Post # 1
Following the “How much money do you make?” poll a couple weeks ago… how much debt are you in?
This includes cars, school, credit cards, etc. For all you homeowners, I am omitting your “house debt” (mortgage) from this, as it’s an investment piece.
Poll up there as well for everyone who wants to be anonymous!
Post # 3
a lot of people on this site have higher degrees and they will be in MUCH higher debt than what you listed on your poll 🙂 a lot of doctors and lawyers will have $100k+ in debt from just student loans!
Post # 4
I didn’t want to overwhelm people with options so I just left it at $40K +
Post # 5
My house is the only debt I have.
Post # 6
I currently have no debt.
I was lucky enough to have my parent’s pay for my college education so there are no student loans to contend with. They also let me use the car they bought when I turned 16 to trade in for my new car and helped me with the difference.
They are of the mindset that you always pay off your credit cards every month (no matter what) and instilled that in me.
If there is any “debt” I may have it is unofficial debt to my FI since he pays more of the rent (because he makes more).
I hope to continue to stay debt free (except of course for a mortgage when we purchase our first place).
Post # 7
Like blondeeebuckeye said, grad school can totally change things. There’s a big different between being 100k in debt because of med school and 100k in debt because of credit card bills. Like home debt, educational debt can be both useful but also get overwhelming to the point where it’s more of a burden than an investment.
Of course, it’s harder to share more complicated situations anonymously. 😉
Post # 8
I am truly jealous of everyone who can actually pay of their credit cards at the end of each month. I had some mega events happen all at once (car requiring $5,000 in repairs, losing job) and since then, I haven’t been able to get on top of it. I pay on it every month, but man… I’d love to carry a $0 balance at all times! Ideally, it’s great, but logistically, I think it depends on your lifestyle, circumstances and income.
Post # 9
I am pretty debt free, I mean I do have the regular ones like a mortgage and car payment, but that’s it. I came out of school debt free as did BF and we’ve both been working in good paying jobs since then. Which is what allowed us to afford such a beautiful new home much sooner then most.
Post # 10
I technically have car debt because I chose to pay it over time. But our assets far outweigh our liabilities. We have the cash to pay the car off in full but choose not to because we are better off investing that money and earning more than what we pay in interest on the loan. Hubs has some small student loans (but again, less than our cash holdings).
Post # 11
@Moose1209: Sometimes it makes sense to pay over time, my car is zero interest financing. So, there really is no down side to pay over time, there’s an upside. I earn interest as my money sits in my account over time, rather then in theirs haha. I got lucky though and was doing well financially when the market took a dump so I was able to snag this awesome deal.
Post # 12
As far as debt goes, I consider us OK. I do have about 10,000 in student loans (will graduate with bach. degree this may…grad school will add more debt I’m sure). I just bought a new-ish car in May so I still have close to 10k to pay on that, too. Neither of us have much CC debt, maybe 1,000 total. We tend to try to live within our means and the only times we really use the cards is when we HAVE to.
So while there is still some debt between us, I think that what we do have are considered investments!
Post # 13
Ugh. School debt. Ouchies.
Post # 14
I have around 86k left to pay on my student loans so that puts me in the top category already LOL.
In regards to credit cards, car loans, etc. we have less than 10k. We just paid off our credit cards with wedding gifts and almost have our car paid off woohoo! But then of course we will need to buy a new car hehe
Post # 15
I’m in the same position as Moose1209 – we have debt but our assets far outweigh our liabilities. IMO, car debt is kind of subjective as well. It’s a payment on a loan but if something serious were to happen and I could no longer pay for it, it’s a little different to resolve/unload than it is to get out of a $9,000 credit card debt you can’t afford. Also, cars don’t ever last “forever” – IMO, a car payment is something the majority of people “will always” have.
Also, seriously, life happens sometimes. Sometimes we don’t have any other way to pay for things. Of course it’s ideal to have a savings fund for a rainy day and the future, but the reality is that’s not totally possible for everyone.
Post # 16
School debt and FI’s credit card debt, which we’re paying down. Slowly. The day that balance disappears I will be the happiest. person. ever.
The student loan debt I can live with, but the credit card is like toture. It just eats away at me. Even though I know it’s not getting any bigger, I hate that we can’t afford to make it disappear superfast, either.