To buy a MacBook pro and be in credit card debt

Discussion in 'Buying Tips and Advice' started by mended, Aug 25, 2011.

  1. mended macrumors newbie

    Joined:
    Aug 17, 2011
    #1
    So I am a college student who is wondering if I should buy a MacBook pro with my credit card. I am already in about 5000 dollars in debt with my car and about 1000 dollars in credit card debt. Like every American, I live outside of means lol. Should I just worry about it later and take the plunge on buying the MacBook pro anyways? Advice please.
     
  2. SandboxGeneral Moderator

    SandboxGeneral

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    #2
    No.

    Stop spending money you don't have. The more debt you continue to rack up, the more you'll be paying in interest and the less on principle.

    Get control over your finances before you start making anymore purchases.
     
  3. mended thread starter macrumors newbie

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    Aug 17, 2011
    #3
    Will do. I'll just save up till the new year and hope to buy one then. Thanks man.
     
  4. Young Spade macrumors 68020

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    Tallahassee, Florida
    #4
    ? I think you need to reassess what you are doing with your life and your spending habits. You're going to have to pay that back... you do know that right?

    MacBooks are just computers, they aren't some super high end, life changing accessory that only the elite must have.

    You need to work on getting through college with as little debt as possible and paying that back before making any big purchases.

    Can you get a job while being a student? That would help out tremendously.
     
  5. And1ss macrumors 6502a

    And1ss

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    #5
    Please don't go and generalize all Americans with your lack of self-discipline and management.
     
  6. r0k macrumors 68040

    r0k

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    #6
    Owing $5K on a car is no big deal. Owing more than $1K on a credit card is a HUGE deal. Do you think a Macbook Pro is worth DOUBLE what Apple is charging? Buy it on a credit card and pay the minimum until it is paid off and you have paid double.

    More info.
     
  7. mended thread starter macrumors newbie

    Joined:
    Aug 17, 2011
    #7
    Here's the situation. The car payment is good. I will be done with it august of next year. The only problem is with the credit card. I have 5000 credit limit with bofa of 0 apr until next June. If I chose to buy the computer that will put at 3300 which includes the other card debt and the macbook with this credit card. I do or at least try to manage my money. What I have figured is just pay the 1000 dollars i do have on the card now by December and just buy the macbook pro in January. Thanks again for your rational advice.
     
  8. jim4spam macrumors member

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    Jun 14, 2009
    #8
    Not worth messing with IMHO

    While these 0% interest things sound good, it just takes one slip up with the paperwork (by either you or alternatively THEM!) and you're into high fees, disputes, arguing over the payments, blah blah. It's really not worth it. If you have the money, then you'll earn what 1% in interest in the bank if you're a genius. If you don't have the money, then you're gambling that you'll be ok...

    You would just need a minor accident, or personal trouble, family trouble, whatever which will turn this "harmless adventure" into something that will take a while to clean up. I'd say start putting money aside and buy with cash. I bought a crap car for my first car, and my friends sniggered, but now i'm 35years old and I've never had a car payment in my life. These early years start you out on the right footing.
     
  9. MovieCutter macrumors 68040

    MovieCutter

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    #9
    If you plan on making money with your MacBook Pro...enough to pay it back in the next 3 months, go for it...otherwise...NO
     
  10. Icaras macrumors 603

    Icaras

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    #10
    Wow, really? $1K is a big deal? Let me guess. You don't really have much of a credit history, do you? Or a score for that matter.
     
  11. DeusInvictus7 macrumors 68020

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    Kitchener, Ontario
    #11
    I'm a college student too, and I bought both of my computers (see sig) with my credit card...mainly just to get the points. Then again, I had saved up enough money from selling my old computer so that I could basically pay it off right away within an hour with an online transfer from my debit account.

    So OP, if you are going to have trouble paying it off in a reasonable amount of time, then I would say don't do it, it'll only hurt you more and it's not worth it.
     
  12. Young Spade macrumors 68020

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    #12
    Just asking, what is the point of having a credit card anyway? Would a simple debit card not suffice? I guess it would be helpful if you needed to buy and you just didn't have the money... but then, problems would surely arise correct?
     
  13. DeusInvictus7 macrumors 68020

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    #13
    At least for me, my debit only allows me to withdraw $1000 a day. So if I ever needed to buy something big, I would have to go to the bank to get money. And here in Canada, we can't use debit cards to order anything online. That's what I mainly use mine for. But I only use mine if I can pay it off right away. I have a $0 balance almost 100% of the time since I pay it off within minutes.
     
  14. Young Spade macrumors 68020

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    #14
    Oooh, yea I use the debit card online; if I couldn't do that I'd definitely have a credit card then as it just makes more sense to go online now a days.

    My parents use credit cards but they never use more than they make; most of the time, people get a credit card when they have no business getting one and end up accumulating debt.

    Thanks for sharing that; learn something new every day lol.
     
  15. DeusInvictus7 macrumors 68020

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    #15
    Lol no prob. Yeah I really don't understand why people get a credit card just to get one and then totally start abusing and destroying they're credit. As long as you use a credit card wisely, there's really no reason not to, since most credit cards extend warranties and get you some sort of points/miles/cash back. Beats debit every time unless you start using it like a crazy person. :rolleyes:
     
  16. r0k macrumors 68040

    r0k

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    #16
    Ok, even I would take a 0% deal but you better make sure you have it paid off before the rate expires. Some of those promotional rates will go back and "back charge" you the interest you would have paid at say 9.99% just because you didn't pay off the entire balance before the end of the promotional rate. Usually those are store charge cards that do this but I would verify BofA's policy before adding that debt.

    For a college student student loans are "normal" but $1K in credit card debt is a huge deal. If you don't agree, perhaps I could infer a thing or two about your credit history but we aren't really here to throw accusations back and forth about one another's credit history, we are (I thought) here to help the OP make a good decision. I was not aware (didn't notice) any promotional rate.

    Promotional rates make a big difference but you have to be careful with those as well. I remember one time we had to pay for a fedex overnight delivery to avoid being back charged about $1800 in interest on some furniture we bought at a promotional rate that was only good if the entire amount was paid off by the end of the promotion. We still owed something like $18 and would have had to fork over a hundred times that much if we had missed the deadline.

    Even with the 0% rate, it is better to develop the discipline to wait until you can afford something rather than borrow money so you can "have it now".
     
  17. chrono1081 macrumors 604

    chrono1081

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    #17
    I know the OP said he wasn't going to do it, but in case he decides he may, let me tell a little story of why he shouldn't...

    A person I know decided halfway through their college career they wanted to be a photographer instead of a computer programmer. This person went out and bought a lot of gear, took pictures, made money on the side, but it wasn't enough to pay back more than the minimum monthly payments.

    This person also continued to spend all kinds of money he didn't have and rack up all kinds of debt since this person didn't understand fully how credit cards worked at the time. Although no payment was ever late, the payments were often minimum so this person would have been in debt for a lifetime unless this person got a better job.

    Finally this person wised up and decided to do something about the debt by taking a job working in a war zone for three years in order to make enough money fast enough to eliminate all the debt, and any new debt that would come from finishing school (which would be computer science again since photography was not fun to make a living on).

    If you guessed that that person was me you are correct ;)

    Please OP, unless you want to go to extremes to pay off debt, stop now. That Macbook Pro may look nice now but it will be much nicer when you buy it with money you have. It no longer becomes a guilty feeling purchase.

    Pay off your debt that has the highest interest first since no matter what you pay you'll be paying a lot more on it. You may even be able to do a consolidated loan on both debt amounts that gives you a lower interest rate and combined lower payment allowing you to pay more of your debt off faster, while paying less interest (check your bank for this if it sounds good), just don't do like I did and consolidate then max out your cards again :eek: What can I say, live an learn.

    Now I only have one credit card that gets paid off in full each month and an excellent credit score.

    So yea, don't get the Macbook Pro.
     
  18. njsa04playa macrumors 6502

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    new joisey
    #18
    listen... debt = no good. macbook pro = good. debt to macbook pro is a hard choice. but not responsible. Be safe and wait till you have the funds
     
  19. nastebu macrumors 6502

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    May 5, 2008
    #19
    Responsible use of a credit card builds credit history and adds to your credit rating. It's ironic, but when you go to buy something really big, like a home, having been super responsible and only used a debit card actually works against you, since you haven't built a track record of borrowing and paying back.
     
  20. andrewlgm macrumors 6502

    andrewlgm

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    NYC
    #20
    Pay off 3/4 of you debt, then you can take the plunge and buy yourself the macbook pro you so desperately want. I pay my school tuition and house expenses on my credit cards. I'm always paying off from 4k to 8K of debt every 4 to 5 months, but I always owe close to 2K at any given time. So this guarantees me a good standing with the bank. I have close to 120,000 points accumulated on my main mastercard, which translates into cash rewards - every 50,000 points = $500.

    So you can get your macbook pro in the manner. By paying your debt on time, not buying above what you can responsibly pay, and accumulate points to get cash back. To have a good credit you must accrue some debt, but not so much that you will drown in it. As long as you pay at least 3/4, then I'd say you can buy it.
     
  21. MacHamster68, Aug 27, 2011
    Last edited: Aug 27, 2011

    MacHamster68 macrumors 68040

    MacHamster68

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    #21
    don't start funding a loan with a credit card,or credit card with credit card , just dont see your bank or credit card company as a good friend , they are not!
    they are makeing profits of you , it will become a habbit , as once you use the credit card you will continue to use it , thats why the credit card companies issue those cards , they know people think ...i only need to do minimum payments

    safe up the money or if you cant safe up that much, why not buy a used one thats still under apple care and you are fine , apple care is transferable
    throw your credit card in the dustbin is the best advice i can give you , return to the good old way of paying with real money out of your pocket ..e.g. paper money and coins if you still know thoses things we used in the old days to pay our bills, because thats a huge part of the cause of our recession , people spending what they never had in first place... our whole western economy is entirely funded with credit and the bubble is bursting just now , trust me we are just at the start it will get worse

    you might not always be able to buy new stuff , but i promise you you sleep much better if the items in your household are yours , as everything you pay by loan or credit card is owned by the bank
     
  22. hexonxonx macrumors 601

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    Denver Colorado
    #22
    Save. As someone who has filed bankruptcy, I know firsthand on how debt can pile up and pile up and you can never get caught up. For me, it was so easy to get credit card after credit card and use them. A few years ago, I owned every 2008 Mac except for the Mini and it was all bought on credit. After losing my job when the newspaper closed up, I filed bankruptcy after only making a few payments on those computers and the new car I bought. I ended up selling the computers to try and make a few CC payments but it was hopeless.

    I saved up the money for my 2009 MBP and also saved to buy a used MB. It felt good to not have a bill for those and knowing that I owned them free and clear.
     
  23. cdcastillo macrumors 6502a

    cdcastillo

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    #23
    Ok, the router drop the connection and a very long reply was lost. So here is the essence of what I wrote a few minutes back:
    - Do not spend money you don't have unless is for survival (food, medical attention, shelter)
    - Every month pay in full what you owe in your credit card. If you can not pay it in full, DO NOT USE YOUR CREDIT CARD, it means you should not be spending money THAT IS NOT YOURS, because you can not pay for the things you want to buy.

    So, in line with what others have already said: NO, don't buy the MB with credit while you still owe your bank.
     
  24. ViviUO macrumors 6502

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    Jul 4, 2009
    #24
    If you get get a good offer on financing, lets say 12 months with no interest, then I don't see why not. But you had better pay it off within hat 12 months, or the creditors will make you wish you had never been born.
     
  25. nebo1ss macrumors 68030

    Joined:
    Jun 2, 2010
    #25
    If you can be disciplined then better to use the credit card and pay it off when the bill comes. Using a debit card means the money comes out of your account immediately. The 30 or so days of free credit is worth it.
     

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