Quote:
Originally Posted by tripods68
Exactly how do you control your debt? Do you live below your means...or you have plenty of cash to payoff all your debt if you want to?
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I usually say I am in controlled debt, as mentioned my cc debt is all covered on a zero percent cc the money sitting in ING earning interest. My SUV was a well planned out purchase, I have a 6 year loan that will be paid off in under two. I know I should have saved up for it, but one of the main reasons I did buy now is because of the deployment I am on now. The extra funds received for being deployed will pay for most of the vehicle. The month I leave this country the vehicle will be PIF. The there is the Mortgage.
Hopefully the Mortgage will be the last thing I purchase on credit, I plan on saving up for every expense until I die. Even my next house. Of course I will use this house (Sell) to curb the cost of the new house, but I plan on saving up the money to make up the difference.
The only thing that might not be considered "Controlled Debt" is the New (Yes new) SUV I purchased. No I must say it was well planned out, oh point of note, I have not had a vehcile payment for over 10 years. The last vehicle I purchased the same way (And I still have it and drive it to this day) in 1994 I purchased a brand new vehicle, paid it off during a deployment in under two years.
Just my two phenning worth,
Ray