Post # 1
Sorry for all the debt questions today, but I find this type of thing really interesting!
How much combined debt did you have as a couple when you got married.
My FI had a lot of debt from his divorce close to $60,000 and I had none. We set the goal of going into marriage debt free as a couple, and while it didn’t seem possible for a while, it finally looks like we will be succesful!
How much debt did you have combined as a couple the day after your wedding? (Like my last post, this includes everything except mortgages to get a more standard poll. Real estate varies so much region to region.)
Post # 3
0$. The wedding was paid with savings & then we opened all our cards so we ended up FAR ahead.
Post # 4
- Wedding: September 2013 - B&B
Well we just bought a house, and we both have student loans, plus we had two car loans. In “bad” debt terms of any cc’s or anything, we have about $1500 between the two of us.
But if I include the house, two cars, and our student loans, its nearly $200,000.
Post # 5
- Wedding: September 2013 - B&B
I should add though, that we can absolutely afford our monthly payments, PLUS saving over $500 a month in one form or another (even after accounting for those “random things” that pop up like car inspection, someone’s birthday, etc.)
Post # 7
None. His car was paid off and he never went to college so obviously no student loans. Neither of us uses a credit card.
Post # 8
None if you don’t count houses. He had about $6K in credit card debt when I met him, but he paid it off within a year. He also bought and paid off his car while I knew him and we paid off a second mortgage on one of his houses right before the wedding. So, when we got married we just had the mortgages on his two houses which we are renting out. My PhD was fully funded and he paid for school up front. Debt scares me!!
Post # 9
@freshflowers: Our only “debts” are our student loans and a new car loan, which I don’t consider debt anyways, so I chose “0” in your poll. We were both solid A students in college, but there just weren’t enough grants and scholarships to cover all of it. (Even working two part time jobs (each) and commuting to college to avoid room and board fees wasn’t enough!) As for the car, let’s just be realistic here… if you’re starting out in white-collar field profession renting your house, covering all your bills (including paying off ALL credit card bills each month), and you’re not from an already well-off family, it’s nearly impossibly to pay cash for a new vehicle.
Post # 10
@freshflowers: I don’t know yet. We decided to delay our wedding (it won’t be in 2015) as money is tight right now since he got back to college. When we got engaged and started planning, we didn’t have the same budget ! But if I would have married him in Jan. 2015 as supposed to :
– I owe around 21K total, but I plan on paying off at least 5K in 2014.
– He owes 16K (money borrowed by his dad on my FI’s credit card, and his dad is supposed to pay it off this year and the next) but he will also gather around 7K of student loans in 2014.
Worst-case scenario, we would owe under 40K combined. Hopefully, we’ll have paid off at least half of it when we finally set a date and get married. 🙂
Post # 11
- Wedding: June 2010 - parent's backyard
$0 for both of us. I had some debt I had paid off years before the wedding. he has never been in debt, the lucky bastard.
Post # 12
zero. no cc debt, no car payments, no mortgage.
Post # 13
I’ve never carried any long-term debt until we bought a house. I paid off his student loans before we were married to avoid them charging him interest. The only debt we had was temporary CC debt, as we don’t see the point in immediately paying them every time we us them. We usually just pay them once the statement comes.
Post # 14
Dh had around 150 – 175k that mostly came down to fixing some paperwork left from his divorce that never got completed when his ex passed. It’s taken me years to clean half of it up but will hopefully have it completed by the end of this year and have him debt free. I had no debt.
Post # 15
Were getting married next week and FI has zero debt. I owe a little over 6k on my car (which I’m paying off with our tax returns) and then I owe 3500 in student loans, which I plan to pay off by the end of the year.
Post # 16
@freshflowers: None, neither of us have any loans or credit cards.