Increasing line of credit to fund travels - TravelPUNK Backpacker College Student Budget Travel Message Boards!

**travelchick75** · 07-28-2006, 10:45 AM

Im scared im not gonna have enough cash and im toying with the idea of upping my (paid off) line of credit just in case. What do you guys think? Any of you used a loan to travel before??

**blinkchick2134** · 07-28-2006, 10:55 AM

It depends if you want the loan hanging over your head when you get back. Nothing beats the feeling of being debt free or in less debt.

Also I love your signature!!!

DJ_VeeeNoM · 07-28-2006, 11:16 AM

Loans are fun! No really the last thing you would like to do is to have that over your shoulders and in your head thinking how you are gonna get out o'em. (Y'all) heheh :greenguy:

**omisan** · 07-28-2006, 11:18 AM

I've done it... and yes, it was a bitch paying it back after coming home, but hell, you only live once

**travelchick75** · 07-28-2006, 11:26 AM

lol thanks blinkchick yeah i dunno i was only planning on getting it increased to 2500 or 3000 just as a little extra i dont really wanna touch it but since our wonderful canadian money

is cut in half when we get over there i think i would be safer taking it lol

foofiter · 07-28-2006, 02:10 PM

Increase it. Only use it if you have too and its good to have in case of an emergency. Just pretend like you dont have it unless you REALLY need it and all will be good.

Foo

**lauren313** · 07-30-2006, 12:31 PM

I would increase it, just in case. The way I figure is, this may be something you only get to do once in your life, and if you don't do all the stuff you want to, cos you're worrying loads about your money, you'll regret it. Of course, don't use the money unless you're pretty sure you can afford to pay it back once you get home.

I plan on using part of my interest-free graduate overdraft when I go away, because I'll have no commitments when I get home, and nothing to save for, so I know once I get a job I'll be able to pay it back relatively easily.

**beergal** · 07-30-2006, 12:35 PM

^ good luck on getting that job Lauren....i dont know one person from uni who has managed to get a job yet (thank god im going into teaching!)

**lauren313** · 07-30-2006, 01:02 PM

Oh no, I don't mean a real job!!!!!!!

I'm applying to go back to uni next September, so I'll be temping for 8 months or so. Temp jobs are pretty easy to come by down here. I wouldn't be anywhere NEAR as confident at getting a proper job!

**TheJake** · 07-31-2006, 09:22 PM

using a credit card to travel was the worst idea i ever had.

**omisan** · 07-31-2006, 09:51 PM

I think there's a fine line between increasing your line of credit to have a cushion... and financing your trip courtesy of Messieurs Visa & Mastercard

(Ok, it's kind of a big, fat line...)

**travelpunk** · 08-01-2006, 12:35 AM

Increasing your credit line is not the problem. Money management is.

In general, if you are not able to manage a small amount of money, then it will be extremely difficult to manage a larger amount of money.

If you can use your credit responsibly, then having a large limit won't tempt you and you will really only see it as an emergency fund.

If a larger credit line makes you feel like a kid in a candy store and you have no idea on how you will pay it back, then you may find yourself up shit creek without a paddle. Excuse my ghetto

And now, 8 lottery winners who lost their millions.

They all had many excuse, but at the end of the day, they didn't know how to manage their money properly. ie...

x amount for investing
x amount for education
x amount for donations/charity/give to family
x amount for necessities to live on (rent, mortgage, bills, etc...)
x amount to play and have fun with

Quote:

lol thanks blinkchick yeah i dunno i was only planning on getting it increased to 2500 or 3000 just as a little extra i dont really wanna touch it but since our wonderful canadian money hunter.gif is cut in half when we get over there i think i would be safer taking it lol

It sounds like you're head is in the right place since it sounds like you 're not tempted by the extra limit, so increase it all you want babe

.

Good luck

!

**travelchick75** · 08-01-2006, 10:57 AM

Thanks for all the great advice guys (and girls lol)

Im way to scared after this year at school to go screwing around my credit lol i dont wanna live with my 'rents for the rest of my life haha Hopefully i'll be of help to some poor newbie like you guys are to me. TPUNKS ROCK!!!

**voyd** · 08-01-2006, 11:18 AM

Quote:

Originally posted by travelpunk@Aug 1 2006, 01:35 AM
Increasing your credit line is not the problem. Money management is.

In general, if you are not able to manage a small amount of money, then it will be extremely difficult to manage a larger amount of money.
[snapback]133207[/snapback]

Yup, and I also find that for a lot of people if they can't afford to pay for something now, how will they be able to afford to pay it off later? Ever loan stuff to scrubs? Well, notice how most of those "loans" magically turn into gifts, lol.

Living within your means requires self-discipline and delayed gratification, but it pays off much more in the long run. The thing with life is how the easy shortcuts often end up being the long, hard way in the long run (and vice-versa). Ever see people in really bad jams in life? Most of the time, that was a cumulative result of them taking shortcut after shortcut for instant gratification - leaving them with little in the end.