how much debt you owe? now with POLL

[bhanson]

Honestly, I really couldn't move to a cheaper area, without fearing the welfare of my family. Not to mention sending them into a shit-ass school system. Where I live right now, in a 3 bedroom, 1300sq foot house is about as "cheap" as you can get around here that is decently safe, and with a solid school system, an dit is FAR from a $79K house.

Couldn't? Or don't want to/won't. You imply that every cheaper area is not safe and has bad school systems. This may be true around your area but it does not hold true throughout the entire United States.

There are tons of areas around the country that have good CoL with good school systems in safe environments. Yeah, they're probably not your #1 preferential place to live, but that comes back to can't vs won't.

 

[Elganja]

about ~370 including my house and car

 

[InflatableBuddha]

Technically you are paying off your landlords debt. Living.somewhere with no assumed pmt to a bank or prrofit of someone else wouls be pure bliss.

Just taxes and insurance

Indeed that would be nice .

I can't afford property in this city on my own; maybe if I get married in the future.

 

[vi edit]

There are tons of areas around the country that have good CoL with good school systems in safe environments. Yeah, they're probably not your #1 preferential place to live, but that comes back to can't vs won't.

It's nice to say and there is *some* truth to it. But then there's the whole issue of jobs, family, and just overall happiness. I could move to BF western Nebraska and buy a little house in cash and live there. But then I probably woulnd't have a job that gave me any where the experience, happiness, and pay that I have now. And doubly so for my wife. Same thing for just being happy about living there. I live in the midwest which isn't exactly top on the list for places people want to live. But I can appreciate some of the things my area offers. That being said, if somebody offered me my job and salary on the coast of Florida or the Pacific NW and I could get a house like I have now for the same price I wouldn't look back. But then I lose family and that's something that is very hard to replace (assuming you actually like your family).

It's not as straight forward as saying "just move somewhere cheaper". And I say this as a guy that has lived in 4 different states in the last 6 years.

 

[bignateyk]

Ok I have 0 debt and 37 years old. The most debt I ever had was about 67k on my house. I had it paid off in less then 5 years. I did not get an inheritance as both my grand parents are still alive. Own a 2005 mint mustang gt and 2003 Honda accord.

This is how I did it. I live in Pittsburgh cost of living is good here. A big mistake people make is living in locations that rape in CoL.

2nd mistake people make is the house. A 4 bed room 1 bath central air with garage basement cost me 79k (2005) and was move in condition. If you want your dream house 200k is going to get you that house in the Pittsburgh location.

3rd mistake Student loans people get degrees in communication or art degrees from some big name school when a local collage could have saved you a ton. I went to community college and paid $63 a class and got 2 year degree in CIS.

4th having kids when you are 19 or 20 does not help keep you out of debt. Keep it in your pants people.

My income was 40k to 50k from 2000-2010 nothing to even brag about.

I made more money during the bush years then any other time in my life. I hit a hot stock CCI and used that to pay off the house. I bought CCI at $1.24 and sold about $41.

http://moneycentral.msn.com/investo...Form=1&D4=1&D5=0&D3=0&ViewType=0&PeriodType=8

I pay cash only and if I don’t have cash I don’t buy it and I don’t own any CC.

It really is that simple.

Where are you living in Pittsburgh that $80K will buy a 4 bedroom house, and $200K will buy your "dream house"? The hill district?

I grew up in Upper St. Clair, one of the nicer suburbs. $500K will get you a decent 4 bedroom house there. I think my parents townhouse in Canonsburg, well away from the city, cost them $450K. You're not gonna find a very nice house in the North Hills or South Hills for $200K, especially something that could be considered a "dream house".

 

[Homerboy]

Couldn't? Or don't want to/won't. You imply that every cheaper area is not safe and has bad school systems. This may be true around your area but it does not hold true throughout the entire United States.

There are tons of areas around the country that have good CoL with good school systems in safe environments. Yeah, they're probably not your #1 preferential place to live, but that comes back to can't vs won't.

So... I should uproot my entire family, move away from friends, family career etc. That's your fix for staying out of debt?

 

[Modelworks]

zero
Everything paid off and if I can't afford it I save for it or do without.

 

[Ryland]

Just mortgage(s). I pay the CC's off each month.

 

[SearchMaster]

I owe ~$75K on my mortgage and that's it. It will be paid off in <5 years, just in time for my eldest to go to college.

 

[Mr. Pedantic]

$30k. And I'm only a third of the way through my degree. It'll probably go about or over $100k when I've finished.

 

[daw123]

Thanks, that is an interesting read.

 

[bignateyk]

Thanks, that is an interesting read.

Yeah. While the system might be corrupt, it still boils down to "don't borrow money you can't pay back"

 

[Train]

25% of AT is debt free?

Either its all the dudes living in their parents basement, or the rich ballers who bought thier mansion with cash.

Need moar poll

 

[Jeffg010]

Where are you living in Pittsburgh that $80K will buy a 4 bedroom house, and $200K will buy your "dream house"? The hill district?

I grew up in Upper St. Clair, one of the nicer suburbs. $500K will get you a decent 4 bedroom house there. I think my parents townhouse in Canonsburg, well away from the city, cost them $450K. You're not gonna find a very nice house in the North Hills or South Hills for $200K, especially something that could be considered a "dream house".

So you pick Canonsburg and Upper St. Clair two of the best and over priced places to live near Pittsburgh. You can fine decent houses for 200k don't come here and say looking here you can't get a that here and here. Thank for proving me right buying in a 450k town is a joke. You can find nice house for less.

 

[Engineer]

25&#37; of AT is debt free?

Either its all the dudes living in their parents basement, or the rich ballers who bought thier mansion with cash.

Need moar poll

Or people who live responsibly and pay their debts down at an accelerated rate. After the debt is removed, they do not go back into debt.

Moar pole indeed! :biggrin:

 

[nageov3t]

25% of AT is debt free?

Either its all the dudes living in their parents basement, or the rich ballers who bought thier mansion with cash.

Need moar poll

my student loans are paid off and I don't own a house?

 

[vi edit]

25% of AT is debt free?

Either its all the dudes living in their parents basement, or the rich ballers who bought thier mansion with cash.

Need moar poll

We've probably got a bit of an odd age demographic. Lots of people in the 18-25 range. And then probably a pretty big gap in that 30-40 range. Then it picks back up again in the 40's and up.

I'd wager that a lot people are most heavily indebted in their 30's than any other age.

 

[InflatableBuddha]

We've probably got a bit of an odd age demographic. Lots of people in the 18-25 range. And then probably a pretty big gap in that 30-40 range. Then it picks back up again in the 40's and up.

I'd wager that a lot people are most heavily indebted in their 30's than any other age.

Yep. Marriage, house, kids, vehicles etc. Most peoples' incomes increase a lot in their 30s, but it's still a major blow to the bottom line.

 

[RaistlinZ]

$0.00

It's funny how people can't fathom how others can be debt free.

No... we aren't kids living in our parents' basements.

No... we aren't rich jerks who inherited all of our money.

I'm 30 and debt free. Paid off my credit card and student loans last year. I'm currently saving for a house and will pay that 100% cash when I do (I'm still years away from that being a reality though). Obviously, it will be an inexpensive starter home, but I'm fine with that.

Oh, I'm also single with no kids. I think that has helped me stay debt free more than anything.

 

[ichy]

I owe about $156k on my mortgage. The interest rate is low enough that I'll probably pay it off as slowly as possible, since the interest rate on my reward checking account is almost as high as the interest on my mortgage. If interest rates ever go back up I'll really be laughing, since it'll probably be possible to get CDs that pay better rates than my mortgage interest rate.

One thing I don't understand is how people get into 10, 20 or 30k of debt for a car. Makes me shake my head. I bought my car used with cash for $4k, and I intend to drive it into the ground. If I have enough saved to buy a decent newish car with cash when my current one dies then that's great, but if not I'd never consider getting a car loan. I'll just buy another cheap beater.

 

[Engineer]

One thing I don't understand is how people get into 10, 20 or 30k of debt for a car. Makes me shake my head. I bought my car used with cash for $4k, and I intend to drive it into the ground. If I have enough saved to buy a decent newish car with cash when my current one dies then that's great, but if not I'd never consider getting a car loan. I'll just buy another cheap beater.

If nobody ever bought those expensive new cars, you would never have a decent used car to buy. The more new cars that are sold usually results in a much better selection (and price) of used cars.

 

[nageov3t]

if you drive a lot, I can see the appeal to a nice car.

if you're spending 2, 3+ hours a day in something, you probably want to enjoy your surroundings.

personally, the most driving I do on a typical week is flipping from one side of the street to the other for street cleaning and going to my parents house to do laundry (~5 miles)... my 8 year-old car just hit 45,000 miles last week. but I can see the other side of the issue.

 

[f1r3s1d3]

16k. 11200 for my dd and 3500 for my project car. 18 yrs old. 29k a year salary, living at home

 

[StrangeRanger]

About $260K including mortgage, CC, car loan and MEDICAL BILLS.
A lot of my son's medical bills are not covered by insurance. The majority of my paycheck goes to medical bills. My wife's salary, which is considerably more than mine, covers the majority of our other expenses.
Aint health insurance grand?

 

[eits]

Or people who live responsibly and pay their debts down at an accelerated rate. After the debt is removed, they do not go back into debt.

Moar pole indeed! :biggrin:

this

the only reason i have $800 debt is because i put something on my credit card... it should be paid off in a month or two.