Debt poll, what do you include in your debt figures

[TinkerKat]

Ok gals.... but what are your groceries and GAS/Heating oil doing to your
budgets?! YIKES!

With 4 kids and the oldest in college, debt free? Nah. But not "Choking" which is always a good place to be
The best thing I did was have my mortgage go to bi-weekly automatic payments. Shaving off the years! We'll have Mortgage paid off in 7 short years.

 

[Raenstoirm]

I gotta say I hate you all. I am over $100,000 in debt! And that does not include the mortgage! I owe a little over $10k on my car (last payment April 30, 2010 and I am counting the days), plus a little over $85k on student loans and the rest is the pesky credit cards I had since I was in college (for books and stuff). I was a poor kid attending the most expensive university in the US (seriously look it up! ). I am not so sure the education was worth being in debt till I'm 80, but the experience was, besides that is where I met my fiancé.
So debt service, including credit cards, student loans, car payment, mortgage and HOA dues come to a little over $5000 a month. Plus my fiancé has $20k of student loans and credit card debt. So our combined debt service is around $7000 a month, before the regular bills. Yeah it sucks! So alas I hate you debt free people!

 

[BernardandMissBianca]

Raen, I'm right up there with you so don't worry, you are not alone.

We closed on this house in the morning and DH came home to a pink slip that afternoon. His layoff was due to the aftermath of 9/11 - last hired, first fired. It was scary times, we lived off the proceeds of the big house and credit cards. He was unemployed and under - employed for 9 months.
It was a tough time but we are starting to see the light at the end of the tunnel and you will too.

They say to tackle the card with the biggest interest rate first but I have opted to go after the smallest balance first. It seems more tangible and I don't give up as easily. We have not used a CC in 4 months so I am super happy about that!

 

[BernardandMissBianca]

Bumping cause I paid off our last credit card today!!!!

DH and I waited for his old company to post their quarterly earnings and they were profitable all 4 quarters so their stocks jumped. We hit our magic number and sold. I knew we would never retire off the stock but it feels soooo good to be out from under the gun! I'm saving $2400 a month in CC bills!

Now I just have DH's car but it will be paid off in about 6 months, depends on when I feel like paying it off.
And the mortgage and home equity. I think if we stay in this house we are going to do an addition and refinance.

Oh and I'm still driving my truck. Almost at 190,000 miles but she's still ticking. I figure we might buy a new car at the end of the year.

 

[hopemax]

Congratulations!

 

[JandJ]

Good for you, Buffy!

If I were to answer how much debt we have I wouldn't count the mortgage but it is the only debt we have. DH has always lived without debt (no student loans, no cc balance, no car payments) and I didn't live like that but he showed me the light! It's a totally different lifestyle for me now. We use our cc for every single purchase (seriously, I bought garlic for .70 the other day and charged it) but we don't charge more than we have in cash, pay it off in full every month, and get the bonus rewards. DH won't do car payments so we're saving for a new car. Mine has 105K miles and DH's has 130K miles, and hopefully we'll be able to get something in 2 or 3 more years.

 

[BernardandMissBianca]

I'm going to keep our USAir card for the miles. I figure if I can use that for gas, groceries, etc then just write it out of the checkbook, I'll never miss it. Then I can just transfer the number written out of the check book to the USAir card.
DH got an Amex through work so we are going to close our Amex accounts. I'll close all the cards except USAir and WellsFargo (had that one for 15 years) once they clear our credit report.

 

[rlovew]

Good for you Buffy! I use our Disney rewards Visa for everything- again I pay it off in full every month. I just love getting the points. We will be able to use them this summer to do the Dine with an Imagineer and pay for our breakfasts.

Rebecca

 

[ddavis860]

Way to go Buffy!

 

[AlexWyattMommy]

Buffy! That is awesome. Some folks would want to wait "just a little bit more" on the stocks. Good for you for sticking to your pre-plan.

 

[party of 3]

Way to go Buffy!!!!! lots of people would love to be where you are!
it must be such a good feeling.

 

[bigbabyblues]

That's awesome Buffy!!!

We, too, paid off our last credit card last month, and it rocks!!!! We're keeping the last one, but NOTHING gets charged anymore that can't be paid off when the bill comes.

We still have 8 more years on our house (I will pay it off on my 40th birthday!!) and my van. DH will be needing another car in the next year or so, but he doesn't get vehicles that require a payment......right now, he's driving a 13-year old Neon with about 120,000 miles and peeling paint. It's ugly, but it's in good shape for what it is.