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How much do you owe?

Home ▸ Archive ▸ Serious Business ▸ How much do you owe?
Dr. KnOiTaLL's avatar

Dr. KnOiTaLL

Trust me, I'm a doctor!

2,682 posts
Jun 30, 2012 3:01 PM
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?
Jun 30, 2012 3:01pm
DeadliestWarrior34's avatar

DeadliestWarrior34

gooby pls

3,101 posts
Jun 30, 2012 3:39 PM
Bout tree fiddy.
Jun 30, 2012 3:39pm
F

friendfromlowry

Senior Member

6,239 posts
Jun 30, 2012 3:42 PM
$25,000 in student loans.
About $2,000 on car (will be paid off March 2013)
Few hundred bucks on a credit card.
Jun 30, 2012 3:42pm
Dr. KnOiTaLL's avatar

Dr. KnOiTaLL

Trust me, I'm a doctor!

2,682 posts
Jun 30, 2012 3:56 PM
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!
Jun 30, 2012 3:56pm
Pick6's avatar

Pick6

A USA American

14,946 posts
Jun 30, 2012 4:01 PM
about 35k in student loans.
$150 in credit card debt from last month
Jun 30, 2012 4:01pm
F

friendfromlowry

Senior Member

6,239 posts
Jun 30, 2012 4:17 PM
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.
Jun 30, 2012 4:17pm
pmoney25's avatar

pmoney25

Senior Member

1,787 posts
Jun 30, 2012 4:47 PM
Bout $150k for mortgage left. One car that will be paid in 6 months. Thats it for my wife and I.
Jun 30, 2012 4:47pm
J

jmog

Senior Member

6,567 posts
Jun 30, 2012 4:56 PM
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.
Jun 30, 2012 4:56pm
GoChiefs's avatar

GoChiefs

Resident Maniac

16,754 posts
Jun 30, 2012 5:07 PM
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
Jun 30, 2012 5:07pm
ZWICK 4 PREZ's avatar

ZWICK 4 PREZ

Senior Member

7,733 posts
Jun 30, 2012 5:20 PM
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?
Jun 30, 2012 5:20pm
ZWICK 4 PREZ's avatar

ZWICK 4 PREZ

Senior Member

7,733 posts
Jun 30, 2012 5:21 PM
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? :)
Jun 30, 2012 5:21pm
hoops23's avatar

hoops23

Senior Member

15,696 posts
Jun 30, 2012 5:23 PM
if you owe on it and stop making payments, they take it away from you. To me, it's a debt until paid off.
Jun 30, 2012 5:23pm
bases_loaded's avatar

bases_loaded

Senior Member

6,912 posts
Jun 30, 2012 5:23 PM
148,000 over 15 years at 2.9%
Jun 30, 2012 5:23pm
hoops23's avatar

hoops23

Senior Member

15,696 posts
Jun 30, 2012 5:23 PM
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.
Jun 30, 2012 5:23pm
GoChiefs's avatar

GoChiefs

Resident Maniac

16,754 posts
Jun 30, 2012 5:53 PM
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.
Jun 30, 2012 5:53pm
GoChiefs's avatar

GoChiefs

Resident Maniac

16,754 posts
Jun 30, 2012 5:55 PM
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.
Jun 30, 2012 5:55pm
F

fan_from_texas

Senior Member

2,693 posts
Jun 30, 2012 5:58 PM
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.
Jun 30, 2012 5:58pm
M

mella

Senior Member

647 posts
Jun 30, 2012 6:06 PM
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.
Jun 30, 2012 6:06pm
J

jmog

Senior Member

6,567 posts
Jun 30, 2012 6:07 PM
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.
Jun 30, 2012 6:07pm
Ironman92's avatar

Ironman92

Administrator

49,363 posts
Jun 30, 2012 6:08 PM
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.
Jun 30, 2012 6:08pm
Cat Food Flambe''s avatar

Cat Food Flambe'

Senior Member

1,230 posts
Jun 30, 2012 6:08 PM
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).
Jun 30, 2012 6:08pm
ZWICK 4 PREZ's avatar

ZWICK 4 PREZ

Senior Member

7,733 posts
Jun 30, 2012 6:09 PM
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.
Jun 30, 2012 6:09pm
hoops23's avatar

hoops23

Senior Member

15,696 posts
Jun 30, 2012 6:13 PM
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.
Jun 30, 2012 6:13pm
B

BR1986FB

Senior Member

24,104 posts
Jun 30, 2012 6:21 PM
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.
Jun 30, 2012 6:21pm
Belly35's avatar

Belly35

Elderly Intellectual

9,716 posts
Jun 30, 2012 7:23 PM
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
Jun 30, 2012 7:23pm