Personal debt?

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Comments

  • Reply 21 of 28
    trick falltrick fall Posts: 1,271member
    I actually read somewhere recently that the average american household has around $8,800.00 in credit card debt.
  • Reply 22 of 28
    rokrok Posts: 3,519member
    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).



    that's the vague plan, anyway.
  • Reply 23 of 28
    regreg Posts: 832member
    5 years left on house payments. Then kids start college. It never ends.



    reg
  • Reply 24 of 28
    trumptmantrumptman Posts: 16,461member
    Quote:

    Originally posted by tonton

    Am I a horrible person?



    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.



    Student Loans: None



    Car Loans: None



    Nick
  • Reply 25 of 28
    progmacprogmac Posts: 1,850member
    Quote:

    Originally posted by ShawnJ

    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.
  • Reply 26 of 28
    e1618978e1618978 Posts: 6,075member
    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.
  • Reply 27 of 28
    sunilramansunilraman Posts: 8,133member
    Quote:

    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?
  • Reply 28 of 28
    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.
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