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Author Topic: Are you in debt?  (Read 2955 times)
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« on: June 29, 2005, 03:35:46 PM »

For a good year we were basically out of debt except for our mortgage.  Cars were paid for, no student loans, starting to save money, etc.  Now my wife is going back to school so the student loans have returned.  frown

What about you?  In debt or out of debt?
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Knightshade Dragon
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« Reply #1 on: June 29, 2005, 03:42:20 PM »

In debt.  I have two relatively new cars, a house payment, and now my wife's student loan.
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« Reply #2 on: June 29, 2005, 04:27:58 PM »

I consider myself out of debt... yes, I have a mortgage, but since everyone else has rent or taxes, I really don't count that.

Other than that, when I knew I was going to end up on disability pay, I used a good portion of my savings to buy a vehicle - I already owned one, but it was 12 years old, so I upgraded to a "newer used" that would last longer.

Everything else I do by cash or debit - I don't spend any money I don't have, because on disability pay - things could get out of hand in a hurry!

So, unlike Devil - I'M OUT!!! :twisted:
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« Reply #3 on: June 29, 2005, 04:35:24 PM »

Massive debt. Credit cards from the last few years, one income, mortgage, car, and wife' law school loans. Wheeee!
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« Reply #4 on: June 29, 2005, 04:36:25 PM »

Living below the poverty level means we have to suppliment our income by using the CCs.Then every few years we refinance the house to pay off the CCs.
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« Reply #5 on: June 29, 2005, 04:42:10 PM »

House and 2 cars are our primary debts. Both me and my wife got Lasik surgery a few months ago, so still paying off some of that as well as $5000 we dropped on a 4-piece leather livingroom suite, but we about have both of those knocked out. We often make extra car and house payments to help knock those out even quicker. Still putting 6% in of my salary into 401k (thats the max my company matches). Not doing too shabby.
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« Reply #6 on: June 29, 2005, 05:21:33 PM »

2004 and 2005 cars with notes, both will be paid off this year.

~11 years left on a 15 year mortgage, would like to have this paid off in 7 (by the time I'm 40).

I haven't carried any unsecured debt in over 3 years. Neither of my cars or my house is "upside-down" so technically I'm not really in debt. slywink
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« Reply #7 on: June 29, 2005, 05:58:57 PM »

Mucho debto.

We bought a car shortly before I got laid off, and we've been slowly accruing debt ever since.  In theory, we should be able to pay off both in two years or so once I graduate and am contributing once again to the family finances.  Luckily, my wife's mother helps us with my wife's medical bills and tuition (Master's in Library Science), or we'd be completely screwed.
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« Reply #8 on: June 29, 2005, 06:19:06 PM »

Debt up the a$$

Thanks to my friendly neighborhood Student Loans, and lots of 'em!

I think I'll be about 163 years old by the time they are paid off.

LD   :cry:
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« Reply #9 on: June 29, 2005, 06:23:09 PM »

Lots and lots of debt for us.  And we acquired it the honest way: we were stupid.  I'm working now on getting us back out of the hole.

Unfortunately my company gave me a pay cut, and we can't make any progress at the current salary.  So, it's time for a new, better job!
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« Reply #10 on: June 29, 2005, 06:48:50 PM »

i have quite a bit of debt...combine my medical school students loans with a brand new car, and i've got enough to buy a small house somewhere at this point.  that's life though...
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« Reply #11 on: June 29, 2005, 07:12:40 PM »

Nope.

Dave Ramsey is my friend smile
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« Reply #12 on: June 29, 2005, 07:22:08 PM »

Quote from: "Laner"
Nope.

Dave Ramsey is my friend smile

He was my friend too until wife decided to go to grad school.   crybaby
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« Reply #13 on: June 29, 2005, 08:09:40 PM »

Currently just CC debt and the mortgage, but I hope to have all the CC debt taken care of by September.  It would have been even sooner if not for all the damn car repairs.

We paid off Mrs. Gratch's car in May and got the title last week.  It's been a great car and hasn't needed many major repairs.  Since we got the title, however, we have had to replace the battery, the serpentine belt, 2 of the belt pulleys, 2 tires, and the car's computer.  I swear to God these things are pre-programmed to break down right when you pay for them. :evil:
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« Reply #14 on: June 29, 2005, 10:13:49 PM »

In debt. At one time (early 2002) I had around 80k+ in unsecure debt. Now I'm down to around $13k and that should be gone this time next year.
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« Reply #15 on: June 29, 2005, 10:27:45 PM »

Nothing beyond the "usual"- mortgage, two car payments, and three years left on my student loan.  That's it.
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« Reply #16 on: June 30, 2005, 01:18:39 AM »

Credit cards, car loan, student loans.... yep, I'm in debt.  According to "The Plan", however, I'm supposed to be debt-free in about 2 years.

We'll see.
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« Reply #17 on: June 30, 2005, 02:18:28 AM »

One credit card floating around one grand, one car payment, and rent.  Nothing else.  We ran up the CC debt when I got back from overseas and wanted to go on a cruise.  Then my wife got laid off and now I am the only one working.  We break even every month.  Not doing too bad.
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« Reply #18 on: June 30, 2005, 04:29:25 AM »

Big screen TV paid off about a month and a half ago.
Laptop has less than $100 on it, will be paid off at the beginning of June.
Just bought a bedroom set with no-interest financing, about 22-months on that.
I pay my credit cards every month.
House mortgage that I have a 15-year on, a little over two years in on it.
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« Reply #19 on: June 30, 2005, 07:13:04 AM »

I've got an incredible amount of debt. From my car being repo'd around 3 years ago (I refused to pay anything for it unless they gave me the car back - to take the car AND make me pay for it - I told them how it is) to getting a credit card filled up with $400 on it for a $200 "processing fee" and a $200 "securing" fee or whatever they were. Since I didn't charge a dime to it and they let it build up I said I won't be paying that back.
I'm probably at about 10k in debt but truth is, I'm not paying a dime of it back. My credit is already screwed for the next seven years, and even though I know I'm responsible for my own actions, I can't justify paying for something like I feel I shoudn't have to.
When my car was repossessed I sent in a $100 "good faith" payment and called them saying next week I'd be making up for the two months I was behind.
Two days later in the middle of the night, car was gone. The hell if they think I'm going to pay them the remainder (about 4k) of their super-low auciton price it went for.

Hardly ever get any notices by mail anymore. "This is an attempt to collect a debt and any information blah blah" "Your account has been assigned to this debt collection office, you have 30 days to dispute blah blah" anyone else get that in the mail? If you ignore it long enough, it goes away. But it can go on for a good 2 years before they finally give up.

And the so called "credit repair companies" you can do yourself. I wasted $250 on one of them and they got one negative removed. All they do is write a simple letter to the credit bureaus saying something like "We disagree with X on the report. Please have it verified." and then if they can't get it verified within 30 days, it has to be removed. Easier to do it yourself than hire someone. Besides most places do verify it in that 30 days anyway so the debt stays on there.
The negative lasts for seven years.

Ah well, at least I know I'm not alone in debt.
But.. am I alone in saying the hell with it and not paying any of it back?  :wink:
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« Reply #20 on: June 30, 2005, 11:47:56 PM »

I have quite a bit of debt myself.  A majority of our monthly income goes to paying school related debt.  All of the school debt is mine, we can't afford to take out more loans for my wife to go, or even pay as we go.  It's many tens of thousands.  I took out the max I could for the years I spent in school(I went to a private college), so to pay for flight school I maxed the credit cards, both of em  :shock:  Then there's the car payment.  At least one of our cars we were able to pay off early and it has helped tremendously, plus it still has under 30k miles.  I don't even own a house yet, but for what I'm paying for rent it won't make much difference, if you don't count property tax, putting a yard in, buying all the yard care hardware, maintenance.. bah no wonder I'm not in a house yet.  frown
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« Reply #21 on: July 01, 2005, 12:01:10 AM »

I've got a mortgage, but nothing else.  And in another 15 years, even that'll be paid off!

 :cry:
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« Reply #22 on: July 01, 2005, 02:41:48 AM »

Only 'good' debt here: mortgage and about 6,800 left in school loans.  We also owe my pop some money that he loaned us to buy a mini-van.  But we're selling our house in the next month and that should take care of just about everything.
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« Reply #23 on: July 01, 2005, 06:09:01 AM »

Up to my eyeballs in debt, and we don't even have a mortgage. :/  2 cars (2004, 2005) that we're ridiculously overpaying for because we traded in cars that we were upside down in.  Credit cards and other various loans too.  *sigh*
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« Reply #24 on: July 01, 2005, 06:47:58 AM »

I've got absolutely zero debt. I bet you all love me.

Then again I don't have a real job at the moment so it's definitely a good thing.
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« Reply #25 on: July 01, 2005, 06:58:03 AM »

About $30,000 owed on my home equity line of credit for car, home improvements, 4 wheeler, and my daughter's college education, but I have about 3.5 times that much in savings, and my mortgage is paid off (2 years ago).  I'm going to try to get the credit line paid down $10,000 per year for next three years, then I'll tap into it again to buy a new car (yeah).  Sometimes I worry that I'm only saving a meager 4.6 percent of my salary, but I guess I'm doing OK.  BTW, I'm about 5 years away from retirement eligibility.
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« Reply #26 on: July 01, 2005, 07:20:23 AM »

I'm not in major debt yet (though I do owe a a few thousand on the credit card for wisdom teeth surgery) but I'm about to plunge into the grad school loan pool feet first.  Plus I have a mortgage and I'm not working full time yet as I have one more year of school left.  My mom and dad have helped me out but that's all ending the day I finish grad school.  I wish I was a kid again. :cry:
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« Reply #27 on: July 01, 2005, 03:11:21 PM »

Quote from: "disarm"
i have quite a bit of debt...combine my medical school students loans with a brand new car, and i've got enough to buy a small house somewhere at this point.  that's life though...


Bah cry me a river.  Go back and get a 2nd professional degree and we can talk  :wink:
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« Reply #28 on: July 02, 2005, 01:31:05 PM »

I hope to be out of debt in the near future.  No more student loans to pay off and the car is paid off too.  Totalling everything, my debt comes to around $15,000 which I hope to pay off ~$1000 each month.  It'll feel so good to be debt free!
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« Reply #29 on: July 03, 2005, 06:45:43 AM »

Quote from: "Eightball"
Quote from: "disarm"
i have quite a bit of debt...combine my medical school students loans with a brand new car, and i've got enough to buy a small house somewhere at this point.  that's life though...


Bah cry me a river.  Go back and get a 2nd professional degree and we can talk  :wink:

can you beat $165k just from schooling? slywink
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« Reply #30 on: July 05, 2005, 06:27:21 PM »

Just graduated in May so in November I'll have to start paying off my student loan (I worked my way through evening college so I got out only owing $5k).

My car was dying and I needed a replacement quick.  I ended up taking advantage of the GM Employee discount program and got a Saturn Ion 3.  That bill starts coming in at the end of this month.

I'm pretty much in "break even" mode right now.  I can afford all my monthly payments and am trying to save a little money.  I need my first "real" job and then I'll be able to make some extra payments.  I hate debt and the car is the most I've ever had but I figure I'll eventually learn to live with the monthly payment.
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