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

Blacklight.

Contrary to others here, I will say my opinion varies.

I think that my opinion is you should wait until your second paycheck.

This is because having the first paycheck as a backfall incase something bad happens would help you feel more secure when using the second. If you use the first and have an emergency where you need that money now tied up in a doll in some factory in Asia, then what!

I think the first paycheck, should be saved. Always make sure you have an independant backfall for yourself that does not mean depending on parents, grandparents, or significant others for help no matter how close you all are.

It is just my opinion, but I do hope you will see my point.

-Ny

 

You make a very valid point, I must say! Thank you very much. ^^ I'll have to see how much I'm paid the first week. My savings and checking accounts are pretty healthy for the time being, and if an emergency of great magnitude were to occur, my paycheck may not pose much help for 5 days of work. But nonetheless, I see where you believe it to be important to be prepared and agree. I'll probably set aside half or more for the time being and use the remainder in addition to my second check to treat myself to a beautiful little boy.

Or I may decide to dedicate the first check to a doll anyhow if it's a small enough amount. Either way I go, I have a feeling a single check won't quite cover the cost of a BJD

 

Hm. Personally I'm in the middle of a hefty investment loan with my husband. We have our payments automatically taken out of our bank accounts and are both in pretty stable jobs, it's funny that I often worry more about the odd $100 bill or unexpected doctor's appointments than I do about the high-5-figures the loan was originally for (we're about to make our final payments soon). In a way, debt that large- a student loan, mortgage, etc. is almost unrelated to your daily life. I've been much more freaked out after spending too much on BJD or lolita purchases, even if I spent less than my monthly repayments, because it's more personal seeming.

Myself I wouldn't go into debt over a doll, but in some situations I could understand it. Heck, I even suggested to a friend that she get a credit card or personal loan to get one of the Volks/Baby the Stars Shine Bright limiteds because the secondhand price would be a LOT more than the original price, and she had a job and would be able to pay it off before she ended up paying so much in interest that she would have equaled the secondhand price. In some cases, Volks dolls will double or triple in price pretty quikly after their release, and if you can pay off a reasonable amount each month (more than the minimums) then you probably will come out ahead. But then again Volks limited collaboration dolls are pretty unusual cases, most dolls don't increase that much that quickly.

I think the problem isn't necessarily debt- debt can be a good thing, believe it or not. If you go into debt to buy a house and pay $200,000 for it with interest included, and you can sell it later for $250,000 even after having lived in it for years, then it was worth it (well, depending on how many years it's been, but even if your house price is exactly the same after inflation, you still are better off than if you'd been paying rent for years and at the end of a rental, you have nothing to show for it). But getting into a $200,000 mortgage when you can't reasonably expect to meet your minimum repayments is a pretty poor idea. Debt isn't the problem, really. It's not thinking about what you're doing properly before you get into debt that causes the big issues.

Personally I would love to live a life with no debt whatsoever. But in the modern world there are some beneficial situations that can only come about through debt- common ones being things like owning your own car to get you to and from a job, or buying a house which you can then sell and downgrade when your kids grow up, but also things like having life-saving surgery or medical treatment. I'm sure most people would rather not be turned away from the emergency room because they didn't have enough money in their bank account to cover emergency care! Sure you may end up in debt to a hospital but at least you're still alive.

Anyway, one of the really useful things that my husband has shown me was that to just avoid debt all of your life is just sticking your head in the sand, because at some point you might NEED to take out a loan with a bank, or need to do something you can't afford at the moment, and if you have no credit rating...? To learn to manage debt sensibly is a pretty valuable lesson, and it's probably better to learn about debt with a $1000 doll purchase than with a credit card maxed out to its $10,000 limit or a $100,000 mortgage, where you can not only lose all of the money you've paid alreday but the house as well. Maybe if people had taken on more small debts earlier on to learn to manage their money better, there wouldn't be a mortgage crisis in the US now. OK it sounds a bit far-fetched, but it's pretty hard to learn about when credit/debt is sensible and how much when you've never had experience with it yourself.

 

Eep. My bank have just given me a credit card and it is sorely tempting to use it for dollfie related activities....

 

I think as long as you don't go on a mad shopping spree while you have obligations to pay for ,and as others have said, are able to pay it off it should be ok. ^^
Of course, I say that and then would be crushing my fingers so I wouldn't use it.

 

well SAID!

 

....Technically...I could cause cause...My house would be paid for, for a while and...And....Shit....

 

This may be completely off the wall because I haven't dealt with credit cards but if you just received it I would wait for a while until you understand about charges, interest and any other credit cardy technical BS before you put forth money overseas. ^^; Then again I have no idea what I'm talking about.

You sounds like me atm while trying to sort out where I'm gonna take money from to get my doll. XD

 

I don't think I could never go into debt for something that doesn't involve housing, education, or life-saving procedures. I have two credit cards, but one has never been used (though it gives me back money at the end of the year) and the other one gives me points towards a new vehicle every time I use it. Plus, I have my account set to FULL automatic payments each month so I won't be tempted to use money that isn't there. I haven't paid interest on any purchases so far and I will only buy my doll once I reach a "safe" point in my balance. And it's not like I actively apply for credit cards - my bank pretty much said "here you can has shiny plastic" in both incidents.

I managed to avoid student loans for my first two years of university, though I ended up applying for my third and fourth year. I get RESP funds, but the ridiculous thing is that they're not released to me until AFTER tuition fees are due. Now that I don't have any means to cover the initial loss, debt is a very scary prospect indeed. A friend of my parents went to a prestigious math/engineering specialty school, but the end result had him paying off student loans until he was in his 40s, supporting a wife and four kids. Going through debt for a necessity is stressful as it is, so I don't understand how people could do the same for a luxury item. Besides the potential emotional gratification, where's the pay-off?

 

I was lucky enough that i ended up going into dept to a family member. (meaning no wild interest rates for me) but i probably would not have bought my girl if I would have to go into serious debt.

 

Couldn't have put it better myself. I am in the same mindframe as you. I think if you want a doll and don't have the money get a weekend job or some extra gigs to pay for it. There's SOMETHING out there. Don't create debt for yourself!!

 

I'll admit I've built up some credit card debt over the years, not only from this hobby but also from other hobbies, school expenses, car issues, etc. However, I always make sure to make more than my minimum payment each month, so that even if I'm not always making LOTS of headway, I'm at least lowering the amount, rather than simply maintaining it or (god forbid) letting it rise. Would I like to pay it off faster than I am? Sure! But I'm also satisfied with the situation as it currently is. I know I'm working the debt down, I rarely add to it, and it's simply a matter of time. And my credit rating is still pretty darned good.

As for the question of selling my dolls off to cover medical/rent/etc expenses...yes, I think there are some dolls in my collection that I could sell this way, and while I wouldn't be thrilled by it, I'd certainly move on. However, there are also some dolls in my collection that I'm fairly certain I will never sell in entirety. I may switch them out for other "embodiments" of their personalities, if by chance a sculpt comes along that works better, but I don't think I'd ever be able to get rid of them for monetary reasons. And I mean that literally. I just don't think I could do it. It may or may not be healthy, depending on your viewpoint (my psychiatrist, back when I used to see one, said that it was fine), but I have such a significant portion of my emotional health (happiness, whatever) invested in some of these dolls that it's just going to be that way.

 

My dad grew up in poverty. He moved the US from Italy when he was 16 and no one in his family knew English. Both his parents had poor health and could not work on a regular basis. He had 3 younger sisters he had to support. He had to drop out of school and join the military when he was 17 so he could do so. He was able to go to college that way and take care of his family. He never hid his past from me and was able to show me the importance of saving money and always having a backup.

My dad ended up being an accountant and so when it comes to money, he's no dummy. He married my mom who is a doctor, so we're pretty good in terms of money, but that's because we all know what we can and can't afford.

My dad never gave us money for no reason, not even an allowance. We had to earn every penny and save. We never got spoiled because he wanted us to know what it would be like in the real world. So coming from that, I'm very strict with my money.

I have $600 saved, but I will not allow myself to spend that. I make my self save up for things I want and not touch that money because it is my "backup." My dad taught me to pretend that money will run out any minute so you can better figure out what you really want or is just an impulse.

I would never allow myself to get into debt, much less for dolls which are a luxery. They are something I love, but not need. First things first.

 

I would never go into debt for a luxury like dolls. I do everything in my power to stay out of debt period. And having extra money around for emergencies are important, so I'm not going to spend all the money I have saved up on something I don't need... I'll wait until I have a bunch extra before I buy it.

When using a credit card, a good rule of thumb is don't spend more than you have. Pretty simple. Use a credit card for the convineince, for money for when you're in an emergency (e.g. stranded somewhere), and to buy stuff online. Interest rates on credit cards are absolutely ridiculous... if you're borrowing money, do it from a bank. If you think you can't check your spending with a credit card, get a debit card instead. I know people who only use debit cards because they know they don't have the self control to use a credit card wisely. And you don't even actually raise your credit score that much with a credit card, a better way to do so is to, say, borrow $100 from your bank and pay it back over a year. You can even set it so the bill gets paid automatically from your bank account each month, and you can put that $100 in a savings account to get a bit back from interest. Paying the interest on that loan will cost you like $10 over that year and you will get a super great credit score. Paying up the whole amount each month on your credit card doen't do much to your score, the companies want to see how you perform paying back borrowed money on time.

 

I made the mistake of getting into small credit card debt over something i didn't really need. I will not make that mistake again with my BJD's, no matter how much I want them. I madea promise to myself because it's not worth it.

 

When it comes down to it, if I have to pay for rent or get a new doll, I'd -much- rather pay for my rent and wait on a doll. Growing up my parents only had credit cards for emergencies, and used a checking/savings account for everything else. It made me want to do the same, and I have been doing such.

I agree with Luther, I'd do anything to stay out of debt, and wouldn't want to risk it on dolls if I don't have enough for them already.

 

That really sums my views up on it 100%. Yes I have some debt because of dolls, but it's nothing massive, it's nothing I can't take care of, and I am taking care of it. I've seen what happens when these things get out of hands and I have no intention of letting that happen to me. I feel pretty much the same on selling dolls too. I have two dolls (Key and Yan) that I would have to be in life or death circumstances to sell, but everyone else as much as I love them I could let them go if I absolutely had to. I love my dolls, I love the thrill of getting a new one and buying them clothes and taking their pictures, but real life > dolls hands down.

 

I would never put myself in financial debt for a doll.

I would stretch myself a little bit for one (I am doing that quite soon); but the other thing about it is that she'll be completely paid in one swoop. No credit card charge, nothing else..


But to actually knowingly put yourself into debt for one of these guys? Sorry, I don't care how beautiful, gorgeous, how long you've wanted it, etc etc. Food, roof, bills>Dollie

 

I have to say I kind of resent the feeling I'm getting that some people seem to think putting a doll on a credit card automatically means the buyer can't pay their bills or buy food. I pay my bills on time, buy my share of the groceries, and give a little extra money to my fiance each paycheck (we don't have combined bank accounts since he makes literally three times as much as I do) for "around the house" repairs/vet bills/pet food, etc. I could save up money out of each paycheck and buy a doll, sure. Or I could put it on my credit card, pay the money I would have been saving, and build credit while I pay off my doll. I may pay a little more in fees (though currently my card has that "no interest! ZOMG!" thing going on) but considering I didn't get my first credit card till I was 26, I like that I'm actually building credit.

 

I would probably never put a doll on a credit card, and I think it's a bad idea. You actually end up spending more for your baby because of interest. Since a doll is a luxury item, it makes the most sense to wait until you have enough money to buy it in the first place, or make sure you will have enough when the bill comes! Of course, the fact that doll companies release uber special "get-me-now-or-you-won't-get-another-chance" dolls doesn't cater to this line of thinking....

I know too many people who have gotten into deep debt because of credit cards, and I've been taught that if you don't have the money for a wanted item as opposed to a needed item, don't spend the money! I find it's really sad when I see Marketplace threads for beautiful dolls that their owners can no longer afford.