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Author Topic: Do you have bitcoin AND debt?  (Read 2151 times)
NUFCrichard
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August 12, 2016, 11:58:45 AM
 #41

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.
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August 12, 2016, 12:35:11 PM
 #42

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
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August 12, 2016, 01:33:03 PM
 #43

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.

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August 13, 2016, 05:20:16 PM
 #44

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.
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August 14, 2016, 12:15:45 AM
 #45

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.
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August 14, 2016, 06:15:30 AM
 #46

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.
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August 14, 2016, 06:39:12 AM
 #47

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.

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.

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August 14, 2016, 06:33:29 PM
 #48

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.

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August 14, 2016, 07:17:00 PM
 #49

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.
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August 14, 2016, 07:27:55 PM
 #50

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.


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rekinthis
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August 14, 2016, 07:37:16 PM
 #51

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.
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
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August 14, 2016, 08:08:14 PM
 #52


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

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.

Doamader
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August 15, 2016, 11:16:48 AM
 #53

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.

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.
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August 15, 2016, 05:26:25 PM
 #54

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.

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.
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August 15, 2016, 05:51:49 PM
 #55

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  Grin  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  Wink
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August 15, 2016, 06:28:06 PM
 #56

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.
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
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August 16, 2016, 08:52:33 AM
 #57

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.   Grin
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August 16, 2016, 10:27:29 AM
 #58

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.   Grin

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.

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August 16, 2016, 10:29:14 AM
 #59

No debt here  Smiley 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.
NUFCrichard
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August 17, 2016, 08:56:48 AM
 #60

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 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!
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