How much are you in debt?

[FlyingFinn]

Re: How much are you in debt?

$300,000 something with the house.

Add an additional 30K or so when the GTR hits.

I thought the GTR was going to MRSP around 70K?

[Heelfan71]

Re: How much are you in debt?

I thought the GTR was going to MRSP around 70K?

it is. 80k

[bkfount]

Re: How much are you in debt?

5 years of college loans, plus 4 credit cards I've used because I'm doing a 1 year internship that pays only enough to cover power and cable each month. So when I get a real job, I'll have a nice hole to fill.

[bjf1377]

Re: How much are you in debt?

Technically I'm $1,700 in debt, but it will be handled in time

[callmetaternuts]

Re: How much are you in debt?

When i was single, i only had my car (05 Mustang) so roughly 19k at the time (down payment) and now is approx 12k.

When i got engaged, tack on some more money there, although i got 0% financing, i just didnt wanna drop it all at once in case an emergency hit or.........

When i bought the house, 190k in debt.........

And my fiancee brings over her 10k in credit card debt (and she is now on a no-shopping policy).

Funny how single i was fine, now it just looks like alot. All of it to me is "normal" debt (car, house) and her CC debt is all 0% (we just transfer to various cards) so we technically arent paying any finance charges, but we still owe.........

[Jistic]

Re: How much are you in debt?

Mortgage is still debt. Sure you may make money when you sell, but how much interest have you paid to that point? I got one, and it's still debt.

[mercalnd]

Re: How much are you in debt?

$0.00

I don't plan on getting a credit card prior to buying my first house. My debit card always has enough money on it thanks to the job and the parents.

Actually it would be good for you to have a credit card and use it sparingly to help build your credit. You are obviously responsible enough to handle it. If you have never had any kind of credit, it won't help you when you want to buy that first house. Unless you've already had some personal loans from banks for other things.

[Husker_OS]

Re: How much are you in debt?

Actually it would be good for you to have a credit card and use it sparingly to help build your credit. You are obviously responsible enough to handle it. If you have never had any kind of credit, it won't help you when you want to buy that first house. Unless you've already had some personal loans from banks for other things.

Well, the cable bill and water bill are in my name even though my parents pay my 1/3 of it(i have 2 roommates). So that's atleast a start lol.

[mjb2124]

Re: How much are you in debt?

Mortgage is still debt. Sure you may make money when you sell, but how much interest have you paid to that point? I got one, and it's still debt.

Good point. I think it's often viewed as a positive debt because when a house is sold, you should make back all the money spent in interest and then some. I'll use myself as an example. I should make 40-50K over what I paid since that's what the other homes in my area are going for...that's certainly way over what I've spent in interest during that time. It's a positive anyway you look at it whereas CC debt is all negative - interest if the card isn't paid off monthly (which everyone should do) plus the depreciation of the article purchased.

[Rainey]

Re: How much are you in debt?

Good point. I think it's often viewed as a positive debt because when a house is sold, you should make back all the money spent in interest and then some. I'll use myself as an example. I should make 40-50K over what I paid since that's what the other homes in my area are going for...that's certainly way over what I've spent in interest during that time. It's a positive anyway you look at it whereas CC debt is all negative - interest if the card isn't paid off monthly (which everyone should do) plus the depreciation of the article purchased.

My first credit card was closed because I always paid off

It was just a small Wal-Mart card I guess that's why...

[MachoMyers]

Re: How much are you in debt?

An undergraduate and teaching degree have set me back about $30,000. It could be much worse.

[fishepa]

Re: How much are you in debt?

No debt here except for a house payment and a car payment. I don't really count that.

[Jistic]

Re: How much are you in debt?

Good point. I think it's often viewed as a positive debt because when a house is sold, you should make back all the money spent in interest and then some. I'll use myself as an example. I should make 40-50K over what I paid since that's what the other homes in my area are going for...that's certainly way over what I've spent in interest during that time. It's a positive anyway you look at it whereas CC debt is all negative - interest if the card isn't paid off monthly (which everyone should do) plus the depreciation of the article purchased.

No question, it's different. Most houses appreciate. But would they beat a safe mutual fund? Probably not. Although they could. But we have to live somewhere, so what can you do. If you're paying $10K a year in interest, will your house appreciate 50 grand in 5 years? If not, you're losing money. Granted you get a tax break.

You make most of your money on the latter half of a mortgage cycle, however most people refinance before that and end up starting the curve all over again where you're stuck paying mostly interest. It's a slow death.

It's not as bad as having an auto loan. Especially on a new car. Financially that's about as bad as it gets. Nothing depreciates like a car. And you're stuck paying interest on something that is a fraction of the value it was just a few years earlier.

[Scottdau]

Re: How much are you in debt?

No debt here except for a house payment and a car payment. I don't really count that.

It is still debt. but I agree. I don't count that either. That too me is good debt.

[RoyalBoyle78]

Re: How much are you in debt?

It's not called debt if you pay your bills.