Do you have credit card debt from buying Leica gear?

Do you have credit card debt from buying Leica gear?

  • Yes

    Votes: 30 23.3%

  • No

    Votes: 99 76.7%
  • Total voters
    129
  • Poll closed .
Much like Akiva,

Much like Akiva,

my plan involves turning my camera sales into camera toys. I started a couple of years ago, and have finally purchased the set-up I set out to aquire: one nice digital (though no M8, for sure) and a classic LTM. One can only shoot one at a time anyway, though possible to carry more. It took more than 200 eB*y transactions, and much time refinishing wooden view cameras, and cleaning up more desireable P&S 35's for resale.

All that being said, when I had the money transfered from my Paypal account to my checking.....an unexpected trip to the dentist for my son basicly gutted the camera funds :bang: . The purchases were made anyway, thanks to a clear CC. The credit will be paid off on first billing from savings, so as not to pay interest, but thankfully had the stash to do so. Many folks don't! I consider myself VERY fortunate!
 
Akiva, Shalom Bayis ? Xmm, something I expected to learn in Hebrew ? 😉 probaly indeed a hole in my Hebrew skills...😀
Anyway, even though I do not regard debt at all (unless for urgent, life-essential issues, not my case thanks to God...), I do apperciate and regularily use my CC. Actually, having two identical Visa CC cards (me and my wife) and using them routinely for our daily stuff (grocery, weekly supplies, whatever family needs) offers one huge convenience. In fact, I don't remember us lugging any large cash in the wallet during our last 10 years, just a small change here and there....
Having said that, we never consider making into debt be it though CC or not for something that can be regarded as luxury (and hobbies definitely falls under that definition). Our principle (and I believe we share one with most rational people), if any non-essential purchase is to be funded by debt - this is luxury and must not be approached until we either can afford it without painful consequences or must be put aside into dream category (or better just forget about it). 95% of our monthly supply is paid through oru CCs, but we strive to refrain from spending more then we're able to cover in next payment, most certainly no more then about 60% of our monthly income (often less).
Obviously, top Leica glass is luring, a high quality jewelery lure my wife no less, a better house is desirable, etc....but untless we can really afford these - we just enjoy with what we have at hand now.

So that CC habits doesn't necessary mean falling into debts, but rather a matter of convenience (and obviously security).
 
pizzahut88 said:
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.
Click to expand...

That's how I bought my M8. My cardinal rule is I never buy anything I couldn't pay cash for, but if someone lets me use their money for free for a year, well it's wrong to look a gift horse in the mouth 😉 I'll make the minimum payments throughout the year so as to maximize the benefit, then when the promotional period is up I'll either pay the balance off or do a balance-transfer to another card with a 0% promotion if one comes up.

What you have to watch out for is that some so-called 0%-interest cards charge 3% up front for balance transfers! The card I used for the M8 is 0% for 12 months on purchases.
 
Hey Akiva and all... for shalom bayit [Hebrew for peace in the home], I didn't even tell my wife about the nearly $300- for a red dial IIIf. BUT, in recent months, I've been moving stuff out, as well. It's only in the past few days that my PalPal balance is '0.'
 
I think the following rule is a good addition to the #1 rule of paying-off credit card balance in full:

"The first month you have more than 0 balance on a specific credit card after you paid it, the card goes to the shredder, regardless the amount of interests"

This way we still can use credit cards that give us back 1% for all purchases (or other similar benefits) and know when to stop using it.
 
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I do things through paypal like akiva presently; but there was a time the acquisitive demon had me by the throat: and the joke is that that beast did nothing to help my images! Here is what I have done in the last year: I have only bought used gear to keep prices down. I have sold off a bunch of stuff that I did not use regularly. I don't spend any time glancing through ebay, as I know my limits to the passion of acquisitiveness. I have only bought one camera body brand new which I did through paypal -- after, selling off one of my M bodies -- though I did put a few hundred on my card to pay the difference. I have simplified my M system down to 4 lenses and 2 bodies. Money is tight in my house but I have little to complain about, as I have a wonderful family; I have taught myself to be content with the equipment I have. Nowadays I find I can just get out and enjoy taking shots without always 'wanting' this or that.

It can be a tough cycle to break.

Sincerely, Thomas
 
I live in a pretty remote region of the US- hence no camera stores. When I want something, I save for it, buy it over the internet with Visa, then pay it off the next biling cycle. I'm already madly squirilling money away for the D3 when it's available.
 
nightlight said:
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.
Click to expand...
Totally agree. I use AMEX Blue Cash rewards card for everything. 5 percent back on gas, supermarket, drugstores. 1.5 percent back on everything else. No monthly rewards limit. No annual fee. I pay in full at the end of the month and never carry a balance. And at the end of the year you get a nice record of where your money went and that is handy for doing your taxes. For me, when I have cash in my wallet it is harder to keep track of where it goes -- a cup of coffee here, lunch there, etc.

And gear is always paid in full after using my AMEX card. I get some buyers protection too.
 
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pizzahut88 said:
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.
Click to expand...

At the price M8's are going, Leica authorized dealers should start LEASING them, as car dealers do cars.

Can you imagine: Leica Certified Pre-Owned Cameras in the near future. With where prices are going, I can!
 
It is frightening if it is right that 28% of us borrow money to buy something as prosaic as camera equipment. I say to you; stop!

Sure, I never carry cash around an do all my shopping, from petrol, food, snacks, taxi fare, restaurant dinners, even when buying camera equipment through one of several credit cards I have. But I check the bills and pay them every month in such a fashion that I technically, by the end of the month, I am debt free.

Sure. I still have a small morgage on my house, even though I have savings enough to pay it down. I even have a morgage on my car. But both morgages are more tax reduction related. I have positive fortune in the range often mentioned about us norwegians.

A thumb rule; take up a loan to finance something with a good possibility to increase in price. - As such, my car finance sceam is out-of-this-world idiotic, - but is tax reduction motivated. So: Do as I say, don't do as I do.

But it hasn't allways been a wealthy middle aged businessman. Once I was a single bacholor with a meager income - compared to urgent needs all around. - I was broke, always. It took me many years to get out of. So heed my warning:

Don't credit-buy camera equipment! It is not only stupid. It is dangerous.

I live in a country with a high consumer protection within credit financing. A credit company cannot squeeze more debt down the throat of, say, as one here who had a credit card debt of 5K $ and an yearly income of 35 K $.

In the US there does not seem to be a limit to the credit card companie's greed. And political backing. So, my warning goes particularly to you; americans, but also to young people in some of the Tiger Economies of the Far East, like Singapore, Hong kong, Thailand, Malaysia etc. Stay out of expensive credit card debt!

Fix'in people up with an unpayable credit card debt is the new form of slavery. You don't want to end up the modern day's Kunta Kinte, do you?
 
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Like others have mentioned I make almost all my purchases with credit cards. The extra insurance and incentives makes it worth it. I have never carried a balance. I'm no accountant but I have a pretty good idea of what I earn and what I spend. If I can't afford something a credit card doesn't tempt me into buying it, I simply wait until the money is in the bank, then put it on my card.
I've never been able to understand how people get into spending beyond their means.
 
Tom Harrell said:
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
Click to expand...

With your SWC and a 500 CM you have capabilities to take far better pictures than with any M8. Dont worry. Not even any analogue Leica with the best Leica 21 mm lense can match the SWC. It is the best camera in the world.
 
Krosya has the right idea......

Krosya has the right idea......

enjoy life today!!! I do use a credit card, but do not spend beyond my means.
 
Well, with 26% of us saying they do use credit card debt to finance camera equipment, and all of the posts coming from the 73% who don't, it would be nice to here a few words from the GASaholics who feel they must go into debt to finance their "habit". Go ahead, Say something, we won't kick you! 🙂

/T
 
Oh, yes, credit card debt, line of credit debt. But I'm stopping this year. No more gear. Only film. And processing.

And I might even sell some of my gear.

Vick
 
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