# Would You Put Yourself In Debt



## Alas (Jun 18, 2006)

We all probably approach watch buying differently but I have a watch fund that I feel is acceptable for the amount of money I have. We all know if you buy cleverly you won't lose a lot when it comes to selling your collection so you are not really wasting money - just tying it up.

I found a watch today that i would love to buy as it is a dive vintage piece that I've not seen before. I'm up to my limit with what I feel is acceptable to spend so won't get it although plenty of savings there if I really wanted.

Made me think would anyone on here go into debt to buy watches. Probably folk won't want to say but i do have this example.

A member of my wifes family is a twat. No let me rephrase that - a total unadulterated twat. When he saw I collected watches he decided he wanted to get involved with this. Now I'm quite a lucky guy asI have no mortgage or car loans etc but he has a mortgage, 2 kids, crap paying job, 2 cars (1 brand new) and his wife does'nt work. Basically he has no money but a debt the size of a small african country.

He purchased a watch that cost him twice what my limit is. When i asked him how he could afford it he told me it was a personal loan from the bank.

Must admit if I did this I would get no enjoyment out of wearing it. Would only be thinking about the repayments etc. Is this just a case of society's have now - maybe pay later ethos?

What does everyone else think.

Alasdair


----------



## pugster (Nov 22, 2004)

wait till he realises hes skint and offer to buy it at half what he paid ,quote used watch etc


----------



## Guest (Aug 16, 2007)

Ouch


----------



## mrteatime (Oct 25, 2006)

ive some experience of this......i was in town on the morning i got my first credit card. My limit on it was 5k. And as you do when your in town you look at the watch shops dont you.....? And as i walked past A well known shop in york i popped into have a look. I happened to look at the Seamaster which was priced at Â£2100 and instantly thought "i could get this" Even the 710 said she wouldnt mind as she knew how much i liked it (and have for a long time) In the end, i walked away as although it wouldnt be a problem to pay the monthly amount it was still a lot (to me anyway) of money.The thought of paying 10x Â£210 send shivers down my spine! The only thing i have used my credit card for are the few bits and pieces from roys

I know how much i can afford for a watch as its all in the paypal account, and although i get the odd twinge when i see one of Machs (and others) watches, and boxbrownies omegas', the thought of having any sort of debt (not including my mortgage) fills me with dread.

For what is essentially a "hobby" i feel that im pretty lucky to have what i have got. even though i know my limit at the moment is Â£250 max, and for that i have to be a very good boy! There will be a time when i do get the "speedy, seamaster panny ect.......but at the mo, im enjoying my seiko's and working up to finally getting a few RLT's in the near future.


----------



## Guest (Aug 16, 2007)

mrteatime said:


> ive some experience of this......i was in town on the morning i got my first credit card. My limit on it was 5k. And as you do when your in town you look at the watch shops dont you.....? And as i walked past A well known shop in york i popped into have a look. I happened to look at the Seamaster which was priced at Â£2100 and instantly thought "i could get this" Even the 710 said she wouldnt mind as she knew how much i liked it (and have for a long time) In the end, i walked away as although it wouldnt be a problem to pay the monthly amount it was still a lot (to me anyway) of money.The thought of paying 10x Â£210 send shivers down my spine! The only thing i have used my credit card for are the few bits and pieces from roys
> 
> I know how much i can afford for a watch as its all in the paypal account, and although i get the odd twinge when i see one of Machs (and others) watches, and boxbrownies omegas', the thought of having any sort of debt (not including my mortgage) fills me with dread.
> 
> For what is essentially a "hobby" i feel that im pretty lucky to have what i have got. even though i know my limit at the moment is Â£250 max, and for that i have to be a very good boy! There will be a time when i do get the "speedy, seamaster panny ect.......but at the mo, im enjoying my seiko's and working up to finally getting a few RLT's in the near future.


 Good lad, can i sugest overtime mr tea time


----------



## mrteatime (Oct 25, 2006)

Timetraveller said:


> mrteatime said:
> 
> 
> > ive some experience of this......i was in town on the morning i got my first credit card. My limit on it was 5k. And as you do when your in town you look at the watch shops dont you.....? And as i walked past A well known shop in york i popped into have a look. I happened to look at the Seamaster which was priced at Â£2100 and instantly thought "i could get this" Even the 710 said she wouldnt mind as she knew how much i liked it (and have for a long time) In the end, i walked away as although it wouldnt be a problem to pay the monthly amount it was still a lot (to me anyway) of money.The thought of paying 10x Â£210 send shivers down my spine! The only thing i have used my credit card for are the few bits and pieces from roys
> ...


i work 1 sunday a month for the paypal! and another 2 sundays for bills!


----------



## Guest (Aug 16, 2007)

That leaves you only one Sunday for church to cleanse your selve per month


----------



## strange_too (Feb 19, 2007)

I only buy what you can afford and that goes for anything. I would never use a credit card, for credit either. Just as a safer way to buy.


----------



## blackandgolduk (Apr 25, 2005)

This fella you know will come unstuck sooner or later. Back in my student days I was a bit careless with my money, not that I had a great deal of it. I had a credit card with a Â£500 limit which I spunked on snakebite and black and fags. By the time I realised I couldn't pay it back it was too late. To cut a long story short, I learned an important lesson and to this day do not have a credit card. I don't have a mortgage, kids or anything like that at the moment and spend about as much as I earn, which I'm happy with 'cause I've got some nice stuff and have a decent social life. If I want something I pay cash - if I don't have the cash at that time I'll wait a few weeks until I have. My dad used to call it 'living out of his wallet' - seems to me to be the best way to go...


----------



## limey (Aug 24, 2006)

At one time I would have gone into debt just like that. Been fortunate the last couple of years to have a little disposable income, but come the end of the month I'll have a mortgage. I simply can't afford any other debt, and I know it, so the answer is NO!

The credit cards will be only for emergency use or for vacation so we don't carry cash.


----------



## pauluspaolo (Feb 24, 2003)

I have bought watches in the past (though not particularly expensive ones - no Â£2000 Omega's for me) with credit cards in the past & got in way over my head. I was single with no kids at the time - so had no responsibilities to anyone but myself. I still am single but I'm now on the cusp of moving in with my girlfriend & she has two grown up daughters. I've well & truly learnt my lesson & credit card's are now a thing of the past for me. I had one with a Â£7,500 limit - far too much for someone on my salary - but sometimes the temptation was too great & I succumbed & ended up depressed & in debt (though fortunately not to the tune of Â£7,500!)! I'm working my way out of the situation now & while I still have a credit card for emergencies I haven't used it at all for at least 18 months ... & that feels good









If I see a watch I like then hopefully I'll have enough in my paypal account to buy it, or I'll sell something/save up the pennies for it or maybe find one for trade.

Had I a wife & kids to support then I like to think that I wouldn't have got myself into the above situation in the first place. The man in Alasdair's first post needs to get his priorities sorted out - wife, kids & family are way, way, way more important than any watch *ever* can be! Hopefully he'll realise that before it's too late - what a pillock







!

I don't consider myself to be a particularly ambitious person but one of my few tangible & attainable ambitions is to be debt free (apart from maybe a mortgage) & one of my other intangible, unattainable & unlikely ambitions is to see all credit card companies disappear into a great big hole in the ground!!

So the answer to Alasdair's question is that, while I might have done once, I wouldn't now get myself in debt to buy a watch.

Phew - glad that's finished I feel quite calm now


----------



## Stanford (Feb 10, 2007)

Technically I regularly get myself in debt because I use my credit card when buying most things, not just watches. I use my credit card to make most purchases of any value, either directly or via Paypal, because it provides a measure of protection.

I have quite a high credit limit and will go up to it as long as I have the money put aside to pay off the balance when I get the monthly statement, which I do every month (free credit plus insurance thrown in, although some do charge a fee if paying with the card or Paypal).

Like others here, I don't have a mortgage or any other loans, and I have a reasonable disposable income after the normal bills, partner and kids have been satisfied.

Would I use the credit card if I didn't have the money to settle up every month - not likely.


----------



## jasonm (Nov 22, 2003)

I used to be a nightmare with money, thankfully Im older and wiser







now ( no loans or ccards, just a morgage and 6 month old baby! ) and wouldnt borrow or over-reach for somethig as trivial as a watch!

If something 'bad' happened tomorrow and I needed cash then they would be the first things to go, they are just watches


----------



## Guest (Aug 16, 2007)

Its so easy to build. massive an amount of dealt in a short space of time and just like the new car purchase.You kid yourself you need a new car ,buy the machine and know there nothing wrong with other one however when those 200 pound debits comes out every month you dont feel quite as good . IM saving for a grail and not buying on credit because i would feel it would not be mine until i paid for it.


----------



## Barryboy (Mar 21, 2006)

An interesting thread, this..... I have never got myself into anything other than manageable debt. I have a fairly modest mortgage, but other than that nothing other than routine bills. I don't have a high salary, but I am reasonably comfortable after some horrendous luck with two big car bills and a replacement central heating boiler to pay for last Xmas time.

However all that is likely to change as I am planning on getting a new car. But whatever I get it will be affordable, and that's the secret of using credit. If you really want something (car, conservatory etc.) and can afford it, then why not take advantage of a good credit deal and buy what you want? Most of us do it.... how many oif us could afford to buy a new car without some sort of credit arrangement?

But back to watches... would I go Â£2K into debt for a watch?...... Not as long as I've got a hole in my arse! Some things such as my watches, motorbike etc. are saved for then bought. I've got some decent enough watches (but no top end stuff) and I've got a 10 year old Honda Blackbird motorbike, but to me those are my toys - I'll go into comfortably affordable debt for the major stuff (mortgage, home extension, car etc) but never for a toy.

Rob


----------



## thunderbolt (May 19, 2007)

I wouldn't, not for a watch. Unless it was a very special watch and it's purchase was for a special reason/anniversary. And then only in the very short term (12 months or less).


----------



## jaslfc5 (Jan 2, 2007)

i have sinned in the past - i did a stupid amount of money on plastic and loans but i was with a bad woman at the time and then single for a while so was out with the lads 5 days a week and shopping etc etc .

thank god i didnt have the watch bug then otherwise i hate to imagine the mess i would have got myself in.

im in my last year of my i v a its hard i mean really hard but im cured now and only buy what i can afford and if i cant i dont have .

recently haggled a high st chain jewellers into taking 300 quid off a seamaster and giving me intrest free on the remainder and i walked away ,it was like therapy or a test.

once my iva is up i will buy something pricey to celebrate but until then i only buy watches i can afford when i can afford them.

debt is bad credit card companys and all these loan companys you see on the tv are evil muthers ,ive helped a few people out who have found them selves in over their heads now i know the loopholes .

so to answer the question no debt is baaaad.stay away.


----------



## salmonia (Apr 25, 2006)

NO never for a watch!....unless the watch is a very,very special..and I know I can get more money back any day....


----------



## James (Jul 17, 2006)

Yes I have done it on vintage but only if I can somehow pay that credit card real fast like 2 months max. If I want it bad enough and the deal is right I won't hesitate to spend the wifes money


----------



## Inked (Jul 21, 2007)

I have in the past been bankrupt (in my early 20's) after racking up over Â£40k of debt on credit cards, loans and HP and so certainly would never tell someone its a good way of buying things, I certainly wouldn't take out an interest bearing loan to buy a watch.

The only items myself and my Fiance incur interest on are our house and our car, the credit card gets used to make most purchases as we get 1% cashback on it and gets cleared every month so we don't get stung for interest charges.

I currently refuse to sell credit cards to my customers at work as I feel it would be unethical with my prior history.


----------



## Alas (Jun 18, 2006)

Glad I started this thread now. Interesting that we have the main 3 types but are missing the fourth.

1. Don't borrow so don't go into debt

(I include folk in this that use their CC to make a purchase but repay straight away to avoid interest)

2. Borrow for essentials such as mortgage and car but not for luxury items (watches)

3.

4. Borrowed heavily - were caught out and have since learned.

The number 3's are missing. The people who make up a very large number of the population today and are like the member of the wifes family I mentioned earlier. Borrow to get what they want now - don't seem to worry about the consequences until the bailliffs come knocking. Why should they do without the plasma tv, the rolex/omega, the Caribbean holidays etc when the neighbours are getting them. These people to me are a bigger worry than the neds as they are looking to you and me to bail them out. Companies like the banks and Picture loans need to take a long hard look at themselves.









Anyway enough of the sermon. I've seen an absolutely cracking watch I want to buy but I would have to take the money out the savings so its a no. On the other hand I have my Grail arriving tomorrow. All the other watches I have are nice but this is the Grail. Going to be like a kid at Xmas tomorrow.
















Cheers

Alasdair


----------



## Griff (Feb 23, 2003)

I think it is easy to come on here and criticise and moralise.

At the end of the day what someone else does with their money is their business.

I dont have a mortgage or family, but I do owe some money on credit cards if it has ef all to do with anyone else!!

I'm afraid I get more than a bit jaundiced about pulling someone else to bits over what they do with their money.

When you are old and need full time health care you may have your house sold from under your feet to pay for that health care. Remember that!!

I have gone into debt over a watch, and I wont put up with anyone giving me the high hat over it and no one better try doing so to my face!!!


----------



## Guest (Aug 16, 2007)

Griff said:


> I think it is easy to come on here and criticise and moralise.
> 
> At the end of the day what someone else does with their money is their business.
> 
> ...


Telling it as it is go on Griff


----------



## Alas (Jun 18, 2006)

Griff said:


> When you are old and need full time health care you may have your house sold from under your feet to pay for that health care. Remember that!!
> 
> I have gone into debt over a watch, and I wont put up with anyone giving me the high hat over it and no one better try doing so to my face!!!


I asked if people would go into debt to buy a watch as a person I know has. I have not criticised or gone on a morality trip about anyone on here so whats the problem.

It was a question which I don't feel strongly about one way or the other, I just wanted other forum members input.

If it was something that really got on my wick and I really felt strongly about I'd quite happily say it to someones face. Oh and if thats the case can I borrow your high hat.









Cheers

Alasdair


----------



## rhaythorne (Jan 12, 2004)

I guess I'm more category 3 than anything else; apart from the bit about looking to others to bail me out.

I am Barclaycard's bitch!


----------



## Griff (Feb 23, 2003)

Alas said:


> Griff said:
> 
> 
> > When you are old and need full time health care you may have your house sold from under your feet to pay for that health care. Remember that!!
> ...


It doesn't matter what gets on your wick unless it affects you personally, and if it doesn't then what someone does with their money is their business and no one elses.( I would accept however that if kids were adversely affected then it would be a different matter. )

I get enough of the high hat at work to see it dished out elsewhere, and I dont wear hats myself except one peak cap for the rain.

I would add that whenever someone has come the high hat with me they usually haven't liked the result


----------



## PhilM (Nov 5, 2004)

In relation to the question, would I put myself in debt







yes and I have done for a car (many years ago) and a mortgage









For a watch, the answer would probably be no unless a grail came up







but then I would end up flipping the others to pay for it


----------



## Griff (Feb 23, 2003)

PhilM said:


> In relation to the question, would I put myself in debt
> 
> 
> 
> ...


That I think is sensible and I think similar.

I'm just totally pissed off wth the high hat.


----------



## PhilM (Nov 5, 2004)

Griff no high hat directed at you 

In the end it's each to their own


----------



## jasonm (Nov 22, 2003)

Griff said:


> I think it is easy to come on here and criticise and moralise.


Course it is, dont say you never have though


----------



## Xantiagib (Apr 22, 2005)

Isn't it more fun saving up or trading up for a watch than just having to save up to pay off a credit card?


----------



## Griff (Feb 23, 2003)

jasonm said:


> Griff said:
> 
> 
> > I think it is easy to come on here and criticise and moralise.
> ...


That sounds a bit high hat Jase









The politics thread is fair game as is general opinion.

I dont recall ranting at what others do with their brass.


----------



## Alas (Jun 18, 2006)

Griff said:


> jasonm said:
> 
> 
> > Griff said:
> ...


Is this aimed at me. I was going to reply at length but cant be arsed.

Alasdair


----------



## rhaythorne (Jan 12, 2004)

Xantiagib said:


> Isn't it more fun saving up or trading up for a watch than just having to save up to pay off a credit card?


Not for me. My enjoyment comes simply from wearing the watch, the mechanism by which I save/pay for it is of little interest. I guess lots of people do enjoy the "trading" / swapping aspect of their collecting hobbies though.


----------



## Griff (Feb 23, 2003)

Alas said:


> Griff said:
> 
> 
> > jasonm said:
> ...


Good!


----------



## Alas (Jun 18, 2006)

Griff said:


> Alas said:
> 
> 
> > Griff said:
> ...


----------



## Griff (Feb 23, 2003)

Order yourself 7............one for every day of the week!!!


----------



## PhilM (Nov 5, 2004)

Griff said:


> Order yourself 7............one for every day of the week!!!


Black's not really my colour, do they do Blue


----------



## Griff (Feb 23, 2003)

Last one bought by J with matching cuffs


----------



## PDR (Sep 6, 2006)

Watches are just one of several interests of mine (shooting, knives, photography, 4x4â€™s travel etc.) I currently wear a Sinn U2 and while it is a reasonably expensive watch I was able to purchase it without going into any debt as I had built up a balance in my PP account buy selling off other gear (mainly collectable knives) that I no longer needed.

Like some other people here, I too have had debt problems in the past so will never buy on credit. I use PP or online banking for web purchases and cash for everything else, including petrol as I am concerned about the risks of my cards being skimmed. Being in debt can be really stressful and Iâ€™d never want to go there again.

Each payday I go to the bank and ask for some of my money as Â£50 notes (normally about Â£250 worth). I then put this in the back of my wallet to be used if I really need itâ€¦. I can go through Â£10â€™s & Â£20â€™s without really keeping track, but I try and hold on to the Â£50â€™s. At the end of the month these Â£50â€™s go into my kitty to help fund something I really want (currently a new laptop and another large calibre rifle).

Back to watches, I like continuity so I tend to wear the same watch all the time (Sinn U2). I do have a couple of older watches which where reasonably expensive when bought that I use as beaters. Probably the next time I buy an expensive watch will be in a few years time when my Sinn U2 needs to go in for a service (I'll probably buy another Sinn or Damasko). Other than that Iâ€™m happy. I enjoy reading about watches but I donâ€™t feel the urge to own everything that catches my eye.


----------



## SharkBike (Apr 15, 2005)




----------



## andythebrave (Sep 6, 2005)

I used to use credit cards for pretty much everything. Until it got to the point where I'd no disposable income at all after paying off everyone and their aunt. Fell into the trap of sort of forgetting that a card is still money and not some sort of passport to free goods. Durrhhh!

Now I save and pay cash for everything.

It'll be even better once the debts are paid off....


----------



## rhaythorne (Jan 12, 2004)

SharkBike said:


>


Ya know, that's precisely what I've been thinking since yesterday. Whilst I've heard of the expression "high-handed", I've always thought that a "high hat" was part of a drum kit







I dunno, maybe it's some weird Northern thing.


----------



## Robert (Jul 26, 2006)

rhaythorne said:


> SharkBike said:
> 
> 
> >
> ...


I thought it was high-horse


----------



## rhaythorne (Jan 12, 2004)

A horse may be so many hands high, but I've never seen one wearing a hat


----------



## mart broad (May 24, 2005)

rondeco said:


> I find it beyond belief when people say "I let my Paypal account build up to by my watches" , or something similar . Do you actually enjoy giving ebay money or something by letting them earn interest on your hard earned cash ? . FFS withdraw it the very second it goes over Â£50 and put it into your own account


Quite agree,always found it strange when somebody says i will PP you a largish ammount as its in my PP account at which point i get to thinking why?put it in your Bank account and then let PP withdraw it on a sale.

I also in truth trust the "bar stewards" even less than the Banks.









Martin


----------



## JoT (Aug 12, 2003)

mart broad said:


> rondeco said:
> 
> 
> > I find it beyond belief when people say "I let my Paypal account build up to by my watches" , or something similar . Do you actually enjoy giving ebay money or something by letting them earn interest on your hard earned cash ? . FFS withdraw it the very second it goes over Â£50 and put it into your own account
> ...


OK I agree with all the FINANCIAL reasons for whiping the money out of Paypal ........ but Paypal is "710 Proof"


----------



## jasonm (Nov 22, 2003)

Yep, thats worth a few quid


----------



## Guest (Aug 18, 2007)

710 proof-if only mine was working


----------



## mart broad (May 24, 2005)

JoT said:


> mart broad said:
> 
> 
> > rondeco said:
> ...


As ever John,nicely summed up case closed









Martin


----------

