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DEBT: How much do you have and how you get it (my storie)

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DEBT: How much do you have and how you get it (my storie)

Old 08-10-05, 04:18 PM
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DEBT: How much do you have and how you get it (my storie)

Ok, so the other thread posted about debt by my "otter family member (brother)" got me to feel bad for myslef and all the money I owe to others and corporate people like Visa.

I started when I got a credit card at the age of 18 right before I left (forced out) highschool the limit on the card was $500. Well I got the card and then I never had to eat a PB&J Sandwhich for lunch agian. That is all they made me for lunch and I was tired of it. So I took my credit card and bought lunch with it just about everyday and a little after mid year I was almost maxed out. So its been a couple of years since that and I still am paying for a burrito suppreme from years ago.

I then got another card when I was 20 and didn't have a job yet and those suckers at visa gave me a $3000 dollar limit so I lived off of that for about 2 months, maxed it out and have that one also.

I got a job bagin grocerys at the local mom and pop store and was able to goto the local funiture place down the road (LACKS) and buy myslef a $3700 bedroom set since I needed one to get ready for any ladies that were going to be coming into my life now that I was a little older and tired of being sad and alone. I got the KING bed and a dresser and 2 night stands and a onwar for my tv set. This funiture came with o% interest til the end of this year and then all of the old interest gets piled on and that is about $700 but I don't have the money to pay it off so it looks like I will have that interest added.

I am just glad I ain't one of those guys who has $50,000 of student loans I think that is a plain ripoff since they are working for the man the first couple of years of thier working life were as I am working for my self and to make a better life for me and my future wife and offspring.


So what I am trying to say is I have roughy $6500 in debt and by my caulculations should have it ALL paid off by Febuary of 2008.


WHAT IS YOUR STORY?
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Old 08-10-05, 04:26 PM
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I started a business with a few friends. Didn't work out the way we wanted. Now, I'm about $27k in debt Otherwise, I don't have any debts from spending freely.
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Old 08-10-05, 04:32 PM
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I won't say how much, but I have quite a bit. I got there from not being responsible, bills, etc.

I hope to be out by Feb '06 (except for student loans and car loan).
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Old 08-10-05, 04:35 PM
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I've had a credit card since I was 17. However, I never maxed it out or anything like that, because I understand compound interest. :P

I bought a car, wrecked it, fixed it, then traded it for another one. Still owe around $10k there.

I had about $30k in student loans. They're almost paid off now (only took 5 years). Couple thousand left there, I think. Well worth it, really.

At this point, I make way more than I spend so I just buy stuff on the cards (I've got something like $50k in available credit now), and pay it off every month. This averages around $1000 a month in food and drinking money and such, but like I said I pay it off every month. Once or twice a year, I buy something big (roughly $3k) and use the extra money piling up in the checking account to pay off the card then. Or, if I don't need anything big and spendy (it varies from year to year), then when the checking account goes over $10k, I move the excess into a savings account pulling a goodly percentage. This has happened only once since I moved here a year and a half ago, and it would have happened again in a month or two, except I needed a new computer badly so I spent ~$2700 on parts. Should be here next week sometime.

I have been thinking of buying a house. My affordable price range for my income seems to be up to about $200k, and that would be a big honking house around the nicer Memphis suburbs (like a 4 bedroom, 2500 sqft place with a pool). I won't get one that expensive, by any stretch of the imagination. But that would be a sizable chunk of debt to assume. I may wait until the student loans are well and truly finished, because the housing market should fall a bit more in the next year or so and that would then be a good time to buy.

All said, my total debt is currently ~15-16 thousand, but I'm going to pay off that $3000 on my Amex (for the computer) at the end of the month, so it'll drop to 12-13 thousand then.
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Old 08-10-05, 04:35 PM
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Around $5000 in credit card debt, $150,000 in student loans, $20,000 in car loan. Yikes.
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Old 08-10-05, 04:39 PM
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couldn't post in this thread?
http://www.dvdtalk.com/forum/showthread.php?t=433681
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Old 08-10-05, 04:40 PM
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16+ cards
20+ school loans
15+ 2004 Jetta

Am I worried?

Nah, with my degree I managed a job that paid poorly at the beginning, but after 4 years it has increased by 64%. With cards I paid my wedding with little assistance, honeymoon, internship trip to Japan, clothing, books, a monster customized HTS, like 500+ dvd's, paid my wife's school for a while, gave some money to my folks. You name it. I cleared out my credit card debt in Jan 2004 and started using it again with lower fixed apr's and higher limits. It is a dangerous game the credit cards, but you need to know how to pay em off and make them work for you instead of the other way around.
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Old 08-10-05, 04:43 PM
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Storie?
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Old 08-10-05, 04:44 PM
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Originally Posted by bigsoos

No Sir, that is a different thread intirely if you read my first sentence you would have not asked that question. His thread is about how he feels like a horrible person and that paying off debt sucks. My thread may talk about the same topic but my thread ask the question of: How much debt do you owe and How did you get it?. Next time you post follow the rules and add the the topic at hand, please.
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Old 08-10-05, 04:50 PM
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Originally Posted by mapasu
16+ cards
20+ school loans
15+ 2004 Jetta
Ah, after reading your entire post I realized you meant $16k in credit card debt, and not that you owe money on 16 different credit cards.
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Old 08-10-05, 04:53 PM
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Originally Posted by criptik28
Ah, after reading your entire post I realized you meant $16k in credit card debt, and not that you owe money on 16 different credit cards.
God forbid. I have relatives that believe 22% variable rate is a good deal (AKA Mom)
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Old 08-10-05, 04:55 PM
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Originally Posted by Wooderson
No Sir, that is a different thread intirely if you read my first sentence you would have not asked that question. His thread is about how he feels like a horrible person and that paying off debt sucks. My thread may talk about the same topic but my thread ask the question of: How much debt do you owe and How did you get it?. Next time you post follow the rules and add the the topic at hand, please.
Why yes sir! Thank you for showing me the way sir!
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Old 08-10-05, 05:04 PM
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Originally Posted by bigsoos
Why yes sir! Thank you for showing me the way sir!

Hey everyone needs a little help sometimes, much like bum addicts on a methadone high. I am glad I could help and hold your hand throughout the process. SIR
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Old 08-10-05, 05:08 PM
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Originally Posted by Wooderson
So what I am trying to say is I have roughy
?
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Old 08-10-05, 05:13 PM
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I had great credit until I moved to a new city. Once I got there, I needed furniture, a car, and other stuff, and the car I got was a crappy car to begin with and soon needed repairs, so my repair bills started to go on my credit cards too. I had a hard time making my ends meet at first, and I soon found my self $20,000 in debt. I tried to do the honest thing and pay it off, but it was burying me. I even went to a loan consolidation place to see what they could do for me, and when they added up my bills and my monthly expenses compared to what I was making at the time, they actually said they wouldn't be able to help me and asked me if I had considered bankruptcy.

I considered it, and decided to do it. I hadn't done much fun on my credit cards so I got a cash advance (which went to a down payment on a new car) and I also bought a ton of CDs on a credit card with what I had left for a limit.

So that's what I did. And I know for a fact that one of my credit cards was about to sue me, because I had called them to see what I needed to do to pay off my bill, and the lady said glibly, "Oh, it's too late for that, we are going to sue you now." I put everything I could on it, and it was gone with a mere payment of 430.00 to a lawyer.

Right now, I am probably $500.00-$800.00 in debt. I will never allow myself to get to that place again that I was before.

As for the new car I bought, it was a used car, and I am still driving it. It's been more than 7 years too since I filed for bankruptcy so I am sure that's off my credit. I never put my car on my bankruptcy and paid that off.
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Old 08-10-05, 05:25 PM
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Last year in order to go to Sweden to study I needed $8500 in the bank to get a visa.

I wrote myself a $6000 check from my credit card account with a low fixed APR for the life of the balance.

I have about $4500 left to go.
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Old 08-10-05, 07:00 PM
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Originally Posted by Wooderson
I am just glad I ain't one of those guys who has $50,000 of student loans I think that is a plain ripoff since they are working for the man the first couple of years of thier working life were as I am working for my self and to make a better life for me and my future wife and offspring.
I'm looking forward to gaining my $50,000 in school debt, as I know that the pay off for this is a lot more than anything I can gain by working like I am right now. 4 years of schooling will gain me a minimum $10,000 dollar a year raise in the first year of my employment. And much more after that.

As for my credit history, I'm always had a little bit from the age of 18 and got up to $20,000 including my car a few years ago. I'm at a 0 balance right now but will start with the student loans in September.
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Old 08-10-05, 07:30 PM
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no debt except my mortgage
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Old 08-10-05, 07:36 PM
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Wooderson, stick to it dude. 2008 might seem like a long way off, but it will get here before you know it. You'll feel such a relief to have that off your back. Personally, I never really understood CC debt. Right out of college I had friends buying stuff left and right and I always felt that if it wasn't in my bank account then I wouldn't purchase. I thought my attitude was weird. Thankfully, it wasn't. Anyway, hang in there.
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Old 08-10-05, 08:15 PM
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How much I have is irrelevant.

Positive net worth is the only thing that matters, especially if you have liquidity to back it up.
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Old 08-10-05, 08:35 PM
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About 23k in a car loan, and I owe my grandfather about 2k, I pay him back about $100 a month. No credit card debt, every once in a while it will get up to a few hundred bucks, but I always pay it off within a month or two. No student loans luckily, although the money to my grandfather was basically an interest free student loan.
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Old 08-10-05, 08:46 PM
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300k on mortgage (20 yrs AT 5.25%)

6k on a HELOC

no credit card debt.
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Old 08-10-05, 08:51 PM
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12k: car
2k: TV
1.5K: furniture

All 0%. The 12k is 0% forever.
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Old 08-10-05, 09:32 PM
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$40k left on mortgage (pay extra each month to reduce principal) Will have paid off within 5 years.
$0 credit card debt (pay off every month)
$0 auto loans (own both of my autos)

Sonic
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Old 08-10-05, 09:41 PM
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The only debt I have besides my mortgage, which is only $593 / month (the rate is 4.675% in a 15-year fixed rate mortgage) is a $4K credit card with no interest until next February. That'll be paid off in three to four months, the only reason I have that is this past spring I took out a fee-free cash advance on one card, transferred it to another with the no-interest for a year, and put all of the cash into mutual funds (up ~ 7% so far). And I have ~ $18K or $19K in savings, though $12K of that is earmarked towards my next vehicle which I'll be buying in January or February.
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