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drowe531 · July 13th, 2010, 07:23 AM

I'll chime in again on my situation. I do agree with kkim that just the amount you pay in interest makes a 4k vehicle cost you 7k. Same thing with a mortgage. My undergrad degree was finance and my masters right now is currently finance concentration. I've also worked as a non profit debt counselor so I know what debt can do to some people. Saying all that though its not always the worse thing in life if used correctly and within reason. Something alot of people seem to miss out on is every dollar extra you pay over the minimum payment goes directly to principle. Right now my minimum payment is 71 but I pay 100 per month and should have the 4 year loan payed off in around 2. This is also if I don't get my old bike fixed and sold. A small loan on a ninja 250 can be good for help building a credit history at a young age like I am right now. These payments are easily affordable to me but it all comes down to budgeting.

I do enjoy having my shiny things though from saving up as well. This year I've bought a 52inch, 40 and 32 inch LCD tv's.

July 13th, 2010, 07:23 AM	#29
drowe531 ninjette.org guru Name: David Location: Burlington, MA Join Date: Mar 2010 Motorcycle(s): 2004 Ninja 250 (sold); 2008 Plasma Blue Ninja 250 Posts: 364	I'll chime in again on my situation. I do agree with kkim that just the amount you pay in interest makes a 4k vehicle cost you 7k. Same thing with a mortgage. My undergrad degree was finance and my masters right now is currently finance concentration. I've also worked as a non profit debt counselor so I know what debt can do to some people. Saying all that though its not always the worse thing in life if used correctly and within reason. Something alot of people seem to miss out on is every dollar extra you pay over the minimum payment goes directly to principle. Right now my minimum payment is 71 but I pay 100 per month and should have the 4 year loan payed off in around 2. This is also if I don't get my old bike fixed and sold. A small loan on a ninja 250 can be good for help building a credit history at a young age like I am right now. These payments are easily affordable to me but it all comes down to budgeting. I do enjoy having my shiny things though from saving up as well. This year I've bought a 52inch, 40 and 32 inch LCD tv's.