Do I save every penny and buy a bongo-Or do I reduce my student loans?

Discussion in 'Miscellaneous [BG]' started by tekhna, Jan 16, 2005.

  1. You idiot-Get a Bongo!

    8 vote(s)
  2. Don't be an idiot-Reduce your student loans

    24 vote(s)
  1. tekhna


    Nov 7, 2004
    I desperately want a bongo. My workstudy this semester will be about 1000 dollars. A bongo is a little more than 1000 dollars. I am a poor college student. Debt is bad, but I have years to pay it off.

    How is my Hemingway Impersonation coming along?

    In all seriousness, I really am wanting a bongo, but my parents are wanting me to just reduce my student loans. I don't need a bongo, but I am not really all that worried about debt right now. The responsible thing would be to pay off those loans, but it is so damn hard to want to pay them off while I am still in school.
  2. Pay down the loan. It's the responsible thing to do, and it's always better to have no debt, or at least as little as possible. As long as you are indebted to someone, you in a sense are at his mercy. A man with no debt feels like this. --> :hyper:

    *climbs off the soapbox*
  3. MJ5150

    MJ5150 Terrific Twister

    Apr 12, 2001
    Lacey, WA
    Buy the bass. Paying off a loan is a good feeling, but not nearly as good as getting a new piece of bass gear. Especially if it is a bass you REALLY want.

    You can always sell the Bongo if need be later. Since you mentioned that the student loan debt was not a concern for now, then get the bass.

  4. Jason Carota

    Jason Carota Gold Supporting Member

    Mar 1, 2002
    Lowell, MA
    Both posts above make good points (paying down loans is good, so is buying new gear.) However, what if you took half of the work-study cash and put it away for the Bongo, and put the other half to the loan?

    Also, do you need the Bongo right now, or do you want it right now?
  5. HeavyDuty

    HeavyDuty Supporting Curmudgeon Staff Member Gold Supporting Member

    Jun 26, 2000
    Suburban Chicago, IL
    Keeping your student loan active and making regular payments is better for your credit rating than paying it down quicker.

    Get the Bongo, fool.
  6. I highly suggest any of Dave Ramsey's books....

    Note: the following viewpoint is considered to be crazy by many "sophisticated" people...

    Debt is bad. Being debt-free is good. The only acceptable debt is a mortgage.

    And paying off loans early certainly hasn't adversely affected my credit rating. "Gotta have loans to build up a good credit history" is a myth put forth by...the people that want you to borrow money from them (at high interest rates)!! (Kinda like the diamond people telling you an engagement ring needs to cost six months salary).

    Good credit is easily established, just by paying utility payments on time. In less than two years I won't need any credit paid for, no debt whatsoever, I'll pay cash for everything. New car, I'll save up and pay cash. New bass, cash. New amp, cash. The banks won't get any interest off of me!!!
  7. Dr. Cheese

    Dr. Cheese Gold Supporting Member

    Mar 3, 2004
    Metro St. Louis
    Extending the loan and getting the bass is not a bad idea if you are the type of person that will keep the bass for a while (a few years at least). If you have constant GAS for gear, you would simply be setting up a precendent for getting yourself in a potentially deep hole. Another consideration is your major and your prospects for a good job after school. If you stand to be working in a low wage situation for an extended time, you might want to consider minimizing your debts also. You know yourself and be honest with yourself when it comes to money and gear.
  8. I'd pay off the loans. If you bought the bongo, then you didn't have money to pay off the loans, you'd probably have to sell the bongo, and that would make you sad. :(
  9. pay of the loan.

    i wouldnt be suprised if you bought the bass, and then a few months later you were selling your bongo for cheap here to pay off other bills..


    dammit get the bongo, preferrably in white.. 5 string dual HB thanks! :D
  10. wulf


    Apr 11, 2002
    Oxford, UK
    I'll join the "reduce your debts" crowd. Get it cleared, save some money and then treat yourself.

    BTW, what gear have you got at the moment? Your profile is pretty empty.

  11. tekhna


    Nov 7, 2004

    I am playing an Aria IGB 50/5 or an Essex P into a Behringer BX3000T into an Avatar 2x12. It works just fine for me actually, I am perfectly content with my amp rig. I just want a Musicman sound, and I love the Bongos I have paid.
    I would not actually be paying down a loan guys, I would just be not taking out the loan that is scheduled to be disbersed in a few weeks. The problem I am worried about is if I decline the loan, then the school will think I need less in the way of financial aid, and then reduce it even further.
  12. buddahbass


    Dec 22, 2004
    Pittsburgh, PA
    buy the bass on credit. then consolidate your loans and credit debt. then you only have one payment a month and you save on interest. that way you can have your cake and eat it too! ;)
  13. Bryan R. Tyler

    Bryan R. Tyler TalkBass: Usurping My Practice Time Since 2002 Staff Member Administrator Gold Supporting Member

    May 3, 2002
    I'd say "pay the debt off".....except I've purchased at least three basses since graduating college and I still owe $7000 worth of loans...:meh:
  14. Brendan


    Jun 18, 2000
    Austin, TX
    Pay the loans.

    Of course, my family is allergic to debt (my mother has never missed a credit card payment. Ever.), so we avoid it like it was the plague it tends to be.

    On the other hand, if you're good with money, debt is something you can deal with. Some people are terrible with finances, and suddenly a little debt is a huge problem due to poor decisions and money sense.
  15. Josh Ryan

    Josh Ryan - that dog won't hunt, Monsignor. Staff Member Supporting Member

    Mar 24, 2001
    1) less debt is always good. There is no debate, question, or anmbiguity there.

    OTOH, sometimes, if you are responsible, it can be ok to get a little debt. also, IIRC student loans are interest free untik youare out of school. can you pay off the bongo by then? 1K is not an insane amount of money here, so if you can deal with it I'd see no really huge problem. not the wisest choice, but nobody's perfect. :D
  16. Brendan


    Jun 18, 2000
    Austin, TX
    So close, yet so far.
  17. HeavyDuty

    HeavyDuty Supporting Curmudgeon Staff Member Gold Supporting Member

    Jun 26, 2000
    Suburban Chicago, IL
    Er, having a credit score in the top 2% doesn't count for anything, eh?
  18. Josh Ryan

    Josh Ryan - that dog won't hunt, Monsignor. Staff Member Supporting Member

    Mar 24, 2001
    You nit pick a lot for a guy who likes 36 crazy fists.
  19. Brendan


    Jun 18, 2000
    Austin, TX
    Your walkin' shoes look a lot like your typing shoes.
  20. It boils down to a philosphocial choice. The first option is "buy now, pay later" which of course is the mantra of the retail industry and the credit sharks. Then there's the other option, which if I remember my sociology, is called "deferred gratification". Instead of a pretty bass now, wait until I can pay cash and get a prettier bass AND an amp!

    Some people are responsible enough to handle a small debt load, and keep a small debt load. More power to them. But it's easy to let the debts build up, and like excess Christmas fat around the waistline, hard to shed once it's accumulated.

    So I have chosen the "deferred gratification" approach. Some people think I'm insane. Of course, they're usually the ones who are broke at the end of the month.