Post # 1
Are you in debt? Have you gotten out of debt? Share your stories!
Now that we’re married, we’re combining finances, and between my husband and I, we’re around $78K in debt. (This includes everything except the house: so credit cards, cars, and student loans. Mostly student loans.) If we REALLY REALLY buckle down, we can be out of debt in about 3 years. We want a baby soon, so I think maybe 5 years is a more doable, but we’ll TRY to do it in 3-4.
Post # 3
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
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
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
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
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
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
When we get married, we’ll have $45k in SL. We expect to have that paid off in two years.
Post # 10
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
I have about 18-20k in debt. That’s car and student loans. I also have about 500 left in medical bills.
Post # 12
@MsBrooklynA – That is the boat we are in too. We didn’t buy new cars or fancy cars, but we needed something reliable. Ours cars from college were on their last leg and we were putting more money into them than they were worth, so we got reasonably priced used cars, but couldn’t pay cash at the time. (He got his car 4 years ago, I got mine 3 years ago, so they are almost paid off now and we plan to drive them until we can’t any longer, we really don’t care about fancy cares.)
Post # 13
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!
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
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
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
@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.