How much are you in debt?

[GAMEC0CK2002]

Re: How much are you in debt?

$16K left on a $25K student loan

Hopefully $10K of that will be forgiven if I get hired back as a teacher at my
current high school. IIRC, you can get up to $15K forgiven if you teach math, science, or special education in a underserved (poor, rural or urban) area for 5 consecutive years.

$6K left on my Jeep Compass.

No credit card debt now. If I can't afford it in cash or debit, I don't need it.

[bkrich83]

Zero credit card debt. Just have a mortgage and 2 car payments. (my car, wife's car).

We've been paying extra towards the principal towards our house.

We have credit cards but only use them for big purchases and then pay them off that month. (we get airline miles).

So we're staying cash and carry for all purchases. This allows us to bank a nice sum of money every month for a rainy day.

[RockinDaMike]

Re: How much are you in debt?

5k in credit card debt - most of this was to get things fixed for my house I got a year ago but will pay this off probably in a year. A lot of the credit is also 0 interest for awhile too.

150k in mortgage - not bad at all since I have roommates that pay a good part of it every month.

That's pretty much it and its nice since I'm able to save. Didn't finish college was able to pay off student loans pretty quickly.

I will be saving to build a hotel with my parents in the Philippines so I have to save as much as I can. Car is paid off and also I spend about $600 a month in bills.

I go by my mom's motto: "Pretend you are always broke"

Go by this motto and your bank account will love you. It's addicting to see my savings grow and grow.

Don't get me wrong, I'll still buy something nice like a pair of headphones I did last month but I try to keep expensive purchases once every 2 months. I haven't been traveling at all and I've been going out less and less as well.

I used to be that guy who would buy every movie that came out or had to have the latest electronics/video games but it changed as soon as I had bigger goals like saving to buy a house or now saving to open up a business.

Now I just rent movies and video games. I only bought Madden and MW3 were the only games I actually bought last year. Good thing my electronics bug stopped in 2010 so I should be good for awhile before I would upgrade.

[rdub78]

Re: How much are you in debt?

You guys with student loans do you have good to great jobs that are from your degree?

My girlfriend has over $40,000 in student loans and I make more than she does and I never went to college. She is a special needs teacher and has been out of school for over 3 years and I have been at my job for 14 years with no degree.

I see a lot of people go to school and than unable to find a job in that field. Kinda sad actually.

[rdub78]

Re: How much are you in debt?

5k in credit card debt - most of this was to get things fixed for my house I got a year ago but will pay this off probably in a year. A lot of the credit is also 0 interest for awhile too.

150k in mortgage - not bad at all since I have roommates that pay a good part of it every month.

That's pretty much it and its nice since I'm able to save. Didn't finish college was able to pay off student loans pretty quickly.

I will be saving to build a hotel with my parents in the Philippines so I have to save as much as I can. Car is paid off and also I spend about $600 a month in bills.

I go by my mom's motto: "Pretend you are always broke"

Go by this motto and your bank account will love you. It's addicting to see my savings grow and grow.

Don't get me wrong, I'll still buy something nice like a pair of headphones I did last month but I try to keep expensive purchases once every 2 months. I haven't been traveling at all and I've been going out less and less as well.

I used to be that guy who would buy every movie that came out or had to have the latest electronics/video games but it changed as soon as I had bigger goals like saving to buy a house or now saving to open up a business.

Now I just rent movies and video games. I only bought Madden and MW3 were the only games I actually bought last year. Good thing my electronics bug stopped in 2010 so I should be good for awhile before I would upgrade.

Great post.

The "pretend like you're always broke" has been my philosophy for the last few years and it is amazing how much you can save just by cutting out some cash here and there.

[AUChase]

Re: How much are you in debt?

I'm paying on my car (minimum is 237/mo. which was surprising, but I'm paying $300/mo, just to get it under a certain time to eliminate a bunch of interest.


I also owe about $1500 on a loan.


I've got a few credit cards, but I don't like to use them and I have nothing charged to them.

[GOBLUE_08]

Never owned a credit card in my life so zero there, i only owe about 800 bucks on a 35k student loan. The only one i refuse to pay back is a $1300 cingular wireless bill that an ex gf ****ed me over on lol. nothin else really sizeable for now. We rent our home for now until my wife finishes school, then we will be moving out of the pittsburgh area and looking for a house to buy.

[rdub78]

Re: How much are you in debt?

Never owned a credit card in my life so zero there, i only owe about 800 bucks on a 35k student loan. The only one i refuse to pay back is a $1300 cingular wireless bill that an ex gf ****ed me over on lol. nothin else really sizeable for now. We rent our home for now until my wife finishes school, then we will be moving out of the pittsburgh area and looking for a house to buy.

Wonder if that Cingular bill is gonna f*** with your credit score in any way?

[ScoobySnax]

Yeah, you'd better pay that bill. Seeing that it's a Cingular bill, I'd assume you've already taken a hit on your credit report.


Sent from my 4S using Tapatalk

[Cusefan]

Re: How much are you in debt?

Let's see, about 6500 student loan left, 2500 CC, and 4000 left on the car. I got a new job in October so these bills don't really worry me anymore.

[GOBLUE_08]

Yeah it has a little, i know im gonna have to just swallow my pride and pay it, lesson learned. Im just scared that when we do wanna buy a house its gonna be tough because i dont really have any credit history at 33 yrs old. I mean my wife is really good at making sure everything is payed on time (i suck at that part) but i dont know what else would factor into getting a loan or line of credit for for 100k or so. Shes done with school in december so i need to get on the ball.

[RockinDaMike]

Re: How much are you in debt?

Yeah it has a little, i know im gonna have to just swallow my pride and pay it, lesson learned. Im just scared that when we do wanna buy a house its gonna be tough because i dont really have any credit history at 33 yrs old. I mean my wife is really good at making sure everything is payed on time (i suck at that part) but i dont know what else would factor into getting a loan or line of credit for for 100k or so. Shes done with school in december so i need to get on the ball.

You just said you paid off 35k in student loans, that's credit history. Also what you can do is get a small loan for 1300 from your bank, pay off that cell phone bill, then pay back your bank within a few months or half a year.

So at the same time you are getting rid of bad credit and building it at the same time. That's more valuable to you right now than having to pay $1300 out of pocket.

[dickey1331]

Yeah, you'd better pay that bill. Seeing that it's a Cingular bill, I'd assume you've already taken a hit on your credit report.


Sent from my 4S using Tapatalk

Yeah no kidding. AT&T bought out Cingular ages ago lol.


Do you really care where I sent this from?

[GOBLUE_08]

You just said you paid off 35k in student loans, that's credit history. Also what you can do is get a small loan for 1300 from your bank, pay off that cell phone bill, then pay back your bank within a few months or half a year.

So at the same time you are getting rid of bad credit and building it at the same time. That's more valuable to you right now than having to pay $1300 out of pocket.

Quality advice there sir, thanks for that.

[RockinDaMike]

Re: How much are you in debt?

Also GoBlue, if that's all you have bad in your credit history then you should be ok as long as you clear it up. There are so many people right now that have a foreclosure/short sale hit to their credit, banks are going to want you badly.

I also recommend that you sign up for one of the credit watching companies to keep track where you stand with creditors.