New Frame or Pay off all my Debt?

The Northern Monkey

Just got my payslip this month and have realised I can do 1 of 2 things...

1) Buy the second hand DH frame i've been after for a while

OR

2) Pay off ALL my debts (credit card, car insurance and P7 frame) which is consting me around £150 a month.

I'm thinking i'm gonna pay off all my debt and wait another month so I can possibly get a new DH frame instead.

Obviously it makes sense... I just wanted to get it written down, thoughts look way better on "paper" lol.

thoughts?

edhornby

is there really a logical option to 1)? er, no, bear in mind that debt is going to get more expensive over the next half of this year so do it now.

Also, negoiiate with the debt provider, you'd be surprised what they will take as an offer to get you off their debt book

newclearbomb

DH Frame every time !

A bit of debt is healthy ! keeps you motivated.............. :twisted:

By the way what frame is it ? :oops: I might be signing u for something i dont agree with i didnt READ THE SMALL PRINT

:idea:

The Northern Monkey

lol I know

Will be a nice feeling! Just hope my car tax isn't up this month or i'll have to hold off paying one off, but surely less debt is much better!

bails87

I'd pay the debt off. But then I'm boring and don't like debt

Plus it's not like you'll buy the frame and then that's it. You'll still have be buying loads of stuff for it, so may as well get the debt out of the way first.

newclearbomb

U cant ride round all week end on a healthy bank balance !

A DH Rig on the other hand will make u forget that ur in debt ! It might even make it seem all the more worthwhile ! :?

I,d rather have a Bike & Debt as oposed to just a bike or just debt !

:idea:

Think about it ! For a second or two then start speccing the new build !

I,m just at the other end of aquiring new shiny sh!t for my dream bike !
Its great !
I love it !

Stevo_666

If your debt is costing you £150 a month it must be more than the price of a frame unless it's made of something special :?:

I hate debt. Pay it off and in a few months the £150/month you'll save will pay for the frame. Done

thekickingmule

Pay off the debt! If I were in your position, that would be the certain thing I would do.

As it is, I'll continue paying the monthly debts

joshtp

Pay off the debt, youd have to be a pretty big wally to buy the frame when you are in debt, esp as it will save you money... with the £150 a month saved over a few months you could pretty much build up the DH frame.

whyamihere

I'd pay off the debt, definitely.

IcarusGreen

Debt free is the way to live. It's amazing what you can afford when you owe nothing to nobody. Only debt I have is a mortgage (and someone else pays most of that as I rent it out)

.blitz

As above go debt free that way everything you earn is yours and yours alone muhuwaha...

RupertCommunicator

Pay off your debt for gods sake! If you get the frame you are píssing money straight down the pan!

Pay off the debt then buy the frame further down the line or else you'll find yourself in a pretty dire situation further down the line when the unexpected inevitably happens...

chedabob

Pay it off. The DH frame will still be there next month if you ask the seller nicely.

MacAndCheese

I'd agree with everyone else and clear the debt, but if it was me the devil in my head would give this reason for option 1 - you'll miss a month of "summer"(if you can call it that), when you're likely to ride a DH bike most.

Gazlar

how about paying off your big nasty interest accruing debt, and then look at getting a bike frame on 0% finance, I know it puts you back into debt, but at least its not debt thats costing you more than you are getting.

I dont mind a certain level of debt, I have many things here and there on 0% deals, butthey are also things that I have the cash for anyway, so why shouldn't I keep hold of that in case of emergencies, I'm disciplined enough not to spend it on other things

All I'm in debt for is my car and my house that I pay interest on, and a sofa, my bass guitar and my bike on 0%

The Northern Monkey

well the only one i'm arsed about is my credit card... thats ruining me atm!

Frame is currently 0% finance so i'm not too fussed.. and i've just had a chat with insurance and I don't think I can afford to pay that off anyways.

So as long as I get my credit card gone and cut up, set on fire, pissed on and then set on fire again... I'll be a happy chappy!

paul.skibum

Do it - there is no point buying today what you cant pay for until tomorrow - you are a slave to the wage that way. I personally owe nobody nothing and luckily I dont have a job either!

snotty badger

Get shot of the debt- I've been debt free for ages now- after 10+ years of it! :oops: