Do you have credit card debt from buying Leica gear?

[pizzahut88]

I am suddenly interested to know.
Was at the store yesterday, looking at the M8.

The guy told me, hey, don't think about the price,
if you have this XXX brand of credit card,
they are now running a 12 month interest free instalment program.

Naturally I asked . . . does a lot of Leica [or other camera stuff] buyers do it?

Oh sure . . .

So I wonder how wide spread this is . . . hence this post.

On the other side, my high school economics teacher taugh me well,
zero card debt, spend cash . . .
doesn't it look better to keep a fat wad of notes in your wallet than a bunch of cards?

Except when you are getting mugged.

 

[Keith]

My M8 was definitely sponsored by Visa ...I tell myself "Hey think how much you're saving on film!"

Except since buying the M8 I seem to be shooting more film than before ... strange but true! 😀

 

[pizzahut88]

Yes,

Yes,

My M8 was definitely sponsored by Visa ...I tell myself "Hey think how much you're saving on film!"

Except since buying the M8 I seem to be shooting more film than before ... strange but true! 😀

That visa instalment interest free thing was extremely tempting . . .
Had it been 36 months instead of 12 . . . I might have gone for it.

Then there was the lingering question,
when my wife gets to the card statement first in the mail & ask
Honey what is that sum?
Don't we have a mortgage.

I will be more than dead.

Won't see her smile in my photos for a long time.

 

[FrankS]

No. I only buy, or tade, used Leica.

 

[pvdhaar]

Even if you have a debt at 0% interest, it's still a sort of black hole that has to be filled with money..

 

[alexz]

Frankly, I cannot imagine making a debt (even interest-free) for someting that isn't
life -essential, unless probably I wouldn't have family with children. In Israel it is quite popular trend to by cars taking credits (or CC debt + a loan) if there is no cash available. I always used to be against this habit, I'm trying to stay clear of any debts only probably for something that will happent to be essential to keep my family afloat (thanks to God never encountered such situations, hoping never will do...knocking noto wood....)

 

[ClaremontPhoto]

I wait until I can pay cash, or I don't buy at all.

Even in the supermarket I see people paying for their food shopping with a credit card. And the very same day in the newspaper there is a report of the average credit card debt per person.

Sure I'd like a Zeiss Ikon, but that will wait until I can pay for it upfront.

 

[FrankS]

There is a real benefit to paying daily expenses with a credit card (due to incentive programs) IF and only if, the balance can be paid in full each month.

 

[lubitel]

wether its credit or cash, I just dont buy things I can't afford.

 

[laptoprob]

So we are very different from the global majority? Sensible but strange...

 

[IGMeanwell]

Not specifically Leica gear

if you are a student/former student in the 21st century in the US, trying to make a living, and also supporting photography (also doing some paid work on the side)

Especially in the private institutions that make up the higher education in the US, you accumulate debt whether you like it or not

I admit credit has been used to finance some of my photo/lighting gear. you just have to be smart about keeping the interest down 😉

 

[migtex]

Nope, no way.
If I can not pay for it.. I wait until I can... (never could do much savings anyway).. the only credit I use is .. the mortgage because here you have to.
In general I run from credit like the plague....

 

[Tom Harrell]

The only way I use the Visa is if I am out and don't have the cash on me. I'll use it then to buy the "much wanted item" but only because I am going to pay the Visa off when I get the statement. Buying an M8 would do my system in. I'd have to resort to some other method of paying for the camera. I'm afraid that as much as I love photography that there are other things I want and need much worse than an M8. But there was a time when I probably wouldn't have hesitated after all I do have a Hassy SWC and a 500CM. I didn't buy them new but they weren't cheap either.

Tom

 

[nightlight]

I almost always make all my purchases using my credit card, just because my credit card provider gives an additional insurance against damage or loss on all purchased goods.

Also in this day and age, I'd rather have my credit card swiped rather than my debit card which contains info of my bank account. I've heard too many times of people getting their electronic debit card replicated and getting money out of their bank accounts (even if it's usually small sums).

A credit card sometimes has a better fraud protection system in place and if there are frauds, the bad guys are getting access to a credit fund instead of "live" funds. That's just my way of seeing it though.

The key thing is to *always* pay the full balance when the statement comes, so I do not over-spend on the card.

 

[iml]

I use my credit card, but I only buy things I can pay for in full. Seems completely daft to me to get into debt in pursuit of cameras.

Ian

 

[MartinP]

Credit-cards can be very useful. For example, a while ago I was touring by motorcycle and had a catastrophic failure of an engine part - the credit card got me the time (in terms of accomodation & workshop) and the parts to fix that then continue my holiday. But here I would say "credit" means a cash-advance which you pay back at the end of the month, and it is generally run like that by the bank. An open-ended, more or less "huge" credit card balance is not something to help the customer, it is something designed to help the bank profits....

 

[Krosya]

I ONLY use credit card - many reasons - convinience, protection and possibility to buy things that I may and may not afford paying cash for. Even if it does take me 2-3 months to pay for it (not even just camera stuff), if I want something bad enough, I'd get it on CC. I fully understand that I'll pay some interest for this - and it's Ok for me - cause I get to enjoy whatever item NOW and not wait till I get the money. Plus I don't go overboard. But if there is something I know I will enjoy - I don't think twice. After all - money is just that - money - can't take it with you when you are dead. Plus most of us pay monthly for cars and other large items - well CC is the same thing dor dayly things. I do try to have my balance paid off monthly, but if not - I don't stress about it, I just adjust my budget for next month. After all, I don't buy Leica M8 every month to put me in debt. I never even got one of those, - I don't feel the need or much od a desire for it. What I have is enough. Anyway, to explain my thinking I have a short story. And it's close to home enough to make me do things the way I do.
I had an uncle, who was a VP of a very large USA company. He worked very hard to get to that position and when he got it - even harder to keep it. He made pretty good money. WHile they put their kids through good schools, they really never had time to take many vacations or even enjoy thier hobbies. They had a nice home and fancy cars though, but all the extra money was carefully put away. The plan was - to make as much money as possible, retire early and THAN enjoy their life - travel, spend time on ther hobbies, etc. Well, everything went according to a plan - he nade good money, retired at 42 with no reasons to worry about any money. And a year later .........he was diagnosed with cancer. After another hard year, filled with all sorts of medical procedures and treatments, he died.
All that work, all that money saved, all the years of denying themselves of things they wanted - all for nothing.
I learned my lesson - live and enjoy life today, as you may not have a tomorrow.

 

[kshapero]

For Shalom Bayis purposes (Hebrew meaning, peace in the home), all my photo rig buy and sells go thru my Paypal account. It is its own world. The postive balance of $873 is driving me crazy. GAS Attack coming!

 

[MartinP]

Akiva, that is actually a very good plan ! 🙂

 

[Ara Ghajanian]

Wait, ignore my post in your M6 or RD-1 thread. I wrote it before I read this post.

Surprisingly, I've always bought Leica gear with cash saved. In the past I had a fair amount of credit card debt from buying camera or musical gear. Now I only have an American Express card that I have to pay off every month.

If you don't mind me saying, you're having a serious gas attack. You don't need digital, you just need to be inspired. I think you're falling into the trap of "new digital camera will make me want to shoot more." Fight it.