The Debt Thread: How Much debt are you in?

[Deleted member 3542]

About 6k on a Credit Card, which sucks the most. Kind of just moving it around to no interest cards at this point and slowly paying it down.

Other than that just my Student Loan. It's about $15k at this point. So I've paid half it off.

 

[Mido]

I just put a deposit down on my home so about 700k. Fun!

 

[Tranquility]

Mortgage 80k. Student loan 10k. Have a car worth 45k that is paid off (added to the mortgage).

 

[Zippedpinhead]

between house, car and CC I have 200k in house, 14k in car and 3k in CC. not terrible and payment plans for all three that are reasonable.

 

[Biggersmaller]

$280k left on mortgage. $14K left on my wife's car. Everything else is paid. Pretty proud of that considering I have kids.

 

[Roy]

I've done this three times (for myself, for my mom, and my sister - though technically she bought hers with her own money).

A $3,600 Chevy Monte Carlo I had inspected by a 3rd party. A $5,200 Volvo that ran perfectly over three test drives. And a $5,600 Corolla with relatively low miles (100k) that was in mint condition.

Oh! And I had a friend who bought a $7,000 Civic that had high miles but was only like 4 years old.

All of them. Every single one. Had a repair that was $300-$400+ every other month or so, for the whole time of ownership.

Timing belts, serpentine belts, alternators, transmissions, AC, electrical (lights), etc.

I'm a firm believe in buying a $12-$15k certified preowned Honda or Toyota with some warranty, and sucking up the car payment, versus buying dirt cheap and old any day of the week.

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I've done this 4 times between myself and my parents with Honda's and Toyota's and with a mechanic certification and had very minimal issues.

Test drives and uncertified checks don't cut it!

 

[Dark Ninja]

Zero paid off everything not too long ago. Completely worth it and a giant weight off my shoulders.

 

[Sky Chief]

I owe a little less than $10k on my car, hoping to pay that off in the next few months

 

[Deleted member 14313]

£50-60k in student loans @ 6.1% variable. Repayment is 9% of any income over £25k/year but will be writen off in April 2050.

£515.54 overdraft @ 0% until June 2020.

 

[sgtnosboss]

2k credit, but that went to a wedding coming up. normally 0

 

[Paranoid abnormal]

Considering mortgage and student debt?

Around 400k

My tenant is paying my mortgage and I'm going to go on an income repayment plan for the student debt so how much of that am I going to end up paying?

Not much

 

[Gottschalk]

Negative $800K.

 

[pezzie]

Currently about 8k in student loans, but I'm probably looking to borrow 13-15k next year to finance a car.

No credit card debt, no mortgage.

 

[Ethan Hutn]

£0. Don't spend money that I don't have.

 

[Jesse_and_the_rippers]

Mortgage and nothing else. I never leave a balance on a credit card.

 

[Deleted member 6263]

250k in student loans for a doctorate degree, my wife and I are trying to take it out sooner than later.

 

[Finalbeta]

None and it's pretty much a miracle

 

[OceanBreeze]

None.

Just a student loan which I couldn't give two figs about.

 

[Deleted member 3010]

My only debt is the mortgage of my condo.

I clear my CC on a monthly basis to avoid interest.

 

[Aranjah]

No student (or any other) loans, no credit card debt, and no mortgage (I'm a renter). I have no debt and I thank my lucky stars every time I think about it.

...Thanks, lucky stars.

 

[TKM]

So this is a touchy subject, but with recent reports that millennials are in huge debt, I wondered exactly what members of ERA's debt load was, what was the make up of it and how did you get it? Basically, are the reports right? Are millennials destined to die in huge debt?

Basically if you want to, post how much debt you have, what kind of debt is it, and do you plan to ever fully pay it off and where are you from (country of origin wise as I am wondering if perhaps Americans are the ones just screwed)?

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USA. $229K Current: 30 year mortgage @ 3.50% interest. Former: $22K 20 year student loan @ 2.00% interest.

The debt never worried me. The student loan was paid off a couple years earlier than I would have liked, but it made sense at the time I was house hunting. Mortgage will be paid off as slowly as I can. If rates are good, I wouldn't mind refinancing out just before I retire and investing the proceeds. Total debt doesn't trouble me, interest and servicing the debt is what needs to be manageable, and what's on the other side of the ledger (house value and investments).

I have stock funds (mostly locked up in retirement accounts) far in excess of my total debt so I don't worry. I've been very very fortunate.

 

[Her Hero Is Gone]

Canada, $0 debt. I'm really debt-averse though, which is something I have found I have in common with friends who are also of Chinese descent. I will only consider it for buying a property (which may be coming soon) and then I'll have a mortgage.

Honestly the thought of having a mortgage makes me feel so exhausted for some reason. Back when I still carried a student loan, I felt really trapped by it. When I paid it off I felt so free.