Going Into Debt For Dolls - are the potential long-term consequences worth it?

I don't use my CC, I use my nans. Because I know she will pay it back asap, then I pay her off with my weekly education matenance allowance and money my mum gives me. I'm not entirly comfortable doing it this way, but it's how I managed to put my soom limiteds on order. My current two I saved up for and had cash on hand though.

So, while it's nothing compared to "proper" debt, I can say it's not pleasant and I would never want to owe it to a credit card company! On the other hand, I know I can pay the costs without worry.

 

I don't think under any circumstance that it's appropriate to go into debt such as that you've described for a doll. If you have the money on hand to pay for a doll, or your next paycheck will be able to pay off your layaway, or whatnot, that's appropriate, but going into debt?

But I don't really think this should be "debate" because as you've described this, with edits, I don't know that there's anyone who WOULD agree that debt is worth it (granted, I haven't bothered to go through 11+ pages of responses) and certainly it seems that you want a certain response. I might be wrong, though.

 

I think that when it comes to purchasing anything really, one should not purchase if one cannot afford it and to me, this applies dolls/any other hobby especially.
I mean, they (dolls) do hold great emotional value to some people (I myself dearly love the dolls in my possession) but I don't think it's smart to buy something you know you cannot realistically pay off. It's not just because of the doll induced debt, but also because real life brings about other expenses that should be given greater attention to, I think. If buying a doll puts you in debt then surely that will affect what you can spent on basic living expenses ranging food to transportation. I for one, would much rather wait until I have enough money saved up for a doll that I really want rather than put myself into debt. As a matter of fact, I don't buy anything that I don't already have the money for.

 

While this is true, I think it's unlikely to find many people in such a troubled position using a site devoted to dolls that cost hundreds of dollars. In order to have a useful conversation, we have to be able to make some generalizations, and I think generalizing the audience of this thread as able to make living expenses is a fair one.

With that in mind, I can understand why some users would be critical of those who spend themselves into a problematic hole. Spending yourself into debt to clothe your kids and feed yourself? Understandable. Mismanaging your funds and getting into debt you can't handle for a plastic doll? Not so wise.

Financial stability doesn't fall into your lap in most cases. You have to earn it by making wise decisions.

 

This made me wonder. Has anyone ever gotten a doll for the sake of buying a doll. I know of impulsive buying, which can end up either a good or bad thing due to bonding or whatnot, but is that on the same level though? As with all impulses it's a sudden spur of the moment dessicion. However, with this hobby being as expensive as it is ... is it really wise to buy on impulse?

My 2nd doll was bought on impulse. I saw her going cheap (£100 or $150) on ebay and feel in love with the pictures. I had spare cash and got her. I know that I cannot afford anymore impulses, which will stop me from buying again till i save. So, it does make me wonder how many people do buy, despite knowing this too.

 

I can agree with you. I was just trying to justify a reason why someone could go into debt because the comment I was referring to seemed rather cruel and somewhat immature IMO. However, we are all entitled to our own opinions - who am I to judge?

 

I dont know I guess I feel sortof defensive about this. I have some CC debt from some stupid mistakes I have made and other more serious incidents, but I work very hard and I pay all of my bills on time. I don't owe anything for the dolls I have, but I have debt and dolls. It just hurts to see people being so critical of others. It is easy for someone young with no bills to say look at me I have never had to charge anything. I am NOT saying that is the case for everyone who has never had to charge anything. I have a hard job. I go there every day and work to pay my bills and if I want to have a hobby that makes me happy it is my business. I have friends who buy hundred dollar + purses they can't really afford, but they don't need to justify it.

 

I wholeheartedly agree with you. I'm rather defensive about this subject too, which is posibily due to the fact that I was in debt myself. I mean, I'm still youngish myself - I'm 24 but still live with my mum because she can't aford to keep the house running by herself and I can't afford to move out at this particular moment.

Now, I think I shall stop vering off topic lol

 

I don't think the thread is here to attempt to force people to justify themselves. After all, if you (general you) don't post your economic circumstances on the forum to begin with, no one's even going to know whether or not you have any debt. There's nothing to justify, in that case, because it's your business and you're keeping it that way.

Now, granted, if you (still general you) spew details about your finances online, someone, somewhere, is going to form an opinion about them. That's kinda what people do when presented with statements of any sort. Certainly you can justify your case if you really feel it's important to change those opinions, but you can also just ignore them the way you do your neighbor's opinion of your taste in music, or your mother's opinion of your fashion sense. Learning to have confidence in one's own positions is part of being a functional adult, after all.

I do agree with you, Yikesitsmindy, that people who have never experienced a problem themselves tend to find it easier to criticize it. But from what I've seen, most of the intelligent posts here advising against doll debt are people who have been there themselves. (There have been intelligent posts from the other side of the fence, too, of course. But since we're focusing on the qualifications of people who don't support debt spending on dolls, that's who I'm focusing on.)

Goodness knows I have been there. That's actually why I believe it's a bad idea. It's experience. Had I been able to resist the temptation to have "Awesome Things I Didn't Need" back when I was in debt, I could have fixed the issue a lot faster. I also would have a better credit score now and be in a better overall financial position. In a twist of irony, this also would have allowed me to enjoy my hobbies more, sooner! But because I couldn't resist, and insisted on proudly waving my "right" to spend my money how I wished, for seven long years I ended up hurting myself, my finances, and the very hobbies I couldn't stay away from.

Did I really have that "right" of which I was so proud? You bet. Did I have to justify my spending to anyone? Hell no! But do I wish that someone, anyone, had been willing to duck under the flag labeled "YOU CAN'T JUDGE ME!" to tell me, "Hmm, you might want to analyze this practice again to see what it's doing to you in the long run?" Damn right I do.

Would I have been offended? Probably. Was it anyone else's business? Not really. Would it have made me stop a moment to think? Almost certainly. And that's why I wish someone had done it. Instead, it took a long, long time for me to come around to my own realization about the spending habits I was engaged in. People sometimes can't see what's in front of them unless it is pointed out.

Of course, in the end, this too is just the opinion of a stranger on the Internet. All of us out there will ultimately make our own decisions about our money, and if those decisions aren't what other people would call wise, so be it. No one is required to justify or reveal anything about their spending practices to another person. But it doesn't hurt to allow a thread to provide people with food for thought. Food on both sides of the equation.

 

Sadly, I'm in debt, and it's all because of my spending. Not just dolls, but other things as well. I'm trying to manage it, but it's hard. I can't convince myself not to spend money on things I don't need, and to use my cash to pay off my bills.

I'm working on paying off my last credit card next, THEN my bankrupcty. (seriously)

I'm just bringing this out because I have no real reason I should be in so much debt, but there it is.

 

Well if you have say a nice friend that is lending u money and says u can take ur time to pay it off is one thing. But i dont believe into going into actual debt with a credit card company or something of that dangerous nature. If you cant stop buying dolls impulsively and its hurting your finances and causing you to get into debt you really need to seek serious help for ur own well being.

 

Technically speaking, I'm doing this... But there's no need to worry! See, I'm in college with a full-tuition scholarship. But I get a student loan check every semester, which I'm living on. So the money I paid for my doll and everything else with is from a loan. I have no income, and every year I go $4500 further into debt. I save a lot of the money and I budget well, but at the end of the day it's still a loan.

~Angelkitty

 

I'm going into debt over my dolls. It's happens. It's unfortunate, and wasn't planned this way. But here I am. I had every intention of paying my CC bill off, but other expenses cropped up and hours at work went down. Sometimes there's not much you can do about it. Especially with the economy crashing (I know, like we haven't heard that excuse a billion times). The key is, even if falling into debt because BJDs are expensive, knowing it MUST be paid off. Just spending willy nilly with no concept that it has to be paid later is bad. Working hard to pay it back, even if it takes a lot longer than intended, is how it's got to go. Being spendy now on CC and paying it over time is just a /really/ long layaway with ^high^ interest.

 

First, this is, while a hard topic, a great/important one to discuss, and thanks to all willing to talk about it.
I find finances VERY important and quite interesting, so here's my opinion, no offense intended - I don't know every situation, but this response is based on going into debt over a DOLL. This is my view, and I'm not trying to give advice or judge. So, here goes.
I believe staying out of debt (or further debt, in some cases) is the best route. To spend money one doesn't have can lead to lots of troubles in the future. This I have witnessed. Long-term consequences lie ahead as debt racks up, and we must consider this for our own sake and, if applicable, for the sake of the family our debt affects also. The deeper you get, the more difficult/impossible it becomes to get out, and people suffer later. Especially in a tough economy, wisdom with money is crucial, so, as hard as it is to hear, there isn't really an excuse to be in long-term debt over a doll - plan to pay it off right away or don't do it. Otherwise, be wary of the consequences.
I look at it this way: If I stay financially stable and control/manage money in an effective way, I am able to not only save for all of life's other expenses, but more money is free to go to dolls, rather than payments each month. Control now and enjoy freedom later. You don't need good credit if you can save for what you want and pay up front, and you avoid the trouble, plus the vast amounts of interest that accumulate over time. It just takes discipline and committment for a while, but resisting that charge saves more than just money! Just think, that interest could have paid for more dolls!
It's also more gratifying to know you planned and worked to save money for the doll you wanted, rather than impulse buy and feel guilt later! Of course, you'd also have to put money aside in a dolly fund or something if you want to be prepared for any limiteds (*cough* Soom *cough*).
So, no, I don't think it's worth it. Good dolls will come and go, but sound finances aren't worth sacrificing, and, if they are sound, you'll be able to have an even more freeing hobby experience!

 

Hon, I really don't advise doing this on anything resembling a regular basis. My girlfriend and I used to have excess money from loans that we spent on other things (including dolls but also including necessary items) and now, as college seniors we're facing a tremendous amount of loan debt as we enter the job market. If you graduate in four years, provided that you don't ever lose the financial aid, you'll have 18000 to pay off plus that fun little interest payment, which I'm guessing is between 10-20%, and can rise at any time, usually.

If it's a government loan, and you're in the right field, you stand a chance of having loan forgiveness, but that's rare. And say you don't graduate in four years, or have a medical emergency once you leave school and aren't yet eligible for medical insurance in your new job, or don't get as well paying a job as you hoped. There are a billion emergencies that could come up and only 6-9 months of grace period.

Please use your money wisely. You really don't want to end up paying off more than you have to. You can stick the money in the bank to start a "loan paying back fund" if you have extra, or return money you don't need (in some cases) but I highly advise against buying dolls or unnecessary luxuries with loan money. Of course, in the end it's your choice, I'm just giving you my perspective as someone who HAS done this and kind of regrets it (although not the resin!kids of course ).

 

I'm on board with pretty much the rest of this thread. I could never justify going into debt for a toy. In fact, if I can't pay for a doll in full when I get the cc bill, I don't buy it. Food, rent, and school all come before my hobbies.

 

I don't own a credit card. I never have, and I hope that I never will have to. I pay for big purchases through debit (or paypal online, goes through my checking account), which can be accepted form of payment for things that require credit, so long as the funds are there to cover it. Basically, I won't buy anything that I can't afford, at LEAST in layaway.

But I can't really justify going into debt or putting myself in a risky financial situation over a doll, no matter how lovely or awesome it would be to own. Just not something I could do. :/ I'll also only pay for one doll on layaway at a time, as that is the most I can afford. So I have to put off getting a Glot. But hopefully Soom will release more hoofed babies in the future.

 

I don't agree with getting into debt over hobbies, or anything else.
I have a credit card but I hardly ever put anything on it and I pay it off in full every month so I don't waste any money on paying interest.
However, I don't think it's my place to judge or offer any advice on people's financial situation on this board because they are the only people who know what situation they are in.

 

The ironic thing that some people miss is that you can get more if you don't spend on credit long-term.

-- EXAMPLE --

You charge a doll on credit card for $400 because you don't have the money for it and don't expect to get it anytime soon.

Let's say your interest rate is 10%. Right now that would be pretty good, especially for someone in college with little credit history. (New cardholders are getting rates around 18-25% right now, so 10% is really, really generous.)

Let's say you make your minimum payment every month, which is $10.

With these numbers, it will take you 4 years to pay off your doll. In the end you will have paid about $484.

Congratulations, you paid almost 21% more for your doll than everyone else. And remember, this is using the generous interest rate. If you have a more typical interest rate, you'll have spent a lot more than that.

Had you waited until you had the money in hand -- either by having patience, or by finding other ways to fund the purchase besides credit, such as selling other items you own first -- you would have had $84 more to spend on your hobby in total, and also would have lowered your pre-existing minimum credit card payment and the amount owed in total for interest, saving yourself even more money elsewhere.

-- END EXAMPLE --

This is the kind of thing I was talking about when I said earlier that I wished someone had been willing to explain debt spending to me when I was younger.

In the end, if you feel paying lots more for your doll goods in order to have them now is worth it, then that's your call to make. But at least make sure the decision you're making is an informed one. Credit isn't free, and neither are loans. Never, ever forget that.

 

I think that's one reason why I woulnd't trust myself with a credit card - I'm debit all the way lol