I'm trying to get a good estimate on if my debt balance is too high or not. I don't like including mortgages in this or rent payments... My family (me, my wife, and my 3 year old son) have debt of $3,805 credit cards and $15,588 auto loan according to Credit Karma. Credit score of 732 for me. Whats your current debt look like?
What about cars you're still paying? Personal info is personal. Still paying two vehicles worth about $50000 in six-year loans... and because of that, the credit card stuff we owe is insignificant.
Other than my house? $0. It's a good feeling. My wife and I drive two paid-off used cars and use a single credit card as often as we can, then pay off the balance monthly.
Not counting the amount left to pay off the house, I have about $3,000 in debt. But that will be paid off in October. It's 0% interest so I'm not in a big rush.
Well when I posted that I had the thought that I would post my family income along with my total debt to kind of see a income/debt ratio, but after thinking about getting too personal with asking peoples income i decided not to and just left my son in there.
50$ on a credit card, about 7k left on my 45k car i got in 2010. Im not doing too bad for 23. Paying my way through college too graduating next year.
You also cannot consider debt balance without considering asset balance. For example, we have a car loan at 1.5% interest - perhaps a balance of $15,000 or so. We could pay that off, but why bother? The $15,000 is accumulating much more than 1.5% in interest.
I'll have about $25k in student loans when I'm done with college. Hopefully when I have to take out loans next year the student loan interest rate isn't as high as 6.8% (WTF!).
$21k Auto Loan, $7k Student Loans, $3k Credit Cards, $600 left on a personal loan. If I've ever made a mistake in my life, it was fooling with Credit Cards. I'm paying the REAL cost now.
