Post # 1
FI and I are joining up bank accounts this week and have cleared our credit card debt so that we can have a "fresh start." I still have student loans from law school, but that is a set amount at a very low interest rate that is a 30 year fixed.
It got me thinking, what is the average credit card debt among couples and which member of the couple carried what debt?
My FI never spends money (except on food!)…he did take some time paying off my e-ring, but otherwise had no debt. Me on the other hand, I like to shop and for the past 4 years have been attending an average of 5 weddings a year = flights, gifts, etc…some of which went on the CC. My first job out of lawschool was not very well paying and the debt added up pretty quickly.
It feels g-r-e-a-t to be debt free now. And I will never let it add up again.
With all the stories in the news about people defaulting on credit cards, etc…I’m curious, how much debt do you have? Are you comfortable with it? Do you pay off your bills monthly or carry a balance? Is it wedding related debt?
Post # 3
- Wedding: April 2018 - The Grand Old House, Grand Cayman
None, but Mr. K and I have what he likes to call "a Ferrari’s worth" of student loan debt. We have 7 years of professional school between the two of us (law school + dental school), so we will be paying that off for a while!
Post # 4
I have quite a bit of student loan debt, but I have one credit card that I am just paying off (down to $250!) and Mr.Rain has one credit card that he pays off completely each month, so tecbnically our credit card debt is just $250. Our goal is to pay off all debt within 5 years (also the amount of time we are going to wait before we start talking about having kids) so we can live debt free!
Post # 5
FI and I pay off credit cards every month. Grad school left me with some decent student loans. However, I’ll be able to pay off at least 1/4 of them before we get married. After that it should only take two or three years. FI puts his grad school tuition on his credit card, however his in state tuition makes it possible for him to pay it off as he goes.
I feel like we’re lucky in this area. (And I’m SO thankful that we both have jobs that make paying off credit cards and loans possible!)
Post # 6
Neither one of us carries a balance on our credit cards. I have some student loans with very low interest, he has a car loan and we have a joint mortgage. I HATE the idea of paying CC interest, I feel like I would just be throwing money down the drain. I’m even obsessed with paying off our second mortgage b/c the rate is almost 9%. I understand that people get into CC debt when there is an emergency and I’m lucky that I’ve never found myself in that situation. I’ve been laid off twice in the past 4 years and have managed to survive without getting into CC debt. I’ve also been very careful not to spend more than I make and I try to save for things rather then get them now and pay them off.
The one exception to this is when we bought some big furniture for our house and did the 0% interest for several years store cards. In this situation we had the money but decided that it would be better to earn interest on it for a few years.
Post # 7
Thank thank THANK the lord that my parents saved for my undergrad from when I was young (I’m an only child) and I decided that grad school wasn’t for me because they certainly wouldn’t have been able to cover that as well. I’ve made an effort to not allow myself to put anything on my card that I can’t cover within a month or two, and this is specifically because the only rift that ever occurred in my parents’ marriage was over money troubles when they were in a lot of debt when I was younger. They used to get in nasty fights about money and threats of divorce were thrown around, and it was always only ever about money and the stress of their debt, not about how much they love each other. I learned from that at a young age and now I’m UBER conscious of money and refuse to let money woes get in the way of my happiness and my relationship with my FH.
Post # 8
I haven’t carried a balance on my credit card for years. My dad drilled that into me! FH isn’t quite as conscientious as me, but he pays it off within a few months when it occasionally gets out of hand. Other than that, he has a car loan at a really low interest rate, and a mortgage. Neither of us has any other debt. I will be in charge of our joint finances after we’re married, because he thinks I’m better at it. 🙂
Post # 9
Um no CC debt, but student loans? Ouch!
It won’t take too long for those pups, but ugh…I hate the idea of having any debts/loans. I know dealing in credit is a necessary evil (what average person can afford to buy big ticket items such as a house, car, and school in one swoop?), but I don’t like it!
Post # 10
I come from modest means, and while I was in medical school I was required to fly for residency interviews. The whole process is quite costly and had to go on credit cards (in my case). It left me with a few thousand in credit debt, which I am paying off diligently. This was the type of debt that I knew would be worthwhile in the end, so as much as I hate being in debt (always bought my cars cash out of pocket) I did it. It was important to keep my eye on the larger goal of my career, so I considered it a valuable tool to get there.
I also have a large student loan, but tried to finance myself mostly with scholarships and grants. I have a service grant that will repay half of them!
Post # 11
I put EVERYTHING on my credit card (to get miles of course ) but I pay it off each month. Student loans are a whole other animal, we have probably about $80k between us.
Post # 12
What responsible bees here! I forgot to mention in my list of "excuses" as to why I had debt was Boston. Boston is 48% more expensive than the average US city!
Post # 13
zero credit card debt for me; I live within my means, I’ve seen how it has brought financial ruin to people who couldn’t live within their means and vowed to myself I will always live within my means; I’ve seen people close to me in financial crises, and told myself, I will always live within my means, I have savings to pay the wedding off, a down payment for a house for me and my future hubby and some left over to help my sister’s family’s down payment
my fiance also has zero credit card debt and 60,000 in savings; he’s the same with lots of people close to him in credit card debt (we’re talking thousands and thousands and thousands) and has always been good with his money
I think we’re probably good, knock on wood, because we were always both very good with our money
Post # 14
I have student loan debt but I don’t consider it "bad debt". I do have about 6,000 of credit card and unfortunately it was because of a lot of "emergency" situations… flying out to Ohio to visit my grandmother before she passed, car maintenence (the kind where its like "you can’t even drive off this lot if you don’t get this car fixed" type), and a few travel expenses. Most recently it has been added from being unemployed and I have limited income.
Post # 15
- Wedding: May 2010 - The Pierre Hotel
I have zero credit card debt and some student loans. Credit card APRs are so high that I just don’t consider carrying a balance an option!
Post # 16
we have student loans with with low interest rates – that actually drop to zero after 36 on-time payments… I’m almost there! 🙂
Other than that we have car loans at very low interest rates (and the balances are low to begin with since they were good used cars, not brand new)
As for credit cards, I hate them. Never had a balance, never will. I believe in truely spending within your means… just because you want something doesn’t mean you need it. That feeling is also what is making wedding planning so difficult, since practically everything is a "want" and not a "need". :/