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seo
Joined: 16 Mar 2006
Posts: 1999
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 Posted: Thu Apr 27, 2006 12:58 am Post subject: If you had a couple of million dollars in debt ... |
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If you had a couple of million dollars in debt, what would you do?
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altyfc
Joined: 02 May 2006
Posts: 671
Location: Aardvarkland
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seo
Joined: 16 Mar 2006
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| Posted: Tue May 02, 2006 9:19 am Post subject: |
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Yeah, that's probably the smartest thing to do.
I happen to know someone who has close to 100k debt while he owns no asset like house, land and stocks. Ok, he did have that much debt a couple of months ago (and I'm pretty sure that he still has that much debt). He was being destroyed both mentally and physically. I had hard time understanding why he didn't just declare bankruptcy. That's 100k debt. Now, a couple of million dollars in debt? Well, you won't be able to pay off that much debt.
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altyfc
Joined: 02 May 2006
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Location: Aardvarkland
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| Posted: Wed May 03, 2006 8:22 am Post subject: |
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Yeah, I'd declare bankruptcy even at 100K, I think. Maybe he's not doing so for reasons of pride... 
Aaron
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seo
Joined: 16 Mar 2006
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| Posted: Wed May 03, 2006 9:50 pm Post subject: |
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... tough to say. One think that I observed is that you're not thinking or acting rationally. It's not like he's stealing money from his brother or running around naked in public, but you start losing objectivity and rational and clear thinking. This is why having debt is scary.
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altyfc
Joined: 02 May 2006
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| Posted: Thu May 04, 2006 12:12 pm Post subject: |
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Yes, especially that level of debt. If it's just a few thousand, you can see there is potential in sorting out the problem. But if it gets to large sums, that must be a real burden.
Aaron
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dojo
Joined: 13 Jun 2006
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Location: Romania
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| Posted: Tue Jun 13, 2006 7:01 pm Post subject: |
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I would kill myself. There's no way in the world I could manage getting out of debt. In my country even 10 000 USD is something to consider suicide 
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seo
Joined: 16 Mar 2006
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| Posted: Tue Jun 13, 2006 8:50 pm Post subject: |
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| dojo wrote: | | I would kill myself. There's no way in the world I could manage getting out of debt. In my country even 10 000 USD is something to consider suicide |
lol. So many Americans would be committing suicide if they were there. Average American has close to 10k credit card debt (only credit card ...) today, so ...
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Desilvio
Joined: 16 Jun 2006
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Location: Peterborough, Ontario, Canada
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| Posted: Fri Jun 16, 2006 2:40 am Post subject: |
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I've never really understood how claiming bankruptcy works.. Can anyone elaborate on the process and how it gets you out of debt?
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seo
Joined: 16 Mar 2006
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| Posted: Fri Jun 16, 2006 5:17 am Post subject: |
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| Desilvio wrote: | | I've never really understood how claiming bankruptcy works.. Can anyone elaborate on the process and how it gets you out of debt? |
Generally speaking, there are two types of bankruptcy. One type essentially declares you that you cannot keep making payments to pay off debts. Court intervenes, and you and debtors make arrangements so that you can actually make payments once bankruptcy is settled. e.g., smaller payments, forgive certain debts or reduce debts, wait for payments for a period of time, etc.
The other type of bankruptcy declares you that you just can't go on. You give up all your assets and just pay off as much as you can. Once you do that, you're debt free basically. "Basically" because there are certain debts that you cannot cancel; school loan is one. Tax is another.
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scolls
Joined: 31 May 2006
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| Posted: Sun Jun 18, 2006 7:34 pm Post subject: |
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When I see debt coming, I run like hell!!!
I've actually liquidated myself voluntarily before - better to give it up than have it taken away is what I say. At least that way you have SOME control over the situation, even though you're still losing.
Now I just rather go without what I can live without rather than enter into any debt. Better to live ON the edge than to live OVER it!!!
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seo
Joined: 16 Mar 2006
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| Posted: Mon Jun 19, 2006 12:05 am Post subject: |
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| scolls wrote: |
Now I just rather go without what I can live without rather than enter into any debt. Better to live ON the edge than to live OVER it!!! |
Yeah, this is so true. Not having may feel terrible, but pretending to have while you're in huge debt is a lot worse.
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scolls
Joined: 31 May 2006
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| Posted: Mon Jun 19, 2006 6:40 pm Post subject: |
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| seo wrote: | | scolls wrote: |
Now I just rather go without what I can live without rather than enter into any debt. Better to live ON the edge than to live OVER it!!! |
Yeah, this is so true. Not having may feel terrible, but pretending to have while you're in huge debt is a lot worse. |
The thing is - it feels really great to not owe anything, while still retaining a good name. You only really realize just how big a problem debt is when you hit problems. Nothing's guaranteed in this life, and anybody could lose their job tomorrow, or business could run quiet, a competitor take a chunk of your revenue, etc! That's why, after my experiences, when I see debt in the distance, I start running fast in the opposite direction!
At least, while I might not have the latest or most expensive computer, it's all paid for, as is everything I own. Nobody can walk through my door tomorrow and repossess.
It actually feels good to actually own a thing rather than be paying it off! I sleep much better at night, and everything I do buy is mine, even though it might not be the latest or best. 
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seo
Joined: 16 Mar 2006
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| Posted: Mon Jun 19, 2006 9:20 pm Post subject: |
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| scolls wrote: |
It actually feels good to actually own a thing rather than be paying it off! I sleep much better at night, and everything I do buy is mine, even though it might not be the latest or best. |
Live within your means ...
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scolls
Joined: 31 May 2006
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| Posted: Mon Jun 19, 2006 9:23 pm Post subject: |
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| seo wrote: | | scolls wrote: |
It actually feels good to actually own a thing rather than be paying it off! I sleep much better at night, and everything I do buy is mine, even though it might not be the latest or best. |
Live within your means ... |
Exactly... and put away for a rainy day..
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