i don't have an exact dollar amount, but the list of items is...
two car payments (vw beetle and toyota matrix)
house
my student loan payment (a lot)
my wife's student loan (actaully pretty small)
and two small credit card debts that we almost always pay off each month. as soon as we get some comfort zone surplus, my wife's student loan will be paid off, one car (the matrix) is about a year from being paid off (we put a lot of money down), which means saving for retirement, while paying off the other car (we plan to sell the house in probably 5 years tops, to go towards a next house).
Yes, but it has nothing to do with personal debt. It has to do with you and the others putting me about 25 posts behind in that other forum when I already post here too much!
While I am not a fan of unsecured consumer debt, I am a big fan of leverage and secured debt. I use both extensively.
I might owe more than anyone here.
Mortgages: Right around $705,000 stretched across five properties.
Credit Cards: Around $1500 mostly related to the last quarter of school I just charged for classes related to getting my Master's in Educational Administration. I charge it and then pay it back off over the quarter.
0 in my 3rd year of college. I'll be in Groverat's wife's position soon. Well, you know what I mean.
hahahah, very very funny.
my story, in case someone cares. i graduated college with about 4k in credit card debt. it bugged me how i had all this debt and nothing to show for it. i did an ebay business reselling macs and lived very responsibly for 3 months and payed it all off. i was miserable every day when i had that debt. it's been gone for a couple of years and now i am very, very thrifty.
One cool thing - if you leave Canada, they let you take out $15K of your RRSP and only pay 20% tax on it (at least that was the case in 1993). Presto - no more credit card debt.
I do have a lease on my car, but that is more like payment for a service than a debt.
One cool thing - if you leave Canada, they let you take out $15K of your RRSP and only pay 20% tax on it (at least that was the case in 1993). Presto - no more credit card debt.
I do have a lease on my car, but that is more like payment for a service than a debt.
Registered Retirement Savings Plan. I pay into one but I don't actually know much about it. If you cash them in too early they are counted as income and will be taxed accordingly. So if you're retired or unemployed you can cash them in to a certain limit and not get taxed. And I think you can use them for a down payment on a house as long as you pay it back in 10 years. Most employers do some sort of matching dealy if you have taken of your paycheque, usually they'll equal it a certain percent of your annual income. I'm sure there's more mature, learned Canadian here that can clarify the gibberish I just posted.
My debt:
CC - Almost none, we use it for pizza when we forget to get money out of the bank.
Student Loan - None, I paid as I went and we just dumped my girlfriends on to a line of credit because the interest rate was better
Line Of Credit - About 6000, should be paid off in a few months.
Car-about 9000 left on that one
House-Not yet, but we'll have a hefty mortgage by months end.
I think we're doing okay. The debt isn't crushing so who cares.
Comments
two car payments (vw beetle and toyota matrix)
house
my student loan payment (a lot)
my wife's student loan (actaully pretty small)
and two small credit card debts that we almost always pay off each month. as soon as we get some comfort zone surplus, my wife's student loan will be paid off, one car (the matrix) is about a year from being paid off (we put a lot of money down), which means saving for retirement, while paying off the other car (we plan to sell the house in probably 5 years tops, to go towards a next house).
that's the vague plan, anyway.
reg
Originally posted by tonton
Am I a horrible person?
While I am not a fan of unsecured consumer debt, I am a big fan of leverage and secured debt. I use both extensively.
I might owe more than anyone here.
Mortgages: Right around $705,000 stretched across five properties.
Credit Cards: Around $1500 mostly related to the last quarter of school I just charged for classes related to getting my Master's in Educational Administration. I charge it and then pay it back off over the quarter.
Student Loans: None
Car Loans: None
Nick
Originally posted by ShawnJ
0 in my 3rd year of college. I'll be in Groverat's wife's position soon.
hahahah, very very funny.
my story, in case someone cares. i graduated college with about 4k in credit card debt. it bugged me how i had all this debt and nothing to show for it. i did an ebay business reselling macs and lived very responsibly for 3 months and payed it all off. i was miserable every day when i had that debt. it's been gone for a couple of years and now i am very, very thrifty.
I do have a lease on my car, but that is more like payment for a service than a debt.
Originally posted by e1618978
One cool thing - if you leave Canada, they let you take out $15K of your RRSP and only pay 20% tax on it (at least that was the case in 1993). Presto - no more credit card debt.
I do have a lease on my car, but that is more like payment for a service than a debt.
what is RRSP?
My debt:
CC - Almost none, we use it for pizza when we forget to get money out of the bank.
Student Loan - None, I paid as I went and we just dumped my girlfriends on to a line of credit because the interest rate was better
Line Of Credit - About 6000, should be paid off in a few months.
Car-about 9000 left on that one
House-Not yet, but we'll have a hefty mortgage by months end.
I think we're doing okay. The debt isn't crushing so who cares.