I've been holding about $20K of credit card debt at 10.99% yearly since January.
Current portfolio worth about $6500. I know I'm an idiot, this has been an expensive lesson, but honestly at the time I thought I could leverage the investment to make more than the interest. For some reason I unironically still think so. I feel like I got a crash course in economics and financial markets though so it wasn't all for naught.
Been thinking about investing more, still have $15K limit not used. I guess I've turned this into my blog but yeah. Luckily at my job I can save $2K a month to pay it down, problem is I just keep wanting to buy more crypto and pay the minimum deposits haha.
Same here. Only difference is I'm not working. If I get another middle class job I'll pay it off in one month.
I'm gonna let it ride until the end of the year though. When LINK is $2500 I can sell 10 links and pay it all off.
Jace Anderson
Checked. Gotta take chances in life man. The way I see it is if I 3X I'm back to start.
Current debt is actually only like $17K now.
I moved all-in to LINK recently, holy shit good thing I did too, other coin I was in dropped like 50% since.
Ryan Cox
My interest payments are like $200/month, I'm deluded I know, but why sell the bottom when I can just pay a small amount to maybe get my money back or catch a real moon mission.
I've been waiting a long time, hope it's not too much longer, but whatever I guess that's my story.
Jacob Richardson
All in or nothing my nigga. I'm doing the same fuck it this is your one chance in life to make it from basicaly no effort
Kayden Rodriguez
Respect brother. Same way of thinking. Good to know I'm not alone.
My family and friends and gf would think I'm absolutely fucked for doing this though - been stressful but now I feel calm about it for some reason.
Andrew Cruz
buy more now and lower your dollar cost average
Joshua Reed
Yeah I will, waiting for my student loans to send me a bunch of $ (some grants, some more loans).
I don't really want to put more on the cards, I don't even know if I can, Canadian banks kinda fucked us and don't want us using them for crypto - when that changes that's a huge buy signal for me though and idk I might do something stupid and put like $7K more on.
The way I see it I have no debts other than that (and student loans which are small).
My friends have $500K mortgages hanging over their heads for the next 30 years. This is my chance to make it you know.
Joseph Peterson
That's the right attitude OP! I've got only $700 in credit card debt because I can't stop shoveling fiat into this bear market, but I'm not phased by it all. Once I realized my mistakes of not selling in Jan. Feb I made peace with the bear market and accepted I'd lose money for the foreseeable future. Always a permabull at heart.
Connor Cooper
good luck I honestly shouldn't be giving advice because I've lost bad these past 8 months like most I don't gamble with debt that's another level of risk but I do hope you make it
John Nelson
At least you hold LINK. Wait a year or two and that debt will be pocket change.
Eli Cruz
Dude....Jesus fucking christ. You don't get it.
"If I 3x" .... you won't.
It's over.
By the time you hit 300% gains on your paltry 5-10K, your debt will have cost you almost as much.
Let me give you a piece of advice :
Sell that $6,500. Pay off 25% of your debt, and get a fucking job to pay the rest off ASAP because otherwise you will sit with it forever.
FML. Kids these days.
Blake Lewis
Oh, you have a job. Great. You know how long it will take you to pay off that 20K with "$2,000 savings"? Probably about 2 years.
Good luck.
Jose Morgan
This is basically why I (a beginner) am putting 500 euros in a fairly safe investment (Chainlink). I first tried to get some quick profit off of ETC with a 200 euro investment, but I fell for the "wait for pump" meme and made a 10% loss. Decided to go in for the long haul with Chainlink instead. Funny thing is, even if it only pumps to only twenty or thirty dollars, I can still clear a swath of my student debt with only half of the tokens I have.
Anyways, good luck out there brother. Not all of us will make it, but many will.
Kevin Wilson
Don't listen to this guy OP. If ANY of Chainlink's rumored partnerships with important institutions (Microsoft, Salesforce, Hyperledger) come true before 2019, you can pretty easily bet on the price at least doubling if not tripling. >FML. Kids these days. Boomers, kek.
Justin Jenkins
Thanks for the support guys; that's how I see it. glad to know we're in this together. Permabull too. I'm gonna keep DCA'ing.
You don't know that. I can't time the market so I'm forced to take the bad with the good in terms of the interest + potential opportunity.
I literally save at least $2K per month. I can pay it off within the year if I need to. Thanks though I know you're being rational and reasonable.
Thanks brother good luck to you, not much of a better time to buy more Link than now or in Sept but don't take my word for it that's for sure!
Cameron Scott
At least man. I look at it like an inexpensive leverage to maybe change my life - worst case scenario I'm set back a year. Best case...well yeah...
Not even looking to sell if I 2x or 3x either, will be smart about it - depends on market situations...but I don't think crypto is dead - I think it's just getting started
Jaxson Myers
Ok guys I hope all of you saying you paid for crypto with credit card debt are trolling because otherwise you are seriously bottom of the barrel retards.
"This is my chance to make it" - You're literally giving away money. Smart people don't invest in things where the risks outweigh the rewards.
If there's a 50% chance of making $110k and a 50% chance of losing $100k that can be a smart investment if you're able to afford the loss.
This is more like 5% chance of making $1m vs 95% chance of losing $200k type of odds.
It's fucking hard enough to make money investing in something with your own money without a bank charging you fucking CREDIT CARD RATES OF INTEREST. JFC GET THE FUCK OUT NOW BEFORE IT GETS WORSE YOU ABSOLUTE RETARDS.
Enjoy your compound interest
Jonathan Perry
An expensive lesson for me. Gotta take risks though, I just timed it poorly.
