How much TOTAL debt do you have?

[kbkids]

It's an anonymous poll - so please be honest. I just sat down and added up our TOTAL debt, mortgages, credit cards, cars, everything. It's a totally sobering amount!! I've been wanting to get the credit cards paid off - but geez, the total amount is mind boggling!! Makes me want to crawl into a hole!!

 

[Where'sPiglet?]

I'm a renter and I use mass transit (I don't have a car), so I only have some balances on credit cards that I pay off each month. I'm only in my mid-20s so this will change at some point within the near future. (The car and house part - hopefully not the credit card part!)

 

[manhattan]

I too am a renter, but that will change in the next 6 months. While getting a prequalified loan letter from the bank, we had less than 40K of debt (which includes two car payments). We were shocked at the reaction of people - one person said that their car loan is that alone. And we are starting to pay off the CC that we used when we moved down here and realized how expensive the cost of living is here in South Florida compared to NY/NJ.

 

[kbkids]

I'm a renter and I use mass transit (I don't have a car), so I only have some balances on credit cards that I pay off each month. I'm only in my mid-20s so this will change at some point within the near future. (The car and house part - hopefully not the credit card part!)

I started wondering if some of the low to nothing debts could be renters. I had not thought about that. Stay in the practice of paying off those credit cards each month, and you'll be great.

We own a rental property which pushes that total debt up even more. And we just finished building our dream home, but unfortunately, we had many unforeseen expenses to get it finished and ended up financing more than we had planned. We'll be okay, but looking at the total amount was enough of a shock to make me decide there's alot of things we were wanting that can just wait awhile!!

 

[pyrxtc]

I answered but 90% of the debt is my house.

 

[JandJ]

Our only debt is our reasonable mortgage. Thankfully the house is worth more than we owe.

Try not to let the total overwhelm you - keep plugging away at the cc

 

[dburg30]

With mortgage, cc's, heloc we're just under 200k. Cars are paid off, so nothing there

 

[Shelly F - Ohio]

But having a house debt is not that bad. Its a way of showing that your good credit gave you the ability to buy a house. It is also a good debt because it appreciated in value if you take care of the house.

 

[Irin997]

Yep, I'm one of the people that have little debt. I'm a renter and my car is paid off but I do have student loans that are less than $20,000 but I'm still in school so not paying on that yet. I forgot about my loans so I need to change my answer! Also, CC's are used but paid off within 1-2 months.

 

[kbkids]

But having a house debt is not that bad. Its a way of showing that your good credit gave you the ability to buy a house. It is also a good debt because it appreciated in value if you take care of the house.

Oh, I know. The house just ended up costing more than we wanted it to by the time we completed it - and that's a little depressing to me. And our rental property, we make a profit on it, so that debt isn't an issue either. If we can get the credit cards paid off soon, I'll feel better. We went for years paying them off monthly and not being able to do that right now is just a sick feeling for me!!

There is a light at the end of the tunnel. Keep your fingers crossed - DH should know next month - but he's looking at a career change which would be a substantial increase in pay.

 

[mtomlin66]

I just checked our credit reports last night and felt really good to see that we only owe about 20, 000 on our mortgage! When we bought our home 12 years ago the payment seemed outrageous for the 15 year mortgage. Now I'm really glad we stuck to it and ignored the temptation to refinance and take money out when our property valued tripled over the next decade. Even with the poor economy our home has retained its value. With only a car payment that will be paid by next spring, we're finally going to have some breathing room!

 

[luna99]

we rent as well right now so when I looked at the poll I thought right away... huh? it goes from zero straight to under $50,000?!?

My husband's car is paid off... we only have one credit card which we pay off every month (disney visa!) ... and our only other bills are our utlities, our gym membership, and our cell phones. I work from home so I don't see us needing a new car anytime soon and once we figure out if we are staying in New York or moving to Texas we will be buying a house ... but we already have a good chunk of change saved up for a downpayment and have another year to keep adding to that.

I am lucky that my dh is the type of person who doesn't believe in debt. He would make double payments on the car in order to get it paid off quicker (that was before I moved in with him though!) and he always wants to pay off the cc. He and I are both pretty simple people... we don't need much and probably our most expensive habit is eating out and going on vacation (small weekend type get aways and once or twice a year a bigger vacation).

I know we won't always be like this though.. especially once we start having kids... which honestly is a little scary for me! Right now we don't really have to think too much about our money but once I become a stay at home mom I am going to start cutting corners and clipping coupons! I probably should be doing it already just to start getting in the habit and saving some extra cash!

anyway.. I love this topic.. even if it is a personal one. I love watching Suze Ormand and those shows where people are in debt and someone comes over to help them out of it. I know this is going to sound terrible (and it is I guess) but I love watching those shows because it makes me feel good about how much NOT IN DEBT we are. Back when I was single I did get to the point where I owed 5,000-6,000 in cc's and I had no idea how I got there.. probably too much eating out and partying with friends.. and I felt horrible about it.. like I could not be trusted with money.. but now that I'm stable and married (and older) I am a lot wiser with my moola!

 

[ceecee]

We are home owners with no debt until the end of the month and then we will have a car payment. We financed because the interest rate was lower than the money market interest we are now getting. I'm sure there are a lot of people with debt, but that have the resources to pay it off.

 

[kbkids]

I know we won't always be like this though.. especially once we start having kids... which honestly is a little scary for me!

Been there and remember that feeling well. We're on our third house now, but I will never forget signing that first mortgage, and it was actually a very affordable house. When I saw all the bottom line numbers, I wanted to throw up right there at the table!!! The amount of the house, and then the amount it will cost after you pay all the interest is unreal!! I wish they'd skip that part!!

 

[BillSears]

I answered under $200,000 but it's closer to 100K then 200K and it's all my mortgage. Technically you could consider me debt free if you think about my house value vs. the debt on it. If you look at it that way I'm way in the positive.

 

[Todd&Copper]

My ONLY debt is my mortgage, so the # looks huge, but mortgage debt is not considered "bad" debt, like cc or car payments.

 

[Justthe8ofus]

We are in paying down debt mode here.(Snowball!) We will pay off our CCs and one car loan but, we have no plans to pay off our house. For us it makes very little sense to try to pay off a home.

Our car loan is actually saving us money (the savings in gas pays for the car) but, I am making extra payments to pay it off early.

We sure had fun charging up those CCs but now it's time to pay the man. You know if I had to do over again I wouldn't change much.

 

[Quiksilvr]

The mortgage and the student loans make my number one of the highest in the poll. Living in DC is expensive. I don't have any credit card or auto debt though.

 

[mskayjay]

Okay I'll answer it but can you please add to the poll and include some lower amounts as well. Like can you throw in an under 25K brackett. I'm curious as well but the other thing the poll doesn't take into consideration is peoples debt to income ratio. It sounds awful to say you owe $300K but if you have an income of $180K or so a year that is the same as someone owing $50K with a $90K income. Know what I mean???

 

[Tink-aholic]

Mine is only our mortgage. It is offset (in my mind) that we have enough liquid assets to pay 2/3 of it off. No other debt. We are mid-thirties with two teenage boys and we both work.