What is your financial situation - Mothering Forums

View Poll Results: What is your financial situation
I have a mortage and nothing else 47 100.00%
I have only a mortgage/rent and car loans 36 100.00%
I have mortgage/rent and other secured loans 13 100.00%
I have mortgage/rent, secured loans and student loans 65 100.00%
I have secured loans and consumer debt 37 100.00%
I am debt free 17 100.00%
I carry a mortgage only because I want to (I can pay it off at any time) 3 37.50%
Other 31 100.00%
Multiple Choice Poll. Voters: 8. You may not vote on this poll

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Old 04-10-2007, 07:01 PM - Thread Starter
 
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I didn't think the "debt-free" poll really gave an accurate view. I don't consider anything but unsecured debt as "consumer debt". I'm creating a multiple choice to see if we can get more accurate data. Please explain in the thread.

What are your goals to change your current financial situation?
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Old 04-10-2007, 07:09 PM
 
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Not answering because we're either (f) debt free or (a) mortgage and no other debt, it depends if the offer that we're making tomorrow is accepted
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Old 04-10-2007, 07:14 PM
 
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We are other because we have rent and truck and medical to pay off. TONS of stuff we are paying on so I answered other for that reason. No loans, just balances we are trying to pay off to rebuild our credit in order to get a house in the future.

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Old 04-10-2007, 07:55 PM
 
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We have a mortgage, student loans, and we just consolidated our consumer debt into a HELOC. We're drowning in debt, but at least with the HELOC instead of cc's, we can start to make headway.

Kristin
mom to dd (5 1/2), ds (almost 3) and #3 due in June
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Old 04-10-2007, 08:02 PM
 
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We are debt-free!!!
No mortgage, no car payments, no credit cards or anything!!
Its feels so good to be done with those darn credit cards and not paying off a car is just lovely.

We may be taking out a loan of $100,000 to build a home on my parents lot as soon as we find out if we can. We would love to be able to own a home as we just rent right now. But we have very cheap rent.
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Old 04-10-2007, 08:13 PM
 
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We fall into debt free but will soon be mortgage only. We will be taking a larger mortgage than we absolutely have to (we could put far more than 20% down) because I want to invest the funds and let them grow over time as a cushion for the unexpected and for retirement.

Katie, mama to one big boy (6/03) and one little boy (12/08).
It is never the wrong time to do the right thing.
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Old 04-10-2007, 08:25 PM
 
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We have a first and 2nd mortgage, a car lease (does that count?), and about $30K in student loans. Just got rid of all of our credit card debt at the start of the year. : That was a huge accomplishment for us. So I guess our #1 goal right now is to save for our "emergency fund". Then we need to look into investment options for retirement (dh's 401k situation at work could be better we think), of course save for dd's education a bit. All this while paying down student loans and 2nd mortgage as much as possible.

Heidi , wife to my DH , mama to Hope Isobel (4/3/06), Molly Grace (7/31/09): , furbaby Callie :
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Old 04-10-2007, 08:28 PM
 
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ugh

I have 70K in student loans...dh has about 30K, but is going back to school this fall

we have the car--that is something like 15K
and one credit card--10K

:

but the credit card is at 3.9APR
and the car is a standard 5 year loan, so there are just 4 years left on that
and my student loan is on forbearance and dh's will be in deferment this fall.

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Old 04-10-2007, 08:38 PM
 
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Three and a half years ago my husband walked out on me, our three kids, and about $15,000 in debt, not including the remainder of our car loan. I'm happy to say that as of last week all of the loans, including the car, are paid off, and I now only have to deal with a mortgage and regular utilities. YIPPEEEE!!!!
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Old 04-10-2007, 09:14 PM
 
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I've got it all: mortgage, car loan, student loan, and credit cards, but actually it's not as bad as it sounds. I am currently working very hard (and making progress) to get rid of the CC debt, and I'm fine with the rest of it. It's all low-interest, manageable payment, and worth it.
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Old 04-10-2007, 09:37 PM
 
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I answered other because we have no loans we are paying off but, my CC debt which is now at $700, other collection and medical bills that we are paying on. We should be practically debt free by June except for a credit card, DHs emergency room bill and DHs child support. Its been hard, now the goal is to not build any new debt and keep building our savings.

:~*Barbara*~ 25, DGF to an awesome man (25) and always a step-mom to A (8)
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Old 04-10-2007, 10:24 PM
 
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I put other because we don't own a home (we're military and move a LOT), however, we have no other debt at all and about 23,000 in savings/funds and 7,000 in our IRA.
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Old 04-10-2007, 10:32 PM
 
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I have rent. No debt at all; I just finished paying student loans this year, our truck is paid for, and I don't buy on credit. I am thinking about going a small amount in debt, though, in order for DH to take some family leave to be with the kids. He'd be taking two months off unpaid, and we'd need to borrow or charge two months rent to get by for that time. It would be about $3000 which IO could pay off within a few months of him going back to work.

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Old 04-10-2007, 10:52 PM
 
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We have a mortgage and an unsecured loan as well as school loans. No car loan.

We are working on becoming completely debt free starting with the credit cards and loans, then the school loans and finally the house. We are hoping that by the time we have paid everything but the house, we can sell our house and get something more compatible with our life style and only a 15 yr loan which we can pay extra on. I want to live completely within our means with no debt whatsoever.
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Old 04-10-2007, 11:00 PM
 
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We have a mortgage (3 actually), dh's student loan, and an embarassing amount of credit card debt. No car loans.

We're slowly chipping away at the cc debt; all our cc's are in a lockbox rather than with us when we go out, I'm trying to increase my income, and dh is looking for a new job. We're both reasonably disciplined with the cc's but simply haven't been making enough money to meet our needs, so that's the first thing we're trying to change.
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Old 04-10-2007, 11:18 PM
 
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I have student loans and nothing else.
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Old 04-10-2007, 11:18 PM
 
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We have rent, student loans, and lots of credit card debt.

Lauren
Mama to one awesome little girl and her adorable baby brother.
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Old 04-10-2007, 11:26 PM
 
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We have them all, except a mortgage. But we made a committment to change all that last June, so we've decreased our debt by 7K, and paid cash for everything since then.
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Old 04-10-2007, 11:26 PM
 
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We have mortgages, student loan, and two cc debts.

I've been snowballing for awhile and that is now going toward the cc debt.
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Old 04-10-2007, 11:27 PM
 
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Just rent and utilities here-two paid for cars or we couldnt make it at all.....
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Old 04-10-2007, 11:29 PM
 
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We have a mortgage, car loan, other secured loan, no credit card debt to speak of and paid off student loans years ago. Feel like we are in pretty good shape.

Kim , mom to Amanda (16):, William (13), and Annie (5)
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Old 04-10-2007, 11:30 PM
 
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I selected other.

This week I have mortgage, car loan and credit card debt.

I am selling my house, close on may 1 and going to be renting for a while. So in May I will just have car loan. I will pay of my cc debt and mortgage. I will make money on the sell of my house. I don't mind my car loan as it is 1% interest. I could pay it off, but will not.

I paid off my student loans about 5 years ago.

Sara - Mum to C (10/02) ; m/c 10/07; 7/08; 3/09; Lucy Olive Feb 28, 2010 !
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Old 04-10-2007, 11:30 PM
 
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I have student loans and about 2000 in medical bills, and a car payment.
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Old 04-10-2007, 11:49 PM
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Just student loans, but I just went back to school this year. If I wanted to, I could pay off all but about 5K of them right now.

I rent.

dar

 
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Old 04-11-2007, 12:04 AM
 
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We're other. We own our home outright, have a 0% car loan, and we've got some credit card debt right now since starting/relocating a business--but that should be paid off soonly.
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Old 04-11-2007, 12:09 AM
 
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No debt. We rent..... and we have absolutely no credit!( never owned credit cards or taken out loans) Gotta play the game it seems!

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Old 04-11-2007, 01:56 AM
 
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We have two mortgages and a small credit card balance, but the credit card will paid off shortly. Then, we'll just have the mortgages.
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Old 04-11-2007, 02:26 AM
 
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We have a mortgage, car loan, and a student loan. We're starting to seriously pay ahead on the loans and should be debt free except for the mortgage in 2 years.
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Old 04-11-2007, 03:23 AM
 
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Neither of us did the college thing. We have rent and car loans left. We just got rid of our credit card loans and other assorted small loans for stupid stuff. Hopefully my car is paid off at the end of this year. We could pay it off now but we'd have nothing left in the bank. We have $10K saved up and I am currently the one working. Cross your fingers for us because dh has a GREAT job offer that he's interviewing for on Thursday. It would net us $50K a year, which is more than twice what he's made in recent years, PLUS I work nights. That would pay off our debt and make us a nice downpayment for a house!!!!!!!

Meg

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Old 04-11-2007, 03:35 AM
 
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Cars are paid for, just paid off my student loans last week!

We have a mortgage and 1 credit card with a balance...hopefully the credit card will be paid off by the end of June then we'll move on to Dave Ramsey's Baby Step 3 -- the emergency fund.
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