LOL... college kid even considering to trade his way out who can't manage his own money being in debt... ROFL... yeah, trade your way out! You're a trading prodigy! You can do it! But I suggest you do it in ES or NQ... Bwahahahahahahahahahahaha
Geo, Nothing personal, but I think a man should take responsibility for what he did. And be prepared to take repsonbibility for what he plans to do in the future. You can not say, I am not responsible for what I did, but I will be for what I plans to do in the future. That is a kid's mentality. If you say that you will never take responsibility for what you did or will do. That being said, I agree credit card company rip you off with 20% APR's. But if you fall into that trap, it is your own problem--NOT THE CREDIT CARD COMPANY'S PROBLEM. I despise those who smoke and get cancer and then sue the cigarette company. I despise those who get fat by eating fast food and then sue KFC and subway. Love it or not, that is me. Respectfully, Frank
Why, because these people made their own mistake and then blame it one others. They will keep making mistakes all their life, because they do not think it is themselves who need to change.
I'm all for stealing! The dilemma at hand is not a moral one. I simply want to maximize my credit score and could give two shits about doing the right thing for the credit card companies who have been charging me $1,000 a year just to hold my debt with them (is that considered stealing?....I consider it to be). So you misunderstood my financial dilemma for a moral one. For you to say that I shouldn't be going to school with so much debt is ridiculous; It may well be my schooling which will provide me with the opportunity to pull myself out of the debt I have gotten myself into; but clearly, were you in my position, you'd simply drop out of school and bust your ass in mickey D's so that you can build a sense of CHARACTER. If that isn't laughable I don't know what is! Especially considering the fact that student loans can be defferred and forbeared and have grace periods which alow one to start paying off the debt in three to five years when one has established himself in a career and will be better able to take care of the debt. I can tell you without a blink of an eye, that many people of character have claimed bankruptcy. If the intent of amassing such debt was to "get over" the credit card companies, then character is lacking. I didn't amass such debt to engage in fraudulent activity. I consider my credit card expenses as part of my cost of living since I have to make payments every month. Therefore, using my student loan money to cover my cost of living, is NOT stealing in my mind. But even if the majority of people consider it to be stealing, that is fine. I'm sure a majority of people consider securities trading stealing as well (taking money out of the market at the expense of traders on the other side of one's trades). So perhaps you are in the wrong business trdmac! Your moral obligation would keep you far from the securities industry and have you volunteer at the local church full time without pay (for after all, couldn't taking money from the church be considered stealing food from the mouths of poor people that money would have been used to feed?) Every time you make a profit in trading, you are in fact stealing from the traders on the other side of your trade; but i suppose you justify that form of stealing. Is that not hypocritical? LOL By the way, I gave up a quite lucrative position in trading (yes with salary and bonus) so that I might attend graduate school. So while there is no doubt in my mind that were you in my position YOU would be forced to wait tables, bar tend, or load trucks, I clearly had other options. Also, I used my credit cards to fund my undergraduate education and therefore amassed quite a debt load. I almost forgot to mention this and realize now that that fact may well justify (in the minds of those who believe that using student loans to pay off credit card debt is stealing) my using student loans to pay off my credit card debt.
Hopefully, I will be in a position to take care of my student loans and there will be no defautling. However, ya neva know!!
Yes. i wouldn't feel good about taking that option 4. I plan on paying off my debt. In fact, my integrity can be seen in the fact that I am willing to trade my unsecured credit card debt for secured student loan debt. Clearly, I intend on paying back all of my loans. But also consider the fact that these credit card companies can be the worst crooks in the world: My actual debt is 12,000 but interest charges over the last six years have made it into 18,000.
Ahh I struck a nerve. The dilemma is a moral one. You are a miserable person who thinks the world owes them something. My advice is sound for building a prosperous life. I would not be in your position because I am responsible for me. If you left a good job with 18,000 in debt that you can not service you are an idiot. And I do volunteer a considerable amount of my time in the community, more than any person you know who works full time. FINALLY, YOU ASKED FOR ADVICE LIKE SOME LITTLE BOY WHO JUST HAD HIS BIKE TAKEN AWAY. FIND ONE POST OF MINE WHERE I AM BEGGING STRANGERS TO HELP ME OUT. BOO HOO HOO. LOSER.
How many out there use credit cards vs checks and cash to pay for things? I'm curious if the buy now pay later mentality is still present despite a slowing economy. I recall last year there was a record number of bankruptcies in the US. Although things have been rather quiet, I am curious what are the spending habits of people today. With a sluggish economy, are people still maxing out credit cards or are they a little more prudent and spending what they know they can immediately afford?
I don't think the world owes me anything. If I did, I don't think a measly 18 grand would fix the balance anyways. Don't you see that I am willing to transfer unsecured debt to secured debt you fool? That should easily reflect my intent to do the right thing and pay off my debt eventually. INGREDIENTS FOR A PROSPEROUS LIFE: drop out of school, and wait tables well, I beg to differ with your advice (though clearly, it has worked wonders for you, LOL). And hell, if you ARE successful, you most certainly aren't successful because of stealing (I highly doubt someone of your moral integrity would consider trading or investing as a job so I assume you are in some other business which does not require a propensity for stealing money from the pockets of market makers and other traders). I don't look down upon people who ask for advice. Asking for advice and following the words of every person giving such advice are two different things entirely. Advice has helped me through my life and I wish I had been more inclined to ask for advice while I was in college (perhaps I'd have taken courses more relavent to my field of interest and not have to pursue a masters degree in economics to come up to speed on how the financial markets actually work). Let me say that even the most accomplished of investors and traders have advisors to consult with before big decisions are made. Your conception of reality seems to be based on the " every man is an island" concept. I can't imagine you going very far with that attitude in trading since it is the action of the masses that traders depend upon (i.e. the advice promulgated through the actions of the masses) to make their livings. For example, most of us want to be on the same side of the market as the big boys (mutual funds, MMs, billionaire investors) since we know that their actions can move the market this way or that way. By jumping on securities that are being accumulated by such "big boys," or the masses, we are essentially taking their advice. Or, if one happens to be a contrarian, one is essentially using the advice of the masses in a different way: by doing what the advice would suggest one not to do. So we all could benefit from advice whether such advice is used as the advisor intended or not (in fact, when you read a book on investing or trading, you are essentially taking the advice of the authors...LOL) You are probably right, I am a loser. 25 years old, 18,000 credit card debt, substantial student loan debt. Hopefully I'll be able to move out of that loser status once I graduate with my ivy league degree, get a full time job and start making the beenas.