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View Poll Results: Debt verses savings
Debt - small amount of savings 3 30.00%
No debt ( no loans ) a tidy amount of savings 5 50.00%
Other 2 20.00%
Voters: 10. You may not vote on this poll

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  #1  
Old 01-26-2013, 06:21 AM
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bluebell bluebell is offline
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Default Quick question and vote

Debt or savings ......

In your opinion is it better to have debt and some savings or savings with no debt .

eg . A Mortage to pay back over 20 years and very little - medium savings

No mortage just rent costs but a nice amount of savings ?
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Old 01-26-2013, 07:11 AM
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"The borrower is slave to the lender"

I believe debt is a sin-at least for my family. God has called us to be indebted only to him-and where's your money goes, do goes your heart IMO.

We may consider carrying a small mortgage, but honestly, our goal/plan is to save 70K at min before buying a house. It might take 20 years, but we feel that if we have any mortgage it needs to be very, very small, and not tie up a burdensome amount of our income-like 5-10% of the yearly budget.

I really think we will save 70K build the basic frame of a house, and slowly finish it over time.
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Old 01-26-2013, 07:41 AM
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I agree with you .

We however have no desire to own our own house , we are happy renters ....in our old age we pray the Lord will provide a camper van ( JK ) ....

In reality as my brother and i are the only children in our fathers side of the family we have been told we will have property left to us later in life but off course we dont know the future and we dont rely on that , we plan for our future best we can and we never take into consideration anything that may come to us in years to come in a will , we plan as though they dont exist at all .

We hope to save enough so that one day we can retire to a cheaper part of Europe ( the cheapest ) like Portugal or Lanzorate etc ....where their cost of living is much much lower then ours .....but that is not a plan set in stone just one idea we have , who knows what God has planned for us !
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Old 01-26-2013, 07:53 AM
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Unfortunately, we didn't learn debt was a sin until we were a few years into our marriage. That's pretty sad considering we both grew up in the church!

We are on track to be out of debt in 6 years, although we are praying it is sooner. We don't ever plan to be in debt again after that!
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Old 01-26-2013, 07:55 AM
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Quote:
Originally Posted by memoriesmama View Post
Unfortunately, we didn't learn debt was a sin until we were a few years into our marriage. That's pretty sad considering we both grew up in the church!

We are on track to be out of debt in 6 years, although we are praying it is sooner. We don't ever plan to be in debt again after that!
awesome well done !
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Old 01-28-2013, 01:54 AM
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I don't necessarily consider a mortgage a debt per say because regardless of whether you rent or own you still have to pay to live somewhere. I'd much rather be paying for a purpose then paying to get nothing out of it and unfortunately our society is set up where paying for a house in cash is almost next to impossible. It didn't use to be that way. Besides if this debt becomes a burden I can always sell my house and most likely I will make a profit. Any one who rents basically puts all that money in for nothing and moves to another place just to pay to live there...so mortgage doesn't bother me so much.

As far as credit card debt I do not want anything to do with it! I hate it. This feels like slavery to me. We were debt free and working on a savings just before DH lost his job. It took almost 2 school years for him to find a full-time teaching job!! That put a HUGE strain us financially and we now have credit card debt. He is working now and we have done as much as we can (sold our vehicle, decreased our living expenses) to try to pay this off as soon as possible. DH will teach Summer school and I will probably get a part time job during the Summer to help pay our debt down before the end of the year. Once this is gone we will be back to building up our savings, God willing. I LOVE living in a house compared to an apartment and there's no way I'm going to pay several $100 extra in rent just so I can live in someone else's house

ETA: I voted "no debt, good amount of savings" but that's with the thought that I don't see my mortgage as a burden. Again I'd have to pay to live somewhere.
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Old 10-16-2013, 05:00 PM
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I know this is an old thread but thought I would put my opinion in anyway.

I agree to Witnesstohim. I dont consider owning a house a debt either. We bought our first real home last december. We decided to buy when we did because the interest rates were really low, and it would have costed more to rent than to own. I have friends that are paying $200-$400 more a month on renting than we are paying owning our own home. And that is including all insurance, property taxes, etc. JMO
Although, my husband and I have never had a car loan. We have always paid the car off the day we took it home. We hate being in debt. We have 3 kids that are old enough to be in sports and I personally dont want to take that away from them because of our un-neccessities. Again, JMO.
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Old 10-17-2013, 02:11 AM
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I voted for the debt - I'm assuming you meant a tiny amount of savings with the no debt one! I agree with the others that it's better to be paying a house off than paying rent. We have two car loans now (DH thought we needed much newer cars) but I said, when we've paid those off in 5 years let's start saving to buy the next cars outright in another 5 years or so!
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Old 01-30-2017, 10:02 PM
RushTX RushTX is offline
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I agree with all I've seen being said about debt. About it being a sin, borrower is servant to the lender verse, etc. Of course I didn't think about that or become familiar with those verses until AFTER we made our big mistakes.

I could go into WHY we got into this debt trap...debilitating depression, overwhelming days where I just can barely move and thus since my family has to eat, we just go out or pick up something -- that turned into an addiction. This being the main reason for our high credit card debt, but also mainly not thinking about the consequences, and if we needed something important (like replace a vehicle to get kids to school or ourselves to work, or get new carpet to replace where a new puppy pottied too much, etc.), we just charged it...patience was not my thing, until my son helped me change that.

Anyway - yeah, we're in that trap. The borrower truly IS servant to the lender. We can barely make minimum payments each month. But we do make them. Just can't get beyond that. Minimum payment covers the interest for that period, then balance doesn't really go down.

Yep, I've read and studied Dave Ramsey's principles. Love them and him. And that's why I'm currently trying to work as much as I can to bring in some extra money to bring that debt down. But it does take time. And unfortunately life happens and things come up, like having to fix my car and broken tail light (about $500). We get a little financial help around the holidays from our parents (his and mine), and we try to stick that in savings to build that up.

All this trying to make a dent in our debt keeps us from doing what we'd really like to do with our money, such as helping and giving to others, and makes just tithing nearly impossible. But I'm going to start trying to do that. I know it's what God wants me to do.

Anyway sorry I'm going on and on. Just wanted to chime in though. I know debt is a sin, and we have committed that sin. To be honest, it was mostly my fault. My husband loves me and spoiled me. And neither of us, like I said, considered the consequences. Sometimes I wish some money miracle would happen, like we'd win the lottery or like $50K would fall from the sky. LOL (Not that we ever play the lottery but still)

I know God forgives and will help show us the way out of this mess in time. For now, that means working and trying really hard not to eat out (even if that means pb&j sandwiches for dinner!)

Blessings,
Rushell
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  #10  
Old 01-31-2017, 07:35 AM
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Quote:
Originally Posted by RushTX View Post
I agree with all I've seen being said about debt. About it being a sin, borrower is servant to the lender verse, etc. Of course I didn't think about that or become familiar with those verses until AFTER we made our big mistakes.

I could go into WHY we got into this debt trap...debilitating depression, overwhelming days where I just can barely move and thus since my family has to eat, we just go out or pick up something -- that turned into an addiction. This being the main reason for our high credit card debt, but also mainly not thinking about the consequences, and if we needed something important (like replace a vehicle to get kids to school or ourselves to work, or get new carpet to replace where a new puppy pottied too much, etc.), we just charged it...patience was not my thing, until my son helped me change that.

Anyway - yeah, we're in that trap. The borrower truly IS servant to the lender. We can barely make minimum payments each month. But we do make them. Just can't get beyond that. Minimum payment covers the interest for that period, then balance doesn't really go down.

Yep, I've read and studied Dave Ramsey's principles. Love them and him. And that's why I'm currently trying to work as much as I can to bring in some extra money to bring that debt down. But it does take time. And unfortunately life happens and things come up, like having to fix my car and broken tail light (about $500). We get a little financial help around the holidays from our parents (his and mine), and we try to stick that in savings to build that up.

All this trying to make a dent in our debt keeps us from doing what we'd really like to do with our money, such as helping and giving to others, and makes just tithing nearly impossible. But I'm going to start trying to do that. I know it's what God wants me to do.

Anyway sorry I'm going on and on. Just wanted to chime in though. I know debt is a sin, and we have committed that sin. To be honest, it was mostly my fault. My husband loves me and spoiled me. And neither of us, like I said, considered the consequences. Sometimes I wish some money miracle would happen, like we'd win the lottery or like $50K would fall from the sky. LOL (Not that we ever play the lottery but still)

I know God forgives and will help show us the way out of this mess in time. For now, that means working and trying really hard not to eat out (even if that means pb&j sandwiches for dinner!)

Blessings,
Rushell
It does take time, but it is worth it! We took Financial Peace in 2006 and can see a light at the end of the tunnel. We should be debt free in 3 years (house and all). Also, in that time, we have added 8 children to our family, survived the recession with pay cuts, added onto our house, and more. Don't give up and keep the faith!
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