in the event that something goes wrong.

I told Logan on his other thread that I hope he has no hard feelings. Like you said these discussions help us all. It was a rough week, a bunch of stuff came up so I feel a little under the "financial weather" if you know what I mean. It's times like this that I am glad I don't have a car payment to send in. I still struggle from time to time because I try to pay so much to the debts that survived bankrutpcy that I get overzealous. NOT ME!!!! I am thankful to have a place to come talk about things because I am learning that somewhere in the middle of where I was before BK and completely being a debt hater is probably the right place. I still doubt I would go get a car loan but I can see how some people need a small car loan and need to rebuild some credit. While I personally won't do it, I am not mad at someone who does it a different way. I hope Logan understands that and can understand how I am trying to offer a different approach.

You overzealous LSU? Wow I am shocked! I think multiple approaches give people choices, and that is a good thing. There is not a person on this board that didn't have some bad money management habits going into bankruptcy. I have learned so much from these boards and I am managing my money so much better now. I think a combination of responsible use of credit and saving is the best approach to post bk financial healing.

[platter]

I've always read that when building credit, such as on a credit card, it's not good to pay it off each month. They say the company wants to see that you are responsible to be able to pay a so-called 'running debt' month after month and show that you won't be late, etc. routine. At least I heard that from someone talking about a BankofAmerica secured card with the $500 in the deposit to back it up, when they first got a card when they were trying to establish some credit.

[tobee43]

I've always read that when building credit, such as on a credit card, it's not good to pay it off each month. They say the company wants to see that you are responsible to be able to pay a so-called 'running debt' month after month and show that you won't be late, etc. routine. At least I heard that from someone talking about a BankofAmerica secured card with the $500 in the deposit to back it up, when they first got a card when they were trying to establish some credit.

well that would make some sense if they didn't have things like auto pay....which allows min payment or payment in full.

i disagree...i have mine right here on my desk waiting to be used and i will make the payment online in full within the hour after using is....if b2s says it's ok....LOL!! but i just don't get these banks...pay...don't pay pay...don't pay...

[tobee43]

You overzealous LSU? Wow I am shocked! I think multiple approaches give people choices, and that is a good thing. There is not a person on this board that didn't have some bad money management habits going into bankruptcy. I have learned so much from these boards and I am managing my money so much better now. I think a combination of responsible use of credit and saving is the best approach to post bk financial healing.

now...i haven't used my card yet...i have a service man....actually i was hoping a cute guy coming over to clean the air conditioner unit...i was going to use the card....is that a good use of the card??? i'm going to wait to hear back from you....and well.....

if not....i could go buy a mink...LOL!!!! it's only 93 degrees here today!

[tobee43]

now...i haven't used my card yet...i have a service man....actually i was hoping a cute guy coming over to clean the air conditioner unit...i was going to use the card....is that a good use of the card??? i'm going to wait to hear back from you....and well.....

if not....i could go buy a mink...LOL!!!! it's only 93 degrees here today!

please NO comments i LOVE animals and don't wear them...just eat them.

[backtoschool]

well that would make some sense if they didn't have things like auto pay....which allows min payment or payment in full.

i disagree...i have mine right here on my desk waiting to be used and i will make the payment online in full within the hour after using is....if b2s says it's ok....LOL!! but i just don't get these banks...pay...don't pay pay...don't pay...

You have my permission to pay as soon as the charge shows up online. (which will be in a day or so, not an hour sorry....)

There is a very very small bump in score that you might get if you leave a small balance on the cards, but I never do this. I think the risk of leaving a balance on a low-credit-limit card far outweighs any small score bump I would get from using the card.

[backtoschool]

now...i haven't used my card yet...i have a service man....actually i was hoping a cute guy coming over to clean the air conditioner unit...i was going to use the card....is that a good use of the card??? i'm going to wait to hear back from you....and well.....

if not....i could go buy a mink...LOL!!!! it's only 93 degrees here today!

I think you should buy me a soy cappuccino and that is the first thing you should use your card for. If the air conditioner guy gives you a good show, you can tip him too, that is a valid use of the card in my opinion.