How much are you in debt?

[ALBballer]

Average american has around $15-20k in credit card debt, average student loan balance of around $30k and average mortgage debt of $147k.

I'm debt free. Paid off my place in September and I don't have student loans.

How about you?

[MavsSuperFan]

Average american has around $15-20k in credit card debt, average student loan balance of around $30k and average mortgage debt of $147k.

I'm debt free. Paid off my place in September and I don't have student loans.

How about you?
I have a 400k mortgage on a rental property I purchased
zero credit card or student debt

[step_back]

I owe someone over a grand but I have the money so I guess that makes me debt free.

[ALBballer]

I have a 400k mortgage on a rental property I purchased
zero credit card or student debt

I'm not a fan of buying rental property on credit. That sounds like a brutal mortgage.

[oarabbus]

No debt currently. Paying for grad school tuition outta pocket sucks though. Might have to take out a loan on that but hopefully I can avoid it.

[MavsSuperFan]

I'm not a fan of buying rental property on credit. That sounds like a brutal mortgage.
I invested my life savings

and burrowed about 425k from the bank and borrowed the rest interest free from my parents
Edit: if i am being honest more than 50% of the money was from my dad.

http://www.insidehoops.com/forum/showthread.php?t=279269&page=2
This was the absolute peak of my bank account :lol

Also got a mortgage in canada but thats another topic

Its not that brutal interest rates were really low for a long time, especially when i financed. Make the money off the rental incomes pretty easily, honestly im looking to buy more if I could get the money.

[ALBballer]

I invested my life savings

and burrowed about 425k from the bank and borrowed the rest interest free from my parents

http://www.insidehoops.com/forum/showthread.php?t=279269&page=2
This was the absolute peak of my bank account :lol

Also got a mortgage in canada but thats another topic

Baller. Sounds like a huge rental investment.

[Derka]

Zero balance on my one credit card, about $7k left left on my car and I just finished the last of my $45k in student debt off last month, so I'm a couple months of saving away from seeing about a mortgage for a townhouse or 2 bed/1 bath ranch for myself. Been a long time coming.

[MavsSuperFan]

I'm not a fan of buying rental property on credit. That sounds like a brutal mortgage.
Why?

I think people go into debt for stupid reasons.
My cousin borrowed money to buy a car :facepalm
I know ppl who borrow money to go on vacations.

But stuff like business loans, education (with the exception of most joke liberal arts degrees), and investment property are good decision imo.

with my limited knowledge rental property was the best investment I could think of.

[ace23]

$0

[Bandito]

Around 15000 between student loans and a car im paying.

[Akrazotile]

Average american has around $15-20k in credit card debt, average student loan balance of around $30k and average mortgage debt of $147k.

I'm debt free. Paid off my place in September and I don't have student loans.

How about you?


I got behind about 2-3k on my credit card when I first moved out on my own and just stopped using the card and eventually paid it off.

I honestly don't see how people get 15-20k or more in credit card debt. WTF are you buying???

[Bandito]

I got behind about 2-3k when I first moved out on my own and just stopped using the card and eventually paid it off.

I honestly don't see how people get 15-20k or more in credit card debt. WTF are you buying???
The main questiob is what are you not buying. :roll:

[CelticBaller]

13k on student loans

[ALBballer]

Why?

I think people go into debt for stupid reasons.
My cousin borrowed money to buy a car :facepalm
I know ppl who borrow money to go on vacations.

But stuff like business loans, education (with the exception of most joke liberal arts degrees), and investment property are good decision imo.

with my limited knowledge rental property was the best investment I could think of.

Because I'm against debt and generally risk evasive. Taking a loan to buy a car that will depreciate greatly is obviously worst then the situation you are in.

Education (in certain situations) and home buying are the only situations where I would go into debt.

[ALBballer]

I got behind about 2-3k on my credit card when I first moved out on my own and just stopped using the card and eventually paid it off.

I honestly don't see how people get 15-20k or more in credit card debt. WTF are you buying???

Make minimum payments monthly and spend more than you take in and it's not that hard. Eat out, travel, buy expensive clothing and gadgets...

[Derka]

Make minimum payments monthly and spend more than you take in and it's not that hard. Eat out, travel, buy expensive clothing and gadgets...

To say nothing of getting your interest rate jacked through the roof when you're late on one of those minimum payments.

[ALBballer]

To say nothing of getting your interest rate jacked through the roof when you're late on one of those minimum payments.

Ye interest rates are in the 20% range. Good point.

[JEFFERSON MONEY]

I owe 3$ to an Albanian barber named Artan

[Akrazotile]

Make minimum payments monthly and spend more than you take in and it's not that hard. Eat out, travel, buy expensive clothing and gadgets...


Yeah but I mean once you start getting a little bit over your head, wouldn't you stop?

I mean who's taking the whole crew out for dinner at the Ritz when they're already 5k in debt?? :oldlol:

[JohnFreeman]

I have $250 million property and cash

[russwest0]

$0.

Do well on this thing called an "ACT" or "SAT" and your college is paid for. Shit is nice.

[MMM]

6 k in credit card debts should be able to pay off shortly.

[sundizz]

Going to finish up my master's program soon. Use the debt (student loans) from it for both school + fund my startup.

I'll end up with about 90,000 in debt total and $0 in credit card debt, mortgage debt etc. Going to pay it off over 30 years, at a very realistic and manageable $590 a month.

End result of the debt: A job that pays $70k starting and will be about $105k by year 4 or 5. Also, have a side startup that was funded by the debt so hopefully that takes off and I don't have to take the "real job".

[bdreason]

I owe around 70k on my (350k) mortgage and 15k on an auto loan. Have about 2k charged on my Amex, but with a 20k limit that doesn't really effect my credit rating; over 800 last time I checked.

[macmac]

I have $250 million property and cash

How much do you owe your mom for buying you GTA5 tho?

[baseketball4life]

zero debt. But if accepted into grad school going to be in debt for a bit

[Myth]

Over $150,000 and under $200,000. All on student loans.

[Random_Guy]

Still in school, but dont need to pay because of scholarship.
18
around 25k hkd, which is around 3k
im poor :(

[GatorKid117]

No debt for me.

I don't have a car or any property though. But I feel being 25 and being on the + end of the spectrum with a college degree is a win so I can't complain.

[bergs14]

185k or something. Only debt is the mortgage.

[MadeFromDust]

About $5 for a toll fee

[rufuspaul]

$238,000 left on mortgages. Will be paid off in 7 years.

[G-Funk]

4200 my girls braces

[chips93]

thankfully college is very affordable in my country, so ive got no debt. ive no car or property though, just some cash sitting in the bank

[MightyWhitey]

Because I'm against debt and generally risk evasive. Taking a loan to buy a car that will depreciate greatly is obviously worst then the situation you are in.

Education (in certain situations) and home buying are the only situations where I would go into debt.


This.

My only debt is my mortgage. Sounds like you've read one of Dave Ramsey's books.

[MightyWhitey]

I owe around 70k on my (350k) mortgage and 15k on an auto loan. Have about 2k charged on my Amex, but with a 20k limit that doesn't really effect my credit rating; over 800 last time I checked.
15k on a car loan :lol Wow. I guess driving a junker is too good for you. With that interest and all you could really knock out your mortgage quicker. Why so dumb with your money? Do you have a retirement account?

[Bcogswell]

I owe ~30k on student loans and maybe ~500 on my credit card atm.

[IGOTGAME]

About 70k in student loans. I'm cool with it tho. Hopefully I can pay it off 7-8 years.

[El Kabong]

$0, but I rent, so I don't have a mortgage.

[MightyWhitey]

About 70k in student loans. I'm cool with it tho. Hopefully I can pay it off 7-8 years.
WOW :eek: Good luck.

[32jazz]

Average american has around $15-20k in credit card debt, average student loan balance of around $30k and average mortgage debt of $147k.


How about you?


I see how people buy so so much material goods & expensive homes . Beaucoup debt.


I have $0 debt. Paid off student loans . No Car payments(never again). No mortgage , but I do not own & have no interest in buying in area(N.O/BR La) as I intend on moving very soon.


Debt makes me physically ill almost.

[MightyWhitey]

I see how people buy so so much material goods & expensive homes . Beaucoup debt.


I have $0 debt. Paid off student loans . No Car payments(never again). No mortgage , but I do not own & have no interest in buying in area(N.O/BR La) as I intend on moving very soon.


Debt makes me physically ill almost.
Good man. Debt = Slavery.

[32jazz]

Good man. Debt = Slavery.

I have a real phobia when it domes to debt.Really.

Take unnecessary crap at work because you are in so much debt, worrying about losing job or taking a worse job to keep the bills paid & unable to save for retirement because you are overspending while young.


That aside I feel like I should own my own property by now. But just not here(NOLA).

Hopefully my rapidly growing 401k balance will be the security blanket I need to feel comfortable with a mortgage .

[Shabba Ranks]

Medical bills will fukc your finances up real fast, currently $16k on a credit card due to a medical emergency. FML!

[DeuceWallaces]

About 20K in low interest undergrad loans.

[shaq2000]

student loans down to 14k
3k from a brief hospital stay during a lapse in insurance
about $500 in credit card balance that I pay off every month (mainly just to maintain credit)
car paid off
no mortgage

[shaq2000]

Medical bills will fukc your finances up real fast, currently $16k on a credit card due to a medical emergency. FML!

This. Even with insurance, deductibles and out of pockets are still too high.


Over $150,000 and under $200,000. All on student loans.

Medical school?

[DCL]

zero debt on credit cards, car, student loan, or anything like that.

borrowed over a million for mortgages and work-related projects.

[PHX_Phan]

Nothing. Have never had any type of long term loan or a credit card I didn't pay off immediately (bought a few things on credit I could have paid cash for, just to build up a better score).

Also have never had to take out a loan from the bank of mommy and daddy.

[ALBballer]

[/B]

This.

My only debt is my mortgage. Sounds like you've read one of Dave Ramsey's books.

I have always been the debt aversive types although I admit I have been following his podcasts the past few months. He reinforces most of my beliefs and I enjoy hearing his simple logical advice concerning financial manners for your average jobe.

[niko]

Less than a few hundred in credit card bills. No mortgage, co-signed on a loan than has $4k left that someone else is paying.