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DP.com Debt Poll

How deep in debt are you?

  • 0. I am debt FREE!

    Votes: 16 40.0%

  • less than $10,000.00

    Votes: 4 10.0%

  • $10K- $50K

    Votes: 7 17.5%

  • $50K-$100K

    Votes: 5 12.5%

  • more than $100K

    Votes: 8 20.0%

  • Debt? Whats that?

    Votes: 0 0.0%
  • Total voters
    40
Around $30k of student loans. UK student loan interest is pretty cheap (1.5%) so doing as little as possible to pay it off and instead get started on some investment compounding of my own. Not to mention that it's owed in the UK so paying it off means dealing with exchange rates...

Have a few k total in credit card debt but I don't carry a balance and pay each one off in full each month so don't consider it a debt debt.
 
well over 1m in debt

mortgage at 400k

3 rental properties (all have 150-225k mortgages on them)

business loan that i cosigned for wifes business.....250k left on original 1m note

i think i owe 8k on my 2014 car.....took a 36 month note

and probably 3500 on the amex after last weeks trip to Puerto Rico (which i payoff every month)

my assets dwarf my liabilities, so although the debt number is high, it is not cumbersome or worrisome
 
Only my mortgage which just crossed the $100k threshold on the way down. I've considered paying it off with some of the investments I have but since I'm earning at a higher rate than the interest racks up I just don't see the sense in it.
 
tres borrachos said:
Have over $200,000 left on the mortgage, and one car loan. The kids are all going to college in the next few years and unless all of them get scholarships, we'll be borrowing for college for them I suspect.
Click to expand...

The trend in Illinois and Iowa to name two states for some time, even amongst the top 10% in a class, is to go to community colleges. They've had to up their standards so that the entire AA degree would be accepted by any in-state college. It must be the degree, however, that they attain.

Most students live at home--work a decent job--AND GET THEIR GEN EDS out of the way without going in debt while many times saving their scholarships. Many of our high schools offer dual credit--we've seen many students come out of high school with a full year of college credit or more.

Many CCs now have PhDs teaching major level courses in the hard sciences like Chemistry and Physics. Why pay the huge freight of a 4-year school on GEN EDS when students are unsure of a career, are too immature to handle the college scene, and very often wind up right back at home for CC the 2nd semester or 2nd year and screw up their GPA while wasting tens of thousands ?
 
Lutherf said:
Only my mortgage which just crossed the $100k threshold on the way down. I've considered paying it off with some of the investments I have but since I'm earning at a higher rate than the interest racks up I just don't see the sense in it.
Click to expand...

dont pay it off

not until the income side of the equation changes.....
 
i'm paying off my car. that's the extent of it at this point, but i'm getting married, and thanks in large part to ****ing sequestration, my current job ended today. needless to say, i might incur some debt.

i will say that i think we are nuts for putting our kids into significant debt if they decide to go to college. if we were to design a system specifically designed to produce an undereducated population, we would be hard pressed to do a better job at it than we are doing now. the consequences of this stupidity will become increasingly apparent later in the 21st centuries when countries who encourage education surpass those that put a paywall in front of it.
 
PoS said:
I read somewhere that about 90% of Americans die in debt so I just wanted to see a cross sampling of the people here as to what their debt levels are. :)

Please include all personal liabilities like mortgages, car financing and such. Thanks!
Click to expand...

Does one take into consideration one's assets vs debts, i.e. net worth or just debt?
 
Lutherf said:
Only my mortgage which just crossed the $100k threshold on the way down. I've considered paying it off with some of the investments I have but since I'm earning at a higher rate than the interest racks up I just don't see the sense in it.
Click to expand...

That's where I'm at. I refinanced my house a couple of years ago pay off my contract on my building purchase. I have way more than enough liquid assets to pay the mortgage off right now... but it's only 2.5% so why? As it is it's scheduled to be paid off in less than 4 years anyway.

The prepayment clause expired when I had 2 kids still in college so I had other things to spend my money on at the time.
 
tres borrachos said:
Have over $200,000 left on the mortgage, and one car loan. The kids are all going to college in the next few years and unless all of them get scholarships, we'll be borrowing for college for them I suspect.
Click to expand...

If you have to borrow let them borrow it especially if they qualify for subsidized loans, then you can start paying it off when they get out. I'm glad my last graduated in May. It was an expensive 8 years funneling 3 of them through during that time period.
 
gdgyva said:
well over 1m in debt

mortgage at 400k

3 rental properties (all have 150-225k mortgages on them)

business loan that i cosigned for wifes business.....250k left on original 1m note

i think i owe 8k on my 2014 car.....took a 36 month note

and probably 3500 on the amex after last weeks trip to Puerto Rico (which i payoff every month)

my assets dwarf my liabilities, so although the debt number is high, it is not cumbersome or worrisome
Click to expand...

Exactly, nothing wrong with a little leveraging to grow assets. I'd not have nearly as much net worth had I not gone down that route.
 
Gathomas88 said:
One day. Not anytime soon, however. Lol
Click to expand...

My son just bit the bullet. Had a hell of a time getting loan approval even with a 20% down payment because he's never had debt and therefore zero credit history. It got finally got done though and his house payments including taxes/insurance are less than rent would have been.
 
Helix said:
i'm paying off my car. that's the extent of it at this point, but i'm getting married, and thanks in large part to ****ing sequestration, my current job ended today. needless to say, i might incur some debt.

i will say that i think we are nuts for putting our kids into significant debt if they decide to go to college. if we were to design a system specifically designed to produce an undereducated population, we would be hard pressed to do a better job at it than we are doing now. the consequences of this stupidity will become increasingly apparent later in the 21st centuries when countries who encourage education surpass those that put a paywall in front of it.
Click to expand...

What is it that people will be learning in college that will make the difference between success, and failure in the future?
 
Winchester said:
If you have to borrow let them borrow it especially if they qualify for subsidized loans, then you can start paying it off when they get out. I'm glad my last graduated in May. It was an expensive 8 years funneling 3 of them through during that time period.
Click to expand...

That's exactly what we're going to do. We'll pay off their loans.
 
ocean515 said:
What is it that people will be learning in college that will make the difference between success, and failure in the future?
Click to expand...

the same stuff that leads to success today

stem degrees are a good start

i realize they arent for everyone.....but there will be a need for professionals now, and in the future

i changed career fields three times after the air force....but i used my accounting background in all three

been in the last one now for almost 30 years......

my daughter in law has gone back to school twice to enhance her nursing degrees

find something you love....figure out how to make money doing it

and for those who college isnt going to happen....trade schools are just as good
 
NIMBY said:
The trend in Illinois and Iowa to name two states for some time, even amongst the top 10% in a class, is to go to community colleges. They've had to up their standards so that the entire AA degree would be accepted by any in-state college. It must be the degree, however, that they attain.

Most students live at home--work a decent job--AND GET THEIR GEN EDS out of the way without going in debt while many times saving their scholarships. Many of our high schools offer dual credit--we've seen many students come out of high school with a full year of college credit or more.

Many CCs now have PhDs teaching major level courses in the hard sciences like Chemistry and Physics. Why pay the huge freight of a 4-year school on GEN EDS when students are unsure of a career, are too immature to handle the college scene, and very often wind up right back at home for CC the 2nd semester or 2nd year and screw up their GPA while wasting tens of thousands ?
Click to expand...

They won't be going to community college. All 3 have great grades, in top 20%, and all are looking to (and have the ability to) play NCAA sports. Plus we want them to go away and have the same experience we had.
 
tres borrachos said:
They won't be going to community college. All 3 have great grades, in top 20%, and all are looking to (and have the ability to) play NCAA sports. Plus we want them to go away and have the same experience we had.
Click to expand...

Here's a story you'll appreciate.

Several years ago I had a client whose son got a full ride to Notre Dame on a football scholarship. He played during his first year but then decided he no longer wanted to play football but really liked the idea of going to Notre Dame. Mom and dad provided but I can tell you from the tuition statements that those Jesuits don't work cheap!
 
PoS said:
I read somewhere that about 90% of Americans die in debt so I just wanted to see a cross sampling of the people here as to what their debt levels are. :)

Please include all personal liabilities like mortgages, car financing and such. Thanks!
Click to expand...

We're over $200k in debt. That's only our mortgage and a 0% car loan though, so we're pretty comfortable with the amount.
 
Lutherf said:
Here's a story you'll appreciate.

Several years ago I had a client whose son got a full ride to Notre Dame on a football scholarship. He played during his first year but then decided he no longer wanted to play football but really liked the idea of going to Notre Dame. Mom and dad provided but I can tell you from the tuition statements that those Jesuits don't work cheap!
Click to expand...


lol

georgetown law only takes an arm and a leg....what other appendages does the golden dome require?
 
Still paying off my law school student loans I am sorry to say :(
 
gdgyva said:
lol

georgetown law only takes an arm and a leg....what other appendages does the golden dome require?
Click to expand...

I'd have to go back and look at the actual numbers but my recollection is that it was in the ballpark of $40k/semester.
 
Lutherf said:
I'd have to go back and look at the actual numbers but my recollection is that it was in the ballpark of $40k/semester.
Click to expand...

Holy ****. I had a client send his kid to Columbia and I thought that was expensive. IIRC around $55K/year.
 
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