[Closed] Debt through MTB?

non ever.

None.

I only spend what I can afford at the time.

I remember being about 15 and seeing all the adverts for £3000+ bikes on finance and thinking how easy it would be... 😆

If only.

And no, I'll only get stuff that I can afford to pay for outright.

Nil. I last bought a whole bike in 2003 and I drip feed my habit and value riding over kit.

None myself.

But one of my mates once took a loan out for £1500 to build a new bike up. Bought a Cove Stifee, had some wheels built up Hope hubs on Mavic rims. Then bought some Sids which were going cheap (yeah, I know, Sids on a Stifee WTF??????). Then ran out of money for other bits and ended up swapping the lot for a Japanese import PSP (which had just come out, but still).

[img] [/img]
[b]WORST DEAL EVER![/b]

my C456 frame was put onto a 0% card along with lots of stuff for renovating my flat but I have easily paid that amount off. Other than that I only buy it if I have the money for it.

The best way I found is to sell stuff and leave the money in paypal. Then buy stuff using paypal. A lot of my kit is off the classifieds here or off CRC who take paypal. Anything I buy in local shops is with the debit card or cash if under £20 and obviously always use cash at the bike jumble.

So none as my only item is paid off. I have enough stress over money for my main hobby to add to it.

Lol

I earn a decent quarterly bonus, performance related which doubles my wage. I should pay it off next bonus but generally let it sit on my credit card.  I've not bought anything bike related for some time but I find it's always something else the family need more than getting around to paying the card off - bad money sense I know - just been honest

A few months i will have paid of the cyclescheme for my bike. I would get another on 0% finance. Would only really do that for something the i will have for a few years rather than a holiday with is transient.

Would never ever buy on a credit card, been there done it and fortunatly have never used one for 3 years now!!

I earn a decent quarterly bonus, performance related which doubles my wage.

So its YOU is it?

..not gonna give that bonus to charidee then?

no wonder the world is going down the pan, call the daily mail etc.

£700 was the max. Built up my collections through earnings. Used to buy and sell stuff on SDH. Really stepped up when I managed to buy a Kona Stinky with 50% off. Stripped it and sold most stuff apart from the frame.

Bought a trek session 7 a few years back on 0% finance,

But since them I've bought the odd frame on credit card and paid it back payday.

I now just buy when I can afford and have done for a few years. I won't use a credit card or finance again but only out of choice.

I think if you are realistic and can afford the repayments then go for it.

I earn a decent quarterly bonus, performance related which doubles my wage.

bad money sense I know

If it wasn't for the fact that your bonus is performance related I'd say you were a banker. Oh and you also claim to be honest so I suppose that rules it out as well.

I've never borrowed to buy a bike and never would.

None - if I can't pay for it, I don't buy it.

The only debt we have is the mortgage - and aiming to get a chunk of that paid off in the next few years.

None - if I can't pay for it, I don't buy it.

The only debt we have is the mortgage - and aiming to get a chunk of that paid off in the next few years.

Occasional short-term... Bought the DH bike on credit, took a couple of months to pay for it, stuff like that.

2006 - bought some Marz 66 RC2X forks for £500 on a credit card when I didn't have the cash and was unemployed 😀 - no regrets as they are the single greatest thing I have ever bought - still going strong now.

Nope, only ever bought cash / what I have in bank after spends on household.

I was about to say getting into debt on MTB was mental as you can have good fun on a £300 bike if you have to.

Then I remembered my first proper bike was a Univega I got in 1999 with my first student loan for £500. Haven't paid any of it off yet......

So yes, I am in MTB debt.

Bought a couple on 0%, Meta 55 XT and Stumpy Elite for the wife. Both paid off fine, can't see the harm in it really unless you're hugely worried about your job prospects, both bikes long outlasted the finance.

It's like saving up, in reverse.

Buying a mobile phone contract is much the same, you're buying a phone on credit and getting a contract you could get for much less in the deal.

No, cash only or paypal from old bits. I don't like to spend on bike parts it gives me zero pleasure.
Plus I don't have credit cards.

I'm pretty determined to campaign the '50 quid bike' all this year, including a series of XC and possibly another 24 solo.

Edit, that said I do really fancy a special steel road build, but that's more to do with owning nice stuff which means nothing when youre on the road.

Never been in debt for biking, but if I didn't have a decent income I can imagine I might be.

I wonder if any of the other 'no' posters above have a car loan though? I'd rather owe on my bike personally. It's far more important to me.

brakes - I like your honesty 😆

None

No car loan either - no car

Did when I first got into MTB in the mid/late-90s. Had just got my first teaching job so figured I could pay back stuff bought on CC pretty easily.

Was right - on the whole...

Now I only buy what I have cash for at the end (or middle if I'm honest and got the GAS) of the month.

slainte 🙂 rob

It comes and goes. The habit tends to balance out eventually but unfortunately I struggle to resist a bargain.

Bike debt, not so much. Boat debt, oh yes. It's a liveaboard, not a big boy's toy. Hopefully it'll be snapped up this week!

First bike - 1992 Kona Fire Mountain bought on credit £450
Second bike - 1996 Orange P7 bought with most of a student loan (the rest went on lights) £750
Third bike - £2700 2001 Pace RC200 bought with redundancy money from a job (all of it)

After that it all gets a bit hazy, but it was all actual spending money 🙂

Yes. Why not, when 0%deals are around. You can have it now and either pay later or put the money to better use, eg pay off the mortgage. Sod the holier than thou mentality, just get what you want, you're a long time dead

Used a credit card to buy big item like a frame, but always paid off within a few weeks, usually after selling stuff. Tend to only buy components, & S/H at that. Debating buying a new frame at the moment, so would probably use a card in liue of selling the old one. Would never buy a new bike complete. I'm too tight. 🙂

I only spend what I can afford at the time.

This. Applies to cars too. And pretty much everything else apart from my house.

If you've got debts through buying bikes and now have problems paying said debts then.....listen to my story..

I Bought an unfashionable 2008 Rocky Mountain Vertex frame NEW in really nice green from a shop that was going tits up receivership on ebay and splitting their display bikes.. so they split the bike and sold me the frame for £150. or you money freaks, that's a £750 frame for £150 brand new!

I then bought some pretty much brand new 07 rebas from classifieds for £150.

That's £300 for a brilliant XC F&F with say £400 for loads of top spec 2nd hand bits.
so with bits off my old bike that's a top quality bike of its type for £600 rather than £1500. pretty much newish.

That's not on credit. That's on cash. spent when available. to own and ride a decent quality bike that'll get me loads of laughs on the best of North Wales. and If I can do it. you lot can do it. Just need to know what to look for 🙂 Credit cards are for people who don't know how to control themselves. That's where the problem lies.

We bought 2 more houses in july 2003 and stuck about 60k on 0% credit cards (remember those days) 40k for the deposit on one house 18k for bits on bobs. And 2k on my first sc bullit with some long travel marz forks.

Didn't have any kids, I was employed full time and ran the letting for a mates 35 houses in the eves weekends ( which more than doubled my wages), wife was fully employed and at the time we had 2 student houses.

Paid off the 60k in a year, didn't pay a penny of interest.

We still use debt all the time to solve short term cashflow, last year I bought the tr450 and the covert at the same time all on 0% cards, all paid for now. Debt isn't as morally ambiguous as you might think..

Does bike-2-work scheme count?

Yes got my current bike £1.6k on 0% now, pay lots of interest later. No reason not to use credit if you can afford it. It frees up cash flow for other things.

We also buy plenty of things on 0% credit cards. Why wait and save up for things when you can get them now and be using them and pay them off over the time you would otherwise be saving..

Mountain bikes are toys. Get into debt buying toys? No.

Bought my road bike with my credit card to pay off over 3 months. Other than that no.

No debts for anything, house was the only thingbut thats done now. Have a feeling we should be using our spare cash far more wisely.

Biking isn't a bad thing to get into debt for.

Credit cards are for people who don't know how to control themselves. That's where the problem lies

I'd say it's the other way round - credit cards are for people who can control themselves, and that's where the problem lies 🙂

I only ever buy stuff when I have the cash, though that wouldn't stop me then buying something on a 0% card and getting interest on the cash I've got.. etc.....

As per most, never get into debt to buy anything apart from mortgages for house. The thought of getting into credit card debt for bike related parts is insane.

Credit cards are for people who don't know how to control themselves. That's where the problem lies

I got a credit card for the first time last year. I use it when i buy anything online, and clear it at the end of the month. The next bike-related purchases i make will doubtless be on there.

If i'm ever to get a motrgage in the future, then i need to build some kind of credit history....

I admit to buying a SC Butcher frame on 0% finance over 12 months, only a few months to go now.....better than putting it on my credit card!

The thought of getting into credit card debt for bike related parts is insane.

So a 0% over 12 months on purchases card is used to buy a 5k bike. I keep my 5k in the bank and either use it against my offset mortgage (at about 3%) or earn 3.1% in my savings account. Thats 150 quid. Doesn't seem insane to me.

And the credit card gives you some protection too.

glitchy double post

Credit cards are for people who don't know how to control themselves. That's where the problem lies

And for people who now how to use them.

The thought of getting into credit card debt for bike related parts is insane.

Even if it is just for protection of purchasing online its worth it,

EDIT: was going to say something along the lines of toys19

I bought a Giant29er in Sept and a Bionicon this month.....

Enough debt is the answer :)....

Or... more than the wife thinks 🙂

All oh so sensible. Am I the only one who uses their CC to buy stuff they can't afford?