Im curious of this as I watch so many posts go by and so many of
you have sooooo many toys. Im wondering if I'm the only one who owes money to the bank or are there others that swear by the almighty bank to make your major purchases.

If you dont mind taking this poll please include what is owing on credit cards.

the first post will be mine..Steve

Toy's like Sleds, Bikes, Trailers should always be paid for in cash. They loose thier value to quickly to finance. My folks always said, "If you can't pay for it in cash you can't afford it." This obviously excludes Houses and Primary Verhicles, and maybe some choice American Muscle Car's.

CC's pay them off every month, they are the worst finance vehicle out there.

my $.02

I owe for Mortgage & Cars. Everything else pay cash! ;)

Cash is the way to go. If I don't have it, I don't spend. It's tough sometimes but a whole lot better then having to pay interest, especially if your a student.

How come 20 and up is the highest choice? Doesn't anyone own a house? House-53, student loans (me and wife)-23, credit cards-12 or so. I have around 90 grand in debt.

Credit cards-0
Home equity 10,000
Mortgage 49,000

We are looking for a new home,I may go in debt bigtime soon.

Cash for toys so far,I have to get mama to work O.T if she wants a new sled :p

How cheap are home in your guys neck of the woods?I'de love to have a 50 grand mortgage :( I just got around a
grand on the old mastercard and that is just from the snowmobile show and a trip to the dealer ;)

Z800rtx:

My wife and I just purchased a 30 year old home on 2 acres with a 24x32 heated/insulated garage and a 12x20 basic garage for $79,000 just outside new liskeard.

Performancex

I should have posted it clearer but in brackets above the poll i excluded mortgages..sorry..Steve

I always try to pay cash for my toys. I may jump the gun every now and again, and borrow a little, but pay it off quick.

Mortgage yes, but I didn't include it in my vote.

oy vey lets not talk about the mortgage,29 years and 8 months and it'll be mine free and clear.
Owe some on the truck and minivan,credit cards paid in full and all the toy's-pop-up camper,75 Chevelle,2 old sleds and 1 newer one paid for :)

Yup, too much debt, probably not the deepest one in hock in this group, but I'm sick of the payments, so I'm doing something about it. My first big payment towards going debt free went in last week, and the check has cleared, so officially it is as follows, rounded to even numbers:

Credit Cards: $5,600
Car: $23,000
Tractor: $3,500
House (I know not included): $46,000

My CC's aren't as bad as they look. My balance is across four cards, two of which, and the vast majority of the debt are zero interest. :thumbsup:

The cheapest you can get a decent house around here is
180-190grand.And that is like 1500sq ft. on a tiny lot :(
I gotta find a job up north ???

Originally posted by Rottie@Nov 14 2002, 01:50 PM
Performancex

I should have posted it clearer but in brackets above the poll i excluded mortgages..sorry..Steve
Oh, yup, I'm blind. But without the house then I still owe about 35grand, so I voted correctly in the first place.

My house was 164,000 3 years ago on less than 1/4 acre in seabrook nh but it`s only 2 miles to the nuke plant.I had to refinance this year to get the x off and it appraised for 198,000 this is only a split level nothing fancy some of you guy`s bumm me out under 100,000 for a house and way more land. so the old 85 k10 pu .91 jeep cherokee,94 fz,99 mach1, 89snoscoot,85monte stock car all mine with no credit card dept that left with the x :D

i used to owe nothing but since a little mistake now it's about $100,000.00, well what doesn't kill me will make me stronger.

Let me see, I think vis is up around $150.00 that is the only card I owe on. Now my wife on the other hand has all these womens store cards and probably owes about $1,000. My super duty paid for my sleds all paid for. Her 00 explorer limitedwe owe around $11,000 on. Now the cabin is that considered a "toy" or an investment as it is "real" property? I think we owe about $60,000 on that add another 30 for the house. Kevin

Originally posted by z800rtx@Nov 14 2002, 12:34 PM
How cheap are home in your guys neck of the woods?I'de love to have a 50 grand mortgage :( I just got around a
grand on the old mastercard and that is just from the snowmobile show and a trip to the dealer ;)
Average home price is $175,000 in my neck of the woods.

Mine is worthy $125,000 and owe $49,000 on it. Bought back in '93. To bad we didnt spend alittle more back then on something bigger. Now its time to move up,but have not found that perfect house yet,is there such a thing?

Oh yeah,property taxes on my spread is $2400 a year,but thats a whole new thread.

There is never such a thing as the perfect house mxz7 lol ;) I got my
mortgage paid down quite a bit and while houses are going for nutso prices here i figured i'de sell,take the equity and move up north and live mortgage free :D The only problem i'm having is finding a decent job :( I even got the wife talked in to going north.

I appreciate all your guys/gals cander..nice to see im not the only one
that has to go to the bank once in a while for the funner things in life..Steve

P.S. its gonna be -22C here the next 2 nights!!!

We always buy our toys with cash too have never financed them.
We took the plunge and moved north from Toronto 5 yrs ago. I cant even stand the city now. I doo what i have to when there and get out quick. The smell alone is digusting. We bought a Western red cedar log home on 76 acres. It has a medium sized river running through the property and we have land on both sides. The one thing they didnt even mention when I bought the place was the private lake at the back of my property. I cant express the joy of when I discovered that lake. Largest fish so far is a 16lb pike. Our place cost 72500, after the agent turned it into a house auction . It was listed for 69,900
:cussing: Instead of a mortgage we have a home equity line of credit.
IT is way better, pay whenever you want . Interest rate is only 4.0%.
Check this our monthly minimum is something like $160 on 42,500.

Getting rid of credit card debt is my number one goal in life right now as it is killing me :hallo1: Almost $46000 owed in credit cards and truck. My goal is to be debt free within 5 years. I should mention my land taxes are like 1600/yr for absolutely 0 services they havent even graded my road in 2years

toys and race car cash.owe on my truck and property in Iron only,land will be paid for in spring leaving only the truck.

3 sleds; paid for.
30' 5th wheel trailer; paid for.
Explorer Sport Trac; leased.
New-to-me 30yo house; owe over $130,000!
Being able to play with the kids in the pool in the summer and on the sleds in the winter; priceless! :p

I did finance the trailer and my sled but paid them off early. I figured that if I waited until I had the extra cash, I might not be able to use them (I have rhumetoid arthritis; progressive and potentially crippling) and the kids might be too old.

If I can be diligent and put my tax refund down on the mortgage each year I should be able to pay it off in 15 or 16 years instead of 25; maybe I won't have to work until I'm 65! :D

Jacqui.

performancex- 900cc wife NO REPLACEMENT FOR DISPLACEMENT, priceless :)
Sorry, I thought that was funny after reading your post :D

I was told the same thing "If you can't pay for it in cash you can't afford it." We owe on the house. My "30 year plan" from 17 years ago was for every "toy" we buy put the equal amount in the 401K (retirement).
That way I wont have to work till I drop.