so how's your debt?

T

Thorn Bird

Forum Mom
May 24, 2005
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i'm working on a new budget to go along with spange's new job. it's making me sick to look at total debt -- credit cards, car loan, school loan. it also makes me wonder how many other 20- and 30-somethings have debt, if they think it's controllable, and if's it tackleable (is that a word? it's the perfect-fitting one.)

do you ever think you'll be out of the debt you can help? (not a mortgage.) how much of your income do you dedicate to working yourself out of the hole? every penny? bare minimum?
 
Unless I win me up some lotto money, Ill never be out of debt.
Between cars, mortgage and creditcards Ill always owe somebody money.
Its perfectly managable tho, as long as you live within your means.
 
My current debt is about $3,000.

I pay all of my bills each month, and then usually put an extra $300-400 towards my debt. It's down from $11,000 this time last year. I can't wait until it's all gone. Just be patient and persistent. Put every penny you can spare towards making it go away. You won't be able to save until you do.
 
all my debt save the school debt is interest-free. i'm not paying anything other than what's mine. i work hard to keep it that way. but it's still frustrating to have all this over my head...i just hear good advice from either side of the spectrum (pay all off, don't save...if interest-free, then save while paying off...) i need to figure out the best plan of action for me.
 
And don't be like my retarded ass sister in law, who ran up $40,000 in debt by the age of 23 and then declared bankruptcy. What a fucking stooge. Bye bye credit for the next 10 years, give or take. (7 for bankruptcy, 3+ for pulling her head out of her ass)
 
hmm, let's see
Cards = 0
mortgage = 50k
cars >$700 will get paid off this month
Students loans = $10k as the wife is finishing up grad school

The mortgage is on the "hit" list next. I'll start paying that thing down like crazy. Paid one car off earlier this year and knocked the credit card out last year. Over the summer I've knocked about $2k off of my car and like I said I'll finish that one off this month.

Have a little padding in the savings for emergencies but no real retirement savings to speak of. Perhaps my wife's teaching pension will keep the wolfs at bay in my golden years. Yeah right.
 
Mortgage
Second Mortgage (due to TimeShare)
~700 /month used through credit card (all purchases are made on card and then paid in full each month)
 
Thorn Bird said:
all my debt save the school debt is interest-free. i'm not paying anything other than what's mine. i work hard to keep it that way. but it's still frustrating to have all this over my head...i just hear good advice from either side of the spectrum (pay all off, don't save...if interest-free, then save while paying off...) i need to figure out the best plan of action for me.
Click to expand...


If it's interest free that should be MORE incentive to get rid of it. You don't have to worry about wasting money on interest! Pay that shit off and get rid of it. No sense letting it hang around for no reason.
 
I have about $500 on my credit card. My biggest is school loans, but since those are at 1.6% interest, I'll be making the minimum payments...
 
well, i'm paying off as much as i can each month...but it's still looking like years before it's all gone. i've just realized, too, that we HAVE to allot ourselves a tiny bit of money for play. it's so important to have a little time off from the everyday routine.

i just wondered if anyone else felt overwhelmed by debt on some days.
 
The only money I owe anyone is for the $2,000+ it cost to get my car fixed last time, I still owe him ~$1,500. I don't own a house, my car has been paid off for 2 yrs, I don't have one single credit card, and my schooling was all Florida Pre-paid.
 
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