Bitcoin Forum

This is something I'm rather curious about. How many people here own coins but have plenty of debt too?

I'm not talking mortgages, you get somewhere to live and a free house at the end of it so that's very handy, but rather loans and credit to service as well as owning some Bitcoin.

If so, have you locked it away with the intention of never touching it no matter what happens or have you had to dip in to pay off some debt?

I have some debt to the IRS which I do plan to pay off before I die.  No other debt.  Student loans all are paid off and I have no credit cards.

Don't own much bitcoin at all.  I'm still waiting to see how this all plays out.

IMO if you have a debt you should pay it as soon as you can. So locking your coins to never tuch them and having a debt at the same time I think is not a good idea. I sold 0.5 BTC once to pay my debt and from that time I'm trying to live without debts no matter what happens.

Depends on how pressing the debt is. Paying a debt off with a (theoretically) deflationary currency is a bad idea if you can avoid it.

Some people spend their entire lives up to their eyebrows in debt and don't seem to care at all. I'm allergic to it myself.

I consider myself very privileged to be able to say that I have no debt. I don't earn much and I don't own much, but I'm really proud that I managed to stay free of debt.

Debt is one of the biggest enemies of freedom. So I think before considering to invest in Bitcoin it is highly advisable to get rid of one's debt. Generally owing something is subject to interest payments, so you are under constant pressure to pay certain amounts, otherwise the amount of debt will increase. So debt carries a negative value proposition that counteracts any investment activity.

ya.ya.yo!

Yes I have a lot of credit card debt. The bitcoins I own would not pay for all of my debts. That's one reason I am investing in it. I want to make some money so I can pay the debts off.

Debt?I already pay my debt also and If theres remaining, I think it is from my family members. Debt is a tool that can control us and I like your message : "
Debt is one of the biggest enemies of freedom." Indeed you are not free if you have debt as the lender has control over you.It gives stress and if its from credit card,it gets compounded if you forgot or missed the payment schedule.

We do only have debts because of either emergency situations, that's why we do have debts and we can't avoid it. Well that's reality, the only thing we do keep in our minds that if we have debts we must pay it on time so that we can borrow again. Speaking on Bitcoin I do invest my coin so I can gain profit and pay off gradually my debts.

I do have mortgage to pay although I might have sufficient amount to repay all- just want to keep some cash to survive the daily expenses. The amount of bitcoin I have is definitely something that I can afford to lose...

Although I am dreaming of financial freedom when bitcoin reach moon, I still need to wake up and consider day-to-day expenses at the present moment.

I already repaid all my debts. I don't like having the and keep myself on paying it too long so I force myself to pay them all at once I gather enough money to repay it. Saving money is much easier when I have no debt to be worried of.

My debts are long term commitments and bitcoin is something that I am interested in following and understanding more. I am holding a small amount of bitcoin and hopeful that will be sufficient to help me pay off some of my house and car loans....

Well I own some bitcoin and have some plenty of debt too. My salary in real life has gone 50% less due to payment to debts and loans. In short I am financially short but to catch my shortages I am selling 80% of my bitcoins that i have earned online from online jobs, gambling and other investments. The best thing is few more payments and I am  off with my loans and even though in small amount I am continuing to save my coins for the future.

I have bitcoin and no fiat debt. I have some shares which I bought with the fiat.   I hold the bitcoin now.

I own bitcoin and have some fiat debt. The fiat debt will be inflated away in the next few decades.

i can happily say that i have no debts. everything that i buy is bought with money that i have. my main rule in life is: if you don't have the money to buy something, then don't buy it. with this i mean that i will never borrow money in order to buy something. very simple

I don't have any debts and I'm trying to stay away from it. My brain just can relax if I know that I have a debt. Everything I buy I buy with money I have if I don't have money -I don't buy. The strategy seems simple. Only one thing I plan allow myself to buy with debts is a house, it's my dream and it needs lot of money, but I'm sure that I will be able to cover that debt for house simply, fast and without delays.

that's a great way to be. I don't get a lot of attitudes to spending. I know a guy who's been bankrupt three times. it's not because of rent or food, that I could understand, it's down to buying massive amounts of total junk.

a few weeks after his latest bankruptcy he turned up showing off some new jeans that had some weird painting all over them. he'd spent about $250 on them and seemed very pleased even though his life was a disaster area again. some people are beyond hope.

I like buying stuff but I only buy stuff that maintains some value and can be sold quickly if I need the money.

exactly this. i hate it too.
i can't stand being in debt to someone (or a bank) myself especially if they are adding a big profit to what i have to pay back.
that is why i only have some student loans left and that is only because that money doesn't have profit on it, it is the same amount that i have taken now i am paying the same amount back over the years.

I do not understand your question good enough. I have some bitcoins and have debs, but in holding my bitcoins with expectation that the price for it go up and in this case maybe I will withdraw it to cover some of my debs. For now I'm covering it good enough with money that I get from my work.

i also own some bitcoins at the moment, i think it is the best currency that has ever been invented, besides thaat i do not have a debt thankfully

I had sold all my bitcoins last year to cover my account loan, if i regret to had used it? No bitcoin is helping me to balance my finances, this year i had sold as well a part of my coins, to cover a bill that would be late. Bitcoin has that power that is help us when we need if we need. Makes no sense i got bitcoin and debit running at the same time, even believing into bitcoin i will always use my bitcoin to cover my debits.

I have bitcoins and I have 0 debt. Fuck having debt because it will bite on your as s eventually. It's better to always be on the greens.

Bitcoins i have but debt i dont have.I work smart so i don get debt because i dont want to get debt because that isnt good idea it is better to earn alone without asking for loan because i love ti risk only my money.

yes i have a good amount of bitcoin and still i am holding it for the price increase, i am not ready to sell my bitcoin in any cost hope that the market will recover very soon. i have some debt in fiat which i taken from some for for buying bitcoin but in next salary hope all the debt will be cover easily, so i can say that the bitcoin which i owned is my property.

I have bitcoin and I have debt too, Im not saying im not touching myh bitcoin and let my debt stay as it is, actually im looking at my bitcoin as my kind of business which i need to nourish and make it grow, in order for me to pay my debts.  So each time i got my earning from my bitcoin investment, part of it goes to my debt as payment.

Well how those lenders will make another round of lending amount if they will not gain profits from lending money thru loan interest.

If you hate it, then don't make it happen.

I dont have debt besides the usual bills that anyone has to pay each month.

I do have bitcoins - but most are kept away and will be stored for a certain amount of #`s to be reached - plus life in general.

So anyone who is in debt, it just means you gotta gain more profit then you spend.

fortunately i don't have any debt to government, only the bills that i should pay in monthly, and i only have debt with my sister  ;D i only have bitcoin in small amount but i am trying to make it growth as soon as possible. i think bitcoin is a good investment and i've done a good start to know bitcoin.

I am in small debt in a lending site but thats really small amount and i will not say it a debt because there is 2-3 months left to pay those loans approx 0.3btc which i will pay with my earnings slowly.But i lost that in gambling and thats not a good thing.Now i have promised myself that it was the last loan of my life just i will repay in some time and never gonna take any loan.

I have debt to my relatives because I wanted to invest in something but then it failed. I was so positive that the investment will prosper but then it failed and I have no choice but to pay it back in some way. I believed that I can pay it back with a combination of fiat and bitcoin when its value will rise.

I do have a mortgage and it is substantially more than my bitcoin holdings.
At some point, I might cash out on my bitcoins and liquidate my mortgage.

you get a free house? what? :D you are paying for it over time and over price!

but anyways, we are all in debt one way or another in our lives except if you are rich and don't need to borrow money. mortgages and student loans and generally owing to the banks is the most common ones. and yes i have them too, but it has nothing to do with having bitcoin, bitcoin is my investment that i earn money with.

I have bitcoin and i have debitcard from my bank
but my debitcard not supportede load money, moreover load money use bitcoin
iam interest debitcard support load money bitcoin

I have some bitcoins but i don't have any debt, because i never get debt and i'm good at managing my bitcoins. Having a debt is really not good though.

no i don't have debt i have credits, someone still need to give me my money back, a family member

my rule is to not go to zero ever(don't spend everything, keep a good 10-25% always) so i don't need to ask for money to other

I have a student loan which i`m going to repay this month.

After August, i won`t have any debts. ;D

I will never use my bitcoin savings to pay off debts. :)

Having debts can be really difficult. I avoid it as much as possible, but when left with no choice, paying it off immediately is a must, having it  weighing down on you is hard. But, having to sell btc in order to cover debts is a really hard choice for most people(including me) mostly because of the potential growth/earnings you could have had if price suddenly increase. So, best case, paying off debt not with btc.

If you have the bitcoin and borrow fiat, then it is fine and the bitcoin price will rise against fiat, you can use lower bitcoin to return the debt.

I try to avoid debt as much as I could, but I currently have a social security loan that I am currently paying, with the auto deduct on my salary. I am not really into borrowing that much as I don't feel comfortable spending other's people money, unless it is for really urgent matters. With bitcoin, I am also trying the same. I just hold mine and let it grow and while I also accumulate little by little by means of buying and earning. I have converted a little (to fiat) for some unexpected expense but I would like to discipline myself in not touching it too much because I treat much of it as investment. I have a little amount that I also use for my load credits, though.

I am holding bitcoin but don't have any debt as there are other income sources for me to cover my living expenses. So i don't have to often exchange bitcoin for cash, so holding whatever bitcoin i can before bitcoin crosses well above 1000$.

I have a student loan, but in the UK that is a different kind of debt.  It is more like a tax as if I don't earn, I don't have to pay back the loan.
Otherwise I am debt free and own Bitcoin.

the same thing for me to be honest, though it is not that kind of a loan that will follow you for your whole life and then go to your children when you die as you might not even pay it if you dont earn a decent wage, though i still have some bitcoins

In the UK student debt is only cancelled at the age of 67 or something equally silly. They're also very tenacious. They're still chasing a friend of mine 23 years after they took the loan out.

If I hadn't earnt more than the payback threshold by the age of 67 I'd be asking for compensation for being provided with a shit education.

I do not understand why the former students do not repay the students loan before they take any further loans.

Well i have a debit that im paying with my salarie it will end by December i had sold some coins in the past to cover one month fee from it, nowadays i dont mix my coins with fiat, besides the bitcoins i got not be enought to pay the debit im investing them soo no way to sell them for those reason.

i too have some debt. bitcoin helped me a lot to pay it. what i will do is i always take a little amount to pay my dept and the remaining is my saving. sometimes i will manage it from my salary and wont take even a little amount from my bitcoin saving. my debt is over before one month and now i have a very few btc. sure i will earn more soon.

Totally repaying a student loan can take quite some time - up to 7 years in the place where I stay. Colleges are expensive.
Do you want to wait those 7 years, before you can indulge yourself by buying a car using a loan? Most people choose not to wait.

Unfortunately I have debts. In some period Bitcoin helped me to repay a part of it and that really helped me a lot, otherwise I don't know else would I do this.

No debt here. Everything I have is completely mine. I have been saving money basically my entire life. If I want to buy something, I can do it with my own money. No need for loans or whatever else. With a good part of my money I have been making investment after investment to make my wealth grow. And as you can see, I ended up here with Bitcoin.

I hate indebting myself and I am not that kind of greedy bastard who like to leads lavish life even though he can't afford money for it.
If I can't buy something then it is not for me. Or I will wait a year or two when I earn enough money to buy it.

oh i guess it should be kinda hard to live with a loan as a student, though bitcoins might help you for sure, in my opinion it might make you a living, i dont have a debt

It's a totally different type of debt compared to conventional consumer debt. It's not struck off if you're bankrupted but there's also far less or no urgency if you're under the repayment threshold.

It's also an ever increasingly huge amount of money so I'd be buying things on credit just to get my mind off it.

Bitcoin is an extra source of income, soo we must use and spend it otherwise it will get no value, whats the point have 100 bitcoins and a debit of 50000 dollars running, bitcoin is helping several people besides us. Im happy to be part of bitcoin community, and i can control my debit without affect bitcoin.

Bitcoin is not a source of income. We hold it only for the capital gains in fiat. We do not have good income of bitcoin generated by the bitcoin itself.

The wisdom of it surely depends on the individual's situation and the type of debt.  If I had loan arrears and demand letters on the doormat, I would sell anything I could to pay them off and make it right.  I would already have sold any bitcoin or other crypto long before the debts got to that point.  Fortunately I have never been in that situation.

Controlled debt in the form of affordable loans, taken out to buy life's luxuries and repaid on time every month is another matter.  I have had such loans as those and still been desperate to put every spare penny towards them to get them paid off as quickly as possible, but sometimes buying crypto took priority over those extra amortizations.  I see nothing wrong with that  ;D  Now I am in the very fortunate position of having paid off all loans of that kind too, even my car loan, so anything I have left over at the end of each month is for me to spend or save at my prerogative  ;)

the same for me, i never have any debts or something like that because i feel that im not controlling my life then, i hope that i will never have any debt

Do not have both of them.  Kinda proud that I do not have debt but I feel down that I do not have bitcoin.  I am doing my best to have atleast one of it.  I have done many investments, try to post many things, and still have not earned that much.  But that will not stop  me to aim my goal of having one.  Well, atleast I am proud to say I have no debt.   ;D

That's the best possible basis to start from. I've read quite a few posts on here from people who did have a decent amount of coins but were forced to get rid of them because of debts. That would suck rather more than the only way being up from here.

No debt here  :) I did have a few thousands outstanding after uni but I've already paid everything back. I wouldn't be able to hoard Bitcoins if I was in debt because it would feel like the coins are not really mine. And I certainly wouldn't bet on the price going up high enough to allow me to pay off my debt in some distant future. If I was in dept and had Bitcoins, my first priority would be to pay off everything.

I think the with the new system they are written off after 25 years. The threshold is 17500 pounds per year, so the average person earns about 5k more than that, so will pay 450 per year (9%).
I think people nowadays have like 50k of debt sometimes, so at 450 per year, it might take a while to pay back!