How much TOTAL debt do you have?

[natenapril]

No offense but I always find these post funny. Only one person so far that has real debt has answered.

 

[mannasn]

Our household debt is around $40K, mostly student loans. We're renters and our cars are old but paid for. Will probably acquire a car loan in the next few months (mine is wragged with 150K miles) before looking to buy a house next year.

Discouraging!

 

[lukesmom]

I'm in the under $300,000 area but that includes a new house and a car loan.
I have very little cc debt. Usually pay it off each month.
Donna

 

[scrapquitler]

I'm not sure if this poll accurately reflects debt though, because it doesn't take into account the assets that we have.
I answered under $300K, but thats pretty misleading. We have about $220K in mortgage debt and about $10K in a car loan (no other debts), so really it is WAY under $300K. But if you look at the assets we have (savings accounts, retirement money, equity in the houses) then subtract out the debt, we are not in the red by any means.
So I guess that even though we have 'debt' we are on the plus side, but this poll doesn't reflect that.

 

[Timon-n-Pumbaa Fan]

If you combine together everything that Corey & I owe together, it's probably closer to $200,000, but for me alone, I am in the under $50,000 category. The house is in Corey's name, and she doesn't carry much cc debt at all, except for work, but her employer reimburses her for that.

 

[Justthe8ofus]

No offense but I always find these post funny. Only one person so far that has real debt has answered.

LOL I find a lot of what I read on line funny.

you know that song "so much cooler on line"

We have a pretty large cc debt. We have decided to work on paying that off. Should take us about 2 1/2-3 yrs. I only want to get rid of the CCs. I really wouldn't even consider my home "debt". A renter may pay as much for rent as someone pays for their home per month. Yet the renter has no equity--owns nothing-no tax right off. I have no problem having "debt" from my home. The market will recover. Home prices will rise again.

It's the CCs I would like to get rid of. That to me is real debt.

 

[WDWRocksMySocks]

We have under $7k in debt right now, which is mostly student loans. Unfortunately, I'm going to start law school next year so that number will be rising...DRAMATICALLY.

 

[natenapril]

LOL I find a lot of what I read on line funny.

you know that song "so much cooler on line"

We have a pretty large cc debt. We have decided to work on paying that off. Should take us about 2 1/2-3 yrs. I only want to get rid of the CCs. I really wouldn't even consider my home "debt". A renter may pay as much for rent as someone pays for their home per month. Yet the renter has no equity--owns nothing-no tax right off. I have no problem having "debt" from my home. The market will recover. Home prices will rise again.

It's the CCs I would like to get rid of. That to me is real debt.

CC's and car loans are considered real debt to me. I am hoping to have my car loan and CCs done with in 2 years. Then we will be debt free.
I didn't vote on this poll though.

 

[Justthe8ofus]

CC's and car loans are considered real debt to me. I am hoping to have my car loan and CCs done with in 2 years. Then we will be debt free.
I didn't vote on this poll though.

Are you doing the snowball method? We just started and should have our first CC paid off in Sept. I can't wait! Even my 6 yr olds know what snowball means lol. Every time someone in the family talks of spending money we say "snowball" It's been about 2 1/2 months but, it is already getting a little easier to stay focused. Good luck with the CCs and car loan!

 

[tinaninea]

So I answered a under $100k. It's actually just under $60K. I've been mortgage free for almost 2 years now. Our house was flooded in Hurricane Katrina. DH and I got just enough to pay off the house and an extra $20k to repair it. Needless to say, we spent a year working on that house ourselves with the help of BIL who is a carpenter. The only hired help was for the tile in the bathroom & we had some men come in to float our sheetrock. We had to borrow another $10k from the bank at the end and then another $2000 from my grandmother to finish. The house was on the market for less than a month & our $100K home went for $170k due to the fact that there were more people in NOLA than houses. We paid off our new home, the debts we acquired from fixing it up, $5,000 in credit card debt, & a motorcycle. We promised ourselves we would never be in that kind of debt again. Now we're down to just our cars & student loans!

 

[DevilDuckie]

You need one more low category- under $20K, maybe. As not-yet homeowners $50K is WAY high.

 

[LadyyRedd]

My only debt is my mortgage and my car. The only reason I have car debt is that my old one died in Nov and I had to get another one or else I'd still be driving it!

Kimya

 

[Jaclynfett]

I voted under 200,000. But it's closer to 100,000.
89,000 mortgage
12,000 car payments and credit cards

 

[mommytoone]

If I didn't have a mortgage, my debt would be minimul. Well, not bad I should say. I do not have a car payment, paid off last year. I will drive this car until the doors fall off, like the TommyBoy Movie, I love not having a car payment. I am working on the CC's but with school shopping coming it will be hard. I have not bought anything that was not needed and that has helped.

 

[dvcgirl]

Completely debt free here, house, car.....all of it.

Like Crisi said though, everyone's story isn't the same. We earn a nice double income, and were fortunate early in marriage in coming into large sums of money in the form of stock options. My husband's company participated in the dot.com boom, and we made the best of our part of that fortune.

We continue to live far beneath our means, which is easy to do because we're frugal and our "wants" seem to decrease as we get older (we're both right around 40). We have no kids, and so no expense there. Our yearly splurge is on travel and the occasional electronic purchase.

I love living a debt-free life and just building wealth. It's amazing what it does to your spirit. For us, our first impulse was to go out and buy the big house, and get the BMW, and we did that. And then once we realized that we were just as happy before all of that.....we sold it. I don't know, I guess once you can have it, you sometimes realize that you never really wanted it in the first place.

Now I just enjoy watching our net worth grow because to me, that represents security and more than anything else it gives us options.

 

[MScott1851]

Hmmm... I sat down and thought about it, and I'm actually pretty pleased. We have our mortgage, of course, and our two vehicles, but that's it. We're like another poster, less than $200,000 was what I chose, but it's actually much closer to $100,000.

Other than those three payments we don't owe anything to anyone.