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How much debt do you have?

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OneBuckeye's avatar

OneBuckeye

Senior Member

5,888 posts
Feb 29, 2012 9:21 AM
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.
Feb 29, 2012 9:21am
B

BR1986FB

Senior Member

24,104 posts
Feb 29, 2012 9:28 AM
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.
Feb 29, 2012 9:28am
Glory Days's avatar

Glory Days

Senior Member

7,809 posts
Feb 29, 2012 9:29 AM
0%
Feb 29, 2012 9:29am
FatHobbit's avatar

FatHobbit

Senior Member

8,651 posts
Feb 29, 2012 9:30 AM
Lol, I'm fucked.
Feb 29, 2012 9:30am
OneBuckeye's avatar

OneBuckeye

Senior Member

5,888 posts
Feb 29, 2012 9:33 AM
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.
Feb 29, 2012 9:33am
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Feb 29, 2012 9:35 AM
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.
Feb 29, 2012 9:35am
C

Con_Alma

Senior Member

12,198 posts
Feb 29, 2012 9:35 AM
Paid off the mortage a couple years ago. That was the biggy.

Now I can say we a re debt free.
Feb 29, 2012 9:35am
OneBuckeye's avatar

OneBuckeye

Senior Member

5,888 posts
Feb 29, 2012 9:40 AM
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?
Feb 29, 2012 9:40am
gorocks99's avatar

gorocks99

Senior Member

10,760 posts
Feb 29, 2012 9:41 AM
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.
Feb 29, 2012 9:41am
se-alum's avatar

se-alum

The Biggest Boss

13,948 posts
Feb 29, 2012 9:43 AM
Are you talking actual debt or are you also adding monthly payments(ie electric, cable, water, etc...)?
Feb 29, 2012 9:43am
OneBuckeye's avatar

OneBuckeye

Senior Member

5,888 posts
Feb 29, 2012 9:45 AM
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...
Feb 29, 2012 9:45am
FatHobbit's avatar

FatHobbit

Senior Member

8,651 posts
Feb 29, 2012 9:47 AM
Do you use net or gross income? I also have child support deducted.
Feb 29, 2012 9:47am
OneBuckeye's avatar

OneBuckeye

Senior Member

5,888 posts
Feb 29, 2012 9:47 AM
FatHobbit;1100166 wrote:Do you use net or gross income? I also have child support deducted.
Gross
Feb 29, 2012 9:47am
ernest_t_bass's avatar

ernest_t_bass

12th Son of the Lama

24,984 posts
Feb 29, 2012 9:49 AM
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.
Feb 29, 2012 9:49am
OneBuckeye's avatar

OneBuckeye

Senior Member

5,888 posts
Feb 29, 2012 9:53 AM
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.
Feb 29, 2012 9:53am
se-alum's avatar

se-alum

The Biggest Boss

13,948 posts
Feb 29, 2012 9:54 AM
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.
Feb 29, 2012 9:54am
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Feb 29, 2012 9:54 AM
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.
Feb 29, 2012 9:54am
LJ's avatar

LJ

Senior Member

16,351 posts
Feb 29, 2012 9:58 AM
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
Feb 29, 2012 9:58am
gorocks99's avatar

gorocks99

Senior Member

10,760 posts
Feb 29, 2012 9:59 AM
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.
Feb 29, 2012 9:59am
OneBuckeye's avatar

OneBuckeye

Senior Member

5,888 posts
Feb 29, 2012 9:59 AM
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.
Feb 29, 2012 9:59am
justincredible's avatar

justincredible

Nick Mangold

32,056 posts
Feb 29, 2012 9:59 AM
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.
Feb 29, 2012 9:59am
Skyhook79's avatar

Skyhook79

Senior Member

5,739 posts
Feb 29, 2012 10:02 AM
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.
Feb 29, 2012 10:02am
ZWICK 4 PREZ's avatar

ZWICK 4 PREZ

Senior Member

7,733 posts
Feb 29, 2012 10:03 AM
Mortgage and Fiancee's new car. 15%
Feb 29, 2012 10:03am
THE4RINGZ's avatar

THE4RINGZ

R.I.P Thread Bomber

16,816 posts
Feb 29, 2012 10:03 AM
Only our house.
Feb 29, 2012 10:03am
LJ's avatar

LJ

Senior Member

16,351 posts
Feb 29, 2012 10:03 AM
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.
Feb 29, 2012 10:03am