Let's talk about debt
Registered User
Joined: Jul 2005
Posts: 847
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yeah its funny that my parents had a house in their early 30's with no college education, and so-so jobs.
my girlfriend and i have great jobs but she's racked with student loans and other (not frivolous) debt (medical bills, car repair etc.).
i only have my car loan. my parents paid for my schooling.
the economy is getting "better" for "responsible people."
once her debt is paid off we should be able to afford a house. in los angeles. at least, i hope.
my girlfriend and i have great jobs but she's racked with student loans and other (not frivolous) debt (medical bills, car repair etc.).
i only have my car loan. my parents paid for my schooling.
the economy is getting "better" for "responsible people."
once her debt is paid off we should be able to afford a house. in los angeles. at least, i hope.
Registered User
Joined: May 2005
Posts: 2,552
Likes: 1
From: Orange County
I have about $1500 in revolving debt, $4000 for my daily driver.
As long as I have more liquid assets than debt, I'm not too worried about anything. I aquired all the revolving debt while changing jobs, and have hadn't gotten around to paying it all off yet.
IMO, the only mark on my credit score is from the first apartment I ever lived in, THREE YEARS AGO. I rented a fridge from the complex and simply left it there when I moved out. I got a call two months ago claiming it wasn't there when they went in (ie maintenance thought it belonged to me and not the complex, and either took it or tossed it). They said they had no forwarding contact info for me, and only got such when my new complex called for a reference. Now it's been in collections for over two years. I'm trying to resolve the issue with the complex- they are claiming the fridge (which was half the size of a normal fridge) cost $1400.
As long as I have more liquid assets than debt, I'm not too worried about anything. I aquired all the revolving debt while changing jobs, and have hadn't gotten around to paying it all off yet.
IMO, the only mark on my credit score is from the first apartment I ever lived in, THREE YEARS AGO. I rented a fridge from the complex and simply left it there when I moved out. I got a call two months ago claiming it wasn't there when they went in (ie maintenance thought it belonged to me and not the complex, and either took it or tossed it). They said they had no forwarding contact info for me, and only got such when my new complex called for a reference. Now it's been in collections for over two years. I'm trying to resolve the issue with the complex- they are claiming the fridge (which was half the size of a normal fridge) cost $1400.
Former Moderator
Joined: Jul 2002
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From: Between Hell/Ann Arbor
Originally Posted by MikeyCB,Aug 5 2008, 09:52 AM
Wow, I pay more than that in rent PLUS insurance on a 1000sq ft. condo. How big is the house?
My car payment is more than twice yours as well. Gee, wonder why I have been feeling like I'm broke for the past 2 years
Amazing how varied the cost of living is across this continent, as well as the variations in incomes. My income is around twice the average (which is always surprisingly low regardless of region) but it sure doesn't feel like it!
I have a substantial amount of debt due to a couple of reasons. I joined a very small company several years back and took a desk in a single 500sq ft room with the 3 principals of the company. In just a few years we've grown to 3 offices in different cities across the country and income has more than doubled since first signing on. Unfortunately when I signed on I decided I wouldn't change my lifestyle and was comfortable taking on debt until the company could support me properly and we'd see the fruits of our labor - I just didn't think it would take 5+ years to get there.
Summed up: about $25k in debt at 8%, and $19k remaining on my car, recently refinanced to be paid down in full over the next 5 years. I'm so uneasy about it but I can't do anything except work super hard and make some cash to pay it off sooner if possible.
Realistically I plan to be fully debt-free by age 30, with RRSP (retirement) investments, home down payment money, and a little back-up money for the unexpected. The automatic withdrawal/investment plan I have right now will take me there.
My car payment is more than twice yours as well. Gee, wonder why I have been feeling like I'm broke for the past 2 years
Amazing how varied the cost of living is across this continent, as well as the variations in incomes. My income is around twice the average (which is always surprisingly low regardless of region) but it sure doesn't feel like it!
I have a substantial amount of debt due to a couple of reasons. I joined a very small company several years back and took a desk in a single 500sq ft room with the 3 principals of the company. In just a few years we've grown to 3 offices in different cities across the country and income has more than doubled since first signing on. Unfortunately when I signed on I decided I wouldn't change my lifestyle and was comfortable taking on debt until the company could support me properly and we'd see the fruits of our labor - I just didn't think it would take 5+ years to get there.
Summed up: about $25k in debt at 8%, and $19k remaining on my car, recently refinanced to be paid down in full over the next 5 years. I'm so uneasy about it but I can't do anything except work super hard and make some cash to pay it off sooner if possible.
Realistically I plan to be fully debt-free by age 30, with RRSP (retirement) investments, home down payment money, and a little back-up money for the unexpected. The automatic withdrawal/investment plan I have right now will take me there.
Same house in Ann Arbor would be almost double, and taxes would be 30% more. But my wife and I are looking for a condo (1300-1500 sqft) in Ann Arbor even if the taxes are higher, we want to downsize and not have to do yard outside building maintenance.
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