How much debt do you have?

posted 2 years ago in The Lounge
  • poll: How much debt do you/your other half have?
    Zero : (79 votes)
    31 %
    $1-5k : (16 votes)
    6 %
    $5-10k : (26 votes)
    10 %
    $10-25k : (50 votes)
    20 %
    $25-50k : (29 votes)
    12 %
    $50-75k : (16 votes)
    6 %
    $75-100k : (13 votes)
    5 %
    $100-150k : (11 votes)
    4 %
    $150k+ : (11 votes)
    4 %
  • Post # 61
    Member
    14947 posts
    Honey Beekeeper
    • Wedding: June 2011

    About 4k left on my car loan, which I don’t really count as debt.  The only reason we took out a loan was cause it was 0% interest so we decided to leave the money in investments even though we were prepared to pay for the car in cash.  I personally don’t really count debt as “debt” when one has the money to back it and it was a conscious decision to keep money invested instead. 

    Post # 63
    Member
    376 posts
    Helper bee

    Im super proud to say none, but Im 42, I had debt until i was in my 30s. 

    Post # 67
    Member
    6442 posts
    Bee Keeper

    indyJEEP :  No plans because we do plan on moving and then we would just have another mortgage.  The home we live in now is not our forever home.  If it were then we’d consider paying it off.

    Post # 69
    Member
    356 posts
    Helper bee

    Fiance and I took a leap and quit our high paying corporate jobs 3 years ago to start our own business. We ended up with about $60k in personal debt while trying to get our business going. The business stabilized a year ago, so we’ve finally got it under control and we’re down to the last $15k of debt now. We’re hoping to have it paid off before year-end! It was a rough couple of years for sure- not sure I’d do it again. Lol!

    Post # 71
    Member
    583 posts
    Busy bee
    • Wedding: September 2015

    indyJEEP :  Yeah, though I think my interest rate is about 0.9% at the moment, so not a lot. The year after me-after they took away the fee cap- is on about 6%. Ouch!  

    Post # 72
    Member
    241 posts
    Helper bee
    • Wedding: September 2010

    indyJEEP :  We have zero debt besides our mortgage, which is a lot but definitely manageable. We live in an extremely HCOL area though so it’s worth it to us. We were lucky as we both came into the relationship with very little debt (student loans) which we paid off quickly and as our salaries have increased we have continued to live well below our means. We plan to buy a new car this year, but we’ll pay cash as we do with our large purchases. I usually wouldn’t answer a question like this but thinking about it, I’m proud of what we have accomplished. 

    Post # 73
    Member
    1158 posts
    Bumble bee
    • Wedding: October 2016

    $63k combined (one car loan for me and 2 large student loans for DH). While I’m not thrilled about it, it’s actually incredible that it’s as low as it is. Darling Husband left undergrad with over 100k in student loan debt 6 years ago. He was working just above minimum wage for about 2 years after that so the payments barely making a dent. Once he got into his current job (much better paying) he had to buy a car as his was falling apart. I also had $42k in car/student loans myself 5 years ago and in that time we’ve paid off my first car (20k) , his car (18k), all of my student loans (22k), saved a down payment for a house and furnished it (25k), built an emergency fund (10k) paid our wedding and honeymoon in cash (40k), took a big overseas trip this past spring (8k) and have gotten his loans down about 60k from where they originally were. 

    Sure, we could have made different choices and been completely debt free (eloped, no vacations, held onto my car longer, waited longer to buy our house) but I don’t think I could live like that. Yes, debt sucks, but I won’t avoid having fun or doing the things Darling Husband and I want to do because we owe money to a bank. 

    Currently we are saving for a baby and all the medical/out of work/initial start up costs that go with one, and also trying to put any extra money from overtime work to DH’s loans. We also pay over the minimum on the student loans as well, and they should be totally gone in the next 5.5-6 years. 

    Post # 75
    Member
    2168 posts
    Buzzing bee
    • Wedding: October 2013

    indyJEEP :  the sad part is, they aren’t that fancy haha. We have a Honda Civic which has great standard features and last a long time with great resale value. We had to trade in my husband’s truck which he was upside down on so we took a hit with that but we got a hybrid vehicle with great incentives so it helped with that but it still wasn’t cheap by any means. Luckily it’ll just take a few years to pay them off and both will be with us for a long time. We will NEVER buy brand new ever again. I’d prefer to buy a newer pre-owned vehicle because cars do not retain any value, they just instantly depreciate. Buying a pre-owned, you know you’d be close to level the entire time you own the car because you purchased it at it’s actual market value based on the year it was made and miles on it. I blame our car situation on our selfish young 20’s when we were buying whatever vehicle we wanted without outting much thought into it. You live and you learn!

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