Sorry to hear that… stay strong! Things will get better.
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I like debt thinking of getting a house loan and credit card if I do a lot of shopping, the house loan is to get a house to rent to others
Don’t get a credit card for shopping. Bad bad way to get in over your head. I’m going bankrupt from my debt.
Yep we sure are… That’s all I’ll say
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I’m in debt between $5000 and $10,000 on credit cards and a line of credit from a bank.
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I respect that!
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@TheCanuk thank you
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I have a mortgage till I am 67
My student loan debt is about £15,000 last time I checked
They take 9% of anything I earn over £16k
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I thought there’s no interest till you pay back late and there’s Cashback also?
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No debt. I try to stay out of it. Im pretty good at saving
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Used to be in debt, lost jobs and accumulated hospital bills during psychosis. Never paid them because I had no money at the time. Had debt collectors calling constantly and sending me bills for money I did not have. Once I finally got some money again through disability and back payments, the collectors had given up. I have no idea if I still owe or if they are no longer valid. I assume my credit is destroyed for some time though.
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Something I just looked up for anyone that is interested:
I assume that my debt is nearing statute of limitations as these hospital stays were early on in my psychosis before I was placed on medicaid, and later medicare.
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@Bowens My case manager told me they can’t legally garnish your Social Security check. A woman at my bank confirmed this. She said they can’t honor garnishments that would draw your bank account under the amount of your Social Security check.
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I don’t have debts. I just can go in the red on my checking account (1240€) and have a credit card that I fully pay back at the end of each month.
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That sounds stressful. Here you have an entire debt industry screwing people who are in debt.
It’s scandalous.
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I pay all my bills now since I have money, hospital bills included, but I’m frankly not even going to worry about my involuntary hospitalizations during psychosis. Debt collectors don’t contact me about them anymore, and I wouldn’t even know who to contact about them, so I don’t even think about them anymore. As far as I’m concerned the situation of involuntary debts during psychosis is resolved. The statute of limitations will expire soon if it hasn’t already. I am in good standing financially with the institutions I do business with currently, since I have been on disability. I pay my current bills since I have been well.
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anyway there are good debt and bad debt, good debts are those with interest less than inflation rate, such as housing loan, student loan for the years you are in university if its being frozen,credit card debt if you don’t pay it back late so you have cash back and no interest,
That being said, student loan and credit card debt can become bad debt if they charge interest due to the reasons mentioned above.
The most important thing about debt is whether the interest is higher than inflation or not because if you think about it, debt that has lower interest than inflation just means that its FREE MONEY like literally.
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As you get your mortgage paid of you will build up a nice nest egg. You’re doing right.
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Two mortgages, lots of other loans I used to buy a business. About $775,000. Not quite a million.
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In the stock market, I don’t buy on margin, so that I won’t get margined out.
In the housing market, I bought a less expensive house so I hopefully wouldn’t get foreclosed on.
I once heard a story about a Chinese man named “Sam Ting.”
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