Internet's first get-out-of-debt community - 134,000 members

brenda1111

Probably going to be thrown out but I have a question and I know a lot of young people are reading this board.
What is the worst mistake a person can make regarding debt or getting into debt?
Is it credit cards,pdl,or something else.
I am not judging any one I just hope someone will think before taking the loan or credit card.
From reading the post,a lot of us are in finacial trouble even myself so if we could help or give advice maybe just one person would listen.

Posted: Mon Dec 18, 2006 3:04 pm Subject:

I am 24 years old. The worst mistake was to not listen to my mom when she said cut those credit cards up!

Posted: Mon Dec 18, 2006 4:38 pm Subject:

Don't use loans to pay debts, would be my thought. You are just compounding your debt and it will all crash in on you. You have to live with what you have not, and not with the anticipation of what you THINK you will have later.

Posted: Mon Dec 18, 2006 4:44 pm Subject:

My advice is stay away from payday loans!

Posted: Mon Dec 18, 2006 4:56 pm Subject:

I was doing okay with my credit card payments until I got messed up in the pdl mess, so in my situation, I would say the pdls really did me in Sad

Posted: Mon Dec 18, 2006 8:36 pm Subject:

I'm not sure any one mistake is the worst, but I have learned a lot from clients, friends, family, etc.

Too many people look around and believe that they "deserve" to live "like an American," with a new car, a nice house, designer jeans, etc. You don't. I don't. A wealthy person can, because those jeans take roughly .0000001 second to earn. For you or me, those jeans represent a significant portion of our day, week, or month. It isn't worth it.

Besides, people who have things don't have money, they spend money.

So the MOST important thing, if you ask me, is to live within your means. Don't take out loans, drop expenses. I may be a lawyer making a decent living, but I live frugally. I share a car with my fiance, and I spend very little on discretionary expenses. Basically, if it doesn't pay for school loans, utilities, insurance, or the mortgage, it goes into our savings account.

Live within your means. A raise doesn't mean you can spend more, it means you can save more.

Posted: Mon Dec 18, 2006 8:37 pm Subject:

This is so true Sam Smile

I know alot of people that live way above their means. For instance, I have a friend that will buy new clothes, jewelry, etc, before she even thinks about paying a bill.

Posted: Mon Dec 18, 2006 8:55 pm Subject:

I think payday loans are worse than credit cards. If you really need a loan that badly then get one that will at least consolidate your debt so that insead of paying 3-4 creditors you are paying just one.

Spending over 30% of your credit limit on credit cards reflects poorly on your credit report.

Posted: Mon Dec 18, 2006 8:55 pm Subject:

Think, before you act. I see too many people who get paid, and then want to go out to a bar after work and spend $150 on liquor and clubs. It's nice to go out, but don't blow your whole check in one swoop. Make sure your living expenses are covered, you have set some aside for the future, and THEN if there is anything left go spend a LITTLE bit on yourself.

And... like Jeff said... don't rob peter to pay paul. Taking out loans to pay for other loans is not a good idea.

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since this is a dept board this is just a ?

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