Debt and GAS

Discussion in 'Bad Dog Cafe' started by naveed211, Nov 9, 2019.

  1. naveed211

    naveed211 Tele-Meister

    Posts:
    244
    Joined:
    May 16, 2009
    Location:
    wisconsin
    Anybody else have a lot of debt but also have major GAS?

    I’ve been buying gear for about 15 plus years now and it’s really picked up in the last decade. Some of it has been on credit cards, mostly not. But that and other life stuff that comes up (not even mentioning my student loan) has me in more debt than I’d like.

    But I still get the itch to buy stuff. It’s so engrained to go to the guitar store and play stuff, and in the past have bought stuff if I liked it enough.

    I make a pretty good middle class salary and my wife makes more than I do, but she has debt of her own as well. We’re definitely not hurting financially, but I’m trying to not buy gear until I pay off my credit cards, which may be a couple years if I’m diligent.

    Just where I’m at right now. Trying to change my habits.
     
    joe_cpwe, Shuster, Deathray and 4 others like this.
  2. Greggorios

    Greggorios Friend of Leo's

    Posts:
    2,036
    Joined:
    Jun 18, 2016
    Location:
    Patterson, NY
    A certain amount of debt can be a necessity for many/most of us. Even a splurge purchase on a credit card can be a good thing...but notice I said "a" spurge purchase as in 1. The only thing that over indulging with debt is good for is pain and misery. Don't do it!
     
    Last edited: Nov 9, 2019
  3. nojazzhere

    nojazzhere Poster Extraordinaire

    Age:
    67
    Posts:
    8,693
    Joined:
    Feb 3, 2017
    Location:
    Foat Wuth, Texas
    I wish you luck and strength! I have never gone into debt to buy gear, and have rarely carried any debt other than mortgage and short term car loans. I just can't sleep at night with that kind of pressure. When I was married, the only two things that bothered me about my wife was her unfaithfulness and her profligate spending, much of it on credit cards.....and those two things were about equally upsetting. I will use credit cards only if I can pay the balance each month. I realize sometimes emergencies come up, and you have no choice, but (sorry) gear is not an emergency. ;)
     
  4. alnico357

    alnico357 Tele-Holic

    Posts:
    754
    Joined:
    Jun 2, 2015
    Location:
    Arkansas
    I've never bought a piece of gear that wasn't a cash and paid for transaction. No debt, & very minimal GAS here (by TDPRI standards.):)
     
  5. Toto'sDad

    Toto'sDad Telefied Ad Free Member

    Posts:
    41,182
    Joined:
    Jun 21, 2011
    Location:
    Bakersfield
    Take out a loan on your house, pay off the credit cards and start all over again. See how easy that was? :lol:
     
  6. TheGoodTexan

    TheGoodTexan Moderator Staff Member Ad Free Member

    Posts:
    16,330
    Joined:
    Apr 28, 2003
    Location:
    Nashville, TN
    -personal discipline-
     
  7. Jupiter

    Jupiter Telefied Silver Supporter

    Posts:
    24,015
    Joined:
    Jun 22, 2010
    Location:
    Osaka, Japan
    Plan B: stop buying stuff man
     
  8. Deeve

    Deeve Friend of Leo's

    Posts:
    3,727
    Joined:
    Dec 7, 2009
    Location:
    Ballard
    An early lesson about debt being a form of bondage gave me a strong preference against giving cred card companies my $.

    But this isn't about making everybody do what I do - if that's how you roll - fine.
     
  9. Toto'sDad

    Toto'sDad Telefied Ad Free Member

    Posts:
    41,182
    Joined:
    Jun 21, 2011
    Location:
    Bakersfield
    But, but, it's almost Christmas, think of the children at GUITAR CENTER!
     
  10. Toto'sDad

    Toto'sDad Telefied Ad Free Member

    Posts:
    41,182
    Joined:
    Jun 21, 2011
    Location:
    Bakersfield
    I was being fish, felish, felios, I was kidding!
     
  11. dented

    dented Poster Extraordinaire

    Posts:
    9,741
    Joined:
    Apr 17, 2006
    Location:
    I-10 East onramp
    Reel it in to pay off the debt you have. Mortgage and cars are usually a necessity. School loans and CCs should get paid off ASAP to keep the interest debt down. Keep it on the down low for the holidays and take extra cash and put it on loan principles to keep your pay off closer. If you can take a tax return and pay off a CC even better. Negotiate with your CC companies and see if there is a lower payoff amount you can agree on. So many things are better when you get that stuff off of you. All of sudden you sleep better and have borrowing power and you get better deals and....blah blah blah. Good luck and buy stuff from MF with the no interest 6mo or 12mo plan. Same as cash as long as you pay on time. But pay off the other stuff first! :mad:
     
  12. AAT65

    AAT65 Friend of Leo's

    Posts:
    3,786
    Joined:
    May 29, 2016
    Location:
    West Lothian, Scotland
    http://freakonomics.com/2011/10/28/ole-mr-micawber-result-misery/

    http://micawberprinciple.com/the-mi...g-the-fundamental-law-of-personal-finance-45/

    “‘My other piece of advice, Copperfield,’ said Mr. Micawber, ‘you know. Annual income twenty pounds, annual expenditure nineteen nineteen six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.”
    David Copperfield (1850)

    (For non-Brits and the younger audience: “nineteen nineteen six” means “£19 19 shillings and 6 pence”: there were 12 pennies in a shilling and 20 shillings in a pound.)

    Dickens wrote this nearly 170 years ago but it’s still true today. I have made myself very miserable indeed this way and hope never to go back there.
     
  13. 985plowboy

    985plowboy Friend of Leo's

    Posts:
    2,025
    Joined:
    Feb 5, 2012
    Location:
    South Louisiana
    I know you are kidding, but the reality of that plan is more often than not;

    Run credit cards back up.
    In worse shape than ever.
    Housing market goes down.
    Need to sell house, but owe more on it than it's now worth.
    Watch the sunlight slowly fade away as you sink into unfathomable depths of financial mire.

    Consult bankruptcy attorney.

    All that for a MIJ Squier Strat.
     
    Toadtele, greenhornet, dented and 2 others like this.
  14. Deeve

    Deeve Friend of Leo's

    Posts:
    3,727
    Joined:
    Dec 7, 2009
    Location:
    Ballard
    Papa re-quoted this often.
    It was the spirit behind my post.
    I prefer Independence.

    Peace - Deeve
     
    AAT65 likes this.
  15. telemnemonics

    telemnemonics Doctor of Teleocity Ad Free Member

    Age:
    60
    Posts:
    17,378
    Joined:
    Mar 2, 2010
    Location:
    Maine
    I guess I learned in 12 step recovery that making rational decisions to act based on emotional feelings of desire is not a way I want to live any more.
    There are 12 step programs for gambling and for credit card abuse but I went to one for substance abuse.

    Now I do have a lotta gear but I pretty much only shop and buy with birthday and Christmas gift money.
    I use the complete abstinence from all gear shopping method because moderation is not in my nature.
    The idea that if you go to the barbershop you’re likely to get a haircut holds a lot of truth.
    I can walk into guitar center, look at the used gear and just buy strings, but go to Ebay and reverb and I get into trouble.

    I did a short stint with credit card debt and it seems to be a slippery slope...
     
  16. Boubou

    Boubou Doctor of Teleocity Gold Supporter

    Age:
    60
    Posts:
    10,963
    Joined:
    Jul 30, 2005
    Location:
    Montreal, Quebec
    You should be GASsing for no debt
     
    Last edited: Nov 9, 2019
  17. Mike Eskimo

    Mike Eskimo Doctor of Teleocity Ad Free Member

    Posts:
    19,657
    Joined:
    Nov 9, 2008
    Location:
    Detroit
    If you currently still own a significant amount of gear and you’re in debt ?

    I don’t know what to tell you.

    There’s this thing called Reverb that could probably help you out...:rolleyes:

    I will tell you this on the off-chance no one has told you yet :

    don’t buy anymore crap until your debt is only house/car payments.

    I have never bought a single piece of gear on credit.

    How is that even enjoyable ?
     
    Deeve, NateD81, Skydog1010 and 7 others like this.
  18. Nav2019

    Nav2019 TDPRI Member

    Age:
    54
    Posts:
    44
    Joined:
    Nov 9, 2019
    Location:
    England, Pontefract in Yorkshire
    I was brought up with the philosophy of not spending what you don't have. The only debt I have ever had is my mortgage which is nearly paid off. It doesn't stop my wife and I getting peppered with credit cards from my bank which get chopped in half then binned. It must really annoy the hell out of the banks because we won't play their credit game. I have three children and unfortunately two of them have fell into the credit trap which was against our wishes but at the end of the day it's their life and worry. My wife and I both work and the money is flowing in, if I want an axe then I save up and buy one, I've probably had 25/26 over the years but never gone into debt over one.
     
    Toto'sDad, stormsedge and nojazzhere like this.
  19. Boubou

    Boubou Doctor of Teleocity Gold Supporter

    Age:
    60
    Posts:
    10,963
    Joined:
    Jul 30, 2005
    Location:
    Montreal, Quebec
    You say you don’t play the credit card game and you say your credit cards should be paid off in 2 years!
    You play the credit card game BIG time. You are the one that keeps them in business.
    Not once did I not pay my full balance on my credit cards every month.
    Never paid 1 cent of interest
     
  20. Nav2019

    Nav2019 TDPRI Member

    Age:
    54
    Posts:
    44
    Joined:
    Nov 9, 2019
    Location:
    England, Pontefract in Yorkshire
    Was this a reply to myself or someone else?
     
IMPORTANT: Treat everyone here with respect, no matter how difficult!
No sex, drug, political, religion or hate discussion permitted here.


  1. This site uses cookies to help personalise content, tailor your experience and to keep you logged in if you register.
    By continuing to use this site, you are consenting to our use of cookies.