Financing Gaming Rigs

[eyusuf]

These days gaming rigs can be quite pricey. Do you think its ok to take a bank loan to finance it? (From a purely moral perspective).

Edited February 7, 2014 by eyusuf

[159th_Viper]

Intercept a SBV van :D

[BIGNEWY]

Only you can answer that question.

 

I live on a very tight budget and will not take any credit.

 

Save hard for the things you want in life, they mean more to you when you get them :)

[AlphaOneSix]

This advice is not always easy to follow, but I follow it myself:

 

If what you are buying does not:

 

1. Make money for you (e.g. something for your business),

2. Typically bring in more money than the initial cost (e.g. a house, normally), or

3. Absolutely required in the furtherance of #1 or #2 (e.g. a car), although even this one should be in cash if at all possible.

 

Anything else, save up and buy in cash. Especially on "low end" items (cost-wise, compared to houses), like a computer, after the interest rate on the loan is factored in, you are seriously overpaying for something that will be essentially worthless in a few years.

 

It's always the most painful the first time, but save up for a good rig and buy it in cash. Then immediately start saving for your next one, so you can buy it in cash, too...etc.

[MegOhm_SD]

Personal decision...comes down priorities and how bad you want it. Buying things on time is common place. After all, we are the "want it now" generation. Just be sure to pay ontime or early and knock it out.

[danilop]

This ongoing global crisis in the western world started when millions started to default on irrational loans.

 

So no, don't do it. It's bad for you and it's bad in the grand scheme of things.

 

Start saving. Old school cash buying. Be free.

 

As stated, get loan for capital things in life, like house, car or starting business

Edited February 7, 2014 by danilop

[Esac_mirmidon]

Yes be free.

 

Loan 250.000 dollars buying a house makes you free. Pay it the next 30 years. Or be lucky enough to sell it for more after. Very lucky this days.

 

But loan 600 dollars for a PC is gonna make you a financial slave.

 

 

Sometimes i really doubt about common sense. I´m only jocking, please don´t take my comments very serious.

[danilop]

Well, you don't have to take loan for house if you have 200-500.000 in whatever major currency lying around. ... or save for next 30 years or so (plus rent) before purchase .. or take a loan like most ... :)

 

600-1000 is relatively easy and doable saving ... and most important, it teaches you financial discipline and responsibility.

Edited February 7, 2014 by danilop

[Esac_mirmidon]

But it hurts a lot waiting so much, saving for things you really like a lot.

[mr_mojo97]

Depends if you can afford the repayments. Really, I've no problem putting stuff on my credit card even though I can afford what I'm buying! Or even getting a loan to buy something that you want - as long as you know you can afford to pay it back then there's no problem. Getting a 0% interest credit card is better than a loan. I'm not advocating getting into debt here, but only you know how your finances are are whether or not it's advisable. But I don't see where morals come into it to be honest. There's no right or wrong answer

[tobaschi]

if you work to pay bank loans, you are in chains and not a free man,. so .. dont take a loan : ) save your money till you can buy it

[danilop]

But it hurts a lot waiting so much, saving for things you really like a lot.

 

That's the discipline part ... it hurts, until you get it!

[159th_Viper]

I purchased a 46" 3D TV a couple months back. Placed the order, paid and waited for delivery. A week after placing the order the Company was placed under administration. Needless to say the TV never even left the depot. Why? They had no stock to begin with but they had my funds.......

 

It was a shite-load of money. Yes, I could have bought it for cash.

 

Did I?

 

Thank goodness no.

 

Had I bought it for cash I would have lost everything by virtue of my status as an unsecured creditor. Thanks to Section 75 (UK peeps will know what I'm talking about) I managed to get my entire purchase-price back from the Credit Card Company, no questions asked.

 

So yes, even though I can, any purchase above 100GBP goes straight on the CC until everything is done and dusted. Taking no chances - sometimes cash is not the better option: Would have given me a fcukin' huge headache had I done so.

[Esac_mirmidon]

Totally agree.

[AlphaOneSix]

I should rephrase, I said use cash, but in reality, I use a credit card for everything. And I mean *everything*. However, I pay the credit card off every month. So I use it like cash, but I receive the consumer protections afforded me by the credit card company, which are very good.

[cichlidfan]

I should rephrase, I said use cash, but in reality, I use a credit card for everything. And I mean *everything*. However, I pay the credit card off every month. So I use it like cash, but I receive the consumer protections afforded me by the credit card company, which are very good.

 

Exactly the same here. Buyer protection, extended warranties, etc. all quite valuable bonuses of the credit card without actually paying interest on the purchases.

[Lucifah]

Same here. Credit card gives you the protection mentioned, plus some other benefits (for some cards anyway; like included travel insurance, rewards schemes and what not)

 

But to return to the question: taking up a loan for a PC is a big no-no for me personally. In 24 months your rig isn't worth half of what it is now, and even less in comparison to the interest they charge you on top of it. The interest rates on shorter term loans are even worse usually.

 

Follow the advice somebody else gave earlier: pay cash (or by credit card). If you can't afford it, borrow money from a friend or family member (usually interest free). That also gives extra incentive for paying back quickly! :)

[eyusuf]

.... But I don't see where morals come into it to be honest. There's no right or wrong answer

 

 

 

 

 

Perhaps you can take a look at this well heeled fellow's anti-Banker dance, which I quite enjoyed by the way (it's worth watching - just exercise caution if you decide to buy gold from him - the international bankers have a monopoly on that commodity) and then if I could kindly ask all to address the 'morality' part of my question as concerns credit or a bank loan.

Edited February 7, 2014 by eyusuf

[danilop]

If you guys use credit card like debit, it's not loan - it's cash! :) You're good to go!

[cichlidfan]

As said, it is not a moral issue.

[Foul Ole Ron]

I wouldn't get a bank loan - a 24 month loan from a bank for say 1500 EUR would cost you about 15%. That 220 odd EUR could buy you e.g. rudder pedals instead of lining the bank's pockets. If you can't get a 0% purchase plan from a store that you can definitely pay in the purchase plan timeframe I'd just be patient and save up the required amount.

[mmaruda]

Luckily I was never forced to take a loan and I even considered to. By western standards, I do not earn much, but it's enough to pay for the normal stuff and still save some. There is a pressure on saving money (family advice) and I feel sort of guilty when I dish out almost my monthly income on something as trivial as gaming... BUT. When you think about it, money has no real worth, it's just numbers on a webpage of your account and apart from the economic comfort that you will still have something if things go wrong in life, they are worthless. Money's worth comes to reality when you actually buy something, a physical object that you can use. I'd rather have a gaming rig and profit in fun everyday, than look at a bunch of digits on my account and think of the day that I'll actually enjoy something for that.

 

That said, a loan is a big no-no. Simply because it's stupid. You take a loan, spend it on a PC and spend another couple of months paying the bank back. With interest. And by the time, you are done, that PC is not the hottest thing on the market any more. Case in point, if you can afford to pay a certain amount of cash each month to a bank, you might as well wait some time, put the same amount each month in a sock and buy something better for less (no interest).

[*Rage*]

Gandalf:)

[eyusuf]

Gandalf:)

 

Ho la Rage :smartass:

 

aluta continua

 

p.s. : did anyone watch the video with well heeled man?