Alberta suicide rate soars by 30%

[DownhillGoat]

Originally Posted by Fire of the Phoenix

I can't comprehend 6 figure cc debt. Literally blows my mind.

I can't comprehend going in to buy a new car when one is carrying 6 figure CC debt.

[Fire of the Phoenix]

Originally Posted by kunkstyle

I can't comprehend going in to buy a new car when one is carrying 6 figure CC debt.

No kidding, that's nuts. My wife and I recently bought a new vehicle, but only after years of paying down our previous debts (mortgage excluded).

[rubecube]

Originally Posted by Fire of the Phoenix

6 figure credit card debt!?!?!?!

I don't even...

I thought I was bad 3-4 years ago when I was hovering around 7k

I can't comprehend 6 figure cc debt. Literally blows my mind.

No kidding. I'm currently rocking about $25k in student debt and wouldn't dream of buying a car or a house until that's paid off.

[albertGQ]

Originally Posted by pylon

The amount of credit card and LOC debt I am seeing right now on credit applications is terrifying. I have seen numerous applications where people are in 6 figure CC debt. And approvals are becoming extremely difficult on a lot of deals. It's pretty bleak when you see the financial situations some people are in.

How many of these loans are you approving? You (not you specifically but you in general) are part of the problem if you see these CC debts and still approve them.

[nik-]

Originally Posted by kunkstyle

I can't comprehend going in to buy a new car when one is carrying 6 figure CC debt.

4 figure CC debt makes me want to end it all

[Erick Estrada]

Originally Posted by pylon

The amount of credit card and LOC debt I am seeing right now on credit applications is terrifying. I have seen numerous applications where people are in 6 figure CC debt. And approvals are becoming extremely difficult on a lot of deals. It's pretty bleak when you see the financial situations some people are in.

I can understand maybe a 6 figure CC debt if you have a house and family you are trying to keep things together after lost income but when you have debt like this and are in a car dealership attempting to purchase a new car I really have to wonder what's going through their minds.

[rubecube]

Originally Posted by Erick Estrada

I can understand maybe a 6 figure CC debt if you have a house and family you are trying to keep things together after lost income but when you have debt like this and are in a car dealership attempting to purchase a new car I really have to wonder what's going through their minds.

If you have six-figure CC debt, you were likely living well beyond your means long before any loss of income.

[DownhillGoat]

Originally Posted by rubecube

If you have six-figure CC debt, you were likely living well beyond your means long before any loss of income.

Definitely. On a 100k household income, 6 figure debt is basically a year and a half of living status quo, with zero income. Not a chance is that just managing a family during hardship.

[Wormius]

Originally Posted by rubecube

No kidding. I'm currently rocking about $25k in student debt and wouldn't dream of buying a car or a house until that's paid off.

Why not? Not that this is the best time to buy a home, just seems like if it is only a 25k student loan holding you back, that seems extreme.

[rubecube]

Originally Posted by Wormius

Why not? Not that this is the best time to buy a home, just seems like if it is only a 25k student loan holding you back, that seems extreme.

There's no reason for me to buy a home right now and add on to the debt though. I'm pretty much on my own at this point, so it's not like I need a lot of space. I'm actually moving into a bachelor next month because I don't like living with other people and I don't own much besides my TV and bed, so there's really no need for anything bigger. This way I'm also not tied down if I want to take a leave from work and do some travelling, or flat-out move somewhere else.

Plus I find that renting gives me more flexibility and less stress.

[Wormius]

Originally Posted by rubecube

There's no reason for me to buy a home right now and add on to the debt though. I'm pretty much on my own at this point, so it's not like I need a lot of space. I'm actually moving into a bachelor next month because I don't like living with other people and I don't own much besides my TV and bed, so there's really no need for anything bigger. This way I'm also not tied down if I want to take a leave from work and do some travelling, or flat-out move somewhere else.

Plus I find that renting gives me more flexibility and less stress.

That's fair enough. It just seemed like from your first post that the student loan was in the way of that; but it doesn't appear to be a very strong factor in your decision.

[rubecube]

Originally Posted by Wormius

That's fair enough. It just seemed like from your first post that the student loan was in the way of that; but it doesn't appear to be a very strong factor in your decision.

I mean it is in the sense, that I'd be more inclined to consider a house if I had $25k saved vs. $25k owing, but it's definitely not the deciding factor.

[indes]

I racked up some debt earlier this year when I wasn't working, I bought a new vehicle and dropped my payments down 150$ a month, which goes to the CC now.

[Dion]

Originally Posted by rubecube

There's no reason for me to buy a home right now and add on to the debt though. I'm pretty much on my own at this point, so it's not like I need a lot of space. I'm actually moving into a bachelor next month because I don't like living with other people and I don't own much besides my TV and bed, so there's really no need for anything bigger. This way I'm also not tied down if I want to take a leave from work and do some travelling, or flat-out move somewhere else.

Plus I find that renting gives me more flexibility and less stress.

That's the smart way of doing it. No need to add futher to your debt until what you have is paid off. The added flexability is a bonus too.

[V]

Meh, once you have $400k in debt, what's another 25? May as well drive a new car too.

[Lubicon]

Originally Posted by kunkstyle

I can't comprehend going in to buy a new car when one is carrying 6 figure CC debt.

I'm apprehensive about buying a new car and I don't have any dept. Can't see any major purchases happening (for me) until things stabilize here.