Archive

How much do you owe?

  • Dr. KnOiTaLL
    The economy has been brutal on corporate and residential communities alike. Are any of you finding it hard to knock out that debt that has been hanging over your head for years? I know several couples who have really committed to eliminating their debt, and many of them have become debt free after 2-3 years. How much do you owe, and how bad do you want to get rid of it?
  • DeadliestWarrior34
    Bout tree fiddy.
  • friendfromlowry
    $25,000 in student loans.
    About $2,000 on car (will be paid off March 2013)
    Few hundred bucks on a credit card.
  • Dr. KnOiTaLL
    friendfromlowry;1215867 wrote:$25,000 in student loans.
    About $2,000 on car (will be paid off March 2013)
    Few hundred bucks on a credit card.
    Paying off a car must be a great feeling! Congrats!

    Everyone that is debt free has told me that paying off one loan, such as a car or student loan, creates a snowball effect and kind of gives you a rush. I'm looking forward to getting the snowball rolling!
  • Pick6
    about 35k in student loans.
    $150 in credit card debt from last month
  • friendfromlowry
    Dr. KnOiTaLL;1215872 wrote:Paying off a car must be a great feeling! Congrats!

    Everyone that is debt free has told me that paying off one loan, such as a car or student loan, creates a snowball effect and kind of gives you a rush. I'm looking forward to getting the snowball rolling!
    Yes it will. I've spent most of my life driving this car (Honda Civic) but I'm ready for something new. Sure it's economical and what not, but I want something with a little ass. I've been looking at Dodge's new line-up a little bit. That probably won't be til next year. Just wanna get the Honda across the finish line and enjoy some time without a car payment.
  • pmoney25
    Bout $150k for mortgage left. One car that will be paid in 6 months. Thats it for my wife and I.
  • jmog
    Paid off all credit cards last year and just paid off both cars a few months ago.

    Next is house, but just bought it 4 years ago so still owe $100k+.

    I have about $25k in student loans as well but I have no intention of paying those off until after house. The interest rate is so low and is deductible plus nothing that is "mine" when they get paid off like the house.
  • GoChiefs
    A lot. Ugh.

    $30,000 in student loans between the wife and I
    $50,000 left on mortgage
    $9,000 left on the car
    $12,000 on a personal loan we took out
    $1000 in credit cards
  • ZWICK 4 PREZ
    ccrunner609;1215904 wrote:Dont know why you guys are listing a mortgage as debt.............if you owe less then the property is worth then its not debt.

    I owe 116,00 on a 150,000+ property- no debt

    My wife owes on her car about 10,000 and I dont owe on mine.

    We have no other debt. I am on the + side of everything
    B/c you don't know what it's really worth and you owe on it?
  • ZWICK 4 PREZ
    GoChiefs;1215900 wrote:A lot. Ugh.

    $30,000 in student loans between the wife and I
    $50,000 left on mortgage
    $9,000 left on the car
    $12,000 on a personal loan we took out
    $1000 in credit cards
    You had to take student loans out to make rollers? :)
  • hoops23
    if you owe on it and stop making payments, they take it away from you. To me, it's a debt until paid off.
  • bases_loaded
    148,000 over 15 years at 2.9%
  • hoops23
    By that logic, credit card debt shouldn't be a debt. I'm worth more than the amount I have on a card right now.
  • GoChiefs
    ccrunner609;1215908 wrote:How could someone not know what their biggest purchase of their life is worth?
    Because the housing market crashed shortly after the purchase and the value went to shit, so now I don't know what the value is back up to maybe? I'm paying on it, and not going anywhere anytime soon, so I don't really worry about my property value right now.
  • GoChiefs
    ZWICK 4 PREZ;1215907 wrote:You had to take student loans out to make rollers? :)
    Nah, originally went to a trade school for Diesel mechanics. Shortly before graduation, 9/11 happened, and the trucking industry went to shit for a bit. It was either start out as a Diesel tech making $8.00 an hour, or lay gas line making $25 an hour. I went with the money.
  • fan_from_texas
    We owe around $340,000 at this point. We've paid off approx. $180,000 over the past four years, most of it student loans. At this point, I anticipate we'll be debt free (other than mortgage) by the middle of next year. I don't think we'll prepay our mortgage, though.
  • mella
    Been a great year. Wife has a new job earning a $100,000 more than her old job. In the last 14 months we've paid off $20,000 in student loans, around $35,000 on 2 cars and an additional $10,000 on various credit purchases (sears, best buy, home depot, 4 floors). Right now we have about $165,000 debt on a house mortgage. Our daughter starts college in the fall and we will be able to pay cash for her tuition and room and board. My paychecks go directly into savings to build up the college fund.
  • jmog
    Mortgage is still debt, if you only owe $10k on a $200k house and stop paying they take your house.

    So it is still debt.

    I owe house and student loans only and I am loving it. I will never have a car loan again.
  • Ironman92
    Owe about $72,000 on our house (value around $130,000)

    Owe $6200 on my civic

    We have about $2000 left on our credit card to pay off.
  • Cat Food Flambe'
    About $45,000 on the mortgage ( just four and half years to go!). I'm also making 70% of the payment on Son Of Cat Food's student loan (about $8,000 left) as per our agreement (percentage tied to GPA).
  • ZWICK 4 PREZ
    ccrunner609;1215908 wrote:How could someone not know what their biggest purchase of their life is worth?
    B/c you don't know what it's worth until someone buys it from you.
  • hoops23
    ZWICK 4 PREZ;1215933 wrote:B/c you don't know what it's worth until someone buys it from you.
    Very true.

    What you value it and what you could actually get for it are two completely different numbers in most cases.
  • BR1986FB
    About $60000 between a 1st mortgage and a line of credit. Paid off two vehicles and paid $30000 cash for the new Camaro. Expect to have the mortgages paid off within the next 2-3 years, maybe sooner.
  • Belly35
    We took the Dave Ramsey plannig course a year ago.
    Between my wife and I our personal total debt including everything we will be dedt free in 5 years.
    The two companies can be sold or closed with no lose of money.... Walk away
    If I sell them now we are talking addition funds.

    I will still work I have no plans to retire anytime soon the deft free is a nice goal and feeling to accomplish