Threadkiller Mk XII

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BeoTeK said:
Yeah, it's ridiculous!




I'm starting to think that. For 60k I will be paying back 120k - fucking retarded.
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I'm so close to being debt free it's not even funny. I have my two cars and another +/- R10k and then just the house to pay off, but the house doesn't really count. Will likely just pump the additional cash into the house once the cars are paid off.
 
PsychoFish said:
I'm so close to being debt free it's not even funny. I have my two cars and another +/- R10k and then just the house to pay off, but the house doesn't really count. Will likely just pump the additional cash into the house once the cars are paid off.
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Well that's the idea behind it.
 
Mephisto_Helix said:
agree with the rest, don't get that debt ball rolling because later on it will snowball and fuck you sideways
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Making debt to pay off debt is a terrible idea, unless you get a better interest rate and payment terms on the consolidated debt vs the debt you're trying to off (which almost never happens)
 
Consolidation debt ........ I shudder at what that has done in the past.


They get their reward for the shaft when I leave without a trace, lol :D
 
if your looking at consolidating your debt a personal loan might be a way to go as it is better to pay a lump sum on 1 interest rate instead of a couple of debts with varying interest rates...

i was debt free until last year(bar my car which i have 15 months left on). my Credit card is at 6k again and im pumping all extra funds into settling it as quickly as possible...i wouldnt have had to use my credit card if it wasnt for some unexpected family drama having to pay for my gran's funeral cause her children were to sleg to do it. had to put my study fees on the credit card
 
Wenzdayz said:
if your looking at consolidating your debt a personal loan might be a way to go as it is better to pay a lump sum on 1 interest rate instead of a couple of debts with varying interest rates...
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That's exactly the reason. I have 1yr left to pay on my car which it's installment is around 1500pm, then everything else.
I was just thinking that it's easier to pay everything off and have one payment of close to R2000/pm, than have multiple payments per month which put me over 2k every month and maybe even closer to 3k. Not to mention having to pay all those debts and their respective interest and admin charges. But the thought of now having to take a loan and have this payment for the next 5 years urks me.


ARGH! Decisions I guess....
 
BeoTeK said:
Well that's the idea behind it.
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no you're trying to settle debt by making more debt. that doesn't work. trust me.

and that is pretty much the going rate for short term personal loans

the wife and mother-in-law though it a good idea to get one to help pay for our wedding. that got a 24 month loan at 35%.
 
BeoTeK said:
That's exactly the reason. I have 1yr left to pay on my car which it's installment is around 1500pm, then everything else.
I was just thinking that it's easier to pay everything off and have one payment of close to R2000/pm, than have multiple payments per month which put me over 2k every month and maybe even closer to 3k. Not to mention having to pay all those debts and their respective interest and admin charges. But the thought of now having to take a loan and have this payment for the next 5 years urks me.


ARGH! Decisions I guess....
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ja if you can manage to get a decent interest rate and pay off everything else and pay just one amount every month that can work. you will have to go check the interest rates on all your debts and see if you will pay less interest under one interest rate compared to multiple. good luck with this Beo
 
Wenzdayz said:
ja if you can manage to get a decent interest rate and pay off everything else and pay just one amount every month that can work. you will have to go check the interest rates on all your debts and see if you will pay less interest under one interest rate compared to multiple. good luck with this Beo
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Ridicules thing is that in my case, my car is on a lower interest rate than my house.
 
MalicE said:
no you're trying to settle debt by making more debt. that doesn't work. trust me.

and that is pretty much the going rate for short term personal loans

the wife and mother-in-law though it a good idea to get one to help pay for our wedding. that got a 24 month loan at 35%.
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Yes, but at least it's one payment a month. I'm getting overwhelmed with them they're causing me to live the way I do. At least with one payment every month I can better plan and budget. Though it's another 5yr plan.

I took out a look for my wedding as well, was only 15k and only paid back like 22k in 2yrs.



Wenzdayz said:
ja if you can manage to get a decent interest rate and pay off everything else and pay just one amount every month that can work. you will have to go check the interest rates on all your debts and see if you will pay less interest under one interest rate compared to multiple. good luck with this Beo
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Thanks for the help and advice Wenz. Appreciated.
 
BeoTeK said:
Yes, but at least it's one payment a month. I'm getting overwhelmed with them they're causing me to live the way I do. At least with one payment every month I can better plan and budget. Though it's another 5yr plan.

I took out a look for my wedding as well, was only 15k and only paid back like 22k in 2yrs.





Thanks for the help and advice Wenz. Appreciated.
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Have a chat to a personal financial advisor, they will best assist you to ensure you're not overstreched and not further into debt
 
BeoTeK said:
Yes, but at least it's one payment a month. I'm getting overwhelmed with them they're causing me to live the way I do. At least with one payment every month I can better plan and budget. Though it's another 5yr plan.

I took out a look for my wedding as well, was only 15k and only paid back like 22k in 2yrs.
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there's your biggest problem. sure you're paying a bit more than R2k now but in the end your paying less cause it's shorter term.

and why can't you plan and budget now? you're paying the same amounts each month aren't you?
 
Crzwaco said:
You Need a Budget I see more and more people using this would this help you beo?
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I've seen it available on Steam, problem is; a lot of that kinda stuff I hate doing, don't understand it or don't have the time to follow it through.

Also, I've tried some of these and find that they don't link properly with the banks and statements, so there is a lot of admin in matching lines, debits, credits, account, etc....
 
Simplest method:

* Make an itemized list of your debt, and note the interest on each account.
* Pay the minimum required amount to each of those every single month to avoid angry letters and phone calls.
* With whatever cash you have left to pump into debt, pay the highest interest bearing account first.

Taking out as much interest as possible is the key. And discipline. The key is taking out as much interest as possible and discipline. And to not make any more debt. The key is taking out as much interest as possible and discipline and to not make any more debt. Also frugality. The key is taking out as much interest as possible and discipline and to not make any more debt and frugality.
 
Avatar said:
Simplest method:

* Make an itemized list of your debt, and note the interest on each account.
* Pay the minimum required amount to each of those every single month to avoid angry letters and phone calls.
* With whatever cash you have left to pump into debt, pay the highest interest bearing account first.

Taking out as much interest as possible is the key. And discipline. The key is taking out as much interest as possible and discipline. And to not make any more debt. The key is taking out as much interest as possible and discipline and to not make any more debt. Also frugality. The key is taking out as much interest as possible and discipline and to not make any more debt and frugality.
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Yeah, I generally pay more than the minimum amount. Also with things like Credit Card(s), the minimum payment may be ~200 I'll maybe pump >1k into it and fall back onto it should I need to come end of the month.

Thanks though for the sound advice, I think I really just need to sit down at one point and take the time to do it properly.
 
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