how many people are currently in debt

[Exile]

Originally Posted by Inkstain82

The solution would be to leave Michigan

That's right. There can never be too many (good) teachers in the world. If you're not appreciated where you live now, try to find somewhere where you can put your profession to use--even if it's in another country.

[spicy14lingo]

I have substantial debt. I paid my way through college via student loans and credit cards (which I would never every recommend to anyone). I ended up borrowing about $45k to fund my five years of education. Additionally, I owe about $18k on my truck. It definitely feels overwhelming at times.

[creditcardfree]

$173,270.71

House
2nd Mortgage
Honda Odyssey

We are working on the home equity loan, since it is higher interest and we want some more equity saved up for the next move...1-2 years from now.

[melissa15531]

Truck: $25,000
Truck: $24,000(going back to ford soon it's a lemon)
personal loan:$6,000
Credit cards:$2500

I own my home.

[wincrasher]

The first posting in this tread said they were out of debt thanks to God.

Interesting.

Did he send you a check? I heard he has alot of money.

I'd like one too, since my Uncle Sam isn't going to give me one.

[elessar78]

Approx. $64,500 in debt. But it's being attacked.

CC: 6300
Personal loan: 5600
Auto: 7500
Combined Student loans: 45,100.

I'm attacking the CC, auto, and personal loan (in that order) right now. I should knock those out in 12 months. Our student loans will take awhile, so I'll keep paying those off with the minimum, but I intend to get on with life. We've put a lot of things on hold to get rid of our debt.

[ActYourWage]

Originally Posted by wincrasher

The first posting in this tread said they were out of debt thanks to God.

Interesting.

Did he send you a check? I heard he has alot of money.

I'd like one too, since my Uncle Sam isn't going to give me one.

God may or may not have sent them a check, but He does give us the air we breath.

[ActYourWage]

Originally Posted by melissa15531

Truck: $25,000
Truck: $24,000(going back to ford soon it's a lemon)
personal loan:$6,000
Credit cards:$2500

I own my home.

You have $49,000 in auto loans? Just curious to why you have such expensive vehicles? I'd understand if you have a million dollars in cash some where.

[amberbamber]

Mini-van 18, 675.14
DH's student loan 16,213.00

That's it! It is a lot but we are estimating being free of this within 2 years!

[Exile]

Originally Posted by ActYourWage

God may or may not have sent them a check, but He does give us the air we breath.

Now THAT is non-sequiter if I ever heard one.

[am_vanquish]

Originally Posted by amberbamber

Mini-van 18, 675.14
DH's student loan 16,213.00

That's it! It is a lot but we are estimating being free of this within 2 years!

Based on your signature, you've cut your debt in half in about 13 months. That's quite impressive ... kudos to you!

Just out of curiosity, if you paid down $30,000 in about 12 months, why are you estimating 24 months for the remaining $35,000?

[amberbamber]

Originally Posted by am_vanquish

Based on your signature, you've cut your debt in half in about 13 months. That's quite impressive ... kudos to you!

Just out of curiosity, if you paid down $30,000 in about 12 months, why are you estimating 24 months for the remaining $35,000?

Thank you! And we are estimating it taking another 2 years to get rid of the debt completely because my husband was laid off for 4 months, took a job that barely paid the minimum bills, finally got back into his line of work (residential building) and is now making about 1/3 of what he originally was. We are going to pay double on the car payment but aren't able to double up on anything else, just due to the fact that we are trying to save, save, save too!

[alandolfo]

no debt here!

[ceejay74]

I am, a lot ($393,704), but that's $24,547 less than the last time I posted to this thread, back in October!

[ActYourWage]

Originally Posted by Exile

Now THAT is non-sequiter if I ever heard one.

No, not really. God has blessed me with money and everything I have, including air - as he has you. Might want to consider thanking Him sometime. He deserves it.

[thekid]

90K$ mortgage. Nothing else.

[wincrasher]

Well, when you are done thanking for the air, then please thank the mighty Ra for the sun. Without his enlightenment, you'd be in darkness!

[gmink21]

This is an interesting topic! Here is my situation:

Home Mortgage $165k 5.75%
HELOC on Home Mortgage: $26k 4.25%
Rental Property Mortgage $130k 4.625%
Rental Property HELOC $35k 2.75%
CC Debt $20k 4%
Car $12k 5.5%
Student Loans $34k 3.25%
Land loan for 6 lot subdivison development $165k 4.75%

Grand Total approx $587,000.00

I think it is time to DE-LEVERAGE!

[ActYourWage]

Originally Posted by gmink21

This is an interesting topic! Here is my situation:

Home Mortgage $165k 5.75%
HELOC on Home Mortgage: $26k 4.25%
Rental Property Mortgage $130k 4.625%
Rental Property HELOC $35k 2.75%
CC Debt $20k 4%
Car $12k 5.5%
Student Loans $34k 3.25%
Land loan for 6 lot subdivison development $165k 4.75%

Grand Total approx $587,000.00

I think it is time to DE-LEVERAGE!

If you sold your rental property/land you would knock out around $330K of your ridiculous $587k debt.

[wincrasher]

Well you don't have enough info to say his debt is ridiculous (It is a bad sign that he has helocs on both his residence and the rental) You don't know what income is generated by the rental and we don't know the time horizon or potential on the land purchase. We also don't know what his income is overall. All his interest rates are very low, which is a good sign.

Debt isn't always a terrible thing if the ratio to income is reasonable, the rates are affordable and the goal to making a return is realistic. It's a problem when it's driven up to maintain an unsustainable lifestyle.

Most people would cringe at the idea of borrowing money to buy a stock or an annuity. But they do it every day for real property. Why is one unthinkable and the other OK? Don't both have basic value? Don't both have downside, as well as upside risk?

Many of the posters on this site are of the mindset to be and stay completely debt free. That is a noble goal, but unrealistic for most and can sound judgemental to those desperate folks that are drowning in unmanageable debt.