I'M IN DEBT UP TO MY EYEBALLS!!!! lol. Sorry, I just remembered that old commercial. Don't even know what it was for (guess it didn't work too well) $0 here. Thank God.
I'm not debt free, but I'm close to it (not counting mortgage). The only reason it was ever even an issue is because of my marriage. It took a long time to get the wife in line with responsible spending (been married almost 8 years and together 10 and only just now making real progress). What really helped was something called a Crown Financial class, which is kind of like Dave Ramsey light with a strong biblical emphasis. Really helped us. Of course, we will have a kid in college in two years so I don't expect that debt free situation to last too long.
Debt needs to be considered with assets as well.... I agree with guy above. 50000 in debt is nothing if U have 200000 in cash.
I've got mortgage, probably still $10K in student loans and wife has $13K on her car. I've paid off my car. What's bothering me lately is how loose I am with money now. It's just the small stuff like finding myself getting cokes at restaurants. Just disappointed at myself for doing it
Maybe more importantly, how many of you are reaching the annual $17,500 limit put into your job's deferred compensation plan? You can be debt free but if you don't have a million(at least) in savings when you retire, you are going to be in a world of hurt. My wife and I are debt free outside of a mortgage. I agree with the other poster that said married couples are more likely to be debt free.
I thank God that when my son was born, almost all of his hospital bills that I had to pay out of pocket for (around $10k) was waived by the hospital because of my low income. I know this sounds bad but up here in Virginia you can't find a decent house for under $200k and I know my inlaws (retired with money) paid the down payment for their oldest daughters house about 10 years ago will give us a downpayment in the next few months when we buy a house. My only worry right now is my car which is paid off is a 2002 Saturn (only 85k miles) will break down and will be more expensive keeping it maintained then selling it for a couple grand and putting it towards a newer used car. but at the end of the day all this financial talk is on the back burner to the more important things in life.
30k in college loans. Owe about $200/mo in it but pay $400. Trying to get it off ASAP. Outside of that no cc debt or car debt.
Company puts 2% in pension automatically, and matches up to 5%. So I get 12% of pension. It is important. I also put 5k in a seperate Ira Roth account annually.
Just put all my other **** into the mortgage. So I can do it again haha. So just a small 310k on that.
Well zero in debt bit honestly wish I had some credit lines out. Don't take on car loans, straight cash for private sale used. I rent and have a zero balance on my credit cards. Paid student loans off years ago.
i wouldn't even consider your "debt" as debt since it does provide cash flow. i think when people talk about debt it's the revolving kind. a mortgage is a liability and debt if it is your primary household. it becomes an asset only when you rent it out and it's making you more money/month than you are losing.
