how many people are currently in debt

[SPENDAHOLIC'SWIFE]

Our current debt is as follows:
First Mortgage: 58795.04 5.25%
Second mortgage: 24789.00- this is a home equity line of credit 4.25%
Credit cards: 8369.49
Student Loan: 810.39

We (I) hope to have the credit cards paid by November of this year. After that I would like to save for a newer car or two since both of ours have about had it. Then we will start with some major home improvements.
I am not going to rush with paying off my mortgage or heloc. There is only 10 1/2 years left on the mortgage. The heloc is an adjustable rate but I do not see rates going very high anytime soon. If I did see it creeping up then I would change my plans to start paying it off. We plan on staying in this home a long time.

[bdizzle]

Originally Posted by bdizzle

15k on last CC - hopefully paid off this year
45k in student loans - just finished school
~2k in misc debt

I paid off 2 other CC earlier this year as well as paying off my car. After I pay off that monster of a CC I'll be so effing relieved! Then I'll start working on saving for retirement, emergency fund, and investments. 2009's been a very productive year for me. Didn't do everything I wanted, but I did a lot.

2010's gonna be even better!

Still on track. My last CC and misc debt should all be paid off in Feb
Student loans is only 40k, not 45k. Looks like I calculated wrong.

I have my EF already, and I'm going to open a RothIRA account and rollover a 401(a) account into an IRA. Plus hopefully I'm gonna be getting a ~25% income boost with some additional education I should have by summer time. Hopefully by Dec 2010, I'll be able to even buy a new car too (and yes I'll be paying cash )

Outside of my future mortgage, I will NEVER get in debt again!

[Slandgie]

Original question: How many people are currently in debt?

Answer: A LOT!

Sarcasm aside, I wish more people would take the bull by the horns and take debt seriously. We need another Ross Perot to sound the alarm bell...Dave Ramsey is trying, but he isn't on enough stations...

[floridaharris]

$113K Mortgage
$158K 2nd mortgage
$90K boat loan
$9K student loan

I totally regret the boat and am so upside down on it that I can't see straight. Nothing to do but enjoy it as I am not screwing up our credit to let it go.

We did have over $40K in credit card debt that I have paid off in 12 months! No on to our other balances!

[tripods68]

09/25/2008

$277K Mortgage
$15K 2nd mortgage
$16K Car note (20 months remaining)
$10K Personal Loan
$319K Total Debt


New Update 01/31/2010
$269K Mortgage Loan
$12K 2nd Mortgage
$8400 Personal Loan (0%)
$289,400 Total Debt ($29K debt reduction)

[Radiance]

Outside of my future mortgage, I will NEVER get in debt again!

I join!

No more debt, never again, aside from mortgage, if anything.
Ad I plan to have 50% downpayment. And I plan to only buy as much house as I need. And I want the payment to be 25% or less of income.

I am 10 months from being debt free, I wander how does that feel...

[bdizzle]

Originally Posted by Radiance

I join!

No more debt, never again, aside from mortgage, if anything.
Ad I plan to have 50% downpayment. And I plan to only buy as much house as I need. And I want the payment to be 25% or less of income.

I am 10 months from being debt free, I wander how does that feel...

Same for me. I was planning on purchasing a small 3br/1ba home this year, but my credit is shot so I didn't even make it through pre-approval lol. Didn't think I was going to, but hey it was worth a shot to get that tax credit. I'm hoping to have a house by the end of the year since the market is so bad. The houses I was looking at didn't go over 80k, and I make almost that much a year. My friend bought a house at that price and he pays 550/mo for his mortgage, ins, pmi, and everything. That's about 12% of my monthly income, so I'll be way under budget.

I just have to tackle my student loans That's the biggest weight on my shoulders right now. Now that I'm getting out of debt, I'm that much more terrified about owing anyone anything.