Best interest rates....where?

TTOKC said:

I agree with those making the argument for paying cash. About eight years ago the wife and I decided to get debt free. It took a couple years, but we don't use credit for anything anymore. The only thing we make monthly payments on is our mortgage and utilities. If we need to make a big purchase we just save our money and pay cash.

I had a 2001 Tahoe on a 60 month note and when I paid it off we continued to make payments but into our savings account. After two years we had the money set aside for new truck. Bought a 2008 GMC with all the options and a 6 inch lift and I wrote a check for it.

We continue to make payments into the savings account and when I fell in love with the Raptor back in June I shopped for a few weeks then went to the dealership and traded in the GMC and wrote a check for $25,000 and drove home in the raptor.

So instead of buying something and making the payments for a few years we make payments for a few years and then buy something.

TT

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TTOKC said:

I agree with those making the argument for paying cash. About eight years ago the wife and I decided to get debt free. It took a couple years, but we don't use credit for anything anymore. The only thing we make monthly payments on is our mortgage and utilities. If we need to make a big purchase we just save our money and pay cash.

I had a 2001 Tahoe on a 60 month note and when I paid it off we continued to make payments but into our savings account. After two years we had the money set aside for new truck. Bought a 2008 GMC with all the options and a 6 inch lift and I wrote a check for it.

We continue to make payments into the savings account and when I fell in love with the Raptor back in June I shopped for a few weeks then went to the dealership and traded in the GMC and wrote a check for $25,000 and drove home in the raptor.

So instead of buying something and making the payments for a few years we make payments for a few years and then buy something.

TT

Click to expand...

TTOKC said:

Nope not Dave.
I think credit and people living beyond their means is one of the big problems in our country. I was a sucker for credit early in life, I filed bankruptcy for credit card debt at 22. I found the old paperwork awhile back and was stunned to see that I filed for $4600 of debt. At the time it seemed like an insurmountable figure. Even after the bankruptcy I got seduced by a few of the "no payments, no interest" offers for a new TV and an ATV and realized I was sliding back into an old problem so reigned it in.
Now if I can't afford to buy something, I don’t buy it. Granted we make a good living, but I know plenty of people in my income range that struggle to keep up with payments. It works for us and we don't deprive ourselves of things we want (2012 Raptor for me, 2011 Maxima for her and we just returned from 3 weeks in Hawaii) we just live within our means and plan our purchases. Neither of us can spend more than $500 without confirmation (not permission) from the other. Any big ticket purchases have to be supported by some degree of logic other than "I want it".

TT

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