So..How far in debt are you?

[Justin]

me..

apartment plus utilities around:..$1500

credit cards i used in college: $5000

and my college loans will be coming in around june or july so theres another 5,000.

I guess i could lay around all the time and worry my ass off, but i know others (maybe some of you) are in debt as well. So I know I'm not the only one

How far in debt are you?

[Bob]

luckily, my parents were fairly well to do and saved up for college for me, so i'm in no debt at all. however, they are not paying for law school, so unless i get some substantial scholarships (unlikely), i'm going to be bumping this topic in about three years

[Bionic]

who's worth more?

a person with $5000 in the bank and no debt

or a person with $0 in the bank and a $500,000 debt?

[Sarky Devotchka]

$800 on the credit card. $3000 to my mom. $600ish to cort. $20,000 in student loans.

I should've gone to trade school.

[beastie fresh]

$0

I win?

[jennyb]

Waaaaaaayyyy too far. I'm a home owner. With a construction project on my hands. (!)

[Justin]

who's worth more?

a person with $5000 in the bank and no debt

or a person with $0 in the bank and a $500,000 debt?


My logic exactly. I thought i was the only one in the world who thought like that.


I always think of an old MCA Lyric about this situation and tell everyone the same:

"I'm goin' out first class ain't goin' out coach!"

[Justin]

luckily, my parents were fairly well to do and saved up for college for me, so i'm in no debt at all. however, they are not paying for law school, so unless i get some substantial scholarships (unlikely), i'm going to be bumping this topic in about three years


Yikes good luck with that, but it will pay off!

I actually know this chick who had a communications and business 4 year degree...then went to law school...then she quit...and now shes an outside, door to door, salesman

talking about a waste of time, but she was good. She would make approximately 1,000 a week.....but i really dont think she needed to go to college for that

[HEIRESS]

Ive got absolutely no debt plus got a lil nest egg worth about 17 grand saved up

granted I work my ass off and never have any fun

[b-grrrlie]

I don't even wanna count. Studying got me into a huge dept, so starting my own business, and I already had huge credit card bills which I never seem to get rid off.

[mikizee]

about $8000.

[Justin]

I don't even wanna count. Studying got me into a huge dept, so starting my own business, and I already had huge credit card bills which I never seem to get rid off.

well at least you have the ambition to start your own business. That's something i thought of.

I saw this great book at the book store i should have bought called "500 great home businesses to start."

Before i left college i considered getting my MBA, then i went to the head of the program to ask her what jobs most students have taken and she said:

1) started their own business
2) Jobs in banks

Thats when i decided not to go for my MBA, i figured that i wouldnt 'absolutely' have to have that to start my own business. Although I would have some things to learn

[jennyb]

If I had to put a figure to it, oh, you know, say $300k, easy, minimum. :eek:

[jennyb]

Oh, then nevermind. As you were.

[paulb]

well...i got about 500 bucks in the bank. and i owe my dad 400 bucks for a certain jacket. im on the + side, barely.

[Bionic]

nah.. you have $500 and a $400 jacket.

[vickista]

$48.00

[paulb]

nah.. you have $500 and a $400 jacket.


thank you for that reasoning, it just made me feel better.

[TAL]

Nothing.

[thegoodmrbrodie!]

about two and a half grand. and i dont really have anyhting to show for it. well it seem's that way. but it's not too much i suppose.

[ChrisLove]

£250,000 mortgage
£2000 overdraft
£400 Credit card

[The Notorious LOL]

$5,000 student loans
$11,000 car



Im doing okay, I suppose.

[tracky]

I'm like heiress, all money no fun

[ms.peachy]

Well, it depends on how you look at it. On paper, it would seem like quite a lot, as we have a few mortgages and on top took out two significant loans in the past year to do renovation work on one of the properties. Plus the general credit card debt. So it would look like we have tens of thousands of dollars of debt. BUT, almost all of that money is tied up in our main property, which we bought in 1998 for $195K and by the time we finish the renovation work in another month ar two, would reasonably be expected to sell for an absolute minimum of $500K, but could quite possibly fetch as much as $800K. And we're up to date on all payments and in good credit standing. So it all balances out in the end.

[scotty]

Like Ms. Peachy, we've quite a bit of debt and everytime I look at the finances it gives me the willy's. But its all tied up in assets and we're in front on all the repayments plus if we decide to sell up we'll come out way on top so its all good.

Other than that, no real credit card debt to speak of, $30,000 on the car $25,000 HECS (student loans, all mine) and around $2,500 we owe on tax from last year.

[Rancid_Beasties]

One year of university, like $5000 in debt already. 4 More years to go. However, theoretically i could pay off that debt right now with my savings. But $5000 is alot harder to save up when you are making $200 a week part time than when you are making minimum $1000 a week as a lawyer. Especially considering we dont have to pay back our student loans, nor do we get charged interest, until we are making over $35,000 a year.

[Mr_Complex]

£12,000.

[trailerprincess]

Well, I owe about £95k on my flat, about £3k on my credit card. I hate having the credit card debt so slowly trying to pay it off.

if anyone knows of any ageing oil billionaires who are about to pop their clogs and would like the 'company' of a lovely 28 year old lady, please let me know....

[Hiebz]

paid down my school bills from nearly $20,000 (for four years of private college/university) down to around $11,000 at the moment, have around $1,500 on credit card (plane tickets from Christmas)

so, under $12,000, not bad. Will be looking to invest in a house within the next 2 years though, but theoretically after paying on that fo several years you should be able to make the money back on it reselling if you needed to in a pinch - so not too scared about that debt coming up.

[hpdrifter]

I have some debt. Not a lot but some.

Its the $4000 credit card that scares me the most.

My student loans are paid off and my car will be paid off in about a year. But that fucking credit card keeps me up at night at times.

It has developed a critical mass wherein I have to pay an obscene amount on it a month to get it to go down even a little bit. I have 2 jobs and I still can't seem to make a dent in that bastard.

When I started my new job I had to buy some new clothes because "business casual" means something entirely different here than it did at the old job. I couldn't really afford it, though.

[ms.peachy]

My student loans are paid off and my car will be paid off in about a year. But that fucking credit card keeps me up at night at times.

It has developed a critical mass wherein I have to pay an obscene amount on it a month to get it to go down even a little bit. I have 2 jobs and I still can't seem to make a dent in that bastard.


Here's where that 0% balance transfer stuff can really work for you - BUT you have to be REALLY disciplined about it, or it will just pull you under further:

If you get an offer to get a new card with an introductory 0% for six months on balance transfers, you can transfer the money to this new card, which will help you pay it down a are bit faster, since most of what you are paying on the old card is probably interest, which is why it's so hard to make a dent in it. But you must do two things: make sure that after the 6 months that the interest that will start up is no higher than the rate you are currently paying, AND, most importantly, DO NOT MAKE ANY FURTHER PURCHASES WITH EITHER CARD. In fact, as soon as you get the new one and transfer the balance, cancel the old one entirely.

[hpdrifter]

I've thought about this. I just hate opening more cards. Not because I am afraid I will charge them all up, mostly because I don't like having the accounts out there just sitting with all of the fraud that goes on these days. I just can't keep track of them all.

I just had a card that has been dormant with a $0 balance for four years come up with a charge. I have no idea how they got the number, I haven't used it once since 2001.

But I have considered it because I hate having that much debt. My credit cards have never gone above $2,000. It really bothers me that I let that happen.

[ms.peachy]

Consolidate your balances and get rid of cards you are no longer using. And - this is very important - be sure you get a letter of cancellation from the card issuer that the account has been closed, and keep it on file. You might want to keep one (and only one) card that you do not use on hand for emergencies (real emergencies, like, "the car's broken down a million miles from home and I need a tow truck and a hotel for the night," not "oh my god, these shoes are on sale and there's only one pair my size!").

[hpdrifter]

Consolidate your balances and get rid of cards you are no longer using. And - this is very important - be sure you get a letter of cancellation from the card issuer that the account has been closed, and keep it on file. You might want to keep one (and only one) card that you do not use on hand for emergencies (real emergencies, like, "the car's broken down a million miles from home and I need a tow truck and a hotel for the night," not "oh my god, these shoes are on sale and there's only one pair my size!").

Well that's sort of the problem, I only use the one card and that's why the balance is so high. I probably should contact the credit card companies and close extraneous cards. I did that once with a bunch of random store cards I had.

By the way, peachy, is that you in your avatar?

Sexy mf

[bigblu89]

Other than my mortgage, I'm pretty debt free. CC Debts are less than $200, and my car is Paid in Full.

[ericlee]

I don't owe anybody anything. I prefer it that way. I own 2 houses, one in which I rent out. I own my own cars and I also don't have any plastic. I like to pay everything with cash, I dunno, I've never been a big fan of owning plastic.

[bigblu89]

I don't owe anybody anything. I prefer it that way. I own 2 houses, one in which I rent out. I own my own cars and I also don't have any plastic. I like to pay everything with cash, I dunno, I've never been a big fan of owning plastic.

I try my best to pay in cash, but online purchases usually leave you with no choice.

[kll]

$235,000 for mortgage
$6000 or so for credit cards
car is paid off thanks to refi

[roosta]

im owed 600 quid.

im about to be headed into the whole debt/student loan situation. i have never been in debt before.

i can't wait!

[hpdrifter]

Keep an eye on it, it adds up fast. Before you know it, you're in the hole.

[ms.peachy]

By the way, peachy, is that you in your avatar?

Sexy mf
well, me + 1, yeah.

So really, just sexy m.

[na§tee]

about £12,000 in student loans/graduate endowment fee etc. £1,800 overdraft but i'm rarely in that deep. so i'd say about £13k.
this is approximately $22,700.
i don't really worry about it. it was a necessity, ya know? it couldn't have been any other way. it could be a lot worse. my dad paid my rent and i had a part time job so it worked out in the end.
i don't even think of it as a massive burden that will stop me from doing things. i would never think "i shouldn't go on that city trip, i owe x money to the student loan people.." you pay it off gradually with your paycheque when you start earning more than 12k. and the interest isn't crippling.
it's all good. whatevs.

[b-grrrlie]

Here's where that 0% balance transfer stuff can really work for you - BUT you have to be REALLY disciplined about it, or it will just pull you under further:

If you get an offer to get a new card with an introductory 0% for six months on balance transfers, you can transfer the money to this new card, which will help you pay it down a are bit faster, since most of what you are paying on the old card is probably interest, which is why it's so hard to make a dent in it. But you must do two things: make sure that after the 6 months that the interest that will start up is no higher than the rate you are currently paying, AND, most importantly, DO NOT MAKE ANY FURTHER PURCHASES WITH EITHER CARD. In fact, as soon as you get the new one and transfer the balance, cancel the old one entirely.
I've just started my new work and what I understand the lunch is included (I have to check this again, because the nurses have to pay for their lunch even they're eating with the kids so I don't understand why I don't need to pay). And as my monthly pay is more than I've had for six-seven years I counted I can get rid off at least one of the credit cards by September. But that's only if BRMC or Beastie Boys DON'T tour Europe this year...