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How much in debt are you?And do you pay it off or keep charging?

 
countingsparows

Asked by countingsparows at 6:56 PM on Apr. 18, 2009 in Money & Work

Level 8 (224 Credits)
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Answers (7)
  • Right now the only debt we have is one car and our home. Last year we had $13k in debt and we found Dave Ramsey and his Total Money Makeover. We paid off the $13k in 6 months, following Dave's plan. I can't say enough good things about his book and his show and all. Now we are working on paying off the car. We are hoping to be down to just the house by the end of this year and if we stay on track we will have the house paid off in 6 years or less.
    slw123

    Answer by slw123 at 7:33 PM on Apr. 18, 2009

  • $650,000. We pay off all, if any, credit card charges monthly(we do not carry a balance on the credit cards) and we make monthly payments on the mortgage, vehicles and student loans which accounts for the rest of our debt.
    Anonymous

    Answer by Anonymous at 7:16 PM on Apr. 18, 2009

  • Probably about 60,000 at the most in debt... and we don't use credit cards... We make monthly payments on our car, student loans and doctor bills.
    soonmommyof3

    Answer by soonmommyof3 at 7:23 PM on Apr. 18, 2009

  • Personally, none. But our business has some 90 debt to the tune of around 5 grand, we pay it at 90 days and let the cycle continue.
    We have never had debt including our home, we lived with parents and paid cash for the house, over the years paying cash to have additions built on. We now have 2800 square feet and a four bedroom house and 3 cars all bought cash.
    It took great parents to get into this situation, not everyone is so lucky.
    akinbottom2

    Answer by akinbottom2 at 8:11 PM on Apr. 18, 2009

  • It's wonderful that you had such good parents, pp. I'm the previous anon and I wanted to add, that part of our debt includes my little brother's student loans as well. My husband and I are paying for him to go to college. I'm so proud of him, and he's worth every penny. lol.
    Anonymous

    Answer by Anonymous at 10:12 PM on Apr. 18, 2009

  • We are debt free. We own our home outright and pay cash for vehicles. I do use my credit card for everything but pay it off every month. I like the airline miles I get and gift cards. I do not pay a lick of interest or finance charge either. We live below our means and reap the benifits of that lifestyle.
    Anonymous

    Answer by Anonymous at 10:40 PM on Apr. 18, 2009

  • $13,000 in debt, but we plan to pay it all off by the end of this year and we promised never to go into debt again.
    Anonymous

    Answer by Anonymous at 11:09 AM on Apr. 19, 2009