"Affluenza"

last SG · 2007-03-01T10:25:43+00:00

Sadly, many people "suffer" from affluenza. I was prompted to start this topic after watching it on the news. Even with no money and lots of debt, people sti...

jetta SG

Are there any fellow Affluenza sufferers out there? In various levels of debt? Do you have a “dig-yourself-out-of-debt” strategy? Please share.

viciouskitty74 SG

Me.

Meia Gisborn SG

Apart from my home mortgage (which should be paid off within the next couple of years), I don't have any debt.

Why spend more than you earn? It doesn't make sense.

av98m SG

My backside belongs to the bank for another 10 yrs before I'm FREEEE!!!!!!!!!! Laughing

elindra SG

We still have our mortgage and renovation loan
Reno loan should be paid up by next year.

Err no strategy except pay the monthly installments and not add on to the debt

Wanda SG

Quite simple really: spend less, save more. Wink

av98m SG

I think the unofficial bank motto is

All Your Backsides Are Belong To Us Laughing

Mortgage cannot avoid, but credit card debt is a no-no. That's usually the killer. Especially when you end up with multiple cards and end up using one card to pay for the other etc

Wanda SG

Shocked Ppl actually do that? I find it incredible. Surprised

av98m SG

Can read about it all the time in the papers what.

And I know jokers who do that lor, apply one credit card from nearly every bank and somehow overspend.

SydneyLibrarian SG

We don't like debt, so try to avoid spending unnecessarily as much as possible. Over the past year I think I can count the no. of times I've used my credit card, off my fingers Laughing The only debt that we couldn't avoid is our housing loan, which hopefully would be paid off in a couple of years!

hisoka SG

you mean the legalised loansharks?

elindra SG

It's really so common it's not funny

viciouskitty74 SG

ever notice? that folks in other countries, buying their own freehold property home seem to control their expenses then local singaporeans?

is it because of HDBs & government rules, that we lose the ability to count for ourselves what our future should be?

av98m SG

No, I don't think so.

I know people in other countries who have the same problems, its hardly unique to us.

$lave SG

i used to do that to take advantage of the lower balance transfer interest rates, if you can't pay up your cc bill in time that's the best alternative else the cc interest rates will rape u baaaad.

now i just watch my spending though.

jetta SG

Everyone here seems so sensible. MG, you're lucky to be rid of your mortgage payments in 2 years. You too SL. How I wish I could say the same. I have a 30 year mortgage hanging over my head here and another 10 years to go on my Sg flat. Sad

I didn't have debt before but after buying this place here, I'm up to my eyeballs. Embarassed I'm hoping to pay off this home improvement debt as quickly as possible. Sad

Fatum SG

you know ... I read this article in the NYT a few weeks back about how young couples in NYC were getting "fearless" about debts ....

they were taking the plunge on million dollar mortgages on NYC properties after careful research, betting that even in the worse case basis, the rent that could be collected on their properties would cover their mortgages .....

once upon a time personal financial advisers were telling you to stay debt free ... it seems that right now some are telling you to get mortgaged to the hilt, and free up as much liquidity as possible for more lucrative investments ....

food for thought eh .... Razz

viciouskitty74 SG

I cant agree leh.

Most youngsters, because of HDB loans & the grants, tend to rush into financial commitments w/o thinking.

Wheres most youngsters overseas, w/o cold hard cash knows they cant buy properties & stuffs.

elindra SG

But do you have the balls to do so?
I don't
Too much risk and uncertainty
It's like playing Russian Roulette

hisoka SG

reminds me of the article in today that was saying that clearing your debts might not be the best thign to do as you can get better returns by investing the money instead.

true in a sense but its akin to borrowing to invest i guess Confused