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  #1  
Old 01-03-18, 08:52 AM
19AL63 19AL63 is offline
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2017 Holiday Debt

How much debt did Christmas and holiday spending create for you? It is reported that the average is $1054.00. My first thought was I wonder how many people will still owe money from this year next year? It will cost around $20.27 a week plus interest to pay this debt off in a year. Rule 1 And 2 in our household has always been you only spend money you have for Christmas and any vacations taken, you are not allowed to create debt. After some thinking about this I realized I am making some of this debt reporting because I use credit cards when making purchases for Christmas presents. I do not believe it is taken into consideration that I pay off all cards when the bills come no balances are ever carried over. I have not paid any credit card interest in years and when I say years make that right at 30 years. If we do not have the money we just to don't spend it.
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  #2  
Old 01-03-18, 09:01 AM
irish_buffalo irish_buffalo is offline
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None. Just my opinion but if you have to go into debt to buy people "things" then your priorities are screwed up.
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  #3  
Old 01-03-18, 09:08 AM
TroyTrojan05 TroyTrojan05 is offline
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I start xmas shopping around late summer/early fall and buy a little at a time over the year. Makes it easier instead of waiting last minute.

It also helps that my wife and I don't buy each other anything at all. We agree that saving it for other things is the way to go. For example, we just booked a vacation to Miami in March.
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  #4  
Old 01-03-18, 09:31 AM
14Red 14Red is offline
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This is a dirty little secret that goes unnoticed. So many people are upside down on credit. They pay the minimum and just limp along, when an unexpected bill comes along, they're done. They file bankruptcy and start over, walk away from houses, etc. We have no fear or shame of not having money. Now many of the people I just mentioned also go on vacations and still live the good life. The push to save just isn't there anymore. It's sad when you look at statistics of people, in their 40's and 50's who have little saved for retirement. We're going to have alot of old, poor people in about 20-30 years.
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  #5  
Old 01-03-18, 09:38 AM
TylerDurden TylerDurden is offline
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Didn't see that post from 14Red coming.
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  #6  
Old 01-03-18, 09:49 AM
Irwin20 Irwin20 is offline
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We paid cash.
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  #7  
Old 01-03-18, 09:51 AM
4cards 4cards is offline
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...probably will have a little bit under a grand on this months bill but will pay it full as I always do.
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  #8  
Old 01-03-18, 10:10 AM
Descartes Descartes is offline
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I'm screwed if I ever actually have to put thought into gifts. I spent $100 on difft Gift Cards for my parents, that was it. TBH, I'd be perfectly ok not getting any gifts if it meant avoiding the amount of time and $ some people put in.
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  #9  
Old 01-03-18, 10:33 AM
Tom.OH Tom.OH is offline
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Quote:
Originally Posted by Irwin20 View Post
We paid cash.
So did my wife and myself. Good to not be getting a big MasterCard bill in January...
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  #10  
Old 01-03-18, 01:08 PM
EagleGuy EagleGuy is offline
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Quote:
Originally Posted by 14Red View Post
This is a dirty little secret that goes unnoticed. So many people are upside down on credit. They pay the minimum and just limp along, when an unexpected bill comes along, they're toast. They file bankruptcy and start over, walk away from houses, student debt, etc. They have no fear or shame of not having money. Now many of the people I just mentioned also go on vacations and still live the good life. The push to save just isn't there anymore. It's sad when you look at statistics of people, in their 40's and 50's - and even 60's - who have little saved for retirement. We're going to have alot of old, poor people in about 10-30 years.
Excellent post. Please consider my adjustments.

Sadly, many of these folks have the same opportunity - sans their mental affliction - to take the steps to secure their retirement. I've said it before: Misery loves company.

Without going into detail, I am seeing this more and more in my siblings - something I didn't fathom years ago. At least, they have offspring to run to. "Hello dear, guess who's moving in"!
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  #11  
Old 01-03-18, 01:12 PM
serpico serpico is offline
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Quote:
Originally Posted by EagleGuy View Post
Excellent post. Please consider my adjustments...
There is no 'walking away' from student debt in bankruptcy, as it is almost always non-dischargeable.
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  #12  
Old 01-03-18, 02:56 PM
irish_buffalo irish_buffalo is offline
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Quote:
Originally Posted by serpico View Post
There is no 'walking away' from student debt in bankruptcy, as it is almost always non-dischargeable.
Correct.

14red is right in stating that in 20 years we will have plenty of old folks in debt.

I still see people who were irresponsible before 2008 making the same mistakes today. If there is no true punishment then people will repeat.

I remember when being poor hurt and credit cards were for the rich. That just is not the case anymore.
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  #13  
Old 01-03-18, 04:13 PM
Buck_98 Buck_98 is offline
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Quote:
Originally Posted by 14Red View Post
This is a dirty little secret that goes unnoticed. So many people are upside down on credit. They pay the minimum and just limp along, when an unexpected bill comes along, they're done. They file bankruptcy and start over, walk away from houses, etc. We have no fear or shame of not having money. Now many of the people I just mentioned also go on vacations and still live the good life. The push to save just isn't there anymore. It's sad when you look at statistics of people, in their 40's and 50's who have little saved for retirement. We're going to have alot of old, poor people in about 20-30 years.
You have a lot of old poor people right now. Social security gave people a false hope that they would be able to retire and live comfortably. Not to mention the astronomical increase in college tuition. How are you supposed to save for retirement and college expenses. Do both of those and take care of a 4-5 person household.
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  #14  
Old 01-03-18, 05:33 PM
EagleGuy EagleGuy is offline
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Quote:
Originally Posted by serpico View Post
There is no 'walking away' from student debt in bankruptcy, as it is almost always non-dischargeable.
Thanks for the correction! I didn't know that then I learned that and then I forgot that!!

I wouldn't be surprised if this changes some time in the future - at least in some instances. I hope note, but we'll see...
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  #15  
Old 01-03-18, 07:17 PM
TylerDurden TylerDurden is offline
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Originally Posted by EagleGuy View Post
Thanks for the correction! I didn't know that then I learned that and then I forgot that!!

I wouldn't be surprised if this changes some time in the future - at least in some instances. I hope note, but we'll see...
So what you're saying is you'd prefer the young adult to be held to a higher level of accountability than the lending institution?
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  #16  
Old 01-03-18, 07:22 PM
Arrogate Arrogate is offline
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I have never had a credit card and don't have any social media. I am a millenial but don't really fit into the description of a millenial.

Paid for everything with a debit card, maybe around 400 for xmas

For pboy, gift ideas if you are ever need to give something small that isn't a gift card.


Got my boss, his wife, his son, and daughter in law keychains from Pinkstons (tack shop in Lexington) that have their name on them. It is the same type of design that is used on thoroughbred race horse halters with their name on them. An image is attached of an example. You can order online, I usually get a new belt and keychain every year for myself. The belt has the same brass name template.


Pboy for 15 bucks it is a solid gift, trust me. Been giving them to people for years, most aren't horse people but they like it.
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  #17  
Old 01-03-18, 07:40 PM
WinstonSmith WinstonSmith is offline
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Turpin, you really should have a credit card man. You need to have credit for when it comes time to buy a car, house, etc.
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  #18  
Old 01-03-18, 07:42 PM
TylerDurden TylerDurden is offline
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That and, unless something has changed, the risk of using a debit card is much higher than a credit card.
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  #19  
Old 01-03-18, 08:00 PM
Descartes Descartes is offline
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Quote:
Originally Posted by Arrogate View Post
I have never had a credit card and don't have any social media. I am a millenial but don't really fit into the description of a millenial.

Paid for everything with a debit card, maybe around 400 for xmas

For pboy, gift ideas if you are ever need to give something small that isn't a gift card.


Got my boss, his wife, his son, and daughter in law keychains from Pinkstons (tack shop in Lexington) that have their name on them. It is the same type of design that is used on thoroughbred race horse halters with their name on them. An image is attached of an example. You can order online, I usually get a new belt and keychain every year for myself. The belt has the same brass name template.


Pboy for 15 bucks it is a solid gift, trust me. Been giving them to people for years, most aren't horse people but they like it.
How does someone who is nearly 30 not have a credit card? That's insane.
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  #20  
Old 01-03-18, 09:24 PM
Arrogate Arrogate is offline
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I have a good credit score. I have taken small loans out and paid them back. Example vehicles, horse trailer

I think I technically have a credit card with my wife for about 2 1/2 yewrs but I have never used it. She does though. We put our utilities groceries and other on it .

However I have never solely went out and applied for a credit card.

Edit

Just asked the wife, I have a credit card.
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  #21  
Old 01-03-18, 09:37 PM
Neopolitan Neopolitan is offline
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Just use your credit card like a debit card. You build credit and get rewards points. No downside.
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  #22  
Old 01-03-18, 09:45 PM
Chop Stix Chop Stix is offline
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Wow, that's weird that Turpin has never had a credit card.

I was given my first credit card when I was 12 by my older brother. I asked whose it was and he said Corky from Idaho. We went to Best Buy and got a couple TVs and laptops. I thought they were early Christmas presents for our family which was odd because it was June. My brother said we were going to sell the items to people who needed them more than us. I didn't understand what was going on but kept my mouth shut. When football season came around and I needed new cleats I asked my brother if we could use the card again. He said no and something about his Guyanese friend getting locked up. I tried to locate Guyanese on a map of Asia and couldn't find anything and then I got my cleats from Play it Again Sports.
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  #23  
Old 01-03-18, 09:52 PM
cabezadecaballo cabezadecaballo is offline
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Originally Posted by Neopolitan View Post
Just use your credit card like a debit card. You build credit and get rewards points. No downside.
Yup. Pay everything possible with a credit card. Free money. Pay it off every month. Christmas is no different, just bigger.

https://www.penfed.org/credit-cards/...visa-signature

5% statement credit for all gasoline purchases. 3% statement credit for grocery store purchases at Giant Eagle that include Amazon gift cards, chain restaurants, Lowes, and Home Depot. $0.10/gal free gas for every $50.
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  #24  
Old 01-03-18, 10:19 PM
WinstonSmith WinstonSmith is offline
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Uber card is the best new one for people that dine out a lot. 4% cash back for that, 2% for all online purchases, 1% on everything else.
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  #25  
Old 01-04-18, 04:21 PM
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eastside_purple eastside_purple is offline
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Can you rent a car without a credit card? Don’t they hold a crazy amount of you use your debit card?
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  #26  
Old 01-04-18, 06:21 PM
sapientia et veritas sapientia et veritas is offline
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Zero debt from Christmas. In two more years, it will be zero debt at all unless I have to buy a car.
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  #27  
Old 01-04-18, 08:02 PM
irish_buffalo irish_buffalo is offline
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Who on here has zero debt? I still have a house payment but that will be paid off in 8 years. Paid my truck off in 2 years. Wife will have her Traverse paid off early in a year. I have credit cards but use them for emergencies (never). Use my debit card all the time.

I look around and see everyone making the same mistakes they made leading up to 2008. People are buying things they cannot afford again because they can. Why do so many people live outside their means?
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  #28  
Old 01-04-18, 08:04 PM
TylerDurden TylerDurden is offline
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Quote:
Originally Posted by irish_buffalo View Post
Who on here has zero debt? I still have a house payment but that will be paid off in 8 years. Paid my truck off in 2 years. Wife will have her Traverse paid off early in a year. I have credit cards but use them for emergencies (never). Use my debit card all the time.

I look around and see everyone making the same mistakes they made leading up to 2008. People are buying things they cannot afford again because they can. Why do so many people live outside their means?
Because they're given the ability to.
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  #29  
Old 01-04-18, 08:29 PM
troyboy73 troyboy73 is offline
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Zero. I had no money to spend.
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  #30  
Old 01-04-18, 08:48 PM
WinstonSmith WinstonSmith is offline
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Originally Posted by irish_buffalo View Post
Who on here has zero debt? I still have a house payment but that will be paid off in 8 years. Paid my truck off in 2 years. Wife will have her Traverse paid off early in a year. I have credit cards but use them for emergencies (never). Use my debit card all the time.

I look around and see everyone making the same mistakes they made leading up to 2008. People are buying things they cannot afford again because they can. Why do so many people live outside their means?
You mean you assume youíre seeing people make the same mistakes, you donít know.
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