(Closed) How long till your out of debt? ( excluding mortgages)

posted 7 years ago in Money
Post # 77
Member
110 posts
Blushing bee
  • Wedding: June 2013

September for us as well! We will have paid off our wedding by then…most likely by August. It is our only debt and its not really debt because we use credit cards like cash. We only buy what we can afford and pay it off entirely when the monthly statement comes in. However we just had a major Murphy event and my Husband…just got married yay!…needs a new car. Since we  are about to leave on our honeymoon and I’m not working (I just graduated) we thought we would be more comfortable spreading out July’s payments into August as well. I’m very excited for next year though will we should have lots more money! I have some medical and dental procedures coming up that will cost some money this year but I should find a job soon and by January we should be accruing money pretty quickly!

Post # 78
Member
307 posts
Helper bee
  • Wedding: January 2015

The good news? I have another 4 years until I finish my student loan debt.

The bad news? By the time that 4 years rolls around, I’m imagining that I’ll need to get a new vehicle within a few months to a few years after that, as my car will be 20 years old.

After that, I’ll start taking on mortgage payments.

So, the good new is that I don’t have a lot of outstanding debt. The downside is that I can plan on being in debt for the forseeable future..

Post # 79
Member
55 posts
Worker bee
  • Wedding: June 2014

I don’t think I will ever be out of debt.

I paid off my fiance’s car (2k) this year. I bought a 2013 Kia Rio (my baby) and have 11k on it. Theoretically that will be paid in 4 more years.

I graduated college with my BA (with honors/scholarships) in only 2 years, did a full year in a MA program (all paid for), and will be in a different MA program this fall (but only for one year, thankfully).

I will have, after my MA program (so August 2014, after the wedding), 53k in student loans (all government, no private).

I have 2k in credit card debt. Fiance has student loans.

I would save/pay off loans rather than spend on “want” items. But my field is nonprofit – not know to bring home the bucks. I work part time at two jobs. If I can get a job with my MA in my field, we’re be much better off (not worrying about rent payments would be nice).

But for now, I just try not to think about it. 🙂

Post # 80
Member
698 posts
Busy bee
  • Wedding: September 2013

@letigre:  I was just thinking the opposite! Sure, their interest rates may be better, but a Canadian Universities tuition for all 4 years is equal to about 1 year in the US.  Yikes! The student loans upwards of $140,000 are mindboggling; I spread my degree out over 5 years and tuition was only $30K total.

 

Post # 81
Member
3208 posts
Sugar bee
  • Wedding: April 2015

@ykyegbride:  I’m Canadian and will be graduating with $140,000+ of student debt. I’ll be on be on the hook for all of it. My cousins are dual citizens and did their schooling in the US at a very reputable state school. Their monthly loan payments are about $200/month, which is about half of what I paid on my federal-provincial loans from undergrad. Sure, tuition in the Statea is expensive, but the schools tend to have larger endowments and many loan forgiveness programs.

Sure, private colleges in the US have $30k/year tuition, but so do private colleges in Canada.

Post # 82
Member
2268 posts
Buzzing bee

I have a total debt of around $15,000, $6,000 of that being student loans which are interest free, so I’m not concerned with paying them off.

The other $9,000 will be paid off within the year.

Post # 83
Member
1143 posts
Bumble bee
  • Wedding: June 2011

I have around $30,000 in student loans, but that’s what I get for choosing one of the top 10 most expensive private colleges in Iowa…I’m not currently in repayment as I’m taking classes at a community college, but I am making payments monthly towards my loans that are accruing interest. Otherwise once my loans enter repayment, I think I’m on a 10-year plan to get them paid off.

I have around $1,600 on in-store credit cards, though the bulk of that is for Home Depot from having to get a new lawnmower. I hope to have most of that paid off within the next six to eight months.

Post # 84
Member
4028 posts
Honey bee

My student loans (about $4k) will be paid off by the end of the year!!!

FI’s student loans, however (about $25k) won’t be paid off for 4 more years 🙁

Post # 85
Member
3370 posts
Sugar bee

@Charlie89:  The day of my funeral. No, j/k. Eh, we don’t really have much debt. I’ve had trouble with credit cards in the past so it’s best if I don’t have any. I haven’t had a CC in about 12 years. And I paid my van off last year. Whoopeeeeee

 

Post # 86
Member
218 posts
Helper bee
  • Wedding: July 2013

Other than the mortgage payment we just took on, we wil be out of all other debt (student, car, cards) in one year. Crazy!

Post # 87
Member
943 posts
Busy bee
  • Wedding: August 2012

@Charlie89:  we only have a couple credit cards and a small line of credit left open, the only reason being they are zero percent offers and we will pay them off by the time the 0% runs out (between December 2013 and next spring).  Best of all, we just paid off our mortgage in June 🙂

My husband is super good about paying down debt, he was always putting any extra money towards extra payments on the mortgage and/or other credit lines.  Our wedding last year cost about $100,000 or we would have been totally done by now. 

We are 45 though, had some time to get these things under control!

Post # 88
Member
324 posts
Helper bee
  • Wedding: May 2014

@Charlie89:  Do student loans count? If not, then I’ll have them paid off in 15-20 years. Otherwise, I have no car loan debt or mortgage, and even no credit card debt. My Fiance only has debt with financing my e-ring, which will be paid off in April 2014, a month before our wedding. So we’ll be starting out pretty well!

Post # 90
Member
2890 posts
Sugar bee

I’m still a student (ph.D) and I’ve paid for university all by myself. So I’ve got a few student loans I will need to take care of after I finish, if I’m lucky, less than 15 000$. But, I am also trying to save money for a downpayment on a house that my fiancé and I wish to buy in 2 to 3 years. So, I have very little money for a wedding, but we want to get married BEFORE we buy the house, for legal matters. So we decided to fit the wedding in January 2015.

We decided we would spend between 3,000 and 5,000 on our wedding. Hopefully we won’t add debts to our credit, but if it happens, we made sure we chose a budget we could afford to repay in the year after (or better, a few months after).

 

 

Post # 91
Member
127 posts
Blushing bee
  • Wedding: June 2012

No debt Smile… Am very lucky. Parents gave me a house and a car, both fully paid. Husband’s parents paid for our wedding and gave him a car. I am doing a PhD on scholarship, so tuition fees and living allowances are fully covered. However, as stipulated by the contract, if I fail to complete my PhD, I will have to pay back the entire scholarship sum. Then I’ll have debt up to my ears (about $80k!!!)… Damn… Better get off the Bee and focus on the thesis Cry

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