|View Poll Results: how much debt do you have?|
|$50,000 to $150,000||48||11.32%|
|Voters: 424. You may not vote on this poll|
maybe my situation is different but the only debt i have is $60,000 in student loans. i am on the income contingent plan and my goal is to make 20 years of payments and have the remainder written off. so, i'm not really trying to do much about this debt except make my payment each month.
maybe if it was a reasonable amount of money, like $15,000 i'd be trying to get it down faster but $60,000 just seems like a black pit and i don't have that much money.
in fact, last year i paid all my payments and the total amount went up because of interest, so frankly, why bother?
also how big of a priority is it for you to pay it off?
If we're including mortgages, we have $125,000 owing on the house (we paid $325,000 for it 6 years ago, so we're pretty happy with the remaining balance).
I knit : I sew : I read : I craft : and I very occasionally and irregularly blog
$1700 - Student Loan
$6,000 or so in medical bills.
A few hundred to an auto parts store.
$100 for a phone bill.
We settled all of our credit cart debt last week with our tax refund. :
Paying off our debt is our top financial priority at the moment.
I included our mortgage because I don't believe any debt is "good" debt.
We have cc debt and I have a huge student loan and our car is not yet paid off.
WAAAAAAAy too much debt, but we are paying it off.
I am not in the eliminate the mortgage camp. We have a 20 year 4.5% interest rate on our home. We owe less than 50% of what we paid and will be itemizing for a long time because we are self-employed and give a lot to our church. So I enjoy the tax deduction and don't feel that this debt is a problem.
I feel very happy about our situation and we have a plan in place to pay the consuemr debt off by the end of the year. We are planning to reward ourselves with a Valentine's weekend trip to Aruba sans children. Paid with cash, of course
Here are the rough numbers:
CC -- 3600
Car loan -- 11,000
Student loan -- 13,000
Mortgage -- 165,000
The cc will be paid off in June, then we save a 10,000 emergency fund, then we go to work on the car loan next year.
Frugal, food growing mama to my four loves
It's way better than it used to be.
ETA... we just finished my student loan and one of the car loans about a month or so ago when we got our tax refund and dh's bonus. We're not snowballing at this time though - it's going to savings b/c we're nervous about dh's job security.
Jenna ~ mommy to Sophia Elise (1/06), Oliver Matthew (7/07) and Avery Michael (3/10)
Wading slowly and nervously into this homeschooling thing.
I'm an unintentional weasel feeder and I suck at proofreading.
We were completely debt free until we lost our baby. We went a little overboard that Christmas, trying to just force Christmas spirit into place (buying gifts, decorations, eating out and take out, renting comedies, etc. etc.). Our tv also blew up, and we felt it necessary to get a new one, and spent too much. Ordinarily, I'd have just left it, but we really felt like we needed the tv (the movie "Elf" saved that Christmas). Then, dh needed a new bike (he cycle commutes to work).
We're working on it, but I decided to go ahead and attend the ICAN conference, so we're not making the strides we should be. We intend to have it paid off by the end of July. I hate carrying debt.
Lisa, lucky mama of Kelly (3/93) , Emma (5/03) , Evan (7/05) , & Jenna (6/09)
Loving my amazing dh, James & forever missing Aaron Ambrose (11/07)
My advice may not be appropriate for you. That's ok. You are just fine how you are and I am the right kind of me.
If I left out the mortgage debt, then our consumer debt is "just" $14K on the vehicle we bought today. We paid off our student loans and credit card debt a few months ago, but now it feels like we are back at square one, since the debt we acquired today is about the same amount as what we worked so hard to pay off last year.
Freedom is slavery.
Ignorance is strength.”
― George Orwell, 1984
combined we have around 100k with NO mortgage:
~60k in student loans
~20k left on car
~15k in credit card and medical debt
on one income with a husband who has poor spending/saving habits, i'll probably be in debt for the rest of my life unless i declare bankruptcy (90% of the debt is in my name because of DH's poor credit. that wont' get rid of the student loans though)