Post # 77
I have about a little less than $5k in debt. Fiance has about $50k in school loans plus the mortgage and 1 car payment, and another $3k in credit card debt. I’ve also learned that Fiance has co-signed on some school loans 4 years ago for his younger brother that will be about $2k a month (over $100k total) once he has to start repayment. Unfortunately his brother can’t afford his $50/month car payment so I’m very afraid Fiance will be paying back his bro’s school loans too 🙁
Post # 78
When we first started dating (3 yrs ago), I had about 30K in debt (student loasn and my car). I just finished paying all of that in May. There were some delays due to things liek saving for the wedding and buying a house, but he helped me pay some of my student loans off since he doesn’t have ANY debt. NOw we just have the house.
Post # 79
I’m of the opinion also that, while we could just pay off the student loans, it’s a “good” kind of debt to have. The interest rates are low, the interest can be written off, and the money has more worth being invested at a higher interest rate. Plus, it looks good on your credit score that you are consistently paying off a loan.
Post # 80
We have 3k in credit card debit, 8k in personal loans, and 20k in car loans, no student loans anymore, but what we have done in the past–is just focus on one at at time. One credit card–one loan. It gets too overwelming if we look at it as a whole.
But we use to have a grand total of about 55k, and in a year have got it down to 31. Low interest rates from credit unions have helped us but our credit cards are insane at like 23%.
Consider the major one’s just part of life…student loan debt and car debt are no big thing. We pay off our personal loans with our tax refund every year.
Post # 81
Yeah, I’ve listened to his show before–not much b/c I don’t like yelling (we’re debt free!). I read his book The Total Money Makeover. There are two types of people I’ve noticed: one who didn’t pay attention to finances and got crazy far into debt and the others who have made bad decisions b/c of medical issues/getting screwed by someone else by co-signing/bailing someone else out. I can’t fathom how some people get so far into debt with cars and other things. Either way, it’s not good to be in debt.
Highest interest debt should be the first to be paid. However, those who have a hard time finding motivation, as you pointed out, would benefit from the smallest debt being paid first. As for the retirement, some people just are that far into the hole that they aren’t even contributing to their retirement and have no savings. So for them, getting out of debt faster and then putting money into retirement would benefit them.
Lastly, I don’t know how he’s getting 12% on his mutual funds.
I suggest that people watch this video: http://www.youtube.com/watch?v=BKyV8CTHeJ0
Disregard his 12%, it’s probably closer to 5% I would imagine.
Post # 82
We have about $85k in student loans between us, and $14k in a 0% car loan (my parents have amazing credit and cosigned with me, getting me the 0%). We never carry a balance on our credit cards (just use them for the points!). We also have like $300 left on a 0% store card that we took out to get 10% off the mattress we bought earlier this year–would be paid off completely by now but we’ve had some expensive months with the wedding and honeymoon. Should be done next month though. I don’t mind the mattress or car loan since they are 0%, and I plan to pay them off before the 0% ends. And the student loan debt was necessary for the field that I’m in. As long as we keep paying off our credit cards every month, I’m happy.
Post # 83
i agree we have a nicer reliable car but it was SOs he had it paid off before i even met him. and its not like we are rolling around in Ferrari while in debt . we have a volkswagen jetta nothing special!
Post # 84
Is it bad to take a loan to help pa for the wedding…its 45 days away and I am not seeing the money coming in.
Post # 85
only debt we have is our house and his CC. i’m paying off his CC once we’re married because i can afford it and i’m getting rid of the house as soon as the market will allow. i do not believe in “good debt” anymore. no more debt at all for me, thankyouverymuch.
Post # 86
Same here, I hope that we’ll be able to pay cash for our house the way we’re intending to save.
Post # 87
SO & I will have about $35k in student loan debt when we graduate college (and IF we decide we don’t want to pursue masters ect..)
Other than that, we will not carry debt, and we should have some decent money in savings in order to put down on that student debt when we graduate.
Post # 88
Just my student debt, I don’t have nearly as much as some of you do but I am contemplating going to law/grad school so that may change shortly.
He came in with no debt at all which is nice, however neither of us has a lot of credit history.
Post # 89
I have $40k student loan debt and $500 on a credit card, but my next few checks are going straight to the CC. Student loan repayment starts in September, but I’m not really stressed out about that. It’ll take a long time to pay it off with what I’m making currently (as an intern), but I’ll get there.I have a decent amount in my IRA and CDs, but I refuse to touch those for a quick fix. I’d rather just work it off over time.
DH owes $6k in student loans, as he only did one year of college.
Post # 90
I owe 12k on my car
He owe’s 14k on his car
I have 400 on a credit card (which I will pay off as soon as the bill comes)
and I have 25k in student loans.
We also own a house, but I’m not counting that.
So I guess we have $31,500 in debt.
Post # 91
I could be missing something but doesnt that mean you have $51,400 in debt, plus homeowners debt?