Audio Debt?

Are people going into medium or even long term debt to purchase their audio equipment?

Just curious.
Only if they're morons.
Ahhh, the benefit of 0% credit cards!
agree with Narrod
cash only here.
I never have, but you could make a good case for it. If someone will hold onto the equipment for 3-5 years, why not pay for it over 3-5 years, especially if a low interest rate is available? Lots of folks go into debt over cars and they depreciate just as quicly if not more so.
I have some debt on my audio system, not much, but I think paying a reasonable intrest rate makes a lot more sense, and is a lot cheaper, than paying a cable T.V. bill. How many have cable hook up to their home theater system? The important thing is to use credit carefully and stay in budget. Avoid impulse buying at all costs. On the other hand if one would accumulate so much debt that one could not pay it back in a lifetime, that would be like getting stuff for free!!!!
Audio may be fun, but it sure ain't worth going in debt over!
The only smart thing about this hobby that it is basically cash only. You are not a true audiophile if you have not blown the rent money on a discounted must have one time piece of equipmet.
gregadd, im sure you were joking but your description of a true audiophile soounds like people who are addicted to things like gambling & drugs.

anybody who blows the rent money on anything other than rent is a person who's priorities are out of whack.

i have no audio debt,never have & never will.
Couldn't agree with Gregadd more. I have not gone into debt but I have certainly taken some loses selling the odd component in order to upgrade to the next piece I can't seem to live without!
This is a tangential response--I don't go into debt, but have also learned to "buy well once" vs. riding the upgrade carousel. So, I've tended to buy above my target price point but have found much long-term satisfaction. So many a'gon ads feature gear for sale that is weeks or months old--I'd never be able to pull that off. My 'youngest' piece of gear is 2 yrs old (digital front end), but the next newest piece is 8 years old.
I take the disposible cash only route also, unless I really have to take alternate measures to raise the system budget... I purchased my new turntable after multiple visits to my local sperm bank, but now my wrists are still too shaken to mount the cartridge. New amp & pre, may require the sale of a kidney?
I haven't gone into debt, but I have taken up to 3 weeks to pay something off before I brought it home.
Having Coltrane in your room sure beats appearing once or twice in the bankrupcy court.
Makes no sence.
If you declare a bankruptcy, you'll have to give it all up.
A friend of mine put $90K on low interest CC's to fund his system... Me?? I might use the cads, but pay them off at the end of the month, or shortly after... Stereo is a luxury, not a necessity.
I'm glad to see most people have kept this hobby in proper perspective. Good sound doesn't have to be very expensive and there is no reason to take on debt to enjoy great sounding music. Although if somebody took out a loan to purchase a subscription to a concert series or a vacation to a musical festival, that I could kinda' respect.
'debt or no debt' this hobby has been on the train to obsessive-compulsiville for the last two decades. for 90k any 'smart-nut' would run of to mexico for a year and return with 'stories' worth far more than any stereo. either way, your wife is mad.....
I'm not with the majority whom have posted here. I don't pay their bills;they don't pay mine. Nothing like .0 while you sell your piece and then payoff most of that debt. I do live for today and love quality components and their affect on the music.---Or as they say,'works-for-me'.
the only thing i use my CC for in this hobby is to charge the purchase to get the reward points - the CC bill is always paid when due - never a balance! when a big purchase comes around, the wife is even happy to know that a $50-100 crate&barrel GC will be following shortly! ;)
Yet there have been posts on the various forums where people have taken out second mortgages for $100k speakers and so forth. Imagine explaining to your S.O. that you're losing the house over speakers! Given the cost of some of the more outrageuos gear, I would assume there have to be some 'philes willing to take on serious debt. Even if you are well into 6 figures anually salary-wise, somthing like the Alexandrias or the Caliburn would make a significant dent.
Waitaminute... You mean buying high end audio gear isn't a foolproof long term investment?

Never. You can't have a hobby that owns you.
Wow! Pretty darn responsible crowd here! Good to see. Although I DO agree that people should not live beyond their means and that America is way too debt and credit card crazy, I can't help but wonder if anyone here has ever financed a jet ski, a motorcyle or a boat or maybe a car that is more than you need to get to and fro? Has no one here charged a big screen TV or a suit at a clothing store or a vacation?

My point is that I will wager than some of you who have rallied so firmly against financing stereo purchases have probably charged other non-necessities. Then again, maybe not - things that make you go HMMMMMMMM!!!!
If it was part of my budget, then I would consider it, although I'd have to get a job first so I could pay the bill.
It's really depending on how much that piece of equipment costs. If I want a $6000 S.O.T.A cd player that outplays my phono rig, I wouldn't mind to go into debt...
"Never!", "Hell no!", "morons!"

You guys ever heard of "Passion"?
I only pay cash for hobbies - except when they have a motor attached.
I agree with Avguygeorge. And the namecalling and judgement (i.e. "moron") are un-called for IMO.
Well I don't know about you guys, but I'm waiting for the branded Audiogon credit card so I can max it out!
using a cc to pay for a purchase & being in debt over a purchase are two entirely different things.
No way. Never. Cash only.
Then I learned about MBL 101's. Now I'm scheming....
I've got the fever...
i purchased many, many $$ of equipment on my credit cards, and then ended up filing bankruptcy, so basically my system was free, and now i am totally debt free, gotta love this country !!
We have friends who have a $90,000 boat that they financed and pay to store and had to buy(finance) a bigger truck to tow it with. And the kicker is, over the past 2 years they've used it less than 12 times! They've had it for sale for over a year and can't get rid of it.

My brother financed $12,000 for a motorcycle that he hasn't ridden in over a year. They have a new baby and his wife doesn't want him to die on the bike.

How is financing $10-$20k on audio any different? Plus I can always sell me stereo if I need to.

It always amazes me how people will spend thousands on jet-ski's, snowmobiles, boats, sports cars, motorcycles, etc...that they use very rarely. But when they hear how much I spend on audio, which is something I use daily, they think I'm crazy. And I spend very little compared to a lot of people here.
Ecruz, thank you, you have at least given me one person honest enough to lend credence to my post!!
OK. Let's be honest here..How many of you who have answered to this thread bought a piece of audio equipment more than $500,$1000,$2000,$3000,$5000,or $10000 and pay cash for it?
Have not gone into long or medium dept, but what I would consider short term. Makes for a smart move if there is a item you might be able to obtain at a great price in a small window of time. And the savings would amount to much more than the interest to pay off the debt in the few months it would appear on the card.
Ecruz is 100% right on this one. People will finance other toys, collectible cars, plasma TV's, boats and more.
I have an aversion to debt. It comes from owning your own business. But I fully understand if someone wants to borrow a few grand to buy something they will use daily, not just a dozen times a year.
The only thing I'll ever finance is my house. All the rest if I can't afford it I can't have it. I guess it comes from being raised in Yorkshire !

I may buy it all on a credit card, but the card is paid in full each month.
Got Bayliner 242 and booked for 15 years/$365/mo.
Now THAT's a TOY or even my second home!
Thinking of mini HT sanctuary down there (damn, cash only this time...)
Need sub 8"max, sub-amp, 12V 6champ or a combo of a few, tweeters(haven't decided how many) and main speakers
Parts Express, Digikey will do...
Morons are NOT audiophiles!! In fact I doubt if they know what audiophiles means.
If I have the cash I can afford it. Otherwise I have to save more or whatever. At this point I use one credit card and keep a thousand limit on it. I have no other credit cards. The only reason I have the one is after trying to go without one found that I couldn't reserve rooms at the beach etc without it. Wish I didn't have it actually but in this world everybody thinks you're a flake if you don't have a credit card. Kind of funny actually because a high percentage of people with credit cards get themselves into trouble and I consider that to be not too bright.
Although many of us may not be using credit to buy audio or pursue other hobbies, I wonder if it ever crowds out necessary savings for retirement, etc. The US savings rate is pretty crappy.
As I said before, why not finance when it makes sense? What's the difference between financing audio equipment or financing a luxury car when all you need is something much less expensive? The reason I bring this up again is that I remembered that I did finance a system -- my very first!! For $500, I got a very nice JVC receiver and a pair of AR 10 speakers. That was 30 years ago and I still own them (reconed woofers) and my son now listens to the system and loves it! Was it worth it? Absolutely!!!
stick with used gear and screw the urge to upgrade(most upgrades are 'objectively' more different-than-better . have other interests and learn enjoy music in other enviroments than your home. sometimes even the cheapo radio in your car with the windows down is an experience no hi end stereo can come close to.......weed helps too...inagadadavida
It's an investment. Not necessarily for resale. But an investment in enjoyment. I love music. I truly enjoy hearing it played back accurately. It's cost prohibitive paying talented musicians to perform for me at my home any time of day I desire. How long does anyone think they are going to live... . One sometimes needs to stand back and simply enjoy those roses that truly bring one joy.

Something is an investment when it pays out. The value of the pay out is in the head of the payee.
Even if I use a credit card, I don't purchase anything I can't back with cash. Sometimes it is more convenient budget wise to spread the payments out over three months. I have friends that will finance new gear for three years but I refuse to go down that road. Buying gear here on Audiogon allows me to buy brands I would otherwise disregard due to the price for new.
Like drinking and gambling, have to know your limits.
Yes Cdc, definetely don't buy audio gear while drinking.
i think the issue is about debt in general, rather than the reason for debt.

responsible sensible debt, living within your menas makes sense.

if you have champagne tastes with a beer budget, there will be a problem.

audio debt is no different than going into debt to buy a car. if you can't afford to buy a particular car it is the same as over spending on audio gear.