General chatter - How much debt do you have?

View Full Version : How much debt do you have?

01-11-2009, 05:13 PM
I tried to post this poll with the weight loss and debt, but it didn't come up, so I'll try again.

01-11-2009, 05:30 PM
I'm in the none with reasonable savings category, but I am also 50+. I think age and "season of your life" have a great deal to do with your answer.

01-11-2009, 05:36 PM
including car payment?

01-11-2009, 05:44 PM
i picked up to 5000 (damn those school loans :( )

01-11-2009, 05:48 PM
The car did it for me. ;)

01-11-2009, 05:51 PM
Well, with DH's advanced degree and my BS (all self-financed), those poll numbers are.. cute ;)

BUT the cars are paid off and we have very little credit card debt and we save.

ETA: I'm going to vote, but I'm not going to count school debt. To me that's just like a mortgage.

01-11-2009, 05:57 PM
I picked no debt with very little savings. Although since my motorcycle is financed I should probably say up to 5K. Didn't my house payment either.

01-11-2009, 06:04 PM
We paid off our school loans, have one car loan, some low interest debt but also have savings that could get rid of the debt.

01-11-2009, 06:23 PM
wow, I wish my school loans were less than 5,000. They're more than that for this year alone, I think.

01-11-2009, 07:02 PM
It was pretty much hammered into me from birth NOT to accumulate debt and to ALWAYS have savings. I took out one loan in graduate school and paid it off in 4 months. Also, I've never bought anything I couldn't afford. Paid for my car in full.

Honestly my life is pretty awesome now. I travel everywhere, I have so much freedom, I can handle unexpected costs because I don't have debt.

01-11-2009, 07:02 PM
I picked between $5,000 and $20,000 because I included my car loan

01-11-2009, 07:04 PM
No debt besides my car payment.

01-11-2009, 07:18 PM
We are around 25K in debt....we have no credit cards or other stuff like that out but have about 10K left on our house and 15K that we owe on my new car.

01-11-2009, 07:18 PM
picked between 5 and 20K because of car pmt. although, unfortunately i'd be in that range w/ just the credit card debt. we do have some savings though too.
live and learn.

01-11-2009, 07:25 PM
I have about $500 on my lowe's card from a door replacement last year, and the remainder of my mortgage. Right now is an interesting time for me financially right now. I had a good amount of savings, but am using it now because I am only working part time (until Feb, I go full time in Feb) and then I will get my savings back on track.

Zen Pharmacy
01-11-2009, 07:32 PM
Well, aside from about $150 on a credit card (residual from christmas that I will get off in the next month), I have no other debt but from student loans.

Now that is pretty hefty. I had about $15K from undergrad and my masters, so when I graduate from pharmacy school (which has been financed all from loans) I will be at $75K.

Professional school is expensive, but at least I'll be in a field where I won't be hurting for salary or finding a job.

01-11-2009, 07:45 PM
I picked up to $5000....all because of college loans. Thankfully, I only have a couple more years of those to go before that should be paid off too! I just recently paid off my car, pay off my car insurance within the first couple of months in the insurance year, use my credit card sparingly and immediately pay off my bill when I do use it, and have a nice amount set aside in my savings.

I'm cheap when it comes to my money...haha.

01-11-2009, 09:08 PM
I am up to $5,000 with 5 more truck payments and a bit on a little bit on a credit card.

01-12-2009, 12:15 AM
I'm in the 5-20k too because of my car payment. Minus that and I'd be probably right at 5k. I also have a reasonable amount in savings (15k) but I won't allow myself to touch it because I have hopes of going back to college, and I've already had to use 8k of it due to...well, life.

01-12-2009, 01:39 AM
Yea....$150,000 in student loans.
Plus about 5 other random expenses.

I worked for 6 years before stopping work for 1 year to finish my master's. Still haven't found a new job....darn economy!
The only golden light in my financial life is how strict I was about putting away to my 401(k).
But to anyone who might listen...make sure you save cash you can touch!!

01-12-2009, 11:03 AM
The only debt DH and I have is our house and RV lot, but I actually count those as assets as we owe far less on them than they are worth. We want to downsize in a few years, but there is no way that I'll sell this house for less than I feel it is worth--which means the economy has to change. I believe we've lost tens of thousands in equity due to the economy, but I won't sell at a lower price than what we were originally thinking this house would be worth when we built it.

I use charge cards all the time--and with a daughter in college, she uses them and we get the bills. I pay off the balances each and every month, so I haven't actually had any finance charges for several years.

And I have a pretty good amount in savings. It feels good. There was a time when DH and I were barely making it paycheck to paycheck. I had to charge groceries. We had thousands in debt. We'd use the charge card convenience checks to pay off one card so we didn't have to dip into cash. We call those days "back when we were poor." We worked hard and got out of debt and it really feels good. I hope to never go back.

01-12-2009, 12:28 PM
I'd have to go with none, but I don't have much savings either. I pay my credit card off in full every month. I have never had a balance carry over. I put a reasonable amount into my RRSP(similar to a 401k, but it's not employer sponsored) each month. My car was paid in full. I do have a heafty mortage, but most of that is coming out of a "trust fund" type account that my parents and grandparents set up for that particular purpose.

01-12-2009, 01:36 PM
I think I lucked out better than most college students. I went to school for 5 years on amassed just under 16k in loan debt, with 98% being in the last 2 years. No credit card debt, and no car debt.

01-12-2009, 01:44 PM
Well, with DH's advanced degree and my BS (all self-financed), those poll numbers are.. cute ;)

BUT the cars are paid off and we have very little credit card debt and we save.

ETA: I'm going to vote, but I'm not going to count school debt. To me that's just like a mortgage.

I agree! :lol: DH's student loans are more than the highest number on their own. Plus we've got 3 more credit cards to pay off, my student loan and my car. The total non-mortgage debt is about $84,000, but we'll have everything but DH's student loan paid off on 12/01/09 and the last student loan payment will be on 02/01/13, bearing any big disasters. (We do have substantial savings to cover emergencies, though.)

01-12-2009, 01:46 PM
One of my goals for 2009 is to save up three months worth of living expenses. I've managed to pay off my debt, including medical debt, and I'm pretty pleased with that. But I still have the car payment.

I've been trying to think of weight loss as paying off my calorie debt, but somehow the motivation hasn't exactly translated.

01-12-2009, 02:44 PM
I marked between 5,000 and 2,000, but the majority of mine is student loans. Counting the car payment and my credit card (the only thing on my credit card is bills from a major dental surgery, I only have about 2,000 - and that should be paid off in 2-3 months.

01-12-2009, 03:31 PM
pft with my husband's and my degree we each owe $30+ grand that we are paying off as fast as we can. Then my car is almost paid off and his is only like 2 years into payments :(. We owe almost 100 grand and that's WITHOUT a house! *cry*

We hope to have my car paid off by the end of April (we are doing huge payments right now) and that'll bring us down to $85. We want to buy a house in 2010 so what we are planning on doing is just having our two student loans to pay when we go look for a home loan- we've been told student loans aren't so bad- but don't have any CC debt or car debt. :)

01-12-2009, 03:41 PM
Including my house, 2 cars , boat and a Mastercard (which we owe $500.00 on ) we're in debt about $120,000. We have 1 other car and an RV that are paid off. I don't feel badly cause with the equity in our home, it is worth more than the total debt that we owe. We are contributing heavily to DH's 401K.

01-12-2009, 05:07 PM
I would like to suggest to everyone that's in debt to check out Dave Ramsey's book "The Total Money Makeover" or "Financial Peace".
They should be at your local library. He lays out a plan to become debt free.
Especially in this economy, it's great to be debt free!!!

01-13-2009, 01:13 PM
I would like to suggest to everyone that's in debt to check out Dave Ramsey's book "The Total Money Makeover" or "Financial Peace".
They should be at your local library. He lays out a plan to become debt free.
Especially in this economy, it's great to be debt free!!!

DH and I attended a Financial Peace University that was held at our church. It was by far the BEST investment into our future we've ever made. We were the typical, pay the minimum due young couple, until we found Dave Ramsey. I know his biblical basis scares off a lot of people, but it really is a good, easy-to-follow plan for turning your financial future around. We are in much better financial shape than a lot of our friends who make much more money in similar cost-of-living towns to us.

I know that there are several other financial "gurus" that have similar plans without the biblical emphasis. I believe Suze Orman (sp?) is one of them.

01-13-2009, 01:21 PM
Not counting the mortgage, I owe around $2000. This is a good thing - my mortgage is up for renegotiation in September, so I want to have as little debt as I can. The banks here are toughening up majorly on terms and conditions at the moment and I know my place has dropped in value in the last year or so.

On the plus side, I'll have the student loan paid off in June and my one Hire Purchase paid off at the end of April. There's a bit owing on the credit card - about $500 I think - but that'll be paid off before the bill's due.

01-13-2009, 02:09 PM
I voted but didn't include my or my husband's school loans.

Although we're in the "no debt" category right now, that's because I just got paid this week... ask me again in May before my next paycheck, and if my husband hasn't found a job, we might be in a different category. :(

01-13-2009, 02:13 PM
I wiped out all my debt at the start of 2009 and I have reasonable savings, too. It was a personal goal of mine to be completely debt free by the time the new year started.

My credit, however, is still crap and will take a little while for it to come back up again. I made some financial mistakes when I was younger and learned a lot of things the hard way.