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/sho...=279269&page=2
This was the absolute peak of my bank account

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/sho...=279269&page=2
This was the absolute peak of my bank account

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
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.

[CelticBaller]

13k on student loans

[ALBballer]

Why?

I think people go into debt for stupid reasons.
My cousin borrowed money to buy a car
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.