Audio Debt?

I'm a moron. I bought a pair of Dynaudio Temptations and a new tonearm thinking the two real estate deals I had going were closing. At the last minute the guy dropped out and killed both deals. Now I am $9,000 in debt. You know what though I don't care. I got a 2.99% interest rate on my Citibank card. My speakers are amazing and I am loving them. So I may be a moron but I have one kick ass system.

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?

Every piece of audio gear we've ever purchased ($6K was the priciest component) we paid for with cash. No, not the home equity loan version of cash that has been tossed around the past few years. Only the greenbacks. We have no debt, and won't until we purchase a house...but only after the market crashes, thank you.

If you wait until you can afford it, you may no longer be able to hear it.

I financed my first system in 1973. I had forgotten that until I read Ozfly's confession. Ever since then, I have provided myself with upgrades by trading audio equipment. In fact, after thirty-odd years of swapping, I'm very sure that I have no money at all in my system and might actually have profited. Who knows?
Certainly, when the years of use and enjoyment are factored in, I can say I have profited enormously.
This would seem to indicate that I am philosophically opposed to borrowing to buy audio gear, but after reading some of the arguments here, I can see where it makes sense for some. After all, if you buy new, depreciation on this stuff badly eclipses any reasonable interest rate. However, if you are paying a credit card company 23.99%, refer to the first post by Narrod.

Yeah, I have put AV purchases on a credit card, and then fail to pay the entire balance at every statement. So that means (relatively) short-term debt. It comes and goes. I get a decent annual bonus, which goes first to paying off any unpaid balances. Beats having to wait, and I'm doing my part for the economy - at least somebody's economy.

Another point to consider is that not everybodys family situation is the same. If you're married with kids to feed, going into deep debt is a bad idea IMO. But if you are single - its a different story....

If you spend more time working to pay off you system, instead of enjoying your system...you've gone entirely too far.

I wonder how the housing bust and lack of "house money" will effect the audio industry. My guess is that slowdowns in housing may limit extras like high end audio. I'm a bit younger than the typical audiophiles I've met but have been into audio for a while now. I've built an ok system (Edge Cd player, Classe Pre amp, Cary amp, VD master cables and Talon speakers) and have built it with almost always cash. Sometimes I've used a card but not often. I think a cash out housing slump may effect the other people who tend to use credit more liberally than I. This in turn will effect audio companies. I have a feeling there are many people like the poster above who will be hit. Maybe there will be a few more deals on Agon? Oh, I have a motorcycle too and love it (it was financed but was paid off early).