how much debt do you have? - Page 3 - Mothering Forums

View Poll Results: how much debt do you have?
none! 113 26.65%
$1-$5,000 46 10.85%
$5,000- $15,000 77 18.16%
$15,000- $50,000 114 26.89%
$50,000 to $150,000 48 11.32%
$150,000 + 26 6.13%
Voters: 424. You may not vote on this poll

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Old 04-21-2009, 03:44 PM
 
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No debt but no savings. And we could get back in debt in a heartbeat with a spat of bad luck. We're also doing without a fair bit, like a car and our own place.

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Old 04-21-2009, 04:28 PM
 
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Way too much.

20k in DH's student loans
3k in my student loans
12k in cc's
= 35k

That's it. We sold our property and moved in with MIL, so we don't have a mortgage, and we own our cars.

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Old 04-21-2009, 04:49 PM
 
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credit card and personal loans adding up to 23,000. We aim to have the cc debt paid off before Christmas.
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Old 04-21-2009, 04:49 PM
 
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We are 100% debt free thanks to Dave Ramsey--his plan WORKS!

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Old 04-21-2009, 05:26 PM
 
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$20k in student loans
$10k for one car (this is the one that bugs me the most - we're paying it down now)
$110k mortgage

I didn't vote because I'm just totally unclear what to include or not - we would certainly be in the highest range if I were to include all but I don't think we have more debt than the average American.

Homeschooling mama to 6 year old DD.

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Old 04-23-2009, 11:23 PM
 
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Not including mortgage and equity loans

3200 on my cc and we owe a life insurance loan of 880 and my car 575 (almost paid off )
Thats because we refinanced and got the equity loan 2 years ago or it would be more

working on my cc and then I need a newer car for my job with better gas mileage !

::
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Old 04-24-2009, 12:02 AM
 
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Not including 2 mortgages (will be one after our old house sells) but all we have is a car loan and a loan against the old house that will be paid off once it sells. We have zero credit card debt, our student loans are paid off, etc. It is very important for us to be debt free other then large loans for cars, houses, etc. We have worked very hard in the last 5 years to make our debt our #1 priority and it has worked. We are closing on our dreamhouse tomorrow : and we couldn't have done it if we didn't sacrifice everything for our debt (most was medical debt from me)

single mommy to identical twin girls (3/06) Non-traditional mama just : through life.
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Old 04-24-2009, 01:50 AM
 
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Zero debt.

No mortgage (paid-off our 20 year mortgage in just 2 years, due to dh's excellent investments).

We pay our cc completely each month. Both vehicles are paid for. Plenty in savings.

Never had student loans (our parents paid for our college educations, as we will pay for ds's college).

Both of us were raised with the ideal "if you can't pay for it, either now or at the end of the month, don't buy it" (this did not include a house ).
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Old 04-24-2009, 02:05 AM
 
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excluding my mortage I owe about $25K

I owe $102K on my house.

that includes a new car that came up to $18000 with 10 year warranty added in and some insurance (which is required). I have not yet made the first payment or the taxes.

otherwise I have about $7000 in credit card debt which include my divorse, a trip to the emergancy room, 3 rounds of head lice, 12 weeks of atypical pnumonia, and somrthing else huge that all happened within 12 weeks of each other.

ahh crap, I forgot my furniture and computer. thats another $2000

So $27K. I plan to have it all paid off in 4 years.

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Old 04-24-2009, 02:27 AM
 
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I don't consider my mortgage debt. It costs about 35% less to pay our mortgage and maintenance than it would to rent something comparable in the neighborhood (of course, we bought it almost a decade ago, and are careful with renovation costs, so it's worth--even in this economy--double what the mortgage is on it.) Basically, if we were underwater, I'd consider it debt. As it is, it's an asset IMO. I believe that's how it would be calculated to determine the household's net worth.

So... not much debt beyond that. 1% of our annual income would pay it all off. It's just not accumulating interest yet, so I haven't paid it off yet. The savings account might make piddly, but it makes more than paying off the 0% interest credit card.

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Old 04-24-2009, 02:29 AM
 
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just a couple hundred right now. I will have some student loans soon (just starting school) but that is only about $9,000.

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Old 04-24-2009, 03:09 AM
 
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I read the OP before voting, but no farther, so I voted $150k+ because we have $568k in mortgage (and at that, have about $125k in equity). But that's our *only* debt. We use credit cards for nearly everything, but pay it off every month; it's a convenience/bookkeeping thing for us.

Right now, paying off the mortgage is a fairly low priority. We have a good interest rate fixed for 30 years. Our minimum payment right now is just the interest; we've paid off a few hundred of the principal anyway, and left the payment the same, so we're making a few cents progress every month... but when the kids are both in school, our disposable income will go WAY up, and we can start paying $1000+ towards principal every month. We both have pretty stable earnings potential regardless of the job market, so it wasn't much in the way of a gamble for us.

True, we're paying a lot more in the long run than if we had a conventionally amortized loan, but we made that decision fully-informed. We wanted to buy a house we'd be happy to stay in for at least 20 years, so it made sense to put more into the loan so we could secure a place we wouldn't "outgrow".

And we looooove our house, and our neighborhood. ;-)
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Old 04-24-2009, 03:27 AM
 
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None but mortgage so I voted 0. Mortgage tho is well over $150K.

I was VERY fortunate that my parents paid for college for me and my work paid for graduate school. DH's work paid for undergraduate and most graduate for him. We have been extremely lucky in this regard. We would certainly still be paying off student loans otherwise.
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Old 04-24-2009, 09:38 AM
 
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We have no consumer debt, car loans, or student loans. However, we do have a mortgage of over $400,000. But we do live in a high cost area so it's not that bad in the area.
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Old 04-24-2009, 01:44 PM
 
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gosh...about $265k if i include the mortgage. :

$8k car
$19k student loans
$238 mortgage

i'm trying to pay off the car early, then take the $ i was putting towards the car and put it towards extra on the SL's. the house...ppfffft. IDK about that. i seriously doubt i'll stay in it through the end of the loan or even for 5 more years, and i've got a lot of equity even now w/ the economy, so i don't see trying to pay it off or even putting much extra towards it.

i hate debt though.

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Old 04-24-2009, 07:09 PM
 
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I didn't answer the poll b/c I didn't know if you wanted to include the house.

$278k house
$23k cc's
$46k cars/travel trailer

We had no CC debt but DH changed careers and took a pay cut for a year until he got his first pay raise. We built a house at the same time. So we used CC's to supplement our income. No big deal, we will pay them off. I feel like the rest (cars) will take forever.

We would like to have consumer debt paid off in 2 years and DH works over time for this.

Mama to 3 amazing girls
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Old 04-24-2009, 07:43 PM
 
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Quote:
Originally Posted by mmace View Post
If we aren't counting mortgage I get to vote zero - YIPPEE!!!!
Me too! :

Quote:
Originally Posted by prothyraia View Post
$45k in student loans for me
$80+k in student loans for my husband
$8k car loan.

I wish we'd never gone to college
That sucks s

I am glad I didn't and my DH worked as an apprentice and his work paid for his College courses.
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Old 04-25-2009, 11:45 AM
 
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No mortgage or car loans.

$4000 in student loans.
$1300 in credit cards.
$500 to a closed bank account.

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Old 04-25-2009, 01:43 PM
 
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I excluded our mortgage, because it will be paid off in the next month or so. Once it is, we will have absolutely no debt. No car payments, no cc, no mortgage. WOOHOO!
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Old 04-25-2009, 02:07 PM
 
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mortgage - $55,000
Student loan - $20,000
CC - $500 (this will be gone soon.

We are trying to be debt free. It is a lot of work
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Old 04-25-2009, 06:07 PM
 
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I voted $50-150,000. Dh and I both have a $35,000 student loan and I also have a professional students' line of credit for $52,000. So, $122,000 total. We own our car and have no consumer debt. We will be renting for a couple more years (while paying off debt) and then hope to build a home mortgage free.

Peaceful mama to three blissfully-birthed and incredible small people: dd10, dd7 and ds5. Always awed and so thankful to be a midwife.
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Old 04-25-2009, 06:14 PM
 
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Excluding our mortgage, we have about $30K in debt (at least half is student loans). Our goal is also to be debt-free.

Lauren
Mama to one awesome little girl and her adorable baby brother.
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Old 04-25-2009, 08:27 PM
 
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Quote:
Originally Posted by ChattyCat View Post
I excluded our mortgage, because it will be paid off in the next month or so. Once it is, we will have absolutely no debt. No car payments, no cc, no mortgage. WOOHOO!
That is amazing!

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Old 04-25-2009, 09:33 PM
 
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Ok i have alot...

$50,000 in student loans and

$10,300 on consumer debt... which will be paid off in the next year if all goes well.. so then only student loans left to pay.. no mortgage...

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Old 04-26-2009, 10:09 AM
 
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Zero debt.

No mortgage (paid-off our 20 year mortgage in just 2 years, due to dh's excellent investments).

We pay our cc completely each month. Both vehicles are paid for. Plenty in savings.

Never had student loans (our parents paid for our college educations, as we will pay for ds's college).

Both of us were raised with the ideal "if you can't pay for it, either now or at the end of the month, don't buy it" (this did not include a house ).

That's easier to do, though, if someone else pays for something, like college.

Loans for college are really the only debt I've ever had that I didn't pay off right away. It cost a lot for me to go to college because I paid for it all myself.

Best investment, ever, though, no question.

I've used my degree and it's the reason I've had a job that allowed me to be debt free on virtually everything else. I'd be totally screwed without a degree and job.
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Old 04-26-2009, 10:12 AM
 
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I think when answering polls like this, it is important to consider how old a person is.

So many people mentioned student loans and your student loan debt is likely based on how recently you graduated.

When I first graduated, I had a mountain of student loan debt (paid for college completely on my own so minus scholarships, that's what I owed).

I've been out of college and working a number of years now, so my student loan debt is low.

It really just depends how long you've been working on paying down your debt.

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Old 04-26-2009, 11:15 AM
 
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I checked the one for 50K-150K. We owe 65K on our house, and we are not upside down on the loan, have never tapped into the equity although DH has been tempted to (Im so glad we didn't!). DH's car (he inherited it from me when his went to auto-heaven) has been paid off since '02. The "mom-mobile" however is our "new to us car" and we owe 9K on it. We each have one credit card for day to day expenses and those are paid off every month. In our money philosophy, it is a bad bad thing to carry a balance/pay interest on CCs. As far as student loans DH has none, his parents paid for college, first car, and flight school (lucky dog!). I grew up as a ward of the state, ie, foster care. As such, coming out of law school I was staring down a mountain of student loan debt, 80K to be exact. That was nine years ago this spring, which was ok by me b/c of my high earning potential, I was in my early twenties and single. I owe less than 5K now and that will be paid off this summer. So, 65K for house, 9K for car, 5K student loans. We have 20K in savings, so we need to work on that, but I think we are in very good financial health, especially considering I stay @ home FT.
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Old 04-26-2009, 04:57 PM
 
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I said none, but that excludes our mortgage. The house is worth more than twice what we owe on it though.

We owned our car outright, but we recently sold it to move to England where we expect to go carfree.

We don't have any credit card debt, and DH and I didn't have student loans. I have to say, no student loans is the number one reason we've been able to get onto solid financial ground so quickly.

Julie - Mom to Elizabeth (Libby) age 6, Penelope (Penny) age 5, Elliott age 29 months, and Oscar who is 1 year old!
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Old 04-26-2009, 08:15 PM
 
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I havent read thru. The only debt we carry is our mortgage and that is
184K at this time. Our home would sell about 350K in this market so we own a good portion of our home.


ETA, now I read thru the thread,

We are closer to 40 than 30, even at a younger age, we were not big spenders. We have always owned modest cars and drive them for a long time, take easy on the wallet vacations plus DIY 90% of our home projects/remodel etc. As a rule, we have paid off and pay off our credit cards each and every month. If we are having a tight month, we spend less. We also pack our retirement and college education accts.

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Old 04-26-2009, 08:33 PM
 
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We have a mortgage and I have a student loan. Both are very manageable payments and low interest but I still don't consider them "good debt" and I am not sure why people don't count these two things as debt.
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