How much are you in debt?

Testiculese · Post by **Testiculese** » Tue Nov 09, 2004 1:03 pm

Given this is a buy-now-pay-later debt-driven society, I'm curious how many people fit that role. Granted, a lot of people here aren't your typical idiot American that has every credit card for ever department store, but what's your ballpark? (Including house, car, boat, vacuum cleaner, or whatnot)

Mine, including all, comes to about $2400. I have no credit cards, no mortqage, and no car payments. I pay cash for everything.

snoopy · Post by **snoopy** » Tue Nov 09, 2004 1:08 pm

I think I'm pushing 15k, 100% of that school.

AceCombat · Post by **AceCombat** » Tue Nov 09, 2004 1:12 pm

have no debt at all. i keep a positive balance.

Sligar · Post by **Sligar** » Tue Nov 09, 2004 1:13 pm

Just finished paying off my car a few months ago, so I'm at zero debt now. I may have couple hundred on my credit card right now, or nothing, can't remember.

Mobius · Post by **Mobius** » Tue Nov 09, 2004 1:29 pm

$2800 in overdraft, but that's it.

Vindicator · Post by **Vindicator** » Tue Nov 09, 2004 1:33 pm

About 1500 between my car (halfway to being paid off, woot) and my lone credit card. I also owe my mom 1200 for helpin with the downpayment on the car, but she doesnt charge interest so I'm not worried yet

rush · Post by **rush** » Tue Nov 09, 2004 1:41 pm

I am in the hole about 3 grand to my father who became the leinholder for me on my car....no credit cards, no outstanding medical bills (got those paid off last year to the tune of $8,000). I pay my way through school and my own insurance/phone/misc bills.

Tetrad · Post by **Tetrad** » Tue Nov 09, 2004 1:57 pm

I owe people money, but even if I paid it all off I'd still be positive, so I guess none?

CDN_Merlin · Post by **CDN_Merlin** » Tue Nov 09, 2004 2:01 pm

I recently got a line of credit that is now at 5400$ but that will be payed off next month. When my wife and I first moved in together, we went nuts and went into major debt. That was 15 yrs ago and we've learned our lesson well.

Today, we pay everything cash. I just bought a car for 7000$ and paid cash. Other than that, I rent, and buy everything cash. And my school is paid in full.

Dedman · Post by **Dedman** » Tue Nov 09, 2004 2:08 pm

I guess I am one of those idiot Americans. My rough ball park debt is 386,000. Between House (260k), student loan (100k), car (9k), and credit cards (17k). The house and the car donâ??t bother me. The student loan chaps my buttocks but they canâ??t take away our educations. The credit cards eat at me. We had them paid off until about a year and a half ago until my daughter was born. We have stopped using them and are paying them down.

Bonz · Post by **Bonz** » Tue Nov 09, 2004 2:09 pm

man do you people all rent or what? I'm in debt about $100,000 with car and house, I don't have any credit cards.

Pun · Post by **Pun** » Tue Nov 09, 2004 2:22 pm

Just under two million USD.

JMEaT · Post by **JMEaT** » Tue Nov 09, 2004 2:27 pm

I just paid off my Rav4 back in Sept, a whole year early too.

Zero debt now.

whuppinboy · Post by **whuppinboy** » Tue Nov 09, 2004 2:48 pm

$170,000 and going down babay, all be paid off in 10 years. that includes the mortagage (10 years left), two vehicles, 2 credit cards and an education for the stepson.

Avder · Post by **Avder** » Tue Nov 09, 2004 3:10 pm

$23K, all school loans.

Scratch · Post by **Scratch** » Tue Nov 09, 2004 3:12 pm

Just got rid of my stang and picked up an 04 Evo -- I owe 24K.

Zoop! · Post by **Zoop!** » Tue Nov 09, 2004 4:16 pm

Virtually no debt.

Iceman · Post by **Iceman** » Tue Nov 09, 2004 4:19 pm

New mortgage : $215K / 30 years / 5.65%
Honda Accord : $13,500 (will be paid off in 2 years)

No credit cards, no other installment accounts, just 3 debit cards (cash).

Thats a big change from a while back when I had $50K in consumer debt (not including home). I will never go back there ... If I cant pay cash for it then I don't need it.

Cuda68-2 · Post by **Cuda68-2** » Tue Nov 09, 2004 4:37 pm

New Mortgage - 186K

Unix · Post by **Unix** » Tue Nov 09, 2004 4:43 pm

Car - $19,000.00

Credit Card(s) - $3,300.00

I guess that's it. Hmmm, really not that much now that I think about it.

Testiculese · Post by **Testiculese** » Tue Nov 09, 2004 4:45 pm

I wonder what the responses would be at a CS forum. Hahaha.

I had a CC once. I said 'I'll pay it at the end of each month'. Then 'Oh, I'll get it at the end of next month, I want this thing now'. Three months later I killed the card. Once you stray, it's 2x as hard to recoup. I paid the $3k I put on there and will never have one again.

Sage · Post by **Sage** » Tue Nov 09, 2004 5:48 pm

My dad just fought his way out of debt. He was about to go baankrupt, but he found a nice fellow named Dave Ramsey and he was the light! It took Father took about 2 years, but he did it!

I'm never going to get in DET. Because I'm very smart.

Iceman · Post by **Iceman** » Tue Nov 09, 2004 6:44 pm

Sage wrote:he found a nice fellow named Dave Ramsey and he was the light!

Dave Ramsey is my hero and changed everything about the way I handle money. I highly recommend ANYONE that isn't REALLY GOOD with money to pay the $98 and take his 13 week course. Even if you aren't in debt, this guy can point you in the direction of wealth ...

Darktalyn1 · Post by **Darktalyn1** » Tue Nov 09, 2004 7:03 pm

Hmm let's see

Everything combined (well, credit card and car loan)...

Probably about 14k

Although it looks like based on what I will be earning I can pay that off within the first 18 months of work. So I'm not sweating it that much.

Once I pay it all off I don't plan to take on any more debt. I'd rather pay for things in full.

However, it seems impossible to do that with a house. I would probably have to take out a loan if I ever decided to own a home. But that's years in the future anyway...

snoopy · Post by **snoopy** » Tue Nov 09, 2004 7:12 pm

Darktalyn1 wrote: Probably about 14k

Although it looks like based on what I will be earning I can pay that off within the first 18 months of work. So I'm not sweating it that much.

Way to be optimistic! I'd be willing to bet that it will take you at least double that.

Capm · Post by **Capm** » Tue Nov 09, 2004 7:22 pm

house, car, 69k

XeonJr · Post by **XeonJr** » Tue Nov 09, 2004 8:11 pm

No Debt, $40 000 in term deposits in the bank until I roll that over on property investments

You should probably seperate the question into good debt and bad debt categories, Testicules.

Good debt is other peoples money that is used to pay for investments that yeild a positive cashflow. ie Loan for a rental property that has a positive yeild!

Bad debt is a loan that will lose you money. ie Home loan, Car loan, credit cards.. etc etc

Darktalyn1 · Post by **Darktalyn1** » Tue Nov 09, 2004 8:16 pm

snoopy,

I doubt I will be able to pay off that at an average rate over the first 18 months. I'm basing that on a guaranteed annual bonus that won't be prorated that year (unlike my first year).

If I am responsible with that money and use it for the power of good (killing off debt) as opposed to the power of evil (buying lord knows what kind of crap I don't need), I think I will be able to kill off all remaining debt in one swell foop. This is assuming that I pay quite a bit each month, but not so much as to strap me financially along the way.

At one point during college I landed a 3 week contract over x-mas break, which ended up earning me ~1500 dollars. When I got the money, I paid off a 1500 dollar credit card in full. So I know I am capable of doing that sort of thing.

Will that happen again (on a larger scale)? Dunno, time will tell. That's the plan anyway. After 4+ years of college poverty I'm pretty well acclimated to living a humble lifestyle. I'll let you know in 2006.

MehYam · Post by **MehYam** » Tue Nov 09, 2004 8:36 pm

Car, 7G's

Jeff250 · Post by **Jeff250** » Tue Nov 09, 2004 8:58 pm

$384.21-- credit card, plus some 50 cents I owe someone. But yeah I could pay it off now if I really wanted to.

TheCops · Post by **TheCops** » Tue Nov 09, 2004 9:05 pm

5 or 6 G's... i'd have to ask my bookie.

kurupt · Post by **kurupt** » Tue Nov 09, 2004 9:36 pm

about 16k. all of it student loans.

MD-2389 · Post by **MD-2389** » Tue Nov 09, 2004 9:44 pm

Not in any debt, but with school coming up soon, thats going to really push it. Especially since I'm looking for a set of wheels to get me back and forth....

Sickone · Post by **Sickone** » Tue Nov 09, 2004 10:39 pm

About 250k left on mortgage, of course no complaint since we paid 290k, and current value 18 months later is over 430k

maybe 10 - 12k in credit cards

Owe nothing on cars, and though I am about to finally get my new one, it won't be coming out of my pocket

Given that I have been pretty lucky with my income level, bonuses, etc.... I have no complaints about our financials.

Duper · Post by **Duper** » Tue Nov 09, 2004 11:04 pm

Car loan gone arwy. Filing CH7 :\

Asrale · Post by **Asrale** » Wed Nov 10, 2004 12:09 am

$0.

Student loans paid off last year and have never had credit card debt either, I pay off the balance every month on my two cards. And never got into debt over a car either.

Testiculese · Post by **Testiculese** » Wed Nov 10, 2004 12:27 am

Thousands in credit cards..oh man, what are your interest rates? I've seen on some of the promotional trash 24.99%. That's so scary. More than 10k on that and you'll never get that paid in installments. You're a slave for life, essentially.

Deadmeat · Post by **Deadmeat** » Wed Nov 10, 2004 1:47 am

Not in debt now, but I was. Due to some "unforseen circumstances" and some not-so-smart credit dealings, I got myself about $55K in the hole. Filed Chapter 7 last fall. Am free and clear now except for household bills. Fortunately I own my home outright. Been there, done that, not going to do it again.

SneAKy pEepEE · Post by **SneAKy pEepEE** » Wed Nov 10, 2004 3:33 am

About 30K for reconstructive surgery(which is 1/3 of total)...ummm,maybe 20-30K for rehabilitation(we'll see as the years progress)...88K left on mortgage(if the bank dont snatch it)...prolly another 15-20K left on car...other than that my life is a fvcking bowl of cherries.

Tricord · Post by **Tricord** » Wed Nov 10, 2004 4:22 am

I don't have any debt personally. My dad does for car and house (our house is getting close to $2m value, but he didn't pay near that much).

I do have a credit card, but it works like a debit card. At the end of the month they take the credit balance from my bank account (even if that means going below zero on the account). I'm very happy with that system, since you can't build up debt on a credit card.