Average debt

I am carrying right around 10K including student loans. My debt reduction plan is paying at least triple the minimum on my credit cards, and often more than that along with not really using them other than a little something to keep them active. If I can't afford to pay triple or more on all of them one month, at a bare minimum, I pay the minimum, plus whatever interest they charged me that month.

On the other side, my better half is carrying about $700 in total debt...lmbo! He's so much better at money than I am...but then again, he has a lot more of it than I do...lol.


L

 

I think a lot of "debt" issues are relaitve to many different circumstances...i.e. age, income, family wealth, long term, and common sense.

For example, personally, i'm 27, w/ about 6k in loan debt. That's it. Nothing else. I could afford much more with my salary, but see no need.

(crappy credit=no credit cards=no debt...the only plus in this mess..lol)

My peers, all with different situations, have varying debt loads, some w/ less than me, some with much more. They manage it however they feel best, although some have been "swallowed" and needed help. I know people who make the same as me with over $100k debt...not incl. a mortgage! Again, I think it's a personal thing...I couldn't sleep w/ much more than I have now. Others aren't phased by it.

So...that's my $.02

DB

 

In 2000, my income was $46,000 and my debt was $23,000 (car loan plus Cap One). I was making a dent in my debt and putting 10% of my income into savings.

In 2001, my income dropped to $23,000 and my debt was $46,000 (car loan plus Cap One, MBNA and Providian). After spending 18 months looking for a job the matched my previous salary, working extra jobs, cleaning out my savings and pension fund, taking cash advances and moving in with a roommate to save money so I could pay my bills, I finally declared bankruptcy.

Today my bankruptcy has been discharged. My income is still $23,000 although I've applied for a position in my company that would mean a raise of $300/month. I no longer have any credit card debt and I surrendered my car during the bankruptcy (I could have kept it, but I no longer wanted to work 60 hours per week just to keep the car). However I'm rebuilding my savings and I hope to start rebuilding my credit soon.

Did I like carrying such a high debt load...NO!!! However I was trying to hold out until I landed another job then I could pay every penny back. Played the juggling game for 18 months then I dropped all the balls. I've learned my lesson and will never go there again.

 

Hmmm, let's see. Average debt load for Smitty is about 9K in credit cards, and 29K in a recent SUV purchase. Mrs. Smitty has about 15K in student loans and she's joint on the SUV. That's it. We're throwing 3K/month at the credit cards so they'll be paid off by the end of June. We just consolidated her student loans to make them a little more manageable. We'd like to start building a house in November, and plan to pay the student loans off by the end of 2003. The debt load isn't "bad" considering that after June we'll have 3K to save every month, even after the house purchase. Together we made 97K last year. Our broker is willing to give us a home loan now, but we wanna terminate our "relationship" with Fleet and Discover before we do that. Debt reduction plan: every spare penny goes to getting rid of debt!

Smitty
A penny saved is... well... still not enough!

 

When I filed bankruptcy recently, the unsecured was $44,000 with $20,000 that was nothing but Fees and interest that accrued over the last year. absolutely mind blowing ain't it

 

OUCH!! You sound like my hubby He believes you charge and pay it in one month, pay cash or put in on layway. Do you realize how embarassing it is when I go in Dillard's and he asks the lady if they have layway? Geeez.....

I want a tummy tuck and he refuses to let me charge it so we may have hell over this one!!

 

There is NO law that says you can not send a "PRE-PAYMENT" to your credit card company...

I did that with DISCOVERCARD when I was having problems with no months showing $0.00 (credit report) even though it was paid in full EVERY MONTH...

 

I have about 50K in total debt. This includes mini-van, student-laons, and creditcards. Going down slowly but surely.

 

60K Student loan & expensive SUV. No cc debt. I pay them in full every month.

EdG

 

We owe about $4000 in card debt, $10,000 in vehicle loans and have a mortgage. Our income is about $66,000.

Ozzy.

 

Credit card debt:
Me:$0
Wife:$2400 (down from 14k)
Bt'd to Universal MC at 5.9% until gone.

401k loan:
Me: $20k (Had to have that 99 Fatboy
Wife: $8k (Made her pay on cc debt)

Mortgage: $44k (6.5 acres to build on next year)

Car payments and rent, thats it.

My debt reduction program is monitoring my wifes credit card charges and paying $500 a month on wifes CC.

 

Lizard,
I had laugh, I could have posted exactly the same thing

I found a couple of other tricks. On her cards I register for their online services with my email address and then setup notifications for just about everything. I know when she charges, how much, when she pays, how much, etc.

Also on Netbank, they have a portal that shows all your cc balances up to date. You have to give them your login id and passwd, which I was a little leary of, but in the end, the ability to see all her CC balances at one place won out.

Had this conversation verbatim on Saturday night I think we finally have an understanding as well.

 

Are these your wives, or your children?

 

I think I'm the winner ( or the biggest loser)

35k credit card debt
20k student loans
800k mortgage
40k new range rover

The cc debt is all at 0%-2.9% but I still can't stand looking at it so I think I'll pay it off next month.

Every time I get the cc's down to 0, something comes up, new living room, new car, vacation, new paint, yada yada, yada. I thought I could out-earn my wife's spending habits, but I have since given up.

 

I have a lot I could say right now, but I won't...lol. I think you guys are awesome in doing this and I think what you are doing helps to preserve your marriage...just like you said. My husband has done similar in many other cases, but has not to date said anything about my credit cards...lol.

L

 

Wife...

I know this sounds bad, I'm not picking on the fairer sex. I just had to find a way to combat the excessive spending. It actually seems to be working.

I use cc's for the float and in rare circumstances I carry a balance for a month or two, no more.

She uses cc when she doesn't have enough money, not planning on paying them off, just paying the minimum payment. She was able to run up about 14k before we got married.

I've got us on a debt reduction plan that should get us totally out of cc debt in a few more months.

Then I find she has a card that I didn't know about that is now got a $400 dollar balance (She gave it to me to hold after I found out about it, I didn't ask for it).

I had the same conversation as Lizard, because I don't want this to continue.

 

Luckely MOST of my debt is 5.99% down to 0.00% at this time...

 

I understand and appreciate (mutual) accountability in marriage. As long as you both agree to the terms of the CC accountability, that's a good thing. I'd just hate to feel as if I was living with the CIA if I *didn't* want my credit report or statements monitored.


Thanks for replying, Pat. Good luck to you and your wife.

 

I have about 55k in student loans; 10k in credit cards and 40k in a new SUV.

It's not too much but it's not good either. I have no mortgage but I'm looking to get one soon.

As far as Lizardking goes and what was said to his wife....Marci, I understand because at first I thought, "I can't believe that".

But he knows her better than anyone. If she needs a little restraint and she can't get it together herself...sometimes intervention is the thing to do.

If she doesn't have a problem with it and it's working for them.....good for them