Do you have any debt?

[trageserk]

None- but when I go into college next year and then hopefully med school afterwards I'm pretty sure that'll change.

[The Rambler]

Only my debt to society LOL

[dave s]

Just our home. So technically, I responded with < $25k. I guess if we sold it tomorrow, we'd be debt free, but wouldn't have anywhere to live.

Cars are paid off. Any credit card purchases are paid in full when the bill comes so we pay no interest on purchases.

Socking away money for retirement and subsidizing college tuition.

Someday, maybe I'll get to spend some of my hard-earned money on myself!

dave

[Shindig]

I technically have around ten large in debt: student loans. Credit cards are paid off every month, and I pay down the principal on my student loans each month. I have the money to pay them off in full, but since I'm still in school, they don't charge any interest, so I'm in no hurry to pay them off. I don't spend recklessly and have more than enough in savings to pay off this debt, so as soon as it comes time for them to charge me interest, the debt is going to be wiped clean.

[Gummi Bear]

I've got a little less than $10k outstanding. Being unemployed for the greater part of 2002 was a killer, especially since we were in the middle of a major remodel on the house (gut-n-go), and were living in an apartment in the interim. I was paying as I go for materials, and doing the work myself, but had to finish with everything on CC's (nobody wants to do a home improvement loan to an unemployed person apparently)

That being said, I've got 2 years left on my truck, and 1 year on my car, and because of my unfortunate blessing, my mortgage payments are still quite low. I've managed to keep paying everything down: my college loans are gone, we've paid out of pocket for my wife to go to school (2 semesters left, yay!), and most of the credit cards are done.

[ks8829]

Mortgage is my largest debt, one car is paid off and the other is 4 year old and will be paid off in another year.

My son is going to a private high school this fall and it cost $1,500 a month, my daughter is going to private school and it cost $500 a month, my son needs braces and that will cost $5,000, health and auto insurance cost at least $4,000 a year, my son want a cell phone because all his friends have one that will be $50 a month...............

I better get back to work and make some more money, the above is getting me depressed.

[geezer]

After two years at Uni, I'm ... let me see... carry the 1... £6000 (thats only tuition fees, by the way. I can get a government grant (doesn't have to be paid back) for maintainance, due to household income). Probably another 6000 for my next two years to look forward to.

[Masa]

Ignoring the new car I got two weeks ago (I love my new car), I have about $12K in debt, all in student loans for my undergraduate degree that I finished in May. The loans don't accrue interest until I finish school, which won't be for a while since I'm going to graduate school at Rice for a Ph.D starting in August. Typically takes 4-5 years for a doctorate, so I'll be getting a bit of a late start on the whole "real job" thing but with my major a graduate degree is the only way to get into the type of work that is interesting to me.

[terp2007]

Ignoring the new car I got two weeks ago (I love my new car)

details? whatcha get?

[Masa]

details? whatcha get?

I had to keep it reasonable, I only get paid so much for going to school. I ended up getting a 2008 Honda Accord Coupe LX-S. Think I'm a little over 1250 miles in two weeks. I had to get it special ordered and assembled because I wanted a certain color combination that isn't typically made. Took about a month or so of waiting, but totally worth it. It's still a pretty "basic" car compared to what some (most?) people around here drive, but for me it's a huge upgrade. Gas mileage has been good, average between 26 and 33 per tank.

Sorry about the low picture quality, my cell phone isn't that great with pictures.

[ChiChiIsMe]

Only the house.

You're kidding yourself if you count your auto debt the same as a mortgage. You'll never be able to build any REAL wealth with car-payments.

[crawf061]

You're kidding yourself if you count your auto debt the same as a mortgage. You'll never be able to build any REAL wealth with car-payments.

You are right about that. I included car debt as optional in the original post just because that is typically something that everyone has. It definitely is not on the same level as a mortgage.

[1UnderU]

Student loans and some cc debt. Unfortunately it's hard to pay down debt when you live in NYC, own a car and pay for parking.

[ERC7.5]

School loans. Truck Payment. Credit Card(s).

Working hard to get the credit card paid off. Then I'm going to concentrate heavily on the truck.

[mikelz]

Only the house.

The same thing can be said about a mortgage.

By the time you hit a meaningful gain, what have you paid in interest? IMHO, believing that making mortgage payments really increases your assets is questionable at best. If you have cash, moving real estate is another deal altogether.

[mikelz]

Oh, as a follow-up.
I pulled out enough money before the 2000 crash to pay off my house and 3 years later pay cash for a new car.
I'm luckier than I am on the course in that respect.

[ChiChiIsMe]

The same thing can be said about a mortgage.

The Mortgage will be the next thing paid off. We have less than 5 year @ our current rate, and the 15 year note @ 5% will be paid off 7 early. That's when we REALLY start saving $$.

[mikelz]

The Mortgage will be the next thing paid off. We have less than 5 year @ our current rate, and the 15 year note @ 5% will be paid off 7 early. That's when we REALLY start saving $$.

You go get 'em. Most people aren't willing to go through the pain of a 15 year even though it saves tens (if not hundreds) of thousands.