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

I've used my credit card for almost every doll purchase. I am now deciding to cut back and not purchase much more if it can be helped (which it can be). I have prioritized myself to pay off this credit card bill (luckily for me I always pay more than my minimum. My last payment was 3x the minimum) before I do any more "major" purchases *coughgettinganotherdollcough*

So I will say this: I will *not* put myself into debt for my dolls. The long-term consequences are *not* worth it. Just like I won't even put myself into debt for college. Nothing is really "worth" the long-term consequences. There's a lot of things I want to do with my life and having a bad credit score and filing for bankruptcy are not part of the plan. I also don't want to owe anyone (like the government--which is why I haven't taken out any loans) money.


Edit:

My definition of "debt" is different from yours then because I consider "debt" once the penalties hit.

So I suppose I will have to admit that I "will" put myself in debt, under some regulation.

I won't put the dolls over my rent/living responsibilities though. I always make sure I have money set aside for that.

 

This is a very good topic and very good to bring up and discuss/debate over.

I just thought about the OP and yeah, I don't use a credit card when I bought my dolls. I did put a doll on a long layaway period and the agreement was 2 month time frame.

But the company merger and loss of a huge client by my former employer caused them to lay people off.

I was one of those people.

It was very scary. Being laid off and having a doll on layaway at the same time.

Major scare for me. Sure I had accumulated money in my savings account, but I was not sure how long I would stay unemployed and what if I get sick, etc. and need to pay medical bills.

But the bad part is that I still did not back off paying the layaway for my doll because I wanted her.

My reason? I just could not stand the idea of dropping the layaway because it's like a promise. I promised the seller that I'd pay for the doll.

It is like credit card debt just no high-rate interest.

After that, I learned a good lesson and pile the money in the bank and make more because life is so unpredictable--it's scary!

That's why I created a separate savings account that is just dedicated for doll money ( although I spent it on two dolls and funds are a bit on the low side. )

Needless to say, I will put a doll on layaway as long as I can budget the payments and still have money left for personal and real life expenses and bills.

Edit to add:

As for selling the dolls when the bill collectors start calling--

Sure, I'd sell my dolls and all of their things! I love my dolls and I'm attached to them. However, I won't feel so attached when I'm being threatened with eviction, a lawsuit, imprisonment, etc. by the bill collectors.

And if something like becoming unemployed happens, I will definitely look at my dolls and post a "For Sale" feeler in the Marketplace.

 

Yeah, this is about as close as I'm willing to come to 'debt' on a doll -- something on layaway. I don't mind putting smaller purchases -- a wig, something under $150 total generally speaking -- on plastic, since that is readily paid off. If I have to put more than that on plastic it better be a major emergency.

I've had those emergencies -- before the job started doing well, I needed to invest in $800 of software to finish a project I was committed to with a harsh deadline, and wow did that ever sting to press the 'order this!' button. I was incredibly, incredibly lucky and my best jewelry customer bought $785 worth of stuff the next day at our studio show. To be fair, though, I was also lucky that I've used my cards responsibly over the years enough to have a credit limit that would allow me to do something like that in an emergency situation, so I can't say I'm totally against them being used somewhat regularly, so long as they can be paid down quickly again.

The closest I've come to debt for a doll purchase yet is 'Uh, Mom? I don't get paid until the 1st. Special offer ending the 31st, and it's a limited edition, so I don't know how long it will be available. I have enough in commissions already to easily cover it and my other expenses. Would you mind ordering this and I'll give you the cash in under two weeks when the check arrives?' With a family business involving shared expenses for supplies that we trade back and forth on regularly, or 'whichever of us has the cash to pick up the -(random supply thing)- we need does it this month', this wasn't a weird or uncommon thing.

 

I don't put dolls on credit cards because I am way too impulsive and not using them keeps me in check. Self-knowledge is a good thing to have. I do sometimes put dolls on layaway at my favorite doll shop, especially if it is a pre-order and it will be a month or two before the doll even ships from the maker. Credit-card debt is scary to me and I need to live without worrying about money.

 

I agree with this, and while a lot of the advise given in threads like this aren't bad, it makes me bristle a little, because it invites people to pass judgement on the financial decisions of people that you (general you) don't know much about--particularly their financial situation.

There's many ways credit cards can work for or against a person, and it all depends on factors we aren't going to know. It's partly how much a person makes, but also how much other non-doll debt they have. $2000 dollars in doll debt is much different for a person who has a steady job and very little other debt than it is for someone with say college loan payments, house payments, etc. And carrying a balance doesn't = big trouble (necessarily). Can person X pay their other bills? Can they make cc payments on time? Can they pay over the minimum payment asked by the company? This to me is far more telling than just if they use a cc, or carry some kind of a balance.

On a personal note, I've used my cc for some of my doll purchases, and not used it for others. I have a balance, but very little other debt plus a chunk of money in savings for emergencies. Credit card bills have caused no real burden and I have no problem paying my bills. I would never use my credit card if I didn't have a steady job that allowed me to pay all the bills (cc, rent, utilities, etc), and I'd never not pay rent or utilities because of a doll. So for me, I don't feel like I'm in trouble. However, if my situation were different (if I hadn't been able to escape taking out student loans, or hadn't gotten hired on full time/permanent by my company), I would treat the cc differently.

What I began asking myself before cc purchases is this: "What would this do to my minimum balance, and would I still be able to pay more than the minimum per month?" This question has caused me to turn down a few dolls and kept me within my own personal cc use limits.

Edited to add: Someone mentioned layaway earlier. I've always been a little afraid to do that (I did a short one once for a head, but that's it). I'm always afraid some freak thing will come up that will cause me to not be able to make a payment. My cc bill is worked into the rest of my monthly budget (yes, I make a budget for myself every month), but money for layaway would come out of the extra I make and that amount can vary depending on various freak occurances (vet bill, car issues etc.) and I don't feel like I can plan that far ahead for anykind of layaway lasting more than a month.

 

I have to agree with Taco on all her points!

Lots of people who don't use credit cards posted, so I figured I'd speak up for the other side. This is all just my personal experience.

I use my credit card on doll things and other things. Not totally doll-related, but I do have a large bill. I can't say that the dolls had nothing to do with it, though I can't blame my debt on them (I blame it on my cat, actually. Surgery is expensive!). To me, it's not so much "OMG HUGE BILL", but "Can I afford to pay on it every month?" I've never paid the minimum. On top of that, I still have a lot of bills to pay and I live in one of the most expensive cities in the world. I'm trying to stop using my CC at all so I can pay the bill down, so I find myself making a lot of choices for my dolls and myself. The bills are paid, I have $20... do I want to go to the movies or buy a doll shirt? I don't let myself do both.

I feel like it's important to be knowledgable about your debt if you have one and have a plan to make it go away. And then stick with it. That's really the important part, right? Of course, making smart decisions isn't always easy. I can honestly say that if the doll I'm dreaming of at the moment popped up on the MP I'd whip out my card or sell one of my other dolls. I sold a doll last year, not to buy another one, but because I'd lost my job and needed to pay the bills. I didn't want to do it, but that's reality.

Bills come first, dolls come later!

Hopefully that wasn't too muddled. I haven't had my usual 25 cups of tea in the morning. XD

 

Good on you for making this point. A lot of people are really scared of debt. I can understand why they are and maybe that they have some good reasons for being, but it gets tiresome. The US economy runs on debt. Forget credit cards - people are encouraged to take out school loans that they will barely be able to pay back. This isn't a new thing. I was in college in 1985 and a bunch of alumni from the early 70s came through on a campus tour for a reunion, and they were all joking about how long they had managed to defer paying their school loans which were still not paid - and I'm sure theirs were less than our generations which is less than the kids get stuck with now. They thought not paying their loans was humorous but the fact is there was very little penalty for not doing so. If the government didn't allow people to take out these loans, a lot of colleges would simply go out of business because people would not have the money to attend.

We need to acknowledge debt as a fact of life. That doesn't mean take on more than you can handle, but learn to manage a comfortable debt level without freaking out. Have a backup plan if you possibly can. Plan on paying more than the minimum. But no need to be fearful of it. Debt's simply a business tool, one that you can learn to use wisely and well.

 

Very well said; I completely agree. I, personally, am only willing to incur debt for really big stuff like a house or car, or emergency stuff like car repairs or emergency airplane tickets, but that's just what works for me. My credit card is my back-up plan. One of my friends buys all her dolls on her credit card in order to accumulate frequent flyer miles. I think whatever works for each person is fine.

 

Credit cards are almost a necessity these days, especially if you travel. Having one can also help you build a credit history, provided, of course, it is used appropriately. Plus, if you get the right credit card, it can actually make you money, if you pay the entire balance each month. My Costco AMEX pays cash back at the end of the year (at different percentages) for purchases. Most importantly, it pays 3 percent cash back on gas purchased at Costco, which is 12 cents a gallon, a not insignificant amount.

Would I go into debt for a doll? Definitely not. Not even for a "holy grail" doll. Nor would I for non-emergency travel, or any other non-emergency purchases. The only debt I have now is my car payment (my house is paid off). Otherwise, if I don't already have the money in hand for something, it doesn't get bought, even on a credit card.

ETA: Using a credit card can also help protect you from fraud, or other purchasing problems. It's all in which card you get, and how you use it.

 

i'm not sure if this is quiet on topic, but i've kinda done this. i was in a really bad car accident when i was 10-ish. i got about $4,000 in settlement, over time i lost some and college books where paid with it, but my mom finally signe off that i could take the money. with in a few monthes i had 5 bjd's and less then $200 and i was in college. ;_; sadly i had to put a few of then up for adoption when a enexpect bill came in but i almost got in some real trouble by not having the money. i learned my lesson, buy dollies with the saved dollie money ONLY ;_; this extends into credit cards for me too though, i think the CC's should only be use for emergancies. like a hospital bill or a sudden car repair

 

I don't have a credit card yet.

This is why I put stuff on layaway.

But, I pay for RL bills, rent, and utilities, put a chunk in the savings and then what is left will go to the doll layaway payment.

Communicating with the person who I'm committed to in a layaway plan is the key here. I know they understand that life is unpredictable and they are either willing to extend the payment period or agree to send back the deposit.

When I get a credit card, I'd use that to purchase airline tickets or electronics, just not for dolls. I could not imagine myself using my credit card to buy a doll.

Although, I don't know if the person/people whom I did a layaway with before could become my references for credit history?

For people who use credit card to buy their dolls and other non-doll related things, I don't think that is bad. You got a job, you're responsible, you make payments on time, etc.

It's just the ones who would get credit cards just so they can buy an expensive doll. That's what I think the OP was trying to get at. The people who would open a credit card just so they can buy a doll.

 

Completely agree.
There has to be boundaries set. It's understandable going into debt for things you need, but dolls and other 'luxuries' is just leading you towards money trouble which could have been prevented beforehand.

 

My last doll was ordered on layaway ($1000 aprox), I was expecting some money to come through but I double checked that I could afford the minimum payments even if it didn't, lucky for me because reciving the money took a lot longer than I expected

I don't see the problem with layaway as long as you're careful, I realise everyone isn't so lucky but even though my job isn't well paid I'm fairly sure I won't loose my job (I can't get fired even if I want to be!)

 

Just to clarify--I definitely don't think layaway is a bad thing for everyone--for some people it's a very good option. For me it doesn't fall into my comfort zone so well. Partly because over the past year I've had a lot of unexpected things pop up (vet bills, someone hitting my car and driving away, medical bills thanks to insurance deductable, other car repairs, etc :P) so I've been very leery about planning too far ahead. Like everything else, it depends on what's right for the individual. Layaway however, isn't necessarily a good alternative to credit cards for some people.

 

understood, I will probably think long and hard before entering layaway when I move out/have pet bills

fur babies always come before resin

 

I'd definitely would not go into debt for dolls. I don't have a credit card so I first of all can't use that. Secondly, I do not feel too comfortable about layaways. You never know what might come up. I've lived for a few years on very low cash with constant fear of debt collectors around my door because I was not able to pay some of my bills. Now I'm out of it and scared enough to always stay about 200 euros away from the dreadful red 0. I really can't afford to go into debt either. I'm on a student bank account and repercussions for red numbers are fierce.