Ever realized how much debt you are in?

[multiband8303]

Almost 4k in credit card debt, and 3k in unsecured loans...7k in total....I feel terrible....

 

[purbeast0]

all i have is student loans + car payment.

i feel very comfortable knowing that's all i am in debt to

 

[waggy]

we just have the mortgage+car payment and the wife's student loans ($5k). NO CC debt at all.

 

[StartingLine]

25 here no cc debt just the car loan

 

[multiband8303]

you guys are lucky.....

 

[zoiks]

No car loan. No cc debt. Soon to change however.

 

[K1052]

Yes, precisely 243,151.88.

 

[StartingLine]

Originally posted by: multiband8303
you guys are lucky.....

that makes me kinda mad, i dont have a lot of things like a plasma tv or brand new computer, those are the sacrifices i make for not racking up huge credit card bills. I prefer to think of myself as..hmm..smart

 

[illusion88]

I just paid off my CC debt, but it was only about $500. So no real biggie.

 

[Shawn]

Yeah, about $500.

 

[Gunslinger08]

$15k student loans, $20k left on car. I have enough in the bank to pay off the student loans, but I'd rather save it for a house.

 

[Pacfanweb]

Originally posted by: multiband8303
Almost 4k in credit card debt, and 3k in unsecured loans...7k in total....I feel terrible....

Sign me up for only 7k in debt right now, please.

House 1: 250k mortgage
House 2: 125k mortgage (rental)
Car: 22k approx. left
Boat: 38k
CC's,etc: probably another 10-15k including wife's student loan

 

[SacrosanctFiend]

Yup, $0.

 

[purbeast0]

Originally posted by: multiband8303
you guys are lucky.....

I like to call it ... financially smart.

 

[jiggahertz]

I don't think I would consider mortgages to be "debt" unless you account for the value of the asset as well.

 

[Riverhound777]

$13k for the car, $12k for the student loans.

 

[Mucho]

Originally posted by: multiband8303
Almost 4k in credit card debt, and 3k in unsecured loans...7k in total....I feel terrible....

Yes, but you are living the American dream.

 

[Safeway]

Yep, $0.00

 

[Eli]

Yes, every day. Don't feel too bad though, at least your debt is managable.

With this car I just bought, I'm so ass-backwards it's not even funny.. But you gotta do what you gotta do.

I'm at something like $14,000 now with this $6,000 car loan.

Should be picking up more work on Monday though. I've really got my mind set on paying it down as fast as possible once the money from this job starts rolling in. It's killing me.

I pay more in debt repayment per month than I do rent and utilities.. :shocked:

That's just.. fscked.

 

[MrChad]

Originally posted by: purbeast0
<div class="FTQUOTE"><begin quote>Originally posted by: multiband8303
you guys are lucky.....</end quote></div>

I like to call it ... financially smart.

To be fair, luck has something to do with it. People can rack up debt when they lose their job unexpectedly or have massive medical bills. Being fiscally responsible is a big part of staying (relatively) debt free, but there is a little bit of luck involved too.

 

[MrChad]

Originally posted by: jiggahertz
I don't think I would consider mortgages to be "debt" unless you account for the value of the asset as well.

LOL.

If you owe money, it's a debt. Mortgages are not considered "bad" debt, however, unlike credit cards.

 

[Safeway]

Originally posted by: MrChad
<div class="FTQUOTE"><begin quote>Originally posted by: purbeast0
<div class="FTQUOTE"><begin quote>Originally posted by: multiband8303
you guys are lucky.....</end quote></div>

I like to call it ... financially smart.</end quote></div>

To be fair, luck has something to do with it. People can rack up debt when they lose their job unexpectedly or have massive medical bills. Being fiscally responsible is a big part of staying (relatively) debt free, but there is a little bit of luck involved too.

No, it is smart financial planning. A smart person would have an emergency savings of at least 3-months salary to prevent going into massive debt if they are laid off.

 

[Eli]

Originally posted by: Safeway
<div class="FTQUOTE"><begin quote>Originally posted by: MrChad
<div class="FTQUOTE"><begin quote>Originally posted by: purbeast0
<div class="FTQUOTE"><begin quote>Originally posted by: multiband8303
you guys are lucky.....</end quote></div>

I like to call it ... financially smart.</end quote></div>

To be fair, luck has something to do with it. People can rack up debt when they lose their job unexpectedly or have massive medical bills. Being fiscally responsible is a big part of staying (relatively) debt free, but there is a little bit of luck involved too.</end quote></div>

No, it is smart financial planning. A smart person would have an emergency savings of at least 3-months salary to prevent going into massive debt if they are laid off.

Easier said than done. Such things are nearly impossible for those that work paycheck to paycheck. I know how it is. Hopefully I'll be able to get out of that cycle with this new job. :thumbsup:

 

[purbeast0]

Originally posted by: MrChad
<div class="FTQUOTE"><begin quote>Originally posted by: purbeast0
<div class="FTQUOTE"><begin quote>Originally posted by: multiband8303
you guys are lucky.....</end quote></div>

I like to call it ... financially smart.</end quote></div>

To be fair, luck has something to do with it. People can rack up debt when they lose their job unexpectedly or have massive medical bills. Being fiscally responsible is a big part of staying (relatively) debt free, but there is a little bit of luck involved too.

yah but I don't think the OP put any life or death medical bills onto his CC that he's talking about.

i feel far from "lucky" being in the financial situation I am. i know plenty of people who are my age that are no where near financially sound as I am, but then again, they go party 3-4 days a week.

 

[oiprocs]

5K in CC. 36K in student loans.

My parents are paying off the CC though, so I don't have to worry about paying them back until I can do so comfortably.

Never again will I rack up such unnecessary debt. I don't even have anything to show for it, that's the worst part.