Lawn Care Business Forum Lawn Care Business Book Lawn Care Business Blog Lawn Care Software
Home Forum Contract & Flyer Templates Blog Software Videos Podcast Calculators / Estimators Store Mower Review Design It Yourself Lawn Business School

Go Back   GopherHaul Landscaping & Lawn Care Business Marketing Forum > Lawn Care, Landscaping, and Property Management Forums > General Talk

General Talk If it doesn't fit anywhere else, post it here.

Debt Stories


General Talk

If it doesn't fit anywhere else, post it here.
Reply
 
Thread Tools Search this Thread
  #1  
Old 04-26-2012, 10:56 PM
CHEESE2009's Avatar
CHEESE2009 CHEESE2009 is offline
Dr. Scott - Ruler of the Underworld
 
Join Date: Mar 2009
Location: Switzerland, Grindelwald
Age: 74
Posts: 4,475
Rep Power: 11
CHEESE2009 is on a distinguished road
Default Debt Stories

What are some of the worst debt situations you have gotten yourself into?

I don't buy a lot of big items often, but I do buy a lot of small things daily. Without realizing it, and also because I'm too ignorant to check and/or limit my spending... I find myself in these fun situations where I have to pay off some debt before it gets too big.

So far I've always managed to pay it off, I've only been in debt for about a month maximum. The thrill isn't fun.

This time, I just wiped my business account clean to pay off some personal debt, LMAO. I did this after I gave the government their tax money, I should have all the money back May 1st.
Reply With Quote

Stop guess-timating. Learn how to estimate and make money! $$$
Mow Time Estimator Lawn Care Price Estimator Mulch and Topsoil Calculator Snow Plow Estimate Calculator


  #2  
Old 04-27-2012, 06:17 AM
lawnman3fl's Avatar
lawnman3fl lawnman3fl is offline
Member
 
Join Date: Apr 2012
Posts: 37
Rep Power: 3
lawnman3fl is on a distinguished road
Lightbulb debt...

Lawn care business tipsLawn Care Business Book
i could go there but i wont at this given time but will tell my story soon enough though...

all i can say it pace your spending on big price items as you need them key word here NEED THEM... put the want factor out of the picture when looking at big ticket equipment..

lawnman3 fl...
Reply With Quote
  #3  
Old 04-27-2012, 08:29 PM
Steve's Avatar
Steve Steve is offline
Administrator
 
Join Date: May 2003
Posts: 37,122
Rep Power: 10
Steve has disabled reputation
Default

This post got me thinking about the best way to go about using credit cards or debit cards.

I tend to think credit cards are ok to use but a lot of people I know only use debit cards because they don't want to overspend and feel they would with a credit card.

Also, what do you think about using something like an American Express Card where you have to pay off the balance each month. Do you think using any of these different payment options actually help people stay on a budget or is it something a person just has to stay focused on and no card will help/hurt?
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
  #4  
Old 04-27-2012, 09:34 PM
CHEESE2009's Avatar
CHEESE2009 CHEESE2009 is offline
Dr. Scott - Ruler of the Underworld
 
Join Date: Mar 2009
Location: Switzerland, Grindelwald
Age: 74
Posts: 4,475
Rep Power: 11
CHEESE2009 is on a distinguished road
Default

When it comes to using a debit card, money is withdrawn from an account. Unfortunately, there is always a high service fee each time you make a purchase.

Every time I would use my debit card, I could expect to pay $2.50 additionally.

As for a credit card, every time you use it you are borrowing money from the bank. When you apply for a credit card, the bank will allow you to borrow/use approximately $500, over time the bank may offer to raise your limit if you have a good track record at paying them back.

If you spend money you borrow from the bank (credit card), and you don't pay them back on time - instead of breaking your legs they will charge interest on the amount you owe to them, making it even more difficult to pay your debt off.

Example, if you spend $1,000 with your credit card and you don't pay the bank back on time, the bank probably charges somewhere around 19% on the amount you didn't pay off, and you would then have to pay $1,190.00! Let's say you are lucky, and you manage to pay off $500 of that debt by next month, you'd still end up paying $821.10 ($690 + 19%).

$1000 - $821.10 = $178.90

BASICALLY, you just WASTED $178.90.

-

Credit cards are AMAZING, but people (even myself) need to be cautious. Sometimes I get a little carried away or I'm 'feeling lucky'. lol... I say, only use your credit card for major purchases, and use cash for other crap (drinks, food, movies, etc).

No, I do not take my own advice..... LOL
Reply With Quote
  #5  
Old 04-27-2012, 09:53 PM
SECTLANDSCAPING SECTLANDSCAPING is offline
new member
 
Join Date: Jul 2009
Location: CT
Posts: 1,912
Rep Power: 0
SECTLANDSCAPING is on a distinguished road
Default

I always been a cash man. Now this has helped me and hurt me. First off you cant spend more then you have. Its harder to hand over money then swipe a card. Your more likely not to spend on impulse because you see it leaving your pocket.

Credit cards have been good to me. I spend less then 20% of my limit and pay it in full 10 days later. I have never paid interest on a credit card. This also raised my credit.

Now the only reason I started to use credit cards was because I had no credit. I never borrowed anything. I knew one day I would want a mortgage and I already had cars/trucks. So I wasnt going to borrow for the sake of paying it back to build credit. So I started to pay for things that I wouldve bought with cash with credit.

Debit depends, my business account charges a fee for every deposit, withdrawal, check, etc. With my personal I only use my atms so I never pay a fee. I often ring up business expenses with my personal card because of the fees for the business account. Again I never had a overdraft fee or bounced check. To establish my credit more I used debit less.
Reply With Quote
  #6  
Old 04-28-2012, 08:32 AM
krzys666 krzys666 is offline
Member
 
Join Date: Dec 2011
Posts: 49
Rep Power: 4
krzys666 is on a distinguished road
Default

Quote:
Originally Posted by CHEESE2009 View Post
When it comes to using a debit card, money is withdrawn from an account. Unfortunately, there is always a high service fee each time you make a purchase.

Every time I would use my debit card, I could expect to pay $2.50 additionally.

As for a credit card, every time you use it you are borrowing money from the bank. When you apply for a credit card, the bank will allow you to borrow/use approximately $500, over time the bank may offer to raise your limit if you have a good track record at paying them back.

If you spend money you borrow from the bank (credit card), and you don't pay them back on time - instead of breaking your legs they will charge interest on the amount you owe to them, making it even more difficult to pay your debt off.

Example, if you spend $1,000 with your credit card and you don't pay the bank back on time, the bank probably charges somewhere around 19% on the amount you didn't pay off, and you would then have to pay $1,190.00! Let's say you are lucky, and you manage to pay off $500 of that debt by next month, you'd still end up paying $821.10 ($690 + 19%).

$1000 - $821.10 = $178.90

BASICALLY, you just WASTED $178.90.

-

Credit cards are AMAZING, but people (even myself) need to be cautious. Sometimes I get a little carried away or I'm 'feeling lucky'. lol... I say, only use your credit card for major purchases, and use cash for other crap (drinks, food, movies, etc).

No, I do not take my own advice..... LOL
you got your math wrong. it is 19% for the year not month.
you would pay 190 extra if you paid the 1000 off in 12 months
Reply With Quote
  #7  
Old 04-30-2012, 07:46 AM
Steve's Avatar
Steve Steve is offline
Administrator
 
Join Date: May 2003
Posts: 37,122
Rep Power: 10
Steve has disabled reputation
Default

Are there times when you come across an opportunity where you could make some good money if you spent a little to be able to perform it?

For instance, what if you land a larger mowing account that really needs a larger mower. If you can't afford to pay cash for it, is it ever worthwhile to buy it on a credit card because you know you will be making a lot more with the mower than without?
__________________
- Subscribe to my Lawn Care Marketing Blog Feed and get daily tips sent to you. Free!
Download your Free trial of Gopher Lawn Care Software.
Reply With Quote
  #8  
Old 04-30-2012, 08:01 AM
SECTLANDSCAPING SECTLANDSCAPING is offline
new member
 
Join Date: Jul 2009
Location: CT
Posts: 1,912
Rep Power: 0
SECTLANDSCAPING is on a distinguished road
Default

Quote:
Originally Posted by Steve View Post
Are there times when you come across an opportunity where you could make some good money if you spent a little to be able to perform it?

For instance, what if you land a larger mowing account that really needs a larger mower. If you can't afford to pay cash for it, is it ever worthwhile to buy it on a credit card because you know you will be making a lot more with the mower than without?
you could use a business credit line. Hopefully your first payment covers the balance because interest is high.
Reply With Quote
Reply

Bookmarks

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
BEWARE: of going into debt Steve Starting a lawn care business. 3 03-19-2014 12:45 PM
In debt, I'm full of rage CHEESE2009 Trials & Tribulations - The drama of running a business and of life. 10 02-28-2010 12:08 PM
Debt Collectors Steve General Business Discussions 1 02-12-2007 07:21 PM
Top Ten UnitedEnvironment Stories of 06 UnitedEnvironment.com General Business Discussions 3 01-27-2007 11:50 AM

» Recent Threads
  RatingTitle, Username, & Date Last Post Replies Views
Trepidation about...
michellemarvin
03-23-2015 07:46 PM
Today 05:35 AM
by Dan Tanner
2 134
How do you get...
ESREVER
03-25-2015 01:30 PM
Today 12:18 AM
by lxarth
7 172
Bid for large home...
lxarth
03-22-2015 11:06 AM
Yesterday 11:56 PM
by lxarth
8 278
I lost a long term...
Sprinkler Buddy
09-04-2011 02:24 PM
Yesterday 11:42 PM
by lxarth
15 3,408
Mower vs lot size advice
jcurr33
03-25-2015 09:29 PM
Yesterday 11:33 PM
by lxarth
4 145
Billing methods
jcurr33
03-26-2015 01:33 PM
Yesterday 11:27 PM
by lxarth
4 116
hoa bid need help
bigdaveha12
03-24-2015 08:29 PM
Yesterday 11:17 PM
by lxarth
6 210
Finally got a warehouse
avetslawncare
03-12-2015 07:52 PM
Yesterday 06:59 PM
by avetslawncare
10 493
Employee job training...
brookline
12-15-2014 07:15 PM
Yesterday 02:15 PM
by Steve
27 2,357
introducing myself
chris2500hd
03-24-2015 11:16 AM
Yesterday 02:02 PM
by Steve
8 211
Commercial Jobs
CurbAppeal1
03-25-2015 04:22 PM
Yesterday 12:29 PM
by biglee
5 169
Flag or no flag
Matther777
03-24-2015 02:41 PM
Yesterday 12:25 PM
by biglee
10 328
Office Administration...
Girlfriend
03-26-2015 05:40 PM
03-26-2015 05:40 PM
by Girlfriend
0 67
Is this tree beyond help?
SGL1
03-22-2015 05:35 PM
03-25-2015 08:55 PM
by SGL1
14 477
Opinions on truck wrap
Trupro
02-28-2015 03:21 PM
03-25-2015 07:54 PM
by Trupro
33 1,528
The New Wave!!!! Read...
Jamesw86
03-22-2015 08:33 PM
03-25-2015 02:50 PM
by Steve
10 297
grass in the gas tank
robkattankate
03-23-2015 04:37 PM
03-25-2015 02:36 PM
by Steve
5 177
Helping others
hansenslawncare
09-15-2011 08:50 PM
03-25-2015 02:33 PM
by Steve
11 2,653
DOT Number
acrajchel
03-20-2015 05:56 PM
03-25-2015 02:28 PM
by Steve
7 302
Michelin x tweel.
apmAkron
03-23-2015 04:22 PM
03-24-2015 12:40 PM
by Steve
3 130
spike aerator???
Bradcook21
03-21-2015 01:55 PM
03-24-2015 10:32 AM
by acrajchel
4 209
Hello from Maryland
michellemarvin
03-23-2015 12:44 PM
03-23-2015 07:33 PM
by michellemarvin
2 129
hello from south GA.
CCandALawnCare
03-23-2015 03:46 AM
03-23-2015 07:06 PM
by CCandALawnCare
2 118
Say Hello !!!
Steve
03-19-2007 11:18 AM
03-23-2015 06:14 PM
by jethro
1,218 380,012
Is anyone doing mosquito...
BWild
01-27-2015 11:30 AM
03-23-2015 12:28 PM
by Steve
9 829
35,000 Eddm
greenscaper123
03-18-2015 12:51 PM
03-23-2015 11:48 AM
by BLC7
18 464
Should i take on this...
christw
03-17-2013 01:23 PM
03-22-2015 09:02 PM
by ExtremeLawncareServices
36 7,555
mower stalls when...
boog
03-19-2015 08:20 AM
03-21-2015 08:13 PM
by Wolf4dk
7 260
Weed and Feed
robkattankate
03-19-2015 09:00 PM
03-21-2015 01:53 PM
by Bradcook21
4 297
These are the days on...
ExtremeLawncareServices
01-11-2015 10:41 AM
03-20-2015 10:00 PM
by ExtremeLawncareServices
32 3,601
Hello Emily Reyes from...
Webster14829
03-20-2015 11:23 AM
03-20-2015 03:36 PM
by Steve
2 177
Finally going to give it...
jcurr33
03-12-2015 08:09 PM
03-20-2015 03:31 PM
by Steve
10 548
Weed id?
SGL1
03-17-2015 08:20 PM
03-20-2015 02:37 PM
by Steve
6 277
Mobile small engine...
luckylogger
03-15-2015 02:05 PM
03-20-2015 06:17 AM
by jrs.landscaping
15 477
Brad Cook 21
SC93
03-16-2015 10:40 PM
03-19-2015 09:04 PM
by Bradcook21
4 349
honest opinion please
uppercut
02-17-2015 01:30 AM
03-18-2015 02:55 PM
by Steve
15 1,304
Repair or replace the...
lxarth
12-17-2014 04:07 PM
03-18-2015 02:49 PM
by Just for Cuts
21 2,022
new to the site
bigdaveha12
03-17-2015 09:13 PM
03-18-2015 02:33 PM
by Steve
1 203
Small dovetail truck...
ExtremeLawncareServices
03-04-2015 06:47 PM
03-17-2015 10:14 PM
by ExtremeLawncareServices
17 856
New Site Hows it look
Infinitelawn
03-16-2015 10:32 AM
03-17-2015 08:15 PM
by SGL1
3 281
mulch questions
Bradcook21
03-08-2015 08:37 AM
03-17-2015 07:00 PM
by Bradcook21
23 976
Scag hydro w/b frame...
Just for Cuts
03-11-2015 03:32 PM
03-17-2015 06:37 PM
by lxarth
11 494
Buy new or used?
lxarth
12-26-2014 09:50 PM
03-17-2015 06:11 PM
by lxarth
14 1,704
New to 2015
Infinitelawn
03-16-2015 08:29 AM
03-17-2015 11:47 AM
by Steve
4 287
Pulling trailer was...
SGL1
03-07-2015 07:14 PM
03-17-2015 08:11 AM
by SGL1
30 1,127
Diesel conversion?
Just for Cuts
03-02-2015 09:59 AM
03-16-2015 03:26 PM
by Just for Cuts
10 633
trimmer racks.
apmAkron
03-12-2015 09:07 AM
03-16-2015 03:17 PM
by Steve
4 354
Ferris FW35 questions
Chilehead
03-10-2015 08:31 PM
03-16-2015 03:11 PM
by Steve
4 355
new equipment
apmAkron
03-12-2015 09:12 AM
03-16-2015 03:07 PM
by Steve
7 367
When do you get the most...
CHEESE2009
09-14-2011 03:28 PM
03-16-2015 03:05 PM
by Steve
18 5,630
» Popular Tags
apartment complex bark blades blowout bob villa collections commercial demonstration edging employee problems equipment rental facebook ferris flyers free advertising grass growing a lawn care business hardscapes hills hiring husqvarna hydraulic introduction landscape landscape services landscaping training lawn aeration lawn care lawn care business seo lawn care business website lawn care business website seo lawn care seo lawn care website marketing more customers business mr dave new business ordinance past due patio install per hour charge pricing profit on employee pto push versus ride running a business scag v-ride scripts search engine optimization sell the vision seo shell shreaded small engine repair sq ft square foot sulky toro grand stand tractor auger trailer tree trimmer rack truck new used landscape walk behind web design website website design winterization won't return wright stander rh
Powered by vBadvanced CMPS v3.1.0

All times are GMT -5. The time now is 06:48 AM.


(C) 2011 Riggs Publications - Terms of use & Privacy Policy

All times are GMT -5. The time now is 06:48 AM.

(C) 2011 Riggs Publications - Terms of use & Privacy Policy