How much Debt do you have..
11-14-2007 | 06:24 PM
#1
How much Debt do you have..
After college grad I had 17k in loans and 5k in credit card.
Since then I payed like a 1k in student loans and got credit card down to 3.5k. Well I did just put 2k on my credit card to pay car insurance.
What is everyone else carrying. Dont count your house or car.
And I just graduated in june.
Since then I payed like a 1k in student loans and got credit card down to 3.5k. Well I did just put 2k on my credit card to pay car insurance.
What is everyone else carrying. Dont count your house or car.
And I just graduated in june.
need to be more specific
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11-14-2007 | 08:48 PM
#11
Racer
Joined: Jan 2007
Posts: 426
Likes: 0
From: North NJ
I'm 2 yrs out of school. graduated with 18k in school loans and 23k in credit card. I've been working for 1 yr 4 mo. and I'm currently left with a 15k balance in school loans and 7k in credit card debt.
you'll be fine.
you'll be fine.
11-14-2007 | 09:12 PM
#13
Drifting
Joined: Feb 2002
Posts: 2,637
Likes: 21
Credit $800 down from $12K a year ago. My wife and I put together a budget to get the credit card balances down and all thats all that remains. I used to never use credit and racked up our cc debt when we moved from NH back to WI, got married, and bought our first house together all at the same time. I never use my cc's now. I don't carry them I keep them in a bag of frozen water in the freezer.
My 97 Acura CL which I bought in 98 has been paid in full since 2000.
My 97 Acura CL which I bought in 98 has been paid in full since 2000.
11-14-2007 | 09:46 PM
#16
Registered but harmless
Joined: Aug 2005
Posts: 14,859
Likes: 1,151
From: Los Angeles, CA
Originally Posted by dnd2984
What is everyone else carrying. Dont count your house or car.
However, with 2 kids, I expect to be about $250,000 to $350,000 in debt in 10 years when they have both graduated from college, assuming no scholarships or winning of the lottery.
11-14-2007 | 10:32 PM
#17
Moderator Alumnus
Joined: Oct 2004
Posts: 6,547
Likes: 196
Originally Posted by Will Y.
Right now, 0.
However, with 2 kids, I expect to be about $250,000 to $350,000 in debt in 10 years when they have both graduated from college, assuming no scholarships or winning of the lottery.
However, with 2 kids, I expect to be about $250,000 to $350,000 in debt in 10 years when they have both graduated from college, assuming no scholarships or winning of the lottery.
Terry
11-15-2007 | 10:56 AM
#18
Too much right now. Can't wait for that second income to start coming in and pay it down. I have about $10K in credit card. Should be gone in 6 months. Then I'll get rid of the car loans.
) and SBA loans...
:rippedoff 
11-15-2007 | 11:40 AM
#23
trees grow in
Joined: Apr 2007
Posts: 1,181
Likes: 1
From: New York
I really don't get why people leave balances on their CCs, with typical interest rate hovering around 20%, and the way it compounds, you will be paying your ass off! The way I look at it is that if you can't pay all of the balance off by the end of the month, then don't use it at all.
11-15-2007 | 02:47 PM
#26
Originally Posted by coconut
I really don't get why people leave balances on their CCs, with typical interest rate hovering around 20%, and the way it compounds, you will be paying your ass off! The way I look at it is that if you can't pay all of the balance off by the end of the month, then don't use it at all.
11-15-2007 | 03:07 PM
#27
Senior Moderator
iTrader: (2)
Joined: May 2000
Posts: 27,921
Likes: 1,080
From: where the weather suits my clothes
Originally Posted by teranfon
Its sounds as if you're prepared to pay for most, it not all, of your children's college education. Not commenting if I agree with this or not, but kudos to you for willing to undertake a huge financial responsibility to make sure they have a good education and advantage when they're young adults
Terry
Terry
Our plan for our kids education is to have the money ready to pay their tution each year. They will be required to maintain a gpa that we determine. If they do, school is free. If not, they pay each semester they fall below the gpa to us. I think it really teaches them the value of money. I know I probably would have done better if I knew I was going to be on the hook for the bill.
11-15-2007 | 03:16 PM
#28
Originally Posted by NSXNEXT
Our plan for our kids education is to have the money ready to pay their tution each year. They will be required to maintain a gpa that we determine. If they do, school is free. If not, they pay each semester they fall below the gpa to us. I think it really teaches them the value of money. I know I probably would have done better if I knew I was going to be on the hook for the bill.
11-15-2007 | 03:38 PM
#29
Moderator Alumnus
Joined: Oct 2004
Posts: 6,547
Likes: 196
Originally Posted by RaviNJCLs
Not a bad idea. My mom paid for my college provided I did well and stayed out of trouble. I graduated in 4 years, had a decent GPA and didn't do anything stupid. So I agree with your method.
Good idea.
Terry
11-15-2007 | 06:53 PM
#30
Burning Brakes
Joined: Apr 2004
Posts: 889
Likes: 1
From: Orlando, FL
Originally Posted by 65 Fury Convert
Credit $800 down from $12K a year ago. My wife and I put together a budget to get the credit card balances down and all thats all that remains. I used to never use credit and racked up our cc debt when we moved from NH back to WI, got married, and bought our first house together all at the same time. I never use my cc's now. I don't carry them I keep them in a bag of frozen water in the freezer.
My 97 Acura CL which I bought in 98 has been paid in full since 2000.
My 97 Acura CL which I bought in 98 has been paid in full since 2000.
11-27-2007 | 10:37 PM
#33
You want me to break it?
Joined: Sep 2003
Posts: 2,871
Likes: 0
From: Dallas
I think there was another thread like this somewhere.
CC - none month to month but we put most stuff on it cuz we get free stuff - pay off the balance each month
home - about $400K
educational loans - just over $105 k
cars - total (new Suburban with not so free new son plus buying out my tsx) about $50K
I'll ride my student loans to my grave (I love 3.5% interest). Cars will take from 3 - 5 years, house should be taken care of in 15 years.
Kids education = 509 plans for each of them. $500/month times 3 kids. They want to spend more they borrow. They don't meet expectations they borrow. I can apparently transfer these to any future nieces/nephews too (as long as it pays for education) just in case my kids turn out to be lazy.
CC - none month to month but we put most stuff on it cuz we get free stuff - pay off the balance each month
home - about $400K
educational loans - just over $105 k
cars - total (new Suburban with not so free new son plus buying out my tsx) about $50K
I'll ride my student loans to my grave (I love 3.5% interest). Cars will take from 3 - 5 years, house should be taken care of in 15 years.
Kids education = 509 plans for each of them. $500/month times 3 kids. They want to spend more they borrow. They don't meet expectations they borrow. I can apparently transfer these to any future nieces/nephews too (as long as it pays for education) just in case my kids turn out to be lazy.
11-30-2007 | 01:24 PM
#36
Elegance
Joined: Apr 2007
Posts: 538
Likes: 0
From: Buffalo, NY
How do you guys have so much credit card debt 
I'm 20, in school
-0 credit card debt
-12500 on my new 2004 TL but once I sell my other car it will be paid off
-10000 borrowed that's in the stock market
- all school has been paid up front
At any time I could pay off all money borrowed, so I don't mind some debt, the key is using debt to your advantage (which most don't understand)
I'm very proud of my financial position compared to most kids my age, so sorry if you think I'm boasting
I'm 20, in school
-0 credit card debt
-12500 on my new 2004 TL but once I sell my other car it will be paid off
-10000 borrowed that's in the stock market
- all school has been paid up front
At any time I could pay off all money borrowed, so I don't mind some debt, the key is using debt to your advantage (which most don't understand)
I'm very proud of my financial position compared to most kids my age, so sorry if you think I'm boasting
11-30-2007 | 01:59 PM
#39
Suzuka Master
Joined: Dec 2005
Posts: 5,115
Likes: 0
Originally Posted by lavo
How do you guys have so much credit card debt
-0 credit card debt
-12500 on my new 2004 TL but once I sell my other car it will be paid off
-10000 borrowed that's in the stock market
- all school has been paid up front
-0 credit card debt
-12500 on my new 2004 TL but once I sell my other car it will be paid off
-10000 borrowed that's in the stock market
- all school has been paid up front
Student Loan - $2,500 (will be $100,000 in 5 years)
Mortgage- $98,000
CC - $1,500
Personal Loan - $4,000
The personal and the CC will be gone by March 2008. Im so excited!
11-30-2007 | 09:57 PM
#40
Elegance
Joined: Apr 2007
Posts: 538
Likes: 0
From: Buffalo, NY
Originally Posted by SakiGT
You think have a CC balance is weird, I think this is downright scary. Different strokes...
Student Loan - $2,500 (will be $100,000 in 5 years)
Mortgage- $98,000
CC - $1,500
Personal Loan - $4,000
The personal and the CC will be gone by March 2008. Im so excited!
Student Loan - $2,500 (will be $100,000 in 5 years)
Mortgage- $98,000
CC - $1,500
Personal Loan - $4,000
The personal and the CC will be gone by March 2008. Im so excited!
Last edited by lavo; 11-30-2007 at 09:59 PM.