How badly are you in debt?

musics_muse

musics_muse

CAGiversary!
well it's about to be may and unfortunately still no progress in my january 08 plan to wipe out my debt by the end of the year. i think right now, i have about $12,000 in overall credit card debt, plus student loans of about $50,000. the credit card debt is pretty much gaming stuff (of course), clothes, shoes, basically impulse buys, and going out a lot.

i guess im starting this thread to make myself feel better knowing that im not the only one in the hole.

how badly do you owe, and how did you end up there?
 
What is this "debt" and why am I not in it? It's probably some exclusive cool kids club which I am not privy.
 
Less than a thousand, which I can pay off anytime with money in the bank. But being out of a job right now I want to keep some cash ready until I can find another job.
 
Several years ago I got into huge debt, somewhere around 13ish thousand mostly due to stupid spending. It was full of impulsive buys, things I really didn't need and general excessiveness. About two years ago I joined one of the quality debt consolidation programs and the debt has been working it's way down. I can now see the light at the end of the tunnel. As huge of a mistake it was, it was almost worth it for me to now greater value money and to be more of a tightwad.
 
I think I got you all covered (for now). I have about $43,000 in credit card debt and $55,000 more in car loans =P Just shy of $100,000 right now. Sucks to be me.

I'll get out eventually. Just gotta work it off one week at a time. Not so sure CAG really saves me money with all the games I buy ^_^ but God knows I love it here!
 
[quote name='goomba478']I think I got you all covered (for now). I have about $43,000 in credit card debt and $55,000 more in car loans =P Just shy of $100,000 right now. Sucks to be me.

I'll get out eventually. Just gotta work it off one week at a time. Not so sure CAG really saves me money with all the games I buy ^_^ but God knows I love it here![/quote]
Yeah, most is student loans, but about $100K. I'm a little scared to look at the total really.
 
Well there's my mortgage, and student loans of about $22k, but other than that I don't have too much debt. My credit card I try to keep a zero balance on (after having ridiculous debt on it for the years I was in college) and my car is technically paid off as far as the banks are concerned (my uncle lent me the money and we paid cash for my car and I'm paying him back over time)
 
I just paid for my vacation in August a few weeks ago with my credit card so that's the only debt I've got...about $1300 for 2 Lollapalooza tickets, 2 plane tickets, and the hotel.

Other than that: none! I rent, drive a company car, and didn't take out any student loans. I'm the next best thing to an actual grown-up.
 
About $10k in student loans from my undergrad that are locked in at 2% and deferred since I'm doing MBA classes part time at night during the work week.

About 1k in credit cards...usually paid off the month it is due to not incur interest expenses.

We have the money in the bank to pay off those student loans at any time, but since they are deferred it is nice to let that money sit in the MMA savings account gaining interest (5%!) until I actually graduate and the deferred status wears off.
 
I was 7 grand in credit card debt not too long ago. Now I reduced that figure to under $500. I will be completely debt free in a few months.

The big thing about me is that I don't have a car. Not having a car was the way I was able to pay off my debt but at the same time it really sucks not having a vehicle..
 
You should probably stop visiting this site already if your in debt.

The only legitimate debts I can see people in are

1) Paying off a housing loan - Not many people can pull 200k out of their pocket (the price for a semi-decent house here in CT) so monthly payments are a must

2) Student loan - Good excuse but buy less games and put more money towards your loan. College is getting awfully pricey these days for whatever reason.

3) Medical debt - Not every insurance is wonderful out there, and if you had a brain tumor for example you would be in debt for years.

Theres a difference between having a credit card charged and knowing you'll pay all of it, and having a credit card and only being able to make minimum payments so your APR actually makes it sky rocket.

Let's just say being married is probably the best way to elevate debt (two incomes is way better then one, and you can both go cheapass and store away the cash).
 
I am still in school and my student loans were at $11,000 but since I work full time and go to school I was able to pay off that entire loan already.

And my car I paid in full so the only debt I really have is my credit card which I try to pay off every month. And I believe I owe currently $1,800. So I guess thats all my debt for now.
 
I have a shitload of debt due to student loans. And about...hmm...like $2,000 in credit card debt because I was unemployed for a few months and needed a rental because car insurance companies suck.
 
Anyone on here not in debt must still be in high school... dont see too many people out there not paying something on at least one loan

As for myself and the wife... out loans (house, student loan, cars... probably total around 160 grand... but being as we have no problem paying these down, and in many case will pay off the debts earlier, Im not worried, We both have excellent credit... and having varios experience wih different loans actually improves credit score

On top of that... about a couple grand in credit card debts... from when the wife was in school, which should be paid off in the next month or so
 
About 2500 left on credit card debt from my time unemployed, but I've managed to keep on top of the 0% game so I should have it paid off before interest begins accruing. Student loans are around 4k I think.
 
Zero Credit Card Debt - I usually pay it off right away.

$100,000 Undergraduate Student Loan Debt - The result of 4.5 years at the Florida Institute of Technology (a $40k/year school) It's about $88k loans and $12k interest over 4 years.

+Whatever I take out in loans for my Graduate Degree in the next two years (Probably around $25k-$35k).

It sounds like a lot, but starting salary for an Aerospace Engineer is about $45-50k + $10-15k for experience and additional degrees beyond a Bachelor's. I just need to keep my expenses low (i.e. keep living cheap like a college student) and keep hammering away at these bills over the next few years to pay it all off quickly and efficiently.

~HotShotX
 
Zero, unless you count margin debt.

House is paid off, no student loans, no current auto loans but that will change in a few months. I do charge about $1500 per month to a credit card for my normal monthly expenses but that is all paid off every month.
 
none. Credit cards have zero balance. Vehicle is paid off. No student loans. Rent my apt.
Good luck with clearing up that debt. It sucks to always have that cloud hanging over you.
 
Ive got about 150 bucks on a CC that im going to pay off at the end of the month. Other than that 0. I only spend what I have in the bank, otherwise I go without. No point in paying interest on interest for something you could have saved up for in the first place.
 
[quote name='Dark Slayer120']One hundred million dollars.[/quote]

dr_evil_1-747960.jpg
 
I owed $27,000 in college loans when I grudated last May. It took me until August to get a good job, in this case a very good one, and now with my next paycheck for the two weeks that just ended my loans will be under $12,000. It would have been under $8,000 but I had to stop for a 2 months to save up the $4,000 for an IRA, gotta plan for retirement! I have about $200 in credit cards left, down from $500 at it's highest.
 
Around $20k in student loans right now. I have a credit card, but I always pay it off. I'll have to start paying on those in a few months and then I should be going to graduate school and I'll be able to get them deferred again. If I go to a PhD program I won't have to pay anything so my debts shouldn't increase too much (if I'm getting paid a decent amount they might not go up much at all).
 
[quote name='jputahraptor']I owed $27,000 in college loans when I grudated last May. It took me until August to get a good job, in this case a very good one, and now with my next paycheck for the two weeks that just ended my loans will be under $12,000. It would have been under $8,000 but I had to stop for a 2 months to save up the $4,000 for an IRA, gotta plan for retirement! I have about $200 in credit cards left, down from $500 at it's highest.[/QUOTE]

Who did you start your IRA with? I'm currently looking around at the different investment companies that offer IRA's
 
I'm essentially debt free (nothing I can't pay right now), but if it weren't for scholarships and my parents, I'd be totally fucked, since I've never been seriously employed in such a way that I could completely support myself.

I try to live as cheaply as possible, in terms of personal indulgences -- the only unnecessary things I routinely spend money on are concert tickets, DVDs, CDs, and video games.

I think that not having piles of cash lying around is a good thing, though, because it makes me think about every dollar I spend, something most people I know don't do.
 
[quote name='jputahraptor']I owed $27,000 in college loans when I grudated last May. It took me until August to get a good job, in this case a very good one, and now with my next paycheck for the two weeks that just ended my loans will be under $12,000. It would have been under $8,000 but I had to stop for a 2 months to save up the $4,000 for an IRA, gotta plan for retirement! I have about $200 in credit cards left, down from $500 at it's highest.[/quote]

You do know that paying down debt > putting money into an IRA right? The interest rate of debt > interest rate of investment.

I have absolutely no debt right now but I may have to take out student loans to get my masters.
 
I'm surprised there aren't many people paying off a car, you'd think with all the driving some people do for deals around here :lol: There should be a lot more student loans posts coming in too since we have so many college CAGs, unless all CAGs have scholarships/tuition assistance.

I owe about 12k left on my car, bought a year and a half ago. Then a couple grand on credit cards. No sleep loss over that. Yet.
 
[quote name='Magehart']You do know that paying down debt > putting money into an IRA right? The interest rate of debt > interest rate of investment.

I have absolutely no debt right now but I may have to take out student loans to get my masters.[/QUOTE]


In general I agree that paying down debt should be a top priority. However, a good student loan should be at much less than 8% interest while a half-way decent mutual fund should be averaging 8-10% per year return over the long term, after expenses.
 
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