I have 2 big mortgages related to my current house plus a nice townhouse that I am renting (probably selling it soon though).

I have all but 2 rental houses paid off and those two only add up to $45k i think.....

I did have all of my cars paid off but got the vette about 2 months ago so i now have about a $50k loan on it (i think I put $5k down or so).

Like most on here, I pay off my credit card monthly. I use it as much as i can and charge rental crap to it so I get the 1% back plus the 30 day float. I think I generally have a $7k monthly bill. a bunch of that is rental and other is racing crap (tires, entrance fees, etc..)

I am not into technology much so I do not have an Iphone or Ipod... i have a shitty "chocolate phone" and a 52" LCD TV... that is the extent of anything semi neat electronically.

I am very comfortable with my amount of debt. I am a dorky accoutant so i should understand how this shit works.

I have plenty of relatives who are eyes deep in debt and don't give a shit. they still go out to dinner yet cannot figure out how to pay the heat in the winter... ****ing retards!!!!!

 

Debt isn't neccessaryily a bad thing, so long as its used wisely and with descretion. Good uses include wise investments (not some ponzi scheme but solid opportunities) and investing in yourself (ie education). Bad uses are as the OP said, financing a lifestyle whose cornerstone is the latest/greatest/fastest/hippest. As an aside, last month, I noticed that Discover had jacked my APR from 15% to 24.99%. When I called them on it, they quickly offered to lower it back but screw them - I paid off the meager balance and shred the card. So word to the wise - be sure to monitor all your debt closely, particularly revolving credit debt.

 

Unless you plan on buying every house and car you own for cash, I suggest you get a credit card and just pay it off every month to build your credit score.

 

fortunately my raises have risen faster than my disposable-spending habits. plus i moved from a totally shitty city, to a totally awesome city, and i even got housing subsidized for it. thanks boss!

 

i paid off my CC every month

to me, don't spend more than you can afford. i used CC most of the times on my purchases only because of the points/cash back i KNEW i can afford it (pay it off at once) before i use my CC

and i would put aside some money as a saving for my future car purchase. and when the time comes to get a car, i would already have the fund (or most of the fund) for the purchase.

its like paying the car payment in advance even before i go out and buy a car. just that the the payment is earning me interest instead of me paying interest

no house yet, but preparing myself in owing hundred of thousands of dollar ... -_-'

 

Lets see.......

I do not believe in debt but have some.

Morgage on house is about 60% of the value of the house, and total mortgage balance is roughly equal to one year of our (me and wife) annual salary.

S2000 paid for.
Wife's 2007 Mazda 3 $6000 balance.
My 2007 Outback $18,000 balance.
I think the wife still owes $10k in law school debt.

Thats it.

I paid to finish the basement out of pocket. All landscaping and retaining wall, out of pocket. I don't like to borrow.

All in all I feel pretty good month to month, but when the car is paid off I will be in fat city. I also am able to stash away 25-30% of my gross income into pretax retirement. Can't do that when straddled with debt.

 

dont let the APR kick in!!!!!! pay that bastard off before the interest starts. why pay money you dont need to???

 

Two years ago, had about $9000 in CC debt. My house was an 80/20 interest only. Car payment. And I could barely afford to make all those payments.

Managed to sell my house just before the times got tough (about 1.5 years ago). Moved in with my fiance (girlfriend at the time). Payed off all my cc debt.

We're getting married in 6 weeks. We've saved up enough to pay for the whole wedding in cash. Although, I'm using the cc to get airline miles.

After the wedding, our only outstanding debt will be the house (which we just refinanced to a 30 year fixed at 5.25) and my car. We both pay our cc balance each month. The car will be paid off within a year. We'll also start saving for our Italy trip in two years. All paid in cash.

It will be fantastic to start our lives together debt free.

 

^ DINK FTW.

 

I meant to say I will be paying the lump sum right before the APR kicks in..