Comments on: How I Live Without Borrowing Money http://www.ncnblog.com/2008/10/01/how-i-live-without-borrowing-money/ Debt Reduction Rocks - We Are Living Debt Free! Sat, 21 Nov 2009 11:44:22 -0800 http://wordpress.org/?v=2.8.6 hourly 1 By: CIQ http://www.ncnblog.com/2008/10/01/how-i-live-without-borrowing-money/comment-page-1/#comment-160439 CIQ Wed, 13 May 2009 21:10:48 +0000 http://www.ncnblog.com/?p=1745#comment-160439 It's funny, but you don't really see many posts like yours that describe how to live without credit cards. I was always taught that you needed credit to buy a home and support your family. That is after all how a lot of people get rich...borrowing money to invest in something else. It’s funny, but you don’t really see many posts like yours that describe how to live without credit cards. I was always taught that you needed credit to buy a home and support your family. That is after all how a lot of people get rich…borrowing money to invest in something else.

]]> By: Sohaib http://www.ncnblog.com/2008/10/01/how-i-live-without-borrowing-money/comment-page-1/#comment-142349 Sohaib Thu, 08 Jan 2009 19:13:26 +0000 http://www.ncnblog.com/?p=1745#comment-142349 Wo! I am impressed and very happy to see your approach. Impressed because you have escaped from this evil thing..'debt' in an atmosphere full of debt. Its great you are sharing this information. Also, this goes in line with what our Prophet Muhammad (Peace be upin him) said regarding debt. ( I am a muslim and interest taking, giving or recording is forbidden for us strictly and I want to escape it too- and budget is a good idea). The prophet (PBUH) used to pray frequently ot God the one and only, protect me from being in debt.' when asked why so he said, because a person in debt lies. Also, Prophet (PBUH) said that rich is not the person with a lot of money but rich is the one who is content with what he has, or was it, rich is he who has all that he needs. These are not the exact words butr the gist of them as i remember. I see you have learned this from your experience. Anyways, for more advice for stayin away from debt...i will consult you hopefully, if you don't mind. Wo! I am impressed and very happy to see your approach. Impressed because you have escaped from this evil thing..’debt’ in an atmosphere full of debt. Its great you are sharing this information.

Also, this goes in line with what our Prophet Muhammad (Peace be upin him) said regarding debt. ( I am a muslim and interest taking, giving or recording is forbidden for us strictly and I want to escape it too- and budget is a good idea). The prophet (PBUH) used to pray frequently ot God the one and only, protect me from being in debt.’ when asked why so he said, because a person in debt lies. Also, Prophet (PBUH) said that rich is not the person with a lot of money but rich is the one who is content with what he has, or was it, rich is he who has all that he needs. These are not the exact words butr the gist of them as i remember. I see you have learned this from your experience.

Anyways, for more advice for stayin away from debt…i will consult you hopefully, if you don’t mind.

]]> By: Chris in NC http://www.ncnblog.com/2008/10/01/how-i-live-without-borrowing-money/comment-page-1/#comment-131684 Chris in NC Tue, 14 Oct 2008 17:22:16 +0000 http://www.ncnblog.com/?p=1745#comment-131684 As i mentioned in a previous post the Reality has come home to roost finally. I've attched a link to a sobering article on the coming credit card crisis...Just another reason to live within your means and not follow the crowd of foolish folks who must spend for today without thought to tomorrow. With all the recent action by governments & central banks all over the world (who are pumping up the money supply without thought to the consequences) it is high time for you to take inventory. I hear people saying the government must fix the economic crisis. The Government doesn't Fix anyting- it only creates more problems and cares not for the consequences of its actions. The American People are Mostly responsible for the mess they face...They went out and borrowed that which they could not afford, spent that which they did not have to spend, and still believe that the tree grows to the sky without limit. But there are limits...and we must all live within them...or ELSE! http://redtape.msnbc.com/2008/10/credit-cards-at.html As i mentioned in a previous post the Reality has come home to roost finally. I’ve attched a link to a sobering article on the coming credit card crisis…Just another reason to live within your means and not follow the crowd of foolish folks who must spend for today without thought to tomorrow. With all the recent action by governments & central banks all over the world (who are pumping up the money supply without thought to the consequences) it is high time for you to take inventory. I hear people saying the government must fix the economic crisis. The Government doesn’t Fix anyting- it only creates more problems and cares not for the consequences of its actions. The American People are Mostly responsible for the mess they face…They went out and borrowed that which they could not afford, spent that which they did not have to spend, and still believe that the tree grows to the sky without limit.
But there are limits…and we must all live within them…or ELSE!
http://redtape.msnbc.com/2008/10/credit-cards-at.html

]]> By: zeke http://www.ncnblog.com/2008/10/01/how-i-live-without-borrowing-money/comment-page-1/#comment-131347 zeke Sat, 11 Oct 2008 16:35:24 +0000 http://www.ncnblog.com/?p=1745#comment-131347 I have never really borrowed money except for a car and thats only two in the last 35 yrs. A pretty good rule to live by is "if you can pay for it then don,t buy it" I use a credit card but always pay off the balance this way im not writing checks or carrying cash. I have never really borrowed money except for a car and thats only two in the last 35 yrs. A pretty good rule to live by is “if you can pay for it then don,t buy it” I use a credit card but always pay off the balance this way im not writing checks or carrying cash.

]]> By: Marc http://www.ncnblog.com/2008/10/01/how-i-live-without-borrowing-money/comment-page-1/#comment-131215 Marc Fri, 10 Oct 2008 17:17:48 +0000 http://www.ncnblog.com/?p=1745#comment-131215 Carrying a debt on a credit card is bad, using one can be good. I regularly get about $40 a month from Discover ($500 a year) for doing nothing. I have never paid a penny of interest. Carrying debt is bad, using a credit card can be good. Carrying a debt on a credit card is bad, using one can be good. I regularly get about $40 a month from Discover ($500 a year) for doing nothing. I have never paid a penny of interest. Carrying debt is bad, using a credit card can be good.

]]> By: Afinsfan13 http://www.ncnblog.com/2008/10/01/how-i-live-without-borrowing-money/comment-page-1/#comment-131123 Afinsfan13 Thu, 09 Oct 2008 14:21:08 +0000 http://www.ncnblog.com/?p=1745#comment-131123 Very inspiring article for someone like me who has decided to finally make the sacrifices and beat this debt thing once and for all!!! I have my family on a 3 year plan to be completely rid of debt (except for mortgage)- I'm shooting for 2, but am trying to be more realistic. Although we just started a couple of months ago, I don't feel as stressed as I did without a plan...it is a great feeling to be able to pay off some bill every month, or even to reduce it by a significant amount. Yes - I have discovered it requires a lifestyle change - probably the most challenging obstacle to overcome..but once you get over that, it becomes easier. My wife and I have set up goals each month that we strive to attain and then we focus on that goal until it is achieved. It will be a long arduous journey (more mental and emotional), but the end result will be well worth it. One thing we always remember is that this situation was created by us and no one else. Very inspiring article for someone like me who has decided to finally make the sacrifices and beat this debt thing once and for all!!! I have my family on a 3 year plan to be completely rid of debt (except for mortgage)- I’m shooting for 2, but am trying to be more realistic. Although we just started a couple of months ago, I don’t feel as stressed as I did without a plan…it is a great feeling to be able to pay off some bill every month, or even to reduce it by a significant amount. Yes – I have discovered it requires a lifestyle change – probably the most challenging obstacle to overcome..but once you get over that, it becomes easier. My wife and I have set up goals each month that we strive to attain and then we focus on that goal until it is achieved. It will be a long arduous journey (more mental and emotional), but the end result will be well worth it. One thing we always remember is that this situation was created by us and no one else.

]]> By: kelli http://www.ncnblog.com/2008/10/01/how-i-live-without-borrowing-money/comment-page-1/#comment-131098 kelli Thu, 09 Oct 2008 05:45:09 +0000 http://www.ncnblog.com/?p=1745#comment-131098 I agree. If we don't have the money, then we don't buy it. We pay for everything in cash. It really isn't that hard of a concept. We don't make a ton of money by any means, but we are still able to go on vacation, and drive cars that are decent (Not Brand new, but gets us from point a to point b) All paid with Cash. Our House is the only thing we borrowed for, but even that will be paid off in 15 years instead of the norm 30 yr loan, and we didn't buy a monster of a house. We bought what we knew we could afford. Anyway, you had great advice! Make your money work for you, and not the other way around! I agree. If we don’t have the money, then we don’t buy it. We pay for everything in cash. It really isn’t that hard of a concept. We don’t make a ton of money by any means, but we are still able to go on vacation, and drive cars that are decent (Not Brand new, but gets us from point a to point b) All paid with Cash. Our House is the only thing we borrowed for, but even that will be paid off in 15 years instead of the norm 30 yr loan, and we didn’t buy a monster of a house. We bought what we knew we could afford. Anyway, you had great advice! Make your money work for you, and not the other way around!

]]> By: P.SANCHEZ http://www.ncnblog.com/2008/10/01/how-i-live-without-borrowing-money/comment-page-1/#comment-131067 P.SANCHEZ Wed, 08 Oct 2008 22:11:41 +0000 http://www.ncnblog.com/?p=1745#comment-131067 THE ONLY THING I DONT AGREE IS SAVING TO BUY A HOUSE. IT WILL PROBABLY TAKE MANY YEARS TO BUY A HOUSE FOR CASH AND IN THE MEANTIME HOUSES WILL UP IN VALUE AND YOU WILL NEED TO SAVE MORE MONEY. YOU WILL LOSE OUR ON THE EQUITY OF THE HOUSE. ALSO YOU WILL LOSE OUT THE TAX DEDUCTIONS THAT YOU ARE ALLOW WHEN YOU OWN YOUR OWN HOUSE. THE ONLY THING I DONT AGREE IS SAVING TO BUY A HOUSE. IT WILL PROBABLY TAKE MANY YEARS TO BUY A HOUSE FOR CASH AND IN THE MEANTIME HOUSES WILL UP IN VALUE AND YOU WILL NEED TO SAVE MORE MONEY. YOU WILL LOSE OUR ON THE EQUITY OF THE HOUSE. ALSO YOU WILL LOSE OUT THE TAX DEDUCTIONS THAT YOU ARE ALLOW WHEN YOU OWN YOUR OWN HOUSE.

]]> By: Matthew in Fort Lauderdale http://www.ncnblog.com/2008/10/01/how-i-live-without-borrowing-money/comment-page-1/#comment-131062 Matthew in Fort Lauderdale Wed, 08 Oct 2008 19:05:48 +0000 http://www.ncnblog.com/?p=1745#comment-131062 I have been living without debt for around eight years now, and I definately have significantly reduced stress levels relating to my personal finances. I have also saved signifcant sums of money in investment and retirement accounts. After a period of adjustment to the new way of running my finances, I find myself happier, healthier and financially secure. The one side effect that I didn't count on is my credit rating. With no credit card debt, no mortgage and no car payment for the last eight years, my credit scores are not strong enough to obtain decent terms for a mortgage, now that I am in a position to buy a house. Apparently you can only borrow money if you already owe money. My choices at this point are to finance a car and obtain higher balance credit cards in order to increase my credit scores over the next year (putting off the home purchase for a year or more), or continue saving until I can buy the home with cash (another 3 or 4 years at least). I am far happier living without debt, however this is a side effect that I didn't anticipate that people should be aware of, I might have handled things differently in order to maintain my credit scores (maintain credit cards with high credit limits, just paid them off each month). I have been living without debt for around eight years now, and I definately have significantly reduced stress levels relating to my personal finances. I have also saved signifcant sums of money in investment and retirement accounts. After a period of adjustment to the new way of running my finances, I find myself happier, healthier and financially secure. The one side effect that I didn’t count on is my credit rating. With no credit card debt, no mortgage and no car payment for the last eight years, my credit scores are not strong enough to obtain decent terms for a mortgage, now that I am in a position to buy a house. Apparently you can only borrow money if you already owe money. My choices at this point are to finance a car and obtain higher balance credit cards in order to increase my credit scores over the next year (putting off the home purchase for a year or more), or continue saving until I can buy the home with cash (another 3 or 4 years at least). I am far happier living without debt, however this is a side effect that I didn’t anticipate that people should be aware of, I might have handled things differently in order to maintain my credit scores (maintain credit cards with high credit limits, just paid them off each month).

]]> By: l.smith http://www.ncnblog.com/2008/10/01/how-i-live-without-borrowing-money/comment-page-1/#comment-131059 l.smith Wed, 08 Oct 2008 18:43:51 +0000 http://www.ncnblog.com/?p=1745#comment-131059 Living frugally depends on the amount of income you have to begin with. For example, a grown child still living free at his parents house. Everyone has different incomes and may not be able to sacrifice much more. I will admit though that many people live above what their income is. Living frugally depends on the amount of income you have to begin with. For example, a grown child still living free at his parents house. Everyone has different incomes and may not be able to sacrifice much more. I will admit though that many people live above what their income is.

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