How much debt are you in? - Page 2

lisasayzhi · #21 (**permalink**) 11-24-2006, 08:35 AM

Student Loans: $11,037.16
CCs: $2,619.12 (most of which was from a semester when I couldn't get any financial aid, so I had to pay all of my tuition/books upfront, and I had to buy a car because due to family problems, my dad took my old one back, even though I paid for it, it was still in his name, yes dumb of me I know, but I never thought he'd do that)

Total Debt: $13,656.28

MonkeyMama · #22 (**permalink**) 11-24-2006, 08:38 AM

215k mortgage + 4k car = 219k.

It's all good debt - the car payment is very low interest and I have the cash to pay it off. Mortgage is unavoidable around here and the tax deduction is nice. I have never had any other kind of debt. Though believe me I do look forward to the day I pay off my mortgage!

Smj29 · #23 (**permalink**) 11-24-2006, 08:44 AM

Currently have:

cc - $3875 (this is what we are currently snowballing, hope its gone by March - April)
truck 1- $3380 (hoping tax return clears this up)
truck 2- $15,100

Mortgage - $230k.

disneysteve · #24 (**permalink**) 11-24-2006, 11:07 AM

Mortgage: $102,009.30
Home equity loan: $19,380.87

Total: $121,390.17

I'm not the least bit concerned about those amounts. Our investments earn far more than the debt costs us. And we have the money to pay those loans in full at any time if we chose to.

vishenda · #25 (**permalink**) 11-25-2006, 02:21 PM

Quote:

Originally Posted by JBinKC

Zero, other than what is owed next month in credit cards, monthly bills and property taxes.

wow..Im so jealous

Ima saver · #26 (**permalink**) 11-25-2006, 03:40 PM

Someday we will all come on here and say, ZERO!!

abowers · #27 (**permalink**) 11-25-2006, 06:54 PM

$11,300 on the car we bought last year; $20k in student loans for undergrad & grad (that number will be going up to probably $30k by the end of my master's degree- but it's all subsidized stafford loans!), and $1800 on CCs that I have paid down from much more than that, currently on a 0% CC while I throw all of my spare money at it before the promo rate ends.

Broken Arrow · #28 (**permalink**) 11-25-2006, 07:03 PM

Quote:

Originally Posted by Ima saver

Someday we will all come on here and say, ZERO!!

Yes!

dossin1 · #29 (**permalink**) 11-25-2006, 08:00 PM

66K mortgage and 1100cc. 3k on lease car, one car paid off.

rduell · #30 (**permalink**) 11-26-2006, 05:06 AM

Quote:

Originally Posted by Ima saver

Someday we will all come on here and say, ZERO!!

Won't that be awesome!

Tree0164 · #31 (**permalink**) 11-26-2006, 05:11 AM

I have a car loan of $4k and a mortgage just over $100k. Nothing else.

Ima saver · #32 (**permalink**) 11-26-2006, 09:25 AM

Let's have a contest to see who can say, ZERO, first!!!

doodles44 · #33 (**permalink**) 11-26-2006, 09:52 AM

I owe $2.5K to my parents at 0% and I owe $6.5K on my car at 3.99%. I plan to have paid off my parents by June 2007 and will snowball my car to be paid off in early 2008.

While I hate being in debt, I think I'm in okay shape for several reasons:
1. I have a clear plan/timetable for paying off that debt.
2. I amassed my debt when I was stupid and I learned my lesson.
3. My car has really low mileage so I can continue to drive it LONG after it's paid off. My Hyundai will be cruising the highways when everyone has cars that fly I think.

I'm trying not to beat myself up about it but it will be gone soon and it will remain that way!!

BCHGRL · #34 (**permalink**) 11-26-2006, 10:48 AM

Mortgage $218K - unavoidable if I want to own a home.

Student Loans - $7K - don't mind, I wouldn't be earning $70K at 28yo without a degree

Floors - $5.5K (interest free) - hope to have paid off by February

New car (purchased Friday)- $26,000. I kept my old car until it begged for mercy. Good news is that my brother-in-law will be paying rent in January equal to my car payments, so really no loss as long as he lives with us and it will allow me to double up on payments.

baking23 · #35 (**permalink**) 11-26-2006, 10:53 AM

Quote:

Originally Posted by Ima saver

Let's have a contest to see who can say, ZERO, first!!!

Don't throw things at me but I don't have any either. My one bright spot in an otherwise depressing point right now.

Ima saver · #36 (**permalink**) 11-26-2006, 11:33 AM

sorry you are at a depressing point, but glad you have no debt.

disneysteve · #37 (**permalink**) 11-26-2006, 12:07 PM

Quote:

Originally Posted by Ima saver

Someday we will all come on here and say, ZERO!!

We could pay off our debt at any time if we chose to. As long as our savings and investments continue to considerably outperform the interest we pay on our debt, I see no reason to pay it off.

I just checked the 1-year performance of the 7 equity funds in our portfolio. The returns are 10.58, 10.68, 16.18, 16.36, 26.48, 28.20 and 39.11%. Our mortgage is at 5.875% and our HEL is at 5.99%, and that's before taxes are figured in which makes the true rates even lower. It just doesn't make sense to make ourselves debt free and miss out on the gains we are getting from our investments.

Ultimately, I'd like to say I'm debt free, but I'm in no particular hurry to get there.

Broken Arrow · #38 (**permalink**) 11-26-2006, 12:14 PM

Well Steve, you do make a fine illustration of how cash flow and net worth is a more accurate measure of financial health than just how much debt we have.

I'm sure I'm stating obvious to the choir here, but even debt needs to be properly measured to the grand financial scheme of things. I abhor debt, and if I really wanted to, I could re-divert all my 401k contributions towards paying down my student loans (fixed at 5%). But then... that would be pretty foolish of me, wouldn't it?

I still want to be debt free someday though!

jodi · #39 (**permalink**) 11-26-2006, 12:19 PM

$15, 145 in DH's student loans
$5996 in my student loans
$800 car loan (almost there!)
$4897 on 0% cc (Dh's last semester's tuition)
$180 on other ccs, will be paid off before any interest accrues
Total: $27018
No mortgage, our other car was bought with cash. Not too bad when you take out the education expenses! Luckily they are all locked in at lower rates than they are offering now.

#40 (**permalink**) 11-26-2006, 12:37 PM

I agree 100% on the net worth / cash flow being more important than actual debt level.

the reason I'm debt free is I stopped the debt from building before it ever got too ugly...I knew where it was heading (I had parental reference to watch what happens when the best laid plans blow up and all that manageable debt is suddenly no longer manageable).

I was feeling very uncomfortable closing in on $10,000 of "bad" debt, hit the brakes and stopped. were I in a position where I was already much further in debt and much of it maybe was "good," sure I'd likely have made different, more discriminating choices.

but I honestly cannot adequately describe what it felt like when I both wiped out the debt and changed my habits. probably a bigger deal to me at my income level than some of the others posting here but it was wonderful.

now as I approach the purchase of a home, I'm glad I don't have to worry about the debt as I organize the funds for this major step.

but again, it's not as easy as..."got debt? pay it off!"