[Jahn]

Quote:

Originally Posted by zotjen /img/forum/go_quote.gif Other than my mortgage, I have no debt.

But that's the main debt that keeps me up at night. Must...pay...principal!

 

[Old Pa]

Quote:

Originally Posted by snejk /img/forum/go_quote.gif What if you're between $50k and $1000k? The poll only has options for below 50k and above 1000k? Heck, either way I'm owned by the banks!

Oopps! Too many zeroes! That last one should have been >$100,000USD. Thanks!
Quote:

Rather than asking about debt, maybe it would be better to do a poll on net worth.

I thought about that. Net worth can be complex and illusory for some folks. And it's a different question. Decided on doing debt.
Quote:

Must...pay...principal!

That's what I did, and believe me it was worth it.

 

[averydonovan]

I have nearly $30K in debt. About $5.5K is student loans, the rest revolving credit card debt. $3K or so of that is medical expenses. A large portion is a result of my income from my job being significantly less than what I needed, and the rest is just irresponsible spending. My goal is to have it all paid off in 5 years. I have shredded all but two of my credit cards, and those two are almost at the limit so I can't get myself in much more trouble with them. The hardest thing for me now is to budget properly and only use the money that I really have. When I get a car, it'll properly be some cheap old clunker that I pay cash for. I'm going to try to avoid any new lines of credit for the next few years.

 

[nickknutson]

Actually, I voted "<$50K total debt of all kinds". But, I've got a lot more money in the bank, than debt...how should have I voted?

 

[YamiTenshi]

>$100,000 in debt and I have nothing. No house, no car, nothing. The most expensive thing I own is a 3 year old computer that crashes daily. I've seriously considered bankruptcy but they just recently amended the bankruptcy code so that educational loans are nearly impossible to discharge.

But on the bright side I have 0 credit card debt.

 

[neFilim242]

I owe $40,000+ in student load debts : ( I'll probably be well into my 40's when it gets paid off. On the bright side my credit is actually not too shabby and my credit card debt is practically nil.

 

[lan]

$0.00 now and previously.

I'm thinking of buying a house in the near future though. I have no idea what I'm in for.

 

[guzziguy]

Quote:

Originally Posted by Jahn /img/forum/go_quote.gif But that's the main debt that keeps me up at night. Must...pay...principal!

That shouldn't keep you up much as compared to worrying about how high rent will be in 10 years.

 

[cosmopragma]

My father told me a simple rule of thumb regarding money when I was young:
Just spend less than you earn.
Also according to the Committee on Un-German Activities debt (at least consumer debt) is considered to be un-german, so what can I do?
I do have saved enough to live about two years without any income.
That helps to keep me free.
Sometimes I have to observe free men being treated without respect by employers.Can't happen to me.An employer treating me like a slave can shove his job up where the sun never shines.
I can afford it.That's important for me.
From my point of view being heavily in dept means you are not free since they can easily force you to do what you don't want to do.

 

[snejk]

Quote:

Originally Posted by neFilim242 /img/forum/go_quote.gif I owe $40,000+ in student load debts : ( I'll probably be well into my 40's when it gets paid off. On the bright side my credit is actually not too shabby and my credit card debt is practically nil.

Yeah Carl McCoy!! Sorry for the total OT but I just had to compliment you nefilim for your choice of name and avatar. I even got the movie (on vhs...) from where your avatar comes from somewhere but for the moment the name escapes me

 

[Old Pa]

Quote:

Originally Posted by nickknutson /img/forum/go_quote.gif Actually, I voted "<$50K total debt of all kinds". But, I've got a lot more money in the bank, than debt...how should have I voted?

Debt is what you owe. If you have assets and debt, you should consider if your assets are earning more than your debt is costing. When I got my last car, I opted for a 36 month 1.8% loan and kept the cash I had in a (then) 4% certificate of deposit. In most cases, however, it's a good idea to pay off debt if you have the ability.
Quote:

I'm thinking of buying a house in the near future though. I have no idea what I'm in for.

Speaking for myself, getting a house was the best thing I ever did for myself. Second best was paying it off. Hope SWMBO doesn't see this. If she does, these two items are actually #2 and #3 on my "best of" list.

 

[nickknutson]

Quote:

Originally Posted by Old Pa /img/forum/go_quote.gif Debt is what you owe. If you have assets and debt, you should consider if your assets are earning more than your debt is costing. When I got my last car, I opted for a 36 month 1.8% loan and kept the cash I had in a (then) 4% certificate of deposit. In most cases, however, it's a good idea to pay off debt if you have the ability.

I'm just doing what my financial planner tells me to

 

[krmathis]

Debt free (since 1997).

 

[neFilim242]

Quote:

Originally Posted by snejk /img/forum/go_quote.gif Yeah Carl McCoy!! Sorry for the total OT but I just had to compliment you nefilim for your choice of name and avatar. I even got the movie (on vhs...) from where your avatar comes from somewhere but for the moment the name escapes me

Oh thanks dude.

I'm glad you got the reference. I've always wanted to see "Hardware" but haven't had the chance yet.

But anways I digress on the subject at hand. Despite my debt I've been able to start saving up some money (401k and starting to think about opening up a Money Market acct). Still it's been quite a struggle for me to get to this point; i'm just glad I finally got a decent paying job. Otherwise how else can I afford my headphone hobby.

 

[nickknutson]

Quote:

Originally Posted by krmathis /img/forum/go_quote.gif Debt free (since 1997).

Nice.