(Closed) The big “D” (debt)

posted 10 years ago in Money
Post # 47
Member
5117 posts
Bee Keeper
  • Wedding: November 1999

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@beekiss: Ugh, that’s my loan rate, too. My tiny loan from 2009 is at 1.8% or something ridiculous like that. I wish that applied to all of them. Thankfully, Mr.ND and I only have student loans to deal with as of right now. With what we will have in total student loans all together, we hope to pay it off in 3 years by living off one income and using the other to pay the loans and covering savings and a down payment stash for a house. 

We may be getting me a more reliable car before winter hits here. Like other bees have said, we really attempt to stay out of debt or borrowing at all costs, but my safety in the -30 degree winters is more important than waiting to pay cash for a car. :-/ 

Post # 48
Member
2767 posts
Sugar bee
  • Wedding: September 2009

I think we have about 50K in student loans, which are deferred thankfully.  I have 2500 in medical bills too!

Post # 49
Member
4822 posts
Honey bee

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@beekiss: well it  the score is kind of affected. If they apply for something jointy both scores will be looked at. Therefore, she could be denied if his is too low. And just an inquiry can decrease a score.  At the most, she could be denied due to his, if its low.

Post # 50
Member
211 posts
Helper bee
  • Wedding: May 2011

We have maybe around 40K in debt from student loans, car loan and credit card debt. Hoping to pay the credit card debt off within the year and the car loan within two years. Luckily we are married now so no more paying for the wedding 🙂

Post # 51
Member
642 posts
Busy bee
  • Wedding: April 2012

I have more debt than he does, I have a car loan and student loans, he has a small amount on a cc, but pays it off monthly. I have more than my debt in an account that makes more than if I paid them off, so I’m comfortable with my debt amount. He will need a new car soon so that will be our first debt together.

Post # 52
Member
2521 posts
Sugar bee
  • Wedding: November 2013

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@lefeymw:  I thought she thought her score would go down when she married him.  Yeah, applying for credit with both of them if his credit is bad won’t be good.

 

Post # 53
Member
4822 posts
Honey bee

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@beekiss: Well his debt becomes her debt, so if that is not paid it would be affected, but their scores would not automatically be adjusted.

Post # 54
Member
5667 posts
Bee Keeper

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@lefeymw: His debt doesn’t become her debt unless she allows it to become her debt by adding her name to it. It doesn’t automatically affect her.

Edit: I found this article on credit.com that dispells some of the common “Marriage Myths” that may be helpful to take a look at.

Post # 56
Member
3373 posts
Sugar bee
  • Wedding: October 2011

We have two newish paid off cars and a nice mortgage, but Fiance still has about 50k in student loans. That’s our next big thing to pay off, but right now his work is paying the payments.

We’re way anti-debt, but it’s hard! I’ve missed out on so many nice dinners out…

Post # 57
Member
110 posts
Blushing bee
  • Wedding: July 2011

We both probably have about equal debt but mine is from student loans and his is from his early 20’s and not yet very financially responsible.  We’re each probably carrying about $10K in debt a piece, however his is all really bad like nearly 10 year old unpaid credit card debts or car loans.  We’ve been chipping away at it all and will be able to do so more after the wedding is over and we have a lot more extra income to throw at it.  Together we owe on our mortgage, two interest free credit cards, and consistanly pay off our credit cards at the end of the month.  We find that carefully paying everything it our credit cards and then paying it all off at the month is a much easier way to track our spending and also allows us to purchase things we want with the points we build up on them.  I mean if we’re going to buy these things anyways why not, as long as your strick about paying it off every month.  (Otherwise your just blowing your money on high interest rates)

Post # 58
Member
928 posts
Busy bee
  • Wedding: August 2011

Personally I have a negative net worth of about 40K (I know, I’m such a great catch…). It’s a combination of grad school loans and credit card bills that I racked up while I was underemployed for a year and a half (student teaching & subbing a couple days a week). FH has rouhgly 20K on credit cards, but he has the liquidity to pay it off. My federal grad loans are around 6% interest too, thankfully I worked through college and totally paid that off.

I’d say that right now, between credit card bills and student loan payments roughly 30% of my monthly salary goes to debt repayment. I hope to dig myself out of this hole in the next year or so, but paying off debt is tough. I feel like I’m throwing my money into a void with nothing to show for it.

Post # 59
Member
3942 posts
Honey bee

Not including our mortgage, we have about $55K in debt. This is 2 car loans, student loans, and a small credit card balance.

We don’t have fancy cars-we have used, middle of the road cars. We both commute to work and need something reliable

We didnt go to an expensive college-we went to state schools and paid for what we could and financed the rest

We have a modest home, and dont live an extravagent lifestyle. For those bees that dont have any debt, good for you! I am jealous. But sometimes, debt is a part of life.

Post # 61
Member
11324 posts
Sugar Beekeeper
  • Wedding: February 2011

We have somewhere just north of $140K in debt, not counting our house. But, most of that is student loan debt (law school is expensive! plus my husband’s parents gave him no help at all getting through school). So 120ish in student loans and 20ish between our two cars. I’m not really all that concerned about it to be honest. Student loans were a complete necessity to get where we are and be making as much as we do, and its just not realistic to think we’re going to pay them off any time in the near future. We’ll probably just keep plodding away at the monthly payments for the next 25 years. The car debt annoys me more, and now that the wedding is over I think we’re going to work on paying off DH’s car first and then save a big down payment for his next car so we don’t have to take so much in financing. My car will be paid off in a couple years and will hopefully last me another 10… I love it and I plan to drive it until it dies. 🙂

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