Not including mortgage or car, how much debt do you have?

Credit cards, personal loans, school loans, include equity loans/lines of credit if it wasn't used for home repairs or remodel.



(Third choice should of been $2500 not $25,000)

Too much

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Dawnie
~~~~~~~~~~~~~~~~~~~~~~~
If there is a will there is a way!

We have too much, but some of it I consider a home equity loan sort of even though it's a credit card.

We have a Discover Card with 0% intrest for LIFE on balance transfers, so we charged on purpose for home improvements which normally would have been cash, granite counters and central air. $18,000

So we do have debt, but it went to big home improvements, not 1556 trips to the mall.


Anyone with debt should look into their no intrest for life credit card, the money you pay on it every month goes RIGHT to the balance, so you see the dent in it right away. I can pass along the details if anyone is interested you can call DIscover and see if you can get one?

So other than that debt we have about $4000. Not good, but managable.


I voted under $30,000, it still is a credit card.

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"A true friend is someone who thinks that you are a good egg even though he knows that you are slightly cracked." ~ Bernard Meltzer

Nice to see so many with $0! Wow! Ouch to be in the over $30,000 range before home and car.

We pay off our credit cards each month and so we actually zero out as we go along. I chose less than $2500 because we do use two credit cards; one earns frequent flier miles and the other earns a cash rebate but we use them always in the place of cash...

It is almost always less than $1500 a month that we pay on cards... this is for groceries, gas, utilities, everything.

Have $2000 on a credit card, and I plan to pay that off as soon as possible. My car is paid for...of course, I owe on the house. I guess mine isn't too bad!

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If you're not living on the edge, you're wasting space.

My husband just bought a new aluminum jon boat last month. It was actually a pretty good deal. The boat is a 2005 which was still on the dealer's lot. The dealer did not want it there when the 2007s were delivered so he dropped the price about $600. My husband is hysterically happy with it. Yesterday, he had a welded floor and utiity box installed by a backyard welding guy for another $660- boy that stuff is expensive but this boat will be with him the rest of his life. There I picked the under $5000 in debt. Hopefully, he will get his old boat sold so we can pay off part of this debt. I paid for the boat and the floor/box with our home equity loan.

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Lyn Clarke

No credit card debt here. Next month, the place we live will be paid off. We are making two car payments though. Yuck. We had splurged and purchased a Jeep Wrangler then, wouldnt you know it, the next month my Neon started acting up and instead of having it nickel and dime me, we got another car. So I do not like having two car payments but they are affordable and ... what can ya do?
I have a lot of student loans but I look at this as an investment - but yea, about 18,000 - *cringes*

I do use credit cards- but they are paid off monthly. I use them for the benefits. Like Victoria Secrets Spend so much and get a $10 gift certificate and you get awesome coupons and deals with the credit card. But I know how to use it.

When DH and I met, we both had an astronomical amount of credit card debt. WOW, just thinking about it.... So glad we are out from that.

And flipper, I think i'm going to email you- that no interest for life sounds awesome!! Thanks for the heads up!

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Not all those that wander are lost.

I hear ya! My choice was over $30,000....$37,000 to be exact. $17,000 is for student loans, though. Too bad we weren't including our cars and mortgages.....then I could say I'm paying off one of my cars w/part of our income tax.

It will take us YEARS to get out of credit card debt. We've done it twice before, you'd think we would have learned from those TWO times.

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Amy
Mom to Lauren, Eryn, Naysa
and announcing......
Gavin Michael Chase, 9 lbs 10 ozs
and 21 3/4 inches long on 10/13/09!

I just got a newer car last month, so I know about the 2 car payment thing. My payment is $180, DH's payment is $250.

We have 2 credit cards worth mentioning (the 3rd is a JCPenney card with a balance of only $50) - the first has $1420 owed on it, and the second has $5600 owed on it.

However, as soon as the $1420 card is paid off, we are going to use it to put new windows in the house. Our goal is to pay that off, and then use it for another home improvement. Last year, we got new insulation installed under our house. DH's credit card is the higher one, and his is high because of balance transfers (going from 22%APR down to 8%APR with no balance transfers has been good to us!)

I feel that our debt is not too terribly awful. It has been A LOT worse. I have learned to control myself with credit cards. I got kind of out of control with my JCPenney card when I was working there (it is easy to do when you are working for a store to get carried away with credit at said store). Luckily, we took care of that debt very quickly. The only reason I have a balance on that card is because of the coupons they have "when you use your JCPenney card", and I am doubling the payment. It should be paid off in Feb.

I am pleased to say that our Sears card has carried a $0 balance for a couple years now! We charge a little thing a couple times a year, like a pair of shoes, and pay the bill in full when it arrives, just to keep that card open.

We have 2 credit cards and they total less than $5000 together. I have actually run them up quite a bit lately since I put my tution and books for college on them to get the points and then pay the card off. With the holidays I havent paid off as much as I usually do.

We are starting a new budget in the new year and hopefully that will get us on our way to being debt free. (minus the house and car)



Darlene

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Sell crazy some place else, we are all stocked up here.

Not much! We only have 1 car payment, we pay off our credit card every month and don't finance anything else.

Lisa

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"It's not having what you want,
It's wanting what you've got"

We keep the cc paid off. It's just a convenience.

Our mortgage and car payment total less than 25% of our take home pay. We're not really very spendy!

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"Blessed are the peacemakers, for they shall be called the children of God." --Matthew 5:9

We have 0 debt. No car payments, no mortage (we will someday, hubby is in the military we'll be buying our first home in about 3 years) and no cc debt. We do have credit cards but only for emergency purposes and for paying our bills with auto-pay. We pay it off the beginning of each month and we get to accumulate airline miles on it as well.

The last time we figured it out we save about 65% of hubbys paycheck every two weeks.

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"Why must you speak, when you have nothing to say." Horatio Hornblower

You save 65% - holy smokes - excellent job!! Is hubby an officer in the military?

cj/

Aprox $35k for us. $13k is credit card debt that we have the money to pay off, but since it's 0%-2.99% interest we make more money leaving our cash where it is and paying it off out of current income.

The balance is a HELOC. We pulled $100k out last year to buy another house, but the ones in our neighborhood are still going up. Instead of buying we used the money to turn our 2family into a one family. I think we did well to pay off so much of it of already, since we no longer have rental income coming in. We'll have no problems paying that off when I return to work after my maternity leave.

Yes, he is now, but when I married him over 16 years ago he was only a 3rd Class Petty Officer. Talk about the 'poor' days. He went Warrant Officer 4 years ago and the money has gotten better. But I must say, it can be done no matter what paygrade you are. I've been lucky to be a SAHM for the last 16+ years and we've always been able to save something, even if it's a little bit. You've got to start somewhere, right.

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"Why must you speak, when you have nothing to say." Horatio Hornblower

I voted under $10K. We have about $4K on credit card that is 0 percent interest that we can pay off but we would rather make some interest on it instead. Once zero interest ends, it will be paid off. Then I have about $4K that is business debt from my business that is again, zero interest and I could pay half of it right now but would rather hold that money in case I need it. Once tax refund comes in, that will be paid off. So, in reality, I have about $2K in debt that can't be paid off right now but can in a few months.

Whew...

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Proud to say I haven't shopped at a Wal-Mart since Sept 2003

You are so right..Dh was a Tech Sgt in the Air Force and we was saving roughly 65% of his check too..I was also SAHM and still am. When he made Tech it changed the world for us. We was able to get completely out of debt and start saving for the future

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Angels may not come when you call them, but they'll always be there when you need them.

As of this month NO more DEBT

Our only debt is the van and house payment so I guess i'm lucky.

The only debt we have is mortgage and truck payment. We have a credit card but do not carry a balance on it.

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Children seldom misquote you. In fact, they usually repeat word for word what you shouldn't have said.

$22000 last time i checked

JUST credit cards, I am happy to say way less than $1000. (Dare I say less than $500)
Many years ago we got rid of everything and now we have only Macy's (which is FINALLY paid off this month) and 2 other "emergancy" cards.
I am not happy with myself that I had to use my "EC" this month. The bill came today and I dont want to look at it.
I was not brought up with a very good example of credit card parents BUT I talk to my daughter often about credit card debt. (Heck I have been talking to her about it since she was 8 or even younger!!)

I tell you though it is soooooooooooo easy for me to get one and run it up. When my husband and I were dating we went to California to a mall and I opened up 3 instant accounts and maxed each one out within 2 hours. When we were engaged he asked me how much I owed and was blown away by my debt. I always joke with him that he knew I could max out 3 cards in minutes and his reply is always Yeah but I was not responsible for you then!! I am glad that he is the strong one when it comes to $$.

Our 2 cars were also paid off last year so we have had a year of no car payments!!

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John 14:1
GO GATORS!!
GO BEARS!!
Check out my pictures!! Just click below:
http://www.flickr.com/photos/gotjenks/

Are some people including home and car in their 'vote'????

I read the OP as saying not to include those for the poll...

If I did, we'd be more in the $41,500 range.

We have about 12 k in credit card debt. that includes our home equity. we are stillpaying on things that we had to get after a flood hit us 3 years ago. We were over 19k in debt so were getting there. Were paying off 6 k when taxes come around! slowly but surely we'll make it...

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Too many people spend money they haven't earned to buy things they don't want, to impress people they don't like. - Will Rogers

We have just under $5000 not including the car. Our car payment is $300 and will be paid off in 2 years. We have $100 on a Home Depot card for a new washer and dryer. Under $300 on 2 credit cards and the last is silghtly over $2000 from us being broke and charging groceries. If we follow our payment plan of payment with and extra $200 going to cards we should be paied off by the end of the year (everything except the car).

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TLJ ~ Where opinions are encouraged, not deleted

You laugh at me because I am different,
I laugh at you because you are all the same.

Your mind is like a parachute, it only works when it is open.

You can call Discover and see if you are eligable for it. You have no intrest for like 6 or 12 months and then to extend that promotion you have to make 2 charges to your account per month. We charge $1 worth of gas twice or the Sunday paper twice a month, that way it isn't a big charge.

I really feel like I am getting somewhere on a balance when every month I see it go down, where with a regular credit card, the payments only cover the interest and a small amount of the debt. It's depressing when you pay $100 and your balance only went down $30 or so.

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"A true friend is someone who thinks that you are a good egg even though he knows that you are slightly cracked." ~ Bernard Meltzer

None. we have a cash only, or credit card paid off at the end of the month policy. Our house has been paid off for 6 years

Just wait until you all have a kid or two (or three) in college...even the partial scholarships , savings and summer job money burns up long before half the first semester is paid for

When my husband's company closed LAST Dec and he lost the job he held for 23 years, boy was I glad we didn't have any debt except mortgage. He still hasn't been able to find a F/T job with benefits, just working p/t and collecting unemployment, thank goodness for unempl. I also work p/t. DS 11 has already been put on notice that he will be paying for his own college. He is extremely bright so we are hoping for some scholarships. I clip coupons and shop so frugally. My neighbors can't believe we can still support our household after DH being unempl. for over a year. This I pride myself on! All my bills are paid and we have not had to take out of 401K or IRA. DH has prospects for a F/T job with the town within the coming year-great benefits, retirement plan, medical, etc. We are hanging in there. The only advice I can give you younger folk is... don't bite off more than you can chew. If we had car payments, credit card debt, etc. we'd have been outta here! I know it's tough to do without but believe me, you never think it can happen to you, but it can. Live well and have fun, but within your means. AND, don't forget to save for a rainy day, even if it's only a few bucks here and there, because it can pour when you least expect it. Here's to a prosperous New Year for all!!

no debt other than our house but we have been thinking of doing upgrades on our house BUT then I won't be able to say we that we have no debt.... Hmmmmm

We only owe on our house and a small equity loan we used to fix up our house and buy a tent trailer so I voted under $10,000

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Think about helping out with cancer...
Join the Relay for Life

I voted under $1000. We have no car payment. We pay our credit cards and utilities each month in full. So, it's probably under $1000 per month, but paid in its entirety.

We have a house payment/mortgage. I didn't include that.

Besides our mortgage payment and car payment, we just bought a new refrigerator in October and put it on a Home Depot account that is at 0% interest for one year. We have enough in savings to pay off the refrigerator, but we will keep the money in savings and collect interest on it until the last minute. That's how we have always bought new furniture too and we have never had a problem paying it off by the deadline. DH's sister does this and then can't pay things off in time and gets stuck with hundreds of dollars in finance charges.

We also charge everything we can on a Visa card, but we pay it off every month. It's a rewards card and for 2006 we earned almost $600 back in cash! Not too bad since there is no annual fee and we never pay interest.

My car will be paid off in a little over 2 years, but by then it will be time for DH to get a new vehicle.

We pay off credit card every month, but use it for EVERY SINGLE THING! Just have a house payment and my daughter's Scion payment. Will be paying both of those off when workers' comp. settles up with DH. He was permanently hurt on the job and is now "retired" at 40.

I put zero because I pay off my credit card several times a month, as I make the charges. I write them in my checkbook register as I make the charge, so the money is deducted from what is in our account. That way I keep track of what has been spent and don't spend more than we have.

We do have a car loan with about $6000 but it is at 2.9% so there is no point using savings to pay that off, Emigrant is paying us nearly 5%.

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Raising my baby RIGHT!!!!!!

All the cool babies are wearing cloth!

I said less than $10K, but I think it's closer to $7,000 now. We've been paying a lot extra, BUT we had a $25K wedding in October and only charged $600 (no interest for 6 months credit card at Sam's which we'll pay off before then) - paid for the rest in cash. We could have done a lot of other things with that money, but I really wanted the wedding just the way I wanted it. Now, we have to work at getting the rest of these paid off, but I figure that will be done by June. We're also putting in hardwood floors and tile next month, so that money could have been used as well. (But we really do need - *want* - new floors...) The floors would be necessary for us to sell the house anyway (that's what I keep telling myself!), which we're planning to do in another year or so.

My husband and I decided a couple of years ago to get debt free. In the past few years we have paid off our house and both vehichles. We now owe about 16000.00 on a loan and then we are through owing people. Hopefully, never a loan payment again. Yea!!!!

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Proverbs 31
dran1168@sbcglobal.net

You said it sister!

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Freedom Stands...Because HEROS Serve

Mary

I have read about this before but I was concerned about the interest rate on the small charges. What is the interest rate for those? Doesn't it add up after awhile since they don't apply any of your payment to those charges but to the 0 balance instead? Please email me more info as I am curious if this would be better than my 3.99% for the life of the balance. catladyfour4@yahoo.com

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“A two-year old is kind of like having a blender, but you don't have a top for it.”
Jerry Seinfield

It won't be much of anything if you only charge $2 a month ($1 twice). And yes they pay off the 0% first. I really have no idea of what intrest is on the small charges, but like I said how much could it come to when you are only charging $24 a year?

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"A true friend is someone who thinks that you are a good egg even though he knows that you are slightly cracked." ~ Bernard Meltzer

I've never been a debt person, but I married one. My husband was irresponsible with his money before we got married (I'm fully in control now) and he had lots of debt when we married. I've paid it all off except for his student loan which I am starting on this year. He still owes $22,000 on that. I get so mad at him because he was getting money every month to pay it off (GI Bill) and he blew it instead. I have a 2 year plan to get that paid off. He still has like 25 years left on it if we pay the minimum. No way I want to pay that stupid loan for 25 more years!

But we have 0 credit card debt, the 2003 minivan just got paid off a couple months ago and I only pay cash for all my purchases. I will NEVER finance anything but a home again. And even that, I will not go as high as the mortgage broker says we can go. They like to take people to their absolute top limits.

Approx. $740,000.

The breakdown:

$300,000 student loan (16K undergrad, remainder dental school)

+

$250,000 dental practice

+

$170,000 mortgage (2100 sq ft, 50 years old, nothing special)

+

$20,000 new van loan (wayyy too much to spend on a vehicle, but too many kids, & need a reliable machine)

=

$740,000 so far.

NOTE: We are a very frugal family. Lots of rice and beans, we garden, glean from farmer's fields, can fruits & veggies, grind our own wheat, never turn down free anything. The kids wear hand-me-downs. Basic phone line, no cable, no satellite, $3 dial-up internet. We are "attacking" our debt, a la Dave Ramsey style in "The Total Money Makeover". Someday we will be free of this debt. We knew going in that we would go into this kind of debt. Both our fathers were truck-drivers, and we decided to choose a career that would afford our children more opportunity than we had.

Now, when you curse your dentist as you leave his office, just remember that somewhere out there, his wife might be shopping second hand stores or clipping coupons, just like you. It stinks to bring home more monthly pay than you ever dreamed of, and to have all of it spoken for because of debt payments. Check that book out at your library if you can - it's amazing. Even my dad who has never made over $20,000 annually, and never had debt, learned a lot from it. Managing money wisely isn't something you're born knowing. You have to learn it - and you will either the hard way, or from a book.

Glad to see another Dave Ramsey fan. I went and was trained as a couselor for him.

We were in the babysteps of foolowing Dave Ramsey's Financial Peace when we took an $800/month hit due to my husband no longer being on flying status in the military. He was diagnosed with diabetes and is unable to fly at this point. I am happy to say that my part-time job has more than made up the difference as well as allowing us to tackle our only debt (my car) aggressively! His plan for attacking debt is awesome. I thought about researching becoming a trained financial counselor through his company. Have you experienced a lot of success?

There are two types of training for ministry and for profit. There are two different fees for the training. If you take the non for profit, you can never do counseling for profit. Also part of the fee for profit is being listed on his website as a financial counselor.

He will tell you, you cannont make a business out of just being listed in on his website.

If you have any other questions PM. I will be glad to answer them.

Linda

It is good to see so many FPU people on here. I would love to go to TN and take the counselour training Dave Ramsey offers. After we did the FPU classes I shared with others. It was interesting to me that many of the people who took the classes, did not apply the information. Now that we are debt free ( only a mortgage left) I can not even imagine living under the stress of debt again. It really is as Dave says "Freedom!".

I have worked with a few people who took the FPU classes. Some just don't know how to personalize it for themselves. I think possibly it is just not doing the forms. It takes time. I have got them started and they do ok after that.

Some of the people I have worked with, are not ready to make the lifestyle changes and sacrifice to do it.

Also like Dave says, it is 20% knowledge and 80% discipline.

I worked with a lady at work. She was in a real bad state. I think her motivation was, she was about to be served a court order at work.

I got her on the right plan. We got a lot of things worked out. The pressure is off and she was on a good path to be ok. Now I see her falling back into her old ways.

Could those of you familiar with Dave Ramsey materials recommend one or more of the books and/or workbooks? I have a friend in a very messy financial situation that is causing him a lot o stress, but he still seems not able to make good choices - I was thinking of getting him a book or two to get him thinking on the right track...

TIA,
cj/

I would recommend Total Money Makeover. I know there is also a workbook that goes with this. I don't know if the workbook is available in the book stores. I buy them in bulk from his website.

There is another book that comes with FPU. It is call Financial Peace Revisited. I heard Dave say one this one tells you what to do. Total Money Makeover tells you how to do it.

hth

Is this they man that was on Oprah for her "Debt Diet" series?

I don't think so-- that was David Bach. Here is the link to Oprah's Debt Diet on the website.
http://www2.oprah.com/money/debtdiet...eps_main.jhtml

I am a big Dave Ramsey fan. The Financial Peace University plan has been a huge blessing for us. We simply don't argue about money any more! It is wonderful!