How much do you owe?

I have been looking at the US debt clock and frankly I fill poorer than I actually am. Your share of the debt, if you are merely a citizen of the US, is $45,009. What really sucks is, because so many people don't pay taxes, the ones that do pay have to pick up the slack. So If you are a tax payer, CONGRATUALTIONS!!, your share of the debt is $126,869.

My curiosity has gotten to me. How much debt do you have? Loans, credit cards, spouses, etc...

I'm currently rocking an IOU of around $19,700. That includes my truck, my fiancés car, credit cards and department store cards.

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QHalo

Only a mortgage and student loans. Everything else is paid for.

CompuTron99

For us it's a Mortgage, 1 car loan, and the wife's student loan.

Hypntick

Bout 22k in student loans from a previous school. Other than that my cars are paid off and I rent my apartment. No credit cards at all.

Alif_Sadida_Ekin

Just mortgage and wife's car loan. Thank God for WGU's low tuition rates...

wirerat

Just one more year on a car loan.

Priston

only debt I have is a auto loan, although I do have enough money to pay it off...

I'm just waiting to find a new job before I pay it off -.-

eansdad

Home loan, 1 car loan, a dozen credit cards (stopped paying since Chase had already ruined my credit) and student loan.

jamesleecoleman

This is my first year for student loans. I expect it to get as high as $50,000 when I'm done.

jtoast

Between myself and my wife, we have ~$30K in student loans and about ~$8k left to pay on two vehicles (1 year into a 3 year lease).

We are on track to have student loans paid off in 3 years as long as neither of us gets laid off.

Heero

Recent college grad. Around 20k in student loans (not too bad). No other debt of any kind.

xenodamus

$20k on a car
$4500 on a card
$2500 Student Loan

We're looking to knock it all out in the next 2 years or so.

Paperlantern

With mortgage and Credit Cards im rocking about $135,000

Repo Man

75-80K combined with my gf.

Forsaken_GA

cant answer this poll, no option for completely debt free

SilverGenius

Debt free besides house loan. I am paying for school out of pocket.

Devilsbane

Just paying off my car

keenon

somehow i don't remember telling anyone to create any debt in my name..

other than my house i have 0, many years of learning the hard way

powerfool

95% of my debt is between my mortgage and student loans. The rest is the final year of payments on my wife's vehicle, and a few small debts that are rather insignificant. However, it is apples and oranges to compare debts if someone doesn't have a mortgage because they rent; it is essentially the same thing, except there is an eventual payoff with a mortgage if you fully pay it.

mikej412

Forsaken_GA wrote: »

cant answer this poll, no option for completely debt free

That was my first thought -- but then I realized that I've probably already accrued more than a few dollars worth of electricity usage so far this month.

Forsaken_GA

Well, I don't really consider that debt. I know that technically bills are debt, but if you have the money to pay for the service up front, then you wouldn't be incurring debt, it'd be like buying a hamburger. Sadly, utilities and the like work differently.

As far as I'm concerned, if you have a negative net worth, you're in debt. If you have a positive net worth, you're not, as that's what I think the OP was really after. And in that vein, I can't choose any of the options.

mikej412

Forsaken_GA wrote: »

but if you have the money to pay for the service up front, then you wouldn't be incurring debt, it'd be like buying a hamburger.

I'm putting a $7000 flood control system for my Mom's house in Chicago on my credit card next week.... can I get fries with that?

Forsaken_GA

mikej412 wrote: »

I'm putting a $7000 flood control system for my Mom's house in Chicago on my credit card next week.... can I get fries with that?

For that much money, the contractor should be bringing you pizza.

mikedisd2

Just a mortgage. I don't believe in personal loans and credit card debts. Can't understand buying things with money I don't have. But this is a way of life for some people so each to their own.

SteveLord

If you are only responsible for yourself, a used camry, ramen noodles and a 1 bedroom bachelor pad...it's easy to stay out of debt.

When you get married, have to pay for 2 cars, a house, kids, groceries beyond what you can get at a gas station and any emergencies with the aforementioned.....we can talk. You aren't as invincible as you think then. And to think everyone gets into debt because they charged up electronics and designer clothing...well, you're just foolish.

the_Grinch

A lot of debt, student loans and some credit cards. Digging myself out of that whole slowly, but surely....

badboyeee

damn my mortgage, i owe more than what its valued..

Alif_Sadida_Ekin

badboyeee wrote: »

damn my mortgage, i owe more than what its valued..

Don't we all? My mortgage loan is 220k, but it's only worth about 130k right now.... *sigh*

Forsaken_GA

SteveLord wrote: »

If you are only responsible for yourself, a used camry, ramen noodles and a 1 bedroom bachelor pad...it's easy to stay out of debt.

When you get married, have to pay for 2 cars, a house, kids, groceries beyond what you can get at a gas station and any emergencies with the aforementioned.....we can talk. You aren't as invincible as you think then. And to think everyone gets into debt because they charged up electronics and designer clothing...well, you're just foolish.

I'm hesitant to post this, as I'm not trying to create an adversarial conversation. Hopefully you'll take it the way I mean it.

I don't know the specifics of your situation, but with most folks I know in that situation, they paid too much for their cars, and they probably should have been renting instead of buying, especially if they didn't put down at least 20% on the house to avoid PMI. Pride and/or convenience is what gets folks into debt most of the time, because they can't bear the thought of driving a beater, no matter how reliable it is, or because the wife just *HAD* to have *THAT* house.

Personally, I drive a used Civic that I've had for 7 years, and will probably drive for at least 2 more, rent a 2 bedroom apartment, and eat pretty well, and my bills consume less than half my income (and that's accounting for blow and entertainment as part of the 'bills'). I do have the advantage of being single, and a respectable salary. I could easily qualify for a $300k mortgage with 5% down, or drive a BWM, neither payment would be difficult to make. But it'd still be financially stupid. Instead, I'm saving up at least 20% to put down on a house, probably somewhere closer to the $150k range, because that would satisfy my needs, and I have no desire to live in a big house by myself. If I went full bore savings mode for about another 5 years, I could just pay cash for a house outright, and that's appealing to me as well. I'm also saving up to buy my next car for cash, which will be a used Honda (haven't decided if I'll buy another Civic, or if I'll be spendy and upgrade to an Accord!).

If I did get married and had a couple kids, and the mom wasn't contributing to the household income at all, I could still make it, because I'm careful with my budgeting. I obviously wouldn't have half my income disposable anymore, but I'd still be able to cover all the bills, and still be able to put some money away.

It is perfectly viable to live within your means, without going into debt, if you keep things realistic. If you've already dug yourself into a deep financial hole, then yeah, it's alot more difficult, which is why I hope some of the younger folk who haven't gotten there yet pick up on the message and AVOID DEBT.

SteveLord

Forsaken_GA wrote: »

I'm hesitant to post this, as I'm not trying to create an adversarial conversation. Hopefully you'll take it the way I mean it.

I don't know the specifics of your situation, but with most folks I know in that situation, they paid too much for their cars, and they probably should have been renting instead of buying, especially if they didn't put down at least 20% on the house to avoid PMI. Pride and/or convenience is what gets folks into debt most of the time, because they can't bear the thought of driving a beater, no matter how reliable it is, or because the wife just *HAD* to have *THAT* house.

Personally, I drive a used Civic that I've had for 7 years, and will probably drive for at least 2 more, rent a 2 bedroom apartment, and eat pretty well, and my bills consume less than half my income (and that's accounting for blow and entertainment as part of the 'bills'). I do have the advantage of being single, and a respectable salary. I could easily qualify for a $300k mortgage with 5% down, or drive a BWM, neither payment would be difficult to make. But it'd still be financially stupid. Instead, I'm saving up at least 20% to put down on a house, probably somewhere closer to the $150k range, because that would satisfy my needs, and I have no desire to live in a big house by myself. If I went full bore savings mode for about another 5 years, I could just pay cash for a house outright, and that's appealing to me as well. I'm also saving up to buy my next car for cash, which will be a used Honda (haven't decided if I'll buy another Civic, or if I'll be spendy and upgrade to an Accord!).

If I did get married and had a couple kids, and the mom wasn't contributing to the household income at all, I could still make it, because I'm careful with my budgeting. I obviously wouldn't have half my income disposable anymore, but I'd still be able to cover all the bills, and still be able to put some money away.

It is perfectly viable to live within your means, without going into debt, if you keep things realistic. If you've already dug yourself into a deep financial hole, then yeah, it's alot more difficult, which is why I hope some of the younger folk who haven't gotten there yet pick up on the message and AVOID DEBT.

You're single. You assume a lot, so you don't appear to know much beyond that. You did what everyone else does, and that's assume everyone in bad shape got there because they purposefully chose to live beyond their means. Since you've no one to take care of besides yourself, there are some experiences (both foreseen and unforeseen) you won't get until you are equipped with more responsibility. I am not condemning you. You just haven't been to where I am yet.

But I do agree that it's best to be "good" while you can and while you're on your own.

The credit system is also designed to punish more than reward. It's also information that even thought has a large effect on your life, it is never available to you at any time you want besides a few freebies that don't cost you money or further loss in points. It's like leaking a *** tape or becoming the "bad" kind of YouTube star. The problem will only go away with time.

za3bour

Man if you're not married and have to kids then you don't know the *REAL* thing. It's just so different than being a single. I used to save 75% of my income when I was a single and man I was living really well.

Now I'd be happy if I save 25%(which I'm not) and I'm NOT living as good as I used to live although my income now is 300% what I've used to get.

It's not just the bills that goes up when you are married, the whole thing just get out of control no matter how smart/organized you are.