how many people are currently in debt

[donnyg16]

I have both college loans to pay for and also a couple credit cards to pay off

[Snowgirl]

Mortgage currently at 66 000$
Car loan 6600$, 0% interest, will be paid of in 11 months


However, I suspect the major renos we'll start in the spring will set us back around 15 000$, 5-7k of which will com from the HELOC (probably paid in 1 year). We could probably pay it off right away if we didn't do any vacations, but I firmly try to balance my life with enjoyment, savings, and a little debt (quite small for our income of 120 000$/year).

[Judi Dial]

Hmmm...

Let's see, mortgage about 90K, cc debt? 30K, so 120K all told, sigh.

Judi

[hasselfree]

just a morgage payment, not really a debt and expenses that goes with the house. No car payment and credit cards are paid in full each month.

[disneysteve]

just a morgage payment, not really a debt

I'm curious why you don't consider your mortgage to be a debt. It is money that you've borrowed and need to repay over time. Isn't that the definition of a debt?

[tripods68]

just a morgage payment, not really a debt and expenses that goes with the house. No car payment and credit cards are paid in full each month.

Unless you house is fully paid, mortgage payment IS a form of debt. It should even be a debate.

[MaxPowers]

I just found out that I am $8000 in debt.
Co signed on ex's car loan. She surrendered the car, now doesn't want to pay. =( So I will have to pick up the tab and take her to court later. I will be writing a check for $7833.13 tomorrow.
I will take her to court when I get back from deployment next August. The divorce decree is in my favor on this, and JAG and my lawyers say I will win when I take her to court. So, it's a temporary loss... She doesn't make much, so I'm sure I will only be able to garnish a little bit, but she won't collect her 2009 or even 2010 tax refund.

Other than that, I'm in the clear. I guess I should be happy that's the only problem in my life right now.

[disneysteve]

She doesn't make much, so I'm sure I will only be able to garnish a little bit, but she won't collect her 2009 or even 2010 tax refund.

What's to stop her from just adjusting her withholding so that she doesn't get a tax refund? Will they then garnish her wages?

[MaxPowers]

Her wages should be garnished anyways once I take her to court. She is not smart enough to adjust anything, and if she does, that is just more that would come to me monthly. I'm not sure how they figure the %, but I'm sure its not going to be much.

[Inkstain82]

I have about 12k in miscellaneous debt and 31k in student loans (my wife and I combined on both of these). We should have the non-SL debts cleared with a year or so.

[Fern]

As i think you can conclude from these replies, debt is not always a bad thing. Most people don't have the money to buy big ticket items like a house or car upfront with cash and that's why they finance these items with a loan they pay back over time.

Debt can help you build long-term wealth if you take debt on responsibly and don't get in over your head. And it's pretty near impossible to go through life without ever incurring debt. Most everyone wants to buy a house, for instance, and a car.

My only debt is my mortgage, with a $68K balance, and i'll have that paid off by 2015, 7 years from now. I am an uber-saver so the last car i bought new, i paid for in cash. When i need to buy a new car in another few years, i would take advantage of a 0% financing deal if i saw one. Otherwise, i'd still pay cash.

[brianj]

We are over $131k in debt !

[Goldy1]

2 cars paid off, owe only on the house and not much. I live below my means and occasionally get something nice ie a new tv. I love it too. I look good, feel happy, and free.

[ScrimpAndSave]

NONE! ZIP! ZERO!

Yaaaayyyyy!!!!

Although I will be marrying some student loan debt.


But he is sooo worth it.

[Fizgig]

$110k mortgage
$9k car loan
$2k student loan

Right now I'm torn between keeping my car payments accelerated or getting my EF back up to $15k, my happy number. Even though I think my job is safe, the current state of the economy makes me want to have more money in the bank. Right now I have only $10k saved, because Hurricane Ike did significant damage to my house and I had to dip in.