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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #80 on: May 29, 2007, 08:44:10 PM »
How could you not know when *&^% is about to hit the fan?

People seem to miss that all the time, thus ending up poor, homeless, robbed, whatever. Apparently, most people aren't very aware. And certain things can happen to you and your economy without prior warning of course.

Also an interesting note is that certain people, like waitlisted, who fancies this idea quite a lot are the ones who warn rigidly about going into debt to go to law school. This also makes little sense, going to law school most certainly will pay off more than $4k a year.

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #81 on: May 29, 2007, 08:49:02 PM »
How could you not know when sh*t is about to hit the fan?

People seem to miss that all the time, thus ending up poor, homeless, robbed, whatever. Apparently, most people aren't very aware. And certain things can happen to you and your economy without prior warning of course.

Also an interesting note is that certain people, like waitlisted, who fancies this idea quite a lot are the ones who warn rigidly about going into debt to go to law school. This also makes little sense, going to law school most certainly will pay off more than $4k a year.

Debt is a little different than arbitrage because in an arbitrage situation, the money is backed by insured money in the bank. If something goes wrong, you just pay off the borrowed money with the borrowed money. Not the case for law school debt, or other kinds of debt that can catch one off-guard.

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #82 on: May 29, 2007, 08:52:10 PM »
Yes, but that assumed you still have the borrowed money. Which again assumed *&^% hasn't hit the fan, financially. I'm sure this works fine most of the time, but if you're on a $20k salary a year and screw up $100k, you're in a worse place than the OP is. And credit card debt is only fun while the credit card company wants it to be fun. When they put on the breaks, it becomes expensive, and it does so fast.

I'm not at all opposed to having debt, quite frankly if you are able to manage it well and be prepared for 'complications', it's a good idea much of the time.

And I'm still quite stunned they would allow someone on little-to-no income to take up $100k debt on a credit card. Looks like they're investing in people's failures and waiting to cash in on sick interest rates. Then again, that might not be far from the truth.

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #83 on: May 29, 2007, 08:54:24 PM »
which makes me a bigger moron.



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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #84 on: May 29, 2007, 09:54:58 PM »
its a little more complicated than me just going out and buying *&^% i cant afford- i could afford it, i just charged it

which makes me a bigger moron.

anyways, cash and carry!! and my credit rating isnt bad- i have 2 cards that aren't even charged at all, its just that i have a lot of credit.

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #85 on: May 29, 2007, 10:09:30 PM »
its a little more complicated than me just going out and buying sh*t i cant afford- i could afford it, i just charged it

which makes me a bigger moron.

anyways, cash and carry!!  and my credit rating isnt bad- i have 2 cards that aren't even charged at all, its just that i have a lot of credit. 

the ONLY time this is acceptable is when the CC is at 0% and you put the money into an HYSA.

otherwise you are a moron.  step one is acceptance of the truth, so you're headed in the right direction.

ABSOLUTE worst case scenario with CC arbitrage is that you miss the payoff date by a few weeks and end up paying a little interest - spending the money is absolutely out of the question. If you can't resist that temptation you absolutely have no business messing with it.
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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #86 on: May 30, 2007, 09:59:45 AM »

Seriously dude... no brainer. No matter what the school says take a year off! You think going in debt to pay off your debt is a good idea? Sell the car. Sell everything you do not need. By NEED I mean no ipod, no designer clothes, no fancy furniture. Ditch your stuff. Ditch the car!!!! Oh, and if you can't find one job to pay off your debt then work two. It will build character. Are are in serious trouble here... you are already seriously in debt, and you want to add another $141,000 to it? BAD BAD BAD IDEA.
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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #87 on: May 30, 2007, 03:48:07 PM »
sell my ipod and calvin kliens?  i JUST got them for christmas!!!   yes, two jobs it is my friend...ive done it before and swore id never do it again.

but here i go again

and yes, im deferring a year- retaking lsat- the whole shabang

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #88 on: May 30, 2007, 04:36:44 PM »
If you defer with your school, aren't you obligated to attend that school and not apply to any others?

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Re: omg im screwed- i need budget increase for CC and car payments
« Reply #89 on: May 30, 2007, 04:37:34 PM »
I think he means deferring going to law school in general, not a specific school
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