How much do you owe ?

Discussion in 'Campfire' started by D33RHUNT3R, Jan 18, 2008.

How Much Do You Owe ?

  1. Nothing

    20 vote(s)
    16.4%
  2. $500 or less

    7 vote(s)
    5.7%
  3. $500-$999

    2 vote(s)
    1.6%
  4. $1000-$2999

    5 vote(s)
    4.1%
  5. $3000-$4999

    8 vote(s)
    6.6%
  6. $5000-$9999

    9 vote(s)
    7.4%
  7. $10,000-$19,999

    22 vote(s)
    18.0%
  8. $20,000-$50,000

    20 vote(s)
    16.4%
  9. $50,000-$100,000

    13 vote(s)
    10.7%
  10. $100,000 or more

    16 vote(s)
    13.1%
  1. D33RHUNT3R

    D33RHUNT3R Well-Known Member

    I'm just curious as to what the Avg Family/Person is carrying in Debt ... Debt is not your Mortgage,Utilities,Rent unless your upside down in it right now ...then I would consider it a Asset.
    Debt being... Bank Loans, Credit Cards, Cars, Boats Etc...
     
  2. rjet

    rjet Well-Known Member

    Why is a mortgage not debt?? Any payment you make in the name of a loan is debt.

    Mortgage excluded I carry 0 debt.
     

  3. stealthycat

    stealthycat Elite Member<br>2015-16 Bow Hunting Contest Winner

    single income, 8 year old, wife and 6 year old

    My annual income is in the $65,000 range

    I have no debt under your rules.

    I have a 2003 Jetta TDI paid for, a 2003 Sequoia paid for, I have a couple of parcels of property paid for, no credit card debt to carry over every month, I've got a 1982 Ranger boat paid for ..... my only "debt" is my house, and on that I owe $70,000 and should have it paid off in 7-8 years. My credit score is in the 730 range last I checked

    A man has to be smart, work hard and build something for his family.
     
  4. D33RHUNT3R

    D33RHUNT3R Well-Known Member

    My House is worth more than I owe on it --Therefore it is an asset...
     
  5. under your rules I think I am in debt about 500 bucks to Sears on my HDTV i bought. But got 0% until like mar of 2009, so got plenty of time to pay that off

    I avoid using credit cards
     
  6. rjet

    rjet Well-Known Member

    But it is still a debt that you are paying interest on (I assume you are paying interest on that loan).

    That still makes it a debt.

    I worked with a dude who cashed in his 401K to pay off his debt and he was real proud. I congratulated him for being out of debt and relayed to him how nice it is to have a house payed off. He gave me a strange look and told me his house wasnt paid off but his credit cards were. :smack: For some reason we have this silly idea that house morgatge and car loans are not considered debt.
     
  7. D33RHUNT3R

    D33RHUNT3R Well-Known Member

    I have 4 kids and a Wife and my annual pay is $30,000 its not easy staying even or getting ahead sometimes... Braces,Washer/ Dryer,Newer Vehicle (I always pay Cash on my vehicles) never have had a new one I'm getting closer ......I will in the black in 2 more weeks ..... Again ....:biggrin:
     
  8. rjet

    rjet Well-Known Member

    Forget the new vehicle, read the book the millionaire next door....sounds like you are on the right path.
     
  9. Arkie_3_fan

    Arkie_3_fan Well-Known Member

    I was around $20,000 in the black at this time two years ago... but then I got married. :smack: :thumb:
    I'm still not doing all that bad though. Got my truck paid off at around 40,000 miles and paid cash for my new 4-wheeler. Where I went in the hole was buying 40 acres of land last year. I like less than $30,000 having it paid off and hopefully will have it knocked out in 3 or 4 years as soon as my wife pays her car off this summer and starts chipping in.
    The next goal will be to build a house and we are already putting money back for that.
     
  10. D33RHUNT3R

    D33RHUNT3R Well-Known Member

    I do agree the house is still a Debt just different... a Car , Depricated the moment you bought it a will from that day forward in 99% of Vehicles.. a House or Property/Land Appreciates most of the time.. Mine has $20,000-30,000 in 8 yrs Flat right now and will be for a while I'm afraid too.... I plan in 7-10 more years to have paid enough on my house that when I re-sale it, I will have Enough after pay-off to Build me a smaller House on My Farm..Paid For...The land I'll build on is all ready paid for less taxes each yr :biggrin: $30

    Yes I pay 8% Fixed on my home and my loan was by the Owner thru an Estate, not a bank , If I were to Rent my House Now it would run $850-$1000 I'm paying $550 and in 7 yrs it hasnt gone up but rent has... I'm working on The house note but arent 95% of all working familys...

    By your Terms We are all in debt forever due to Property Taxes ... I'm more looking at Unsecured Credit ... Anything that you owe on thats worth less than you paid for it ...My score is between 750-810 depending on which 1 of the 3 you look at...
     
  11. rjet

    rjet Well-Known Member

    debt is debt...clear and simple.
    But there is good debt and bad debt. Your home debt is good debt as is arkie 3 fans which is great debt.
    Anytime you owe a payment for an entity is debt. Taxes/utilities/insurance is something you will carry but is not a true debt.....even though if you dont pay them taxes they will steal what you own. Look at it anyway you like but myself I hate payint interest on anything and anything I do is considered debt and I am losing money until it is paid off.
     
  12. fairweatherhunter

    fairweatherhunter Well-Known Member

    My house is paid for, car paid for, truck paid for. Have a little bit on a credit card and a loan from my 401k that I pay back myself with interest.Just tax and insurance poor. I made around 35k last year, wife doesn't work.
     
  13. stealthycat

    stealthycat Elite Member<br>2015-16 Bow Hunting Contest Winner

    my mortgage interest in tax deductible - thats not a "bad" debt, and its appraisal is in the $160K to $170K range and I owe $70K on it, so with my tax bracket, having that mortage is probably an Advantage not a Disadvantage
     
  14. browning_gold_12

    browning_gold_12 Moderator<br>Deer Hunting<br>Trail Cameras<br>'07

    oops, i fouled up your poll. i voted 50 to 100 g's, cause my house is <2 years old. sorry:frown: other than that, aint got much:thumb: BG12
     
  15. Down on the White

    Down on the White Well-Known Member

    For me around 10K and that will be reduced by half this year with two vehicles being paid off the only other thing will be a few household items.
     
  16. Hill Farm Hunter

    Hill Farm Hunter Well-Known Member

    Married with one child, and the wife and I both work. Not sure how we could make ends meet without two incomes. Without the house we are in pretty good shape. Owe $19000 on my truck, but it is 0% interest and I am in no hurry to pay it off. Wifes ride is paid for. Figgure in the house and it is depressing as heck. The house is worth $52K more than we owe, but we owe a heck of a lot. I use the heck out of my credit card, but pay it off before the interest hits.

    Mortgage is dang sure debt, but that is not what you wanted to know. I think the best way to look at what kind of shape you are in is net worth rather than debt. Value of what you own - what you owe = net worth.

    Our net worth puts us in the black, but we sure don't have much money left at the end of the month when the bills are paid. We look at the house as an investment. We did a lot better on our first house than any of the stock we ever bought. The money we have put into stock would have been better invested at Tunica.:smack:

    Rjet, what did your book say about rich folks borrowing money? From what I have seen they will borrow in a lot of cases even though they have the money not to. For some reason they seem to prefer to use someone elses money rather than their own to finance large purchases. It does not make sense to me, but no one has ever accused me of being rich. Unless they can borrow at lower interest than they are making on their money, the only other reason I can see is a tax advantage.
     
  17. Arkie_3_fan

    Arkie_3_fan Well-Known Member

    BG, if you owe that much you might as well go buy that latest Cobra driver. Heck, you wouldn't even notice owing that extra $300 - $400. :thumb:
     
  18. zane

    zane Well-Known Member

    about 6 months after I graduate, I will owe 6000-8000 for some student loans
     
  19. HANDGUNNER

    HANDGUNNER Well-Known Member

    Right now, I'm sitting pretty good...my truck and house are paid for and within a month, the little credit card debt I have will be down to zero!!!!

    Although I did just buy a new Polaris Ranger and 16ft trailer, but I sold some Stock and paid cash!!!
     
  20. Gunner'sMate

    Gunner'sMate Well-Known Member

    Owe about $16K on my 2006 SUV and approx $1K on a credit card. No other debts, always try to pay cash....if I can't then I really didn't need it :biggrin: ......