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How much debt do you have?

  • OneBuckeye
    Monthly debt obligations. As a percentage of your gross income.

    Currently we have 14%. Including two cars and school loans. We are looking at houses that will take us to the 30% range. Is that too much? Just curious what other people are living with and how it is working out for them.
  • BR1986FB
    I have a first mortgage and a line of credit. Paid cash for a 2010 Camaro and all other vehicles are paid off. Several open credit cards with no balances. Looking to have line of credit and half of first mortgage paid off by year end and am currently buying foreclosures to turn around and flip in my area. Current debt is < 5%.

    And 30% debt is not excessive if you still have plenty of income after debts are paid.
  • Glory Days
    0%
  • FatHobbit
    Lol, I'm fucked.
  • OneBuckeye
    FatHobbit;1100147 wrote:Lol, I'm fucked.
    I was reading a WSJ article and it says 40% and you are in distress and anything over 30% is a "yellow flag" that there could be trouble.

    The houses we are looking at would put us at 28-29% range. We could probably pay off her school loans in 5-10 v 10-15 years if we got a house half as cheap, but there really isn't anything in that range for the area we are looking at.
  • justincredible
    I think we're around 25-30% between our mortgage, one car payment, and my student loan. My wife is getting ready to go back to school so in a few years we'll be adding another student loan payment but our car will be paid off by then.
  • Con_Alma
    Paid off the mortage a couple years ago. That was the biggy.

    Now I can say we a re debt free.
  • OneBuckeye
    justincredible;1100154 wrote:I think we're around 25-30% between our mortgage, one car payment, and my student loan. My wife is getting ready to go back to school so in a few years we'll be adding another student loan payment but our car will be paid off by then.
    How consciously</SPAN></SPAN> do budget? Are you able to save a decent percentage?
  • gorocks99
    As a percent of my monthly gross income, my student loan payments are ~17%. If you throw in my monthly rent payment I'm at 28%. Car is paid off, which is nice.
  • se-alum
    Are you talking actual debt or are you also adding monthly payments(ie electric, cable, water, etc...)?
  • OneBuckeye
    se-alum;1100163 wrote:Are you talking actual debt or are you also adding monthly payments(ie electric, cable, water, etc...)?
    Actual debt. Car, Credit Cards, School Loans, Mortgage, Other outstanding bills(hospital) etc...
  • FatHobbit
    Do you use net or gross income? I also have child support deducted.
  • OneBuckeye
    FatHobbit;1100166 wrote:Do you use net or gross income? I also have child support deducted.
    Gross
  • ernest_t_bass
    I have a ton. 50% minimum? But that includes all my bills. Basically, after paychecks, we have enough for groceries and gas. Daycare is a bitch.
  • OneBuckeye
    ernest_t_bass;1100168 wrote:I have a ton. 50% minimum? But that includes all my bills. Basically, after paychecks, we have enough for groceries and gas. Daycare is a bitch.
    You're doing it wrong. That is not the purpose of this exercise. Although you do indicate you aren't saving money and you don't have money budgeted to spend on entertainment/shit you don't need.
  • se-alum
    OneBuckeye;1100164 wrote:Actual debt. Car, Credit Cards, School Loans, Mortgage, Other outstanding bills(hospital) etc...
    Gotcha. I'm at 18%. That's rent, camper, and a personal loan. Car is paid off. Probably start looking for a house to buy in the fall.
  • justincredible
    OneBuckeye;1100160 wrote:How consciously do budget? Are you able to save a decent percentage?
    My wife does the budget but we never stick to it and don't run in to any problems. We are able to save ~15% on top of what we are putting in to our retirement accounts at work. Our savings account is with ING so we get a little bit of interest. I remember when I signed up it was up near 5%. Those were the days.
  • LJ
    2nd mortgage and 1 car loan. Like 12%

    If you include my wife's student loans though, we are fucked.
    $1800/month in student loan payments
  • gorocks99
    LJ;1100177 wrote:If you include my wife's student loans though, we are fucked.
    $1800/month in student loan payments
    O_o

    Wow. Vet school.
  • OneBuckeye
    LJ;1100177 wrote:2nd mortgage and 1 car loan. Like 12%

    If you include my wife's student loans though, we are fucked.
    $1800/month in student loan payments
    Why don't you include it? I am in the same boat. My wife has huge student loans, I have none. But she makes 2x what I do.
  • justincredible
    LJ;1100177 wrote:2nd mortgage and 1 car loan. Like 12%

    If you include my wife's student loans though, we are fucked.
    $1800/month in student loan payments
    That is more than our mortgage payment and my student loans combined. That really sucks ass.
  • Skyhook79
    The only debt I care about has been paid for me.
    Monetarily we try to live within our means and try to only buy stuff we need not what we want.

    Cue LJ since he likes to stalk.
  • ZWICK 4 PREZ
    Mortgage and Fiancee's new car. 15%
  • THE4RINGZ
    Only our house.
  • LJ
    OneBuckeye;1100180 wrote:Why don't you include it? I am in the same boat. My wife has huge student loans, I have none. But she makes 2x what I do.
    We just never even see that money. It automatically goes into a sep account and is paid out of there. We basically try to keep everything with the loans seperate. The house and cars and everything are in a trust. But yeah it's like 25% total.