Charge it! Need advice :=)

Twinklette

Twinklette

Over*the*Rainbow
Feb 22, 2006
3,674
3
#1
Dilemma! I had my purchases all budgeted out perfectly and then I saw my dream bag this weekend. Question is, I don't have the funds to pay for it right now. I was looking at my bags to see if there's something I could sell, and I can't really part with any of them. *maybe* my Chloe Silverado, but still not sure on that yet either.

SO if I decide to get this dream bag, I have to charge it ($1k) and pay it off with my raise in July. I have no CC debt yet but finding this purse was unexpected - a one-time opportunity for a bag I'm in love with that I KNOW I could sell if I changed my mind eventually and then pay off the CC immediately. Otherwise, it will take me a while to pay off the CC and NO more purchases till that's paid off.

What would you do? :lol: I'm not sure I could live with myself if I passed on it, but know I'll feel guilty about having the CC debt if I buy the purse.

Thanks girls! :idea:
 
#2
Well, you know you can pay off the card rather quickly, right? Even without the bonus? If you feel like you're in a decent financial position, I'd say go for it. You just have to make SURE you don't make any other needless purchases until it's paid off.

Can I ask what bag it is?
 
#3
Although I do not permit myself to carry CC debt (always pay it off at end of the month) I would go ahead as long as you could promptly pay off the charge, and not incur outrageous interest rates, (transfer or open up a 0% interest rate CC) then i would do it.
 
#4
Jag it would be at least a couple of months - I don't even have a CC and would have to open one which I was planning on anyway for credit purposes. Do you think $1k is a lot to put on a CC for a purse?
 
#5
Twinklette said:
Jag it would be at least a couple of months - I don't even have a CC and would have to open one which I was planning on anyway for credit purposes. Do you think $1k is a lot to put on a CC for a purse?
Click to expand...

It all depends. I put large purchases on my CC because I do not like to carry cash or write large checks. BUT I always pay it off by the end of the month so I do not incur any interest charges.

You should definitely open a CC though to start getting credit for yourself! IT is so important to establish credit for when you go to get a mortgage, or even an apartment. But be careful, you must be really aware of the interest charges that can add up and ultimately compound what you really owe. So long story short, (well kind of) I would research to find a CC that has a 0% interest rate for at least 6 months, that way you can establish credit and pay off teh handbag before any interest charges accrue. But please be careful, you don't want to get yourself into a habit of charging what you can't really afford- its a good rule of thumb to not charge anything beyond what you can pay when the bill comes at the end of the month.
 
#8
charge it but make sure you're using a low interest, or 0 interest card--a lot of them have 0 interest for the first few months as long as you pay the minimum

and yes yes what bag?
 
#9
Take those credit card offers, hold them over the stove top, and BURN THEM!!! Honey if you don't have any debt, don't start now. I got myself in a big ole mess with Credit cards while I was in Highscool. Took me forever to get out if it and pay them off. Its so easy to say "just this once" yada yada. But really I hate CC's. Get one for GAS ONLY then pay it off at the end of the month if you want to have continous record of credit for your report.
 
#11
I say if you really love it, want it and know for sure how you're going to pay it off, get it.

I charge stuff on my credit card to build credit (as I have none until I got my first credit card last year).
 
#12
If you are absolutely sure that you will pay it off when the bill comes, and that you will have the funds, I say go ahead. But, as soon as you get that money, don't even think about what you could be spending it on - put it straight on that card. Credit card debt is a huge mess to get out of.

What bag is it?! I'm dying to know :P
 
#13
If you can realistically control your spending (ie no more purse purchases), then I would charge it. Be very careful about credit card debt, if you end up not paying it off soon, that $1000 ends up being like $3000 or something.

If this is your dream handbag, then splurge! You'll keep it forever. This is exactly what I was debating when I bought my Bottega.:biggrin:
 
#14
I'm still so unsure, but appreciate all the thoughts girls! I would plan on paying it off before the 6 mos. was up. It's an 04 turquoise city :idea:

I think I might go ahead and sell my Chloe Silverado but still debating as I'm not sure I could find another. I :amuse: it but it doesn't fit on my shoulder which irks me.

I was all set and budgeted till I found a Lanvin Kansas which put a dent in my cash flow needless to say. I was planning on using those funds for the city:cry:
 
#15
You have to consider how much the bag is actually going to cost you in the end because of the finance charges each month and then make a decision if it's worth that price. That's my two cents.:amuse:
 
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