My New Bedroom Set!

[sillyitiliangrl]

Originally Posted by Lynsey

That is a beautiful bed set, sorry you had to cancel your order but all for good reason. Can you get a regular mattress in the meantime and use the waterbed frame as your bedframe?

You can also try using an air mattress rather than the waterbed, my back actualy preferrs them, so much so I bought that specail airmattress from the TV where you can adjust each side of the bed!

But I slept on one of those cheapy air mattresses for 3 years in college, since teh mattresses they provided were so bad!

 

[sarahp]

Wow it's gorgeous! And it must be so rewarding knowing how you've saved so well to get it

 

[GoldyCat]

Originally Posted by Natalie_ca

I have no idea how I'm going to re-establish my credit if I can't stand to owe anyone any money. You have to incur a debt, even a small one in order to establish credit.

You really don't have to go into debt to re-establish your credit, just be smart about the way you use credit cards. Always make sure that you already have the money in the bank first, then charge things on your card and pay it off immediately. You'll never have the pay interest that way and your credit report will show that you always pay on time. Also, try not to charge more than 10-15% of your available credit. Your credit scores will go up a lot faster if you aren't maxed out on your cards.

 

[natalie_ca]

Originally Posted by Lynsey

That is a beautiful bed set, sorry you had to cancel your order but all for good reason. Can you get a regular mattress in the meantime and use the waterbed frame as your bedframe?

I didn't have to cancel the order, but I decided to because I am not ready to carry a debt right now. The thought of owing someone money gave me a very anxious feeling.

I like being debt free, but I know in this world you do need a credit rating, whether you have a debt load or not. Even to apply to rent an apartment they check your credit these days.

So I know I need to have some debt in order to rebuild my credit, but at the same time being in debt even a little bit, just totally freaks me out!

One of the girls I work with sells Avon and when my order comes in I run down to the banking machine to get money to give to her immediately. One time I didn't have time and it bothered me for 3 days until I next saw her that I owed her $42.00 for my order.

 

[natalie_ca]

Originally Posted by sillyitiliangrl

You can also try using an air mattress rather than the waterbed, my back actualy preferrs them, so much so I bought that specail airmattress from the TV where you can adjust each side of the bed!

But I slept on one of those cheapy air mattresses for 3 years in college, since teh mattresses they provided were so bad!

You can actually put a regular mattress into a water bed frame. However, it's not only the water bed itself that is causing me problems, but also the side frames and the actual height of the bed. Water beds tend to be low. And because of the side frames you can't really sit on the side of a water bed so when I get into and out of bed I have to put strain on my arms, which is causing me shoulder and elbow pain. So I definitely need a regular bed because there are no wooden side frames and the beds are typically higher.

My water bed is ok for my lower back, it's my upper one and neck that is bothered. I'm top heavy so when I get into bed my upper body sinks into the bed more than the lower part, so it's also uncomfortable and probably contributing to my sleep apnea.

 

[snake_lady]

Originally Posted by Natalie_ca

I like being debt free, but I know in this world you do need a credit rating, whether you have a debt load or not. Even to apply to rent an apartment they check your credit these days.

So I know I need to have some debt in order to rebuild my credit, but at the same time being in debt even a little bit, just totally freaks me out!

I understand the long term debt, like in this case, having to make monthly payments. But...

as far as a credit card goes, I don't count it as debt IF you pay it off every month

We have one card in particular that we use for everything.... (living expenses/groceries/vets/gas/etc) and pay it off in full every month.

Would you still feel like you were in debt doing it that way? (paying a card off every month if you used it)

 

[natalie_ca]

Originally Posted by Snake_Lady

I understand the long term debt, like in this case, having to make monthly payments. But...

as far as a credit card goes, I don't count it as debt IF you pay it off every month

We have one card in particular that we use for everything.... (living expenses/groceries/vets/gas/etc) and pay it off in full every month.

Would you still feel like you were in debt doing it that way? (paying a card off every month if you used it)

To be honest? I don't trust myself with a credit card. My intentions always start out very well, and for a period of time I follow through. But it's been my experience (maybe this time would be different though), that eventually I get lazy or complacent and paying in full at the end of the month falls by the wayside.

A large portion of the debt I wrote off with bankruptcy was consumer debt. Mostly interest from having been only able to make minimum payments on a large balance; much of it incurred while I was off work on disability before I started to get my disability income and I had to live off of credit cards for nearly 6 months.

Given how I feel about debt now, I don't think that would happen again. But right now I really am not interested in getting a credit card.

When I need to buy something via electronic means I use those gift cards, PayPal or use a bank money order instead. I don't even like to write cheques because the funds aren't taken from my account immediately and I hate not seeing an up-to-date balance when I look at my accounts. When I make a purchase in person I tend to use my bank debit card. However, I don't even usually carry my bank debit card with me when I go out. I usually only bring a certain amount of cash with me for emergencies such as taxi fare.

I could easily get one of those secured credit cards where you give a sizable deposit ($500 or $1,000) and after so many months of being on time with your payments they return the deposit to you. Or I could get a prepaid credit card (which doesn't help build credit). But neither appeal to me right now. Even though it's not always convenient, I do like paying for things in cash.

I've decided what I'm going to do about my bedroom! I called my bank this morning and asked them to lower my biweekly transfers to my RRSP account. I was playing catch up and socking in money into it since I've been back to work. I'm having them transfer a certain sum each payday to another account. In a few months I'll be able to pay cash for that bedroom set. However, what I'll do at that point is once again apply for financing.

Their terms are that if you pay for it within 90 days you don't have to pay interest. If I have the entire funds in my bank account but go ahead with the financing, if I get the heebie jeebies about being in debt, I can give them the money. I guess that would be the same as having a credit card and paying it off at the end of the month. But unlike a credit card, once the loan account is paid, it's done; no being able to reuse that credit limit like you do a credit card. So this way I get financing on my own, the bedroom that I want, no interest and a favourable report on my credit record!

Then I could do it again for a dining set.

I think also that a large part of my anxiety was the interest. Because I currently have an R9 credit I am considered high risk even though I make a good income and have zero debt. Personally I think that would make me a low risk candidate. But I don't make the rules. Anyway, if you are a high risk candidate they obviously charge you a higher interest. So if I were to pay that furniture loan over the 18 months, with the compounded interest I was going to be paying about 50% of the retail price in interest. That didn't sit well with me either.

My sister-in-law is excellent with budgets and we have discussed this. She offered to co-sign a loan for me if I wanted to go elsewhere to buy my bedroom. If she co-signed the interest would be lower. But I want to do this on my own and not have to have someone put up their credit on my behalf.

So I'm tightening up my budget belt and saving, saving, saving!

Today I get one purchase that I've been wanting to make out of the way: my air conditioner. That was a goal I set out for myself this summer and have met. Next is the bedroom.

 

[psjauntie]

Good for you not wanting to go into debt!!! Glad you were able to get the A/C

You will get the bedroom set when the time is right. Keep up the good work. The bedroom set is beautiful!! I have actually looked at the same set