How much debt do you have?

• LJ

  

  gorocks99;1100179 wrote:O_o
  
  Wow. Vet school.

  $210,000 total cost :thumbdown:
• LJ

  

  Skyhook79;1100183 wrote: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.

  I believe I posted in this thread first.....
• ernest_t_bass

  

  OneBuckeye;1100172 wrote: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.

  Sorry, dad.
  
  Income (net):
  $4,600
  $595 from rental house
  Total = $5,195
  
  Debt:
  House - $1,087
  Car 1 - $246
  Car 2 - $450
  School Loans - $335
  Rental House - $608
  Total = $2,726
  
  Roughly 52%
• LJ

  

  The rental house would be a net loss, not an income and expense
  
  /accountant
• ernest_t_bass

  

  LJ;1100191 wrote:The rental house would be a net loss, not an income and expense
  
  /accountant

  True. I have no desire to be a landlord. None. I am hoping my current renters want to buy the house.
• fan_from_texas

  As a percentage of our gross monthly income, we're at 20% and falling.
  
  It looks like we'll finish paying off our student loans by the end of this year. They were around $180,000 at a weighted interest rate of 6% or so back in 2008, so it'll feel good to get those out of the way.
• LJ

  

  ernest_t_bass;1100197 wrote:True. I have no desire to be a landlord. None. I am hoping my current renters want to buy the house.

  Offer to throw in a free 2 year subscription to Penthouse
• OSH

  

  Man...I can't do THAT much debt as a percentage of my monthly income.
  
  The monthly income is VERY little...and I have a debt of over $70,000. It's student loan debt, only. But, I will have two Master's degrees that cost me nothing but books, so I should be alright in the long run -- hopefully.
  
  Oh, and my wife doesn't have any debt from school. It's just been a tough go-round for the job searches for both of us.
• ernest_t_bass

  

  LJ;1100199 wrote:Offer to throw in a free 2 year subscription to Penthouse

  I will say, though, that I don't mind the whole landlord thing, it's just that fact that every single penny I currently put into the place, I'm losing money. If I owned the house outright, and was making pure profit, it'd be different.
• LJ

  

  ernest_t_bass;1100214 wrote:I will say, though, that I don't mind the whole landlord thing, it's just that fact that every single penny I currently put into the place, I'm losing money. If I owned the house outright, and was making pure profit, it'd be different.

  Yeah, a lot of the time any profit to be had just gets eaten up in other expenses.
  "Oh look, I brought in $1500 net from the rental last year.....what's that? The furnace just blew up and the roof just melted off? ....shit"
• j_crazy

  

  Im at like 25% but have enough money to get it down to 20%. Also have enough to make a huge dent ob the mortgage or give me 2yrs of living expenses should my job take a dump.
• sjmvsfscs08

  0%. Now I'm pretty thankful that I haven't had to take out student loans yet. I will need to for my last year though.
• Heretic

  

  Infinite.
  
  I don't believe in paying bills.
• McFly1955

  

  around 25%
  
  We've hit student loans hard for about a year now, paying $1,500/mo instead of the required $650 between my wife and I.
  
  We've got 2 knocked out, with 2 to go, minimum payment is now around $375 instead of $650.
  
  
  I think those guideline percentages are BS, though. You need to look at your budget as a whole, not just 'debt'. My wife has been part time since the birth of our now 18 month old, and we have another on the way in August, and my wife will likely stay at home after that.
  
  We will be close to paying off the 1 car we have a loan on by then (paid cash for the other), but will still have student loans and a mortgage. We will be just fine and will continue to put a lot of money into my 401k and max out a roth, even though we would be at like 40-45% at that point based on my income alone compared to debt. Our total monthly cable/internet/phone/cellphone bills = $125 (cells = $60, cable = $15, internet = $30, netflix $20). I know people who would easily spend $300+ on this category (full cable/dvr, 2 smartphones, etc.) We cook at home, eat out maybe once every 2 months... Just a few examples of how we have chosen to cut costs and save additional money/invest, but the typical debt to income ratios don't take that into consideration.
  
  Just find a good monthly budget spreadsheet, fill in everything you spend money on, see if there are any areas where you could cut costs, then determine how much you are comfortable shelling out each month for rent/mortgage. Don't worry about a percentage (other than it hindering you from obtaining a loan potentially).
• mcburg93

  

  I would be about 20% but unfortunately I had a wreck when I was younger without health insurance and still trying to pay that off. Its right around 75k. So I owe more on that then I do on any other bill I have. Talked the hospitals and tried to work a deal but they dont want to deal. Guess I should call them now seeing its been a few years. Thought about doing bankruptcy but not sure if that is the best option. Have good credit just have 75k in medical bills.
• Sonofanump

  Mortgage only at 13% for another 14 years at 3.625%. Wife's auto is paid off, I drive a company car. Both our student loan are paid off. Life is well.
• bigkahuna

  I'm at ~50%. My student loans are a bitch (700/month), which doesn't sound too bad. However, I have yet to find a full time teaching gig and am just teaching part time. When I finally do find the full time position, it should obviously make a big difference because it'd be at least $10,000 increase in salary. I've gone to the minimalist state of mind and should be free of all credit card type debt by the end of 2012, which save me around 300-500/month. My wife's been great in teaching me how to actually budget money and make financial goals (like removing debt). I was a spoiled kid and had a lot of things like that handed to me. When I got my 1st credit card, I maxed out in about 6 months (5000 limit) because my parents were paying it. They got tired of my shit and started making me be responsible for it. If I would have been responsible the entire time, I'd probably a lot lower now instead of where I am.
  
  The wife is in the 20%s. She's the budgeter of the family and has a nice little savings account built up.
• gport_tennis

  Around 50%. Hopefully half of that by end of this year
• Iliketurtles

  

  I'm at about 46%.
• Doverbuck

  0 debt bought 1st rental 30 yrs ago when I was 21
  Best investment I ever made
• jmog

  Mortgage, Student Loans, 2 cars, and 1 CC...
  
  Currently a high 44%, but that is high because my wife became a stay at home mom just a few months back.
  
  In a couple weeks it will be down to 39%.
  
  In the fall when my wife goes back to work (all 3 kids will be in school) it will be 30%.
  
  Plus, by the end of this year, all we will have left is the mortgage and studnet loans. All CCs and both cars will be paid off in this calender year. We will not be replacing the cars anytime soon as they are both fairly new. Then with mortgage and student loans we will be down to about 20%.
• dwccrew

  

  Less than 5%. I have credit cards that I pay in full every month. A car payment, line of credit (no balance currently), mortgage on an investment property (I only took 60% of equity out of the house when I took the mortgage out on it). My debt will go up though because I am about to buy a new house and taking a mortgage on it. This will not be an investment property either, it will be my residence.
• thedynasty1998

  

  17%. Not bad considering the wife and are both 28. We have a mortgage, one car payment and two student loans. We will both earn more this year than last so should build up some savings. Plus work starts to match my 401k in one more month up to 5% so that helps.
• Fab1b

  

  I have 5 bills total and no credit cards, loans of any sort, etc....I pay my rent, elect, cable, phone, insurance, that is it.
• Ytowngirlinfla

  

  Only 1 real debt. Car payment $350 a month. Other bills are cell, internet and car insurance. Deployment helped saved a ton of money. Good to be back on land and now I want to spend some of my savings on a TV!