Freethought & Rationalism Archive

Viti · 04-15-2003, 07:56 PM

We have a large single debt now as we were able to get a personal low interest loan to pay off 1 car, credit cards, and a second mortgage that we used for necessary improvements on our 50 year old house. It will be paid off in 5 years instead of the estimated 15 it was going to take. We now have only one credit card each we pay off monthly, and everything else is cash.

I am glad we got the loan before hubby got laid off and I took a 10% pay cut or we would have had to sell our rental property or claim bankruptcy. Things could be much much worse.

christ-on-a-stick · 04-15-2003, 08:02 PM

Wow, I never thought I'd say *this* - I am a good girl (apparently!)

House was paid off last year, but hubby and I both purchased new cars within the last year so 2 car payments.

Savings account for approx six months living expenses and Greg has a 401k that's been going at work for the past 8 years and gets 5% of his monthly salary automatically.

Thorn in my side: about $10k in credit card balances (about 7k his and 3k mine). We don't use our credit cards at ALL anymore, but these balances are left over from the first couple years of our marriage when he was still in school and we just began the process of paying them down instead of just paying the minimums. Goal: debt-free other than car payments by April 1 2004.

wildernesse · 04-15-2003, 08:37 PM

We have a car payment and I owe about $100 on a store card.

Other than that, nothing. Of course, after I get finished with graduate school that maybe a different story.

Lucky for us, our undergraduate university work was financed by the state and Rufus' graduate work is as well. Maybe I can get lucky and win some fab grant also. I'm not going to hold my breath.

--tibac

Viti · 04-15-2003, 08:43 PM

COAS, how the hell did you pay off a house in Southern California in one lifetime?

Psycho Economist · 04-15-2003, 09:08 PM

No debts to my name.
No assets to my name either.
Last year of financial dependency. We'll see how things shake out then.

Opera Nut · 04-15-2003, 09:21 PM

Of course it's tough if you have fallen out of the middle class, your career crashed and burned thanks to the lawyers in the legislature (ha! They got OUR piece of the litigation pie TOO!). I fell out of the middle class and live in a house that needs a lot of work done on it, inside and out, that I haven't been able to afford due to chronically low cash flow.

And to think that none of my debt is student loans. My parents and I paid for 11 years of college and three degrees.

This is how I recommend you buy a house: Get your mom to buy the house. Then you sign a mortgage over to her for part of the amount as payments. The other part of it is a gift. Make payments as long as you can, and then she dies. And dad dies before that. And be sure to be the sole heir. Then it's forgiven.

She died and I inherited her house too, the mortgage on mine is forgiven due to the statute of limitations running prior to her death, and now I have TWO SHITPILES to clean up........[[[[sighhh]]]]

And my house in the big city has HORRENDOUS property taxes!! That's what they do in Texas, we don't have a state income tax so we get gouged on property taxes, state fees (like car inspections) and sales taxes....arggghhhh!!

Wildheart · 04-15-2003, 10:46 PM

$150.00, all on a credit card plus a car payment.

B34RZ0R · 04-15-2003, 10:48 PM

I dont feel like I am a good boy for only having roughly 40,000.00 in debt (note I graduated from tech school last summer). I just wish I could make ends meet a lil better!
*Bear*

Rosiel · 04-16-2003, 04:06 AM

I owe about $200 on a credit card...I'd like to pay it off (and have the money to do so) but can't until I get home. My money's in a local bank and I have to do everything in person.

I'm about to graduate from college with money in the bank, thanks to band and academic scholarships, plus inheriting some money when my grandfather died. I'm trying to avoid going into debt over grad school, but even if I do have to get a loan it won't be as bad as if I had started borrowing straight out of high school.

Ab_Normal · 04-16-2003, 09:52 AM

We've got one credit card and one bank line of credit that are pretty much maxed; we're running the red queen's race trying to get them paid off. We are also avoiding any new debt. So I was able to vote in the <$75K category.

However, if you include mortgages... we've got a house, a duplex, and 20 acres of wooded mountain-side we're making payments on. Plus that fifth-wheel we covered for my sister-in-law. We are property-rich and cash-poor. Too bad the cash is handy sometimes.

View Poll Results: How much debt do you have?
I am WORSE than the average American. Not counting my car and home, I have OVER $75,000 in debt!	4	4.71%
I am about average. I have approximately $75,000 in debt, not including my car or home.	4	4.71%
I am a good girl/boy! I have MUCH less than $75,000 debt!	30	35.29%
I am financially pious. I anally pay off my credit cards every month and have no debt except for my home and/or car.	47	55.29%
Voters: 85. You may not vote on this poll

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04-15-2003, 07:56 PM	#21
Viti Contributor Join Date: Apr 2001 Location: Down South Posts: 12,879	We have a large single debt now as we were able to get a personal low interest loan to pay off 1 car, credit cards, and a second mortgage that we used for necessary improvements on our 50 year old house. It will be paid off in 5 years instead of the estimated 15 it was going to take. We now have only one credit card each we pay off monthly, and everything else is cash. I am glad we got the loan before hubby got laid off and I took a 10% pay cut or we would have had to sell our rental property or claim bankruptcy. Things could be much much worse.

04-15-2003, 08:02 PM	#22
christ-on-a-stick Veteran Member Join Date: Oct 2001 Location: Durango, Colorado Posts: 7,116	Wow, I never thought I'd say this - I am a good girl (apparently!) House was paid off last year, but hubby and I both purchased new cars within the last year so 2 car payments. Savings account for approx six months living expenses and Greg has a 401k that's been going at work for the past 8 years and gets 5% of his monthly salary automatically. Thorn in my side: about $10k in credit card balances (about 7k his and 3k mine). We don't use our credit cards at ALL anymore, but these balances are left over from the first couple years of our marriage when he was still in school and we just began the process of paying them down instead of just paying the minimums. Goal: debt-free other than car payments by April 1 2004.

04-15-2003, 08:37 PM	#23
wildernesse Veteran Member Join Date: May 2002 Posts: 1,578	We have a car payment and I owe about $100 on a store card. Other than that, nothing. Of course, after I get finished with graduate school that maybe a different story. Lucky for us, our undergraduate university work was financed by the state and Rufus' graduate work is as well. Maybe I can get lucky and win some fab grant also. I'm not going to hold my breath. --tibac

04-15-2003, 08:43 PM	#24
Viti Contributor Join Date: Apr 2001 Location: Down South Posts: 12,879	COAS, how the hell did you pay off a house in Southern California in one lifetime?

04-15-2003, 09:08 PM	#25
Psycho Economist Senior Member Join Date: Oct 2002 Location: Peoria, IL Posts: 854	No debts to my name. No assets to my name either. Last year of financial dependency. We'll see how things shake out then.

04-15-2003, 09:21 PM	#26
Opera Nut Veteran Member Join Date: Mar 2002 Location: Houston TX Posts: 1,671	Of course it's tough if you have fallen out of the middle class, your career crashed and burned thanks to the lawyers in the legislature (ha! They got OUR piece of the litigation pie TOO!). I fell out of the middle class and live in a house that needs a lot of work done on it, inside and out, that I haven't been able to afford due to chronically low cash flow. And to think that none of my debt is student loans. My parents and I paid for 11 years of college and three degrees. This is how I recommend you buy a house: Get your mom to buy the house. Then you sign a mortgage over to her for part of the amount as payments. The other part of it is a gift. Make payments as long as you can, and then she dies. And dad dies before that. And be sure to be the sole heir. Then it's forgiven. She died and I inherited her house too, the mortgage on mine is forgiven due to the statute of limitations running prior to her death, and now I have TWO SHITPILES to clean up........[[[[sighhh]]]] And my house in the big city has HORRENDOUS property taxes!! That's what they do in Texas, we don't have a state income tax so we get gouged on property taxes, state fees (like car inspections) and sales taxes....arggghhhh!!

04-15-2003, 10:46 PM	#27
Wildheart Junior Member Join Date: Mar 2003 Location: United States Posts: 56	$150.00, all on a credit card plus a car payment.

04-15-2003, 10:48 PM	#28
B34RZ0R Veteran Member Join Date: Oct 2002 Location: Lost in the Ether, Minnesota Posts: 1,436	I dont feel like I am a good boy for only having roughly 40,000.00 in debt (note I graduated from tech school last summer). I just wish I could make ends meet a lil better! Bear

04-16-2003, 04:06 AM	#29
Rosiel Regular Member Join Date: Feb 2002 Location: Tennessee Posts: 122	I owe about $200 on a credit card...I'd like to pay it off (and have the money to do so) but can't until I get home. My money's in a local bank and I have to do everything in person. I'm about to graduate from college with money in the bank, thanks to band and academic scholarships, plus inheriting some money when my grandfather died. I'm trying to avoid going into debt over grad school, but even if I do have to get a loan it won't be as bad as if I had started borrowing straight out of high school.

04-16-2003, 09:52 AM	#30
Ab_Normal Veteran Member Join Date: Aug 2002 Posts: 2,842	We've got one credit card and one bank line of credit that are pretty much maxed; we're running the red queen's race trying to get them paid off. We are also avoiding any new debt. So I was able to vote in the <$75K category. However, if you include mortgages... we've got a house, a duplex, and 20 acres of wooded mountain-side we're making payments on. Plus that fifth-wheel we covered for my sister-in-law. We are property-rich and cash-poor. Too bad the cash is handy sometimes.

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