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| Debt Anything to do with debt including debt reduction, debt concerns, debt consolidation and how to get out of debt |
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03-17-2011, 11:10 AM
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I make about 60k/year and pay about 220/month. However, my only debt is a 10.5k car loan with 4 years left at 0%, so it doesn't make much sense for me to pay it off early. If I had more debt, I'd probably be putting my current Roth contribution amount towards debt repayment, and possibly my EF savings as well (I have about 4 months saved currently) so it would be closer to 600-800/month at least.
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03-17-2011, 12:13 PM
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How much people pay on debt doesn't really tell you anything about how they are doing.
Person A Earns 100K Pays 1K/month on debt Person B Earns 100K Pays $500/month on debt What does that mean? Is person B doing better or worse than person A? No way to know with just that info. One person may have more or less debt than the other. One may have a 0% loan or a 29.99% credit card. One may have 6 kids or 3 kids or no kids. What were you hoping to learn by getting answers to your question? Personally, our only debt is our mortgage. In addition to the scheduled payment, we pay an additional amount that varies but averages between $1,000 and $1,200/month. We earn about 125K.
__________________
Steve * Despite the high cost of living, it remains very popular. * Why should I pay for my daughter's education when she already knows everything? * There are no shortcuts to anywhere worth going.
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03-17-2011, 12:22 PM
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Our only debt is our mortgage.We aren't paying it down early because of our employment situation. We currently save 57% of our income. I know. I'm even surprised at the percentage! It looks like 20% of gross is to retirement and college funds. The rest is being saved for a new to us truck purchase in a couple months. We are grossing just over $100K.
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03-18-2011, 09:55 AM
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We don't have any debt now, but when we did we paid it down very aggressively. We make just under 8K per month, which nets us approximately 6K monthly (medical insurance and a small retirement amount comes directly off DH's cheques). When we had debt I was usually putting at least 1K per month towards the payment, and sometimes more. I just don't like debt and find myself paying it off quickly. We are hoping to never have debt again (and we never had a debt problem, we just don't like to be indebted to anyone).
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03-21-2011, 06:22 AM
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I don't have any debt, that's the sign IMO of how someone is doing financially.. We are paying off our mortgage as we speak, but that's a 10 year plan right now. We save up cash and pay for large ticket items that way.
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03-21-2011, 11:00 AM
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I always find it interesting that a lot of people don't consider their mortgage a debt (and this is a lot of people who think that way). They'll say they have no debt, but they do have a mortgage. It's all debt to me. Maybe I'm particularly sensitive to the mortgage debt issue because we are in an extreme housing bubble where I live and average houses (think post WW11 ugly boxes) are going for over $600k here, while average household (not individual) incomes are only around 68K or so. The people who have bought in recent years here will soon find out that their mortgages are indeed debt once this stupid bubble bursts (which I personally can't wait to happen). I wish this whole insanity had never happened. Back in 2001 those same houses were around 200-250K, which I thought was still outrageously expensive for what they are.
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03-22-2011, 05:57 AM
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I pay $1,410 per month toward debt repayment. My income is $55k/yr.
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03-22-2011, 06:49 AM
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I follow the Dave Ramsey plan and he considers any debt less then 50% of your income regular debt. The mortgage is debt but is taken care of later in his baby steps. That is something my wife and I are working on eliminating. The point is that I have tons of disposable cash to reinvest and save due to no revolving debt.
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03-22-2011, 10:09 AM
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I have no debt. (Don't tell my husband) I also paid off my home when I was 32.
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03-23-2011, 10:41 AM
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We net about $50K a year or about $4K a month. $593/mo is going toward CC debt (paying off this October, hallelujah!). Two car payments total about $700/mo. Mortgage (including taxes and ins.) is $985/mo. So about 57% of our income is going toward debt. Ouch....
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03-29-2011, 12:17 PM
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I'm just starting Dave Ramsey path, but with my plan, putting 1k/month on cc bills, I should be clean in a year. Then will start on getting out from under car, then college/retirement. You all seem to be debt free which is weird that you even bother with this site.
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03-29-2011, 07:28 PM
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Anyway, that's like asking a skinny person why they bother to go to the gym.  I've personally never borrowed money for anything but my mortgage, and was raised with extraordinarily good financial habits, but I have learned a TON here. Once debt is paid, there is retirement, kids' college, future to save for. Staying out of debt takes a fair amount of work as well. I've been working at that my whole life - it has never been "easy."
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03-29-2011, 08:00 PM
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I average about 4k a month, 3k credit card(pay in full) and 1k mortgage.
__________________
Marcus Tullius Cicero: The budget should be balanced, the Treasury should be refilled, public debt should be reduced, the arrogance of officialdom should be tempered and controlled, and the assistance to foreign lands should be curtailed lest Rome become bankrupt. People must again learn to work, instead of living on public assistance.
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04-05-2011, 11:02 PM
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My wife takes care of the credit card payment. And it takes 25% of our salary for a month combined. Pretty bad huh? 10 months more to pay and I'm hoping we can make it!
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