Starting over with your debt

[pmbguy]

I have come up with a great next name for you once you are beyond ordinary.....(drum role)......”Legionnaire!” its like League but better, what do you think?

Back on topic, I am 30 and most of my friends or peers live on credit, I don’t. I don’t buy things I can’t afford, Most things, obviously with some exceptions. A good credit record is good, but it can be bad too if you stupid. The more you borrow the more you can borrow, but just because you can does not mean you should. Only ever take on a new dept if you can comfortably pay twice the instalment each month. Be very careful of credit. Rather be wealthy one day than look rich today.

[league_of_ordinary_men]

I have come up with a great next name for you once you are beyond ordinary.....(drum role)......”Legionnaire!” its like League but better, what do you think?

Back on topic, I am 30 and most of my friends or peers live on credit, I don’t. I don’t buy things I can’t afford, Most things, obviously with some exceptions. A good credit record is good, but it can be bad too if you stupid. The more you borrow the more you can borrow, but just because you can does not mean you should. Only ever take on a new dept if you can comfortably pay twice the instalment each month. Be very careful of credit. Rather be wealthy one day than look rich today.

Legionnaire you say has a nice ring to it but I was thinking more along the lines of Legend.........(wait for it)........dray just tell me when you think I'm there then I will ask Dave,hehehe

Back on topic, yeah credit cards is a big no for me obviously with some exceptions like you said. A good credit record is good and like you said just because you can borrow doesn't mean you should, but just to have that good record does help when you need it, its just the way you approach it should be right, seeing it more like an investment not the right to borrow money you cant pay back. And your right about the installments if you cant afford it dont do it."Rather be wealthy one day than look rich today." that's good and sound advise. I think its a lack of knowledge way people borrow money they cant repay, thats why I though I would start this thread so those with the right knowledge can educate those who need it.

P.S. Maybe we should combine our names to get Legendary pmb hahaha

[pmbguy]

Dear League

LOL you killing me.. combine our names? Perhaps, but my goodness we have to do it right. I would suggest "League_of_Pmb" or "PmbLeague". Please forgive me if this may sound inappropriate, but logically this would mean that we have to combine and share our wife’s. I am gatfol of mine so you can have her, no problem. PM me a pic of your wife and I will decide if this would be in my best interest.


Kind Regards
Pmbguy

[pmbguy]

Jokes aside

Having a good credit record is obviously important. Firstly you are in a position to receive credit. Secondly, the better your credit rating is the more leverage you have to get a better deal when entering into a credit agreement.

Understanding your leverage regarding credit is vital. You may end up with a “high risk” plan when in fact you qualify for a “low risk” plan. Financial institutions gain by having you in “high risk” because they will charge more interest. So don’t get taken for a ride.

[league_of_ordinary_men]

Dear League

LOL you killing me.. combine our names? Perhaps, but my goodness we have to do it right. I would suggest "League_of_Pmb" or "PmbLeague". Please forgive me if this may sound inappropriate, but logically this would mean that we have to combine and share our wife’s. I am gatfol of mine so you can have her, no problem. PM me a pic of your wife and I will decide if this would be in my best interest.


Kind Regards
Pmbguy

Hahaha those are some good suggestions. And sorry to hear about your wife, but I'm more then happy with mine and I don't share,hahaha

[league_of_ordinary_men]

Jokes aside

Having a good credit record is obviously important. Firstly you are in a position to receive credit. Secondly, the better your credit rating is the more leverage you have to get a better deal when entering into a credit agreement.

Understanding your leverage regarding credit is vital. You may end up with a “high risk” plan when in fact you qualify for a “low risk” plan. Financial institutions gain by having you in “high risk” because they will charge more interest. So don’t get taken for a ride.

Sound advise yet again pmb thank you.

[pmbguy]

Thank you League, you are most kind. Look I am certainly not the best guy to dispense this advice, we have real guru’s on TFSA, but I am happy to add my 2cents for what its worth.


Ps. I am glad that you are happy with your wife. Don’t ever give her up for the sake of a name combination.

[league_of_ordinary_men]

Thank you League, you are most kind. Look I am certainly not the best guy to dispense this advice, we have real guru’s on TFSA, but I am happy to add my 2cents for what its worth.


Ps. I am glad that you are happy with your wife. Don’t ever give her up for the sake of a name combination.

But every 2 cent counts thank you and it would be nice if those guru's could chip in as well.

P.S. Thank you pmb and I wont give her up for anything and I hope you and your wife can sort things out.

[ians]

Credit...now here is a sensitive topic, one of my biggest downfalls in business, not so much my person life.

Firstly, a cheque account managed correctly with an overdraft facility is a key factor in the financial world because the kind of credit which will involve the big money credit requests like a property od vehicle (your biggest loans)

Credit card with a small limit (well within your budget) is a good way to manage it, you have the facility and if managed correctly will also prove worthy.

Having a clothing account (with a limit within your budget) and managed properly is good for the smaller credit facilities like credit cards and other low budget credit facilities.

A wise man told me a long time ago..."save a little for a long time" advice that I have never lived by but seen the rewards with people who have.

Do you want a good credit, yes of course you do if you want t expand in your life, if not then stay away from it, the trick is managing it. At one stage in my life for around 8 years I had no debt and no credit facilities, best time of my life, stress free, I worked when I needed money and played when I had money, and boy did I play. Now I just work all the time and can never play because of all the little credit facilities which consume all my income. My life revolves around making enough to cover all the debt, home loans, vehicle HP, overdraft facilities and credit cards.

In 2014 I plan on changing a few things in my life, one of my goals will be to do what my wife has just finished this month. She is debt free, she set a target for December 2013 to be completely out of debt, her car is paid already paid up months ago, she no longer has an overdraft, credit card limit (paid up and reduced). So from January 2014 she only has to pay for living expenses and insurance. I have given her access to all my accounts and she will manage them from now on.

[league_of_ordinary_men]

Credit...now here is a sensitive topic, one of my biggest downfalls in business, not so much my person life.

Firstly, a cheque account managed correctly with an overdraft facility is a key factor in the financial world because the kind of credit which will involve the big money credit requests like a property od vehicle (your biggest loans)

Credit card with a small limit (well within your budget) is a good way to manage it, you have the facility and if managed correctly will also prove worthy.

Having a clothing account (with a limit within your budget) and managed properly is good for the smaller credit facilities like credit cards and other low budget credit facilities.

A wise man told me a long time ago..."save a little for a long time" advice that I have never lived by but seen the rewards with people who have.

Do you want a good credit, yes of course you do if you want t expand in your life, if not then stay away from it, the trick is managing it. At one stage in my life for around 8 years I had no debt and no credit facilities, best time of my life, stress free, I worked when I needed money and played when I had money, and boy did I play. Now I just work all the time and can never play because of all the little credit facilities which consume all my income. My life revolves around making enough to cover all the debt, home loans, vehicle HP, overdraft facilities and credit cards.

In 2014 I plan on changing a few things in my life, one of my goals will be to do what my wife has just finished this month. She is debt free, she set a target for December 2013 to be completely out of debt, her car is paid already paid up months ago, she no longer has an overdraft, credit card limit (paid up and reduced). So from January 2014 she only has to pay for living expenses and insurance. I have given her access to all my accounts and she will manage them from now on.

Good advise ians, thank you for jumping in. It still comes down to no one wants debt, but you can't get a car,house....etc basically because you don't have a credit record so you can't loan the money to buy any high value items even if you can afford it. So what I want to accomplish with this thread is to educate people who needs to get a good credit score when they can afford high value items but don't have any credit record, well not me but some of you guru's on the forum.

So basically if you have no credit score and had to get a loan for a high value item like a car or a house, what would be the best/fastest route to take to get a good enough credit score to be able to buy these types of item when you can afford to do so and the best way to manage your debt to get to your goal.

Good luck ians with your goal and I take my hate off to your wife for doing that its not easy for allot of people to do because they don't know how to manage there debt and stay in the endless loop on debt.