I'm completely out of debt!!!

[Rudee]

A mortgage is a liability until it is payed off. It's debt. Good debt, but still debt.

 

[hoihtah]

congratz. i wish i had some guidance with finance back in college... perhaps even before college (to weigh in tuition in college choices.)

 

[child of wonder]

My wife and I decided to get a 3 month emergency fund saved up before we started aggressively paying down our $12k CC debt since it's only at 3.99% until paid in full. By the end of May we should have our emergency fund all saved up and then will try to get that CC gone within 2 years.

Then all that's left is my student loan and the house.

However, we'll probably need to get a car loan in the next 2 years, too, since our oldest car is a 1997 Taurus with almost 140,000 miles.

 

[Casawi]

I wish I can consider my student loan a good debt. My interest are to the roof, it was a good investment tho. Congrats on being being almost debt free.

 

[Hyperlite]

Originally posted by: Ns1
I can't wait to be out of debt so I can buy a nice shiny minicooperS

http://www.turnermotorsport.co...chParamCat=SpecialMini

 

[Ns1]

Originally posted by: Hyperlite

Originally posted by: Ns1
I can't wait to be out of debt so I can buy a nice shiny minicooperS

http://www.turnermotorsport.co...chParamCat=SpecialMini

?

 

[ponyo]

Originally posted by: child of wonder
My wife and I decided to get a 3 month emergency fund saved up before we started aggressively paying down our $12k CC debt since it's only at 3.99% until paid in full. By the end of May we should have our emergency fund all saved up and then will try to get that CC gone within 2 years.

Then all that's left is my student loan and the house.

However, we'll probably need to get a car loan in the next 2 years, too, since our oldest car is a 1997 Taurus with almost 140,000 miles.

Maybe you should sell your computer and TV to pay down your CC debt.

 

[SpeedEng66]

Originally posted by: Naustica

Originally posted by: child of wonder
My wife and I decided to get a 3 month emergency fund saved up before we started aggressively paying down our $12k CC debt since it's only at 3.99% until paid in full. By the end of May we should have our emergency fund all saved up and then will try to get that CC gone within 2 years.

Then all that's left is my student loan and the house.

However, we'll probably need to get a car loan in the next 2 years, too, since our oldest car is a 1997 Taurus with almost 140,000 miles.

Maybe you should sell your computer and TV to pay down your CC debt.

madness!!!!!!!!!!!!!!!!!!

 

[skim milk]

I owe nearly 13k right now.... in credit cards. I have no idea how it racked up so high. This is one reason I need to go full-time asap.

 

[Baked]

You're not debt free.

 

[V00DOO]

I now have only $650 CC debt on my Citibank Master which started at $4,500.

 

[Kaolccips]

Originally posted by: tidehigh

Originally posted by: Kelemvor
What the hell is a Good debt?

debt that has an interest rate less than or equal to how much you can make in interest with the capital/cash you have.

why pay it off when you can make more money by not paying it off?

wait... what?

 

[Kadarin]

Congrats on paying off the CC... At one point I had $35K in CC debt, and I was able to pay that off.

 

[child of wonder]

Originally posted by: Naustica

Originally posted by: child of wonder
My wife and I decided to get a 3 month emergency fund saved up before we started aggressively paying down our $12k CC debt since it's only at 3.99% until paid in full. By the end of May we should have our emergency fund all saved up and then will try to get that CC gone within 2 years.

Then all that's left is my student loan and the house.

However, we'll probably need to get a car loan in the next 2 years, too, since our oldest car is a 1997 Taurus with almost 140,000 miles.

Maybe you should sell your computer and TV to pay down your CC debt.

You mean the CC debt which is just my previous car loan rolled over to the 3.99% to save money and the rest was money borrowed to finish my basement at the same rate, thus increasing the value of our house all done prior to me getting a giant raise?

Sure, I'll sell those items I spent a grand total of $3,000 on when I can afford to pay $1500 per month to the CC once I have an emergency fund saved by the end of May.

Then when the CC is paid off I'll eventually purchase similar items for more than I sold the originals for! Brilliant!

 

[SearchMaster]

Originally posted by: Kaolccips

Originally posted by: tidehigh

Originally posted by: Kelemvor
What the hell is a Good debt?

debt that has an interest rate less than or equal to how much you can make in interest with the capital/cash you have.

why pay it off when you can make more money by not paying it off?

wait... what?

It's a pretty common thought - if you have a mortgage at <6% but can get >9% in the stock market, you're better off investing in the market than paying off the mortgage.

I don't agree with it for several reasons but he's not the only one who thinks that way.

 

[SpeedEng66]

I might as well throw in mine

just finished a $500 ballys rip off debt
17000 saab ballon payment due by end of may
3600 left for cruise (was 6k for 4 ppl july/aug)
1400 for a plasma that popped twice (was 3k @ 0% btw dont by the lg 50" lot's of problems search on avsforum) (oct/nov)
3100 for student loans (was 18k 5 years ago finish this off by jan/feb)
480000 home loan (only 27 more years to go heh)
0 cc was well into 50k+ from my ex

 

[coldmeat]

I have 9k in student loans for my first year. It doesn't collect interest until 6 months after I graduate though.

 

[Kaolccips]

Originally posted by: SearchMaster

Originally posted by: Kaolccips

Originally posted by: tidehigh

Originally posted by: Kelemvor
What the hell is a Good debt?

debt that has an interest rate less than or equal to how much you can make in interest with the capital/cash you have.

why pay it off when you can make more money by not paying it off?

wait... what?

It's a pretty common thought - if you have a mortgage at <6% but can get >9% in the stock market, you're better off investing in the market than paying off the mortgage.

I don't agree with it for several reasons but he's not the only one who thinks that way.

Ohhhhh I understand now. If it's pretty much guaranteed you'll make enough to pay it back and then some then seems to me that it would be the most logical thing to do.

 

[ponyo]

Originally posted by: child of wonder

Originally posted by: Naustica

Originally posted by: child of wonder
My wife and I decided to get a 3 month emergency fund saved up before we started aggressively paying down our $12k CC debt since it's only at 3.99% until paid in full. By the end of May we should have our emergency fund all saved up and then will try to get that CC gone within 2 years.

Then all that's left is my student loan and the house.

However, we'll probably need to get a car loan in the next 2 years, too, since our oldest car is a 1997 Taurus with almost 140,000 miles.

Maybe you should sell your computer and TV to pay down your CC debt.

You mean the CC debt which is just my previous car loan rolled over to the 3.99% to save money and the rest was money borrowed to finish my basement at the same rate, thus increasing the value of our house all done prior to me getting a giant raise?

Sure, I'll sell those items I spent a grand total of $3,000 on when I can afford to pay $1500 per month to the CC once I have an emergency fund saved by the end of May.

Then when the CC is paid off I'll eventually purchase similar items for more than I sold the originals for! Brilliant!

No, what's brilliant is spending $3k on fast depreciating computer and electronics when you don't even have 3 months of emergency fund and have $12k in CC debt!

 

[cheezy321]

Congrats!!!!! Its hard work to stay so disciplined and focused on the big picture

I am at about 6K in debt (3,500 credit card 3K car)

Ironically Wells fargo just upped my credit card limit! Should i be excited? haha

Im hoping to get rid of my CC debt by the end of the year. Hopefully Car loan will be paid off around this time next year.

 

[ja1484]

Originally posted by: E equals MC2

Originally posted by: Joemonkey

Originally posted by: E equals MC2
[edit]
well not counting student loan ($12K), but those are good debts so they can wait.

So... if you had a mortgage would you not count your house either because it is a "good"? debt is debt

please do not ruin my moment.

You haven't had it yet. You still have $12,000 in debt.


Thread title should be "I am incompletely out of debt!"

 

[Fritzo]

LOL- as bad as $8k.

Lightweight!

 

[Kelemvor]

If anyone is interested, this is a very informative class. Many churches offer it for free but you have to buy the manual and things if you want to use it. We're going through it right now and it's a lot of fun. Lots of it is rudimentary and it's geared towards people who have no idea how to manage money at all, but it's still a very good series.

http://www.daveramsey.com/fpu/home/

Plug in your zip code and see if it's offered in your area.

 

[xgsound]

Originally posted by: E equals MC2

Originally posted by: Joemonkey

Originally posted by: E equals MC2
[edit]
well not counting student loan ($12K), but those are good debts so they can wait.

So... if you had a mortgage would you not count your house either because it is a "good"? debt is debt

please do not ruin my moment.

You worked toward this moment, so take the glory. You earned it. Maybe "good" debt is overstating it some, but it's a lot better debt than most.

Furthermore you now have more usable money to beat up on that student loan if you want to. You get to decide if you want to or not. Feels goood doesn't it?


Jim

 

[spittledip]

Congrats!