(Closed) The big “D” (debt)

posted 10 years ago in Money
Post # 3
Member
685 posts
Busy bee
  • Wedding: May 2012

I have about $500 worth of credit card debt but that is all. I didn’t finish college because of a health condition so I’m also making less than $12k a year. $500 is a hell of a lot of money for someone like me.

Fiance has no debt but is a freelance worker so his income is not steady.

Post # 4
Member
5982 posts
Bee Keeper
  • Wedding: June 2010

just student loans and our house. no credit card debt, no car payments, etc. we pay for as much as possible with cash. that is how we stay out of debt. if you dont have the cash for it dont buy it…especially with cars. it amazes me how people are living pay check to pay check but have a nice car. seriously? We have a $2000 car and a LOT of money in the bank. I would much rather have all that money than a nice new car + steep monthly payments and the stress of financial problems. 

with that said, before DH, I was in credit card debt because I spent money that I did not have. no other way around it. that is how you get debt…spending money you dont have. dont do that and you wont get into debt. oh, i got out of debt by not spending money I dont have and also by making the highest payment possible on my debt each month. 

Good luck to you! I have a lot of student loans to pay off too 🙁

Post # 5
Member
2790 posts
Sugar bee

He has like $1700 in debt which is his car. I have about $19000 in debt between my student loans, my car and a credit card. We are hoping to knock out combined debt down to $18000 by the end of the summer but my SO may go back to being unemployed due to a government shut down so I’m not really positive that will happen. It’s seriously getting rough around here.

Post # 6
Member
2790 posts
Sugar bee

View original reply
@bestbuddies: Well I’m so sorry that I was unable to purchase a car completely with cash. Sometimes it is the choice between constantly putting money into a crappy car or purchasing a newer reliable car. I understand that is your opinion but there is no need make another feel poorly for having a nicer car. I drive a G6 which is by no means fancy but I needed it instead of my $500 car which wasn’t even getting me to work.

Post # 7
Member
3195 posts
Sugar bee

Between the two of us we have about $65,000 of debt. All but $6000 from student loans. However, we have a plan to be out of debt or down to under $10,000 of debt in 5 years. And then debt free by 7 years at the latest. Much faster than many other people with that much. Lucky for us, I will have constistant income for the next 5 years and he will be working as well.

Post # 8
Member
5988 posts
Bee Keeper
  • Wedding: May 2010

before my husband i had about $30K credit card debt – i was single and living a great life!  i flew to the US (from australia) for 3 days to attend a wedding, i would fly to asia for the weekend and i would buy anything i wanted but when i met hubby and knowing how responsible he was i wanted that debt to be gone before we married – and it was (he lives a debt free life and can retire tomorrow). i threw every cent i had at it, no more going out at a drop of a hat, i packed my lunches, i even sold stuff that i no longer cared for/used  (bonsai tools, clothing etc) and thankfully i received a good bonus that year and now i pay off my CC bill every month – i found it was quite addictive seeing the balances go down each month

Post # 9
Member
2521 posts
Sugar bee
  • Wedding: November 2013

When we get married, we’ll have $45k in SL.  We expect to have that paid off in two years. 

Post # 10
Member
3253 posts
Sugar bee
  • Wedding: October 2011

View original reply
@MsBrooklynA: I think she was more talking about people who buy the spankin’ new model and go in debt just for status… I don’t think it was meant as a swipe at anyone.

We are about $2000 in debt for my car payment, but I don’t have much left. I have a deal with the state where I teach that if I teach for four more years, my student loans will be completely forgiven. If for whatever reason I cannot fulfill my contract, I’ll be $15,000 in debt, which would totally suck!

Post # 11
Member
3600 posts
Sugar bee
  • Wedding: January 1992

I have about 18-20k in debt. That’s car and student loans. I also have about 500 left in medical bills.

 

Post # 13
Member
2575 posts
Sugar bee
  • Wedding: June 2010

I had about 20 thousand credit card debt pre marriage, and also loans for school of about 14 thousand.

I no longer have a credit card,  have consolidated, and the balance is set to be paid off in under 2 years. I have learned to be much more financially responsible, as mu husband is a saver not a spender! 

View original reply
@eloping: I think I lived my life very, very much like you, and I won’t pretend I did not enjoy it- but there is real pleasure in financial freedom hey!

Post # 14
Member
1937 posts
Buzzing bee
  • Wedding: July 2010

I wish we didn’t have debt, but we unfortunately have student loans…. mine will be right around $200K when I graduate in May 🙁  Thankfully his degree was a lot less expensive.  I’m not looking forward to the $2,000/month payments.

We plan on living off just my husband’s income for about 2-3 years and hopefully pay it off during that time.  We likely will delay buying our first home as well as having our first child until the majority of the loans are paid off (good incentives to pay them off quickly!)

Edit: Oh, and I’d like to point out that I had 2 years of college for free and scholarships for bascially the rest of undergrad.  All of this was from professional school, and basically everyone I know has that much debt.  There really aren’t scholarships/GA positions, etc for the program I’m in 🙁

Post # 15
Member
3788 posts
Honey bee
  • Wedding: July 2011

Student loans and my car. I wouldn’t say we have any really bad debt. We have very few credit cards and carry 0 balances. We pay more than the minimum, but we’ll be paying for a while since I had to finance my own way through undergrad and my master’s. Our plan is to live off his income and funnel all my money onto the loans and into savings. We hope to have a down payment for a house in about 5 years.

Post # 16
Member
143 posts
Blushing bee
  • Wedding: June 2012

@abbyful: We have student loans (mostly mine) that are substantial but could be worse, and I need to get a new car at the end of August…ugh. It’s not ideal, but it doesn’t feel unmanageable. 

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