August 22, 2007

HousingPANIC Stupid Question of the Day: Debt

HP'ers - how much debt do you have? (Post as anon)

1) Mortgage

2) Cars

3) Credit cards

4) Student loans

5) Other debt


I think if we asked this question to John Q. Public, versus HP'ers, we'd get vastly different answers. I expect "$0" to be quite common here.

277 comments:

1 – 200 of 277   Newer›   Newest»
Anonymous said...

32 K student loans soon to be paid off. then I'm free an mobile baby

Dr Deflation said...

0$

And I own few assets on purpose as assets are poisonous in times like this.

Things are going to get much cheaper going forward ...

Modeling the Gov't said...

Mortgage - $335K
Student Loans - $40K
Cars - $22K
Credit Cards - $15K

I figure if my finances is much like the governments when they blow up the currency to absolve themselves of the national debt I will get my debt figuratively removed for me as well.

I just need to hold on for the upcoming hyperinflation period and hope I still have a job at the end.

Anonymous said...

You are correct sir! Exactly $0.00!

Johnny_Papers said...

HP'ers - how much debt do you have? (Post as anon)

1) Mortgage - 0 (Dont have one thanks to HP)

2) Cars - 1k

3) Credit cards - 0

4) Student loans - 0

5) Other debt - 0

Oh yea, I'm good. When the dust settles, my money stuffed mattress and I, will be coming out swinging.

Anonymous said...

HP'ers - how much debt do you have? (Post as anon)

I have an $8,500 auto loan that I refuse to pay off because I have it financed at 2.9%. Other than that, I have no other debt. I sold my home and now rent, so I have actually accumulated a pretty good sum of cash that I'm going to use to buy my next home when the prices are right (with all cash). I'm happy that I will never have student loans or a mortgage again.

Anonymous said...

1 Car payment $235 a month

No credit card debt

$12,000 left to pay on wife's college. Or $116 monthly payment.

Minimum Wage said...

I have almost $10K in student loan debt.

bitterLArenter said...

Well, actually, my total debt is about $100 on credit cards just to keep up the credit score. I drive a '92 Isuzu Rodeo to work and a '50 Ford hotrod whenever I dang well want and I love not having any car payment, although I may break down and get a new Accord Coupe that just came out :)

Anonymous said...

I can happily admit: I don't owe one thin dime, I'm completely debt free.

Anonymous said...

.
.
.
.
Debt is bad

Mortgage - $120,000 (5% 15 year fixed)

And that is it. No other debt

Marky Mark

Anonymous said...

0

Anonymous said...

I have my car that I lease for 300 a month. My first lease but I felt this coming and didn't want to buy a car that I would be stuck with forever.

I also have a credit card with a 14000 dollar balance at 1.9% which I could pay off tomorrow but I use the money to invest in PUTS. Made 800% on CFC in the last few months.

I rent my house so thats it for now. I would like to pick up a 2006 up Z06 or Tesla when the toys go on sale but would pay cash for that.

Anonymous said...

1. None - home prices make me laugh.

2. None - use to be the worst investment ever until the invention hedge funds

3. None - but using the 0% introductory rate for 12 months as a free loan while collecting interest.

4. Paid off

5. None

Debt = Slavery

Anonymous said...

1) Mortgage - 0$

2) Cars - 0$

3) Credit cards - 0$ (I am a Dave Ransey fan and do not use them)

4) Student loans - 0$

5) Other debt - 0$

Anonymous said...

I hit the quintfecta - no mortgage, car, credit card (except current spending), education, or other.

I sold my home at the top of the bubble and bought one in a cheaper, non-bubbly city.

Anonymous said...

1) rent 1600
2) 3 cars, 2 paid, 1 lease 300
3) 0
4) 15K for daughter
5) 2K for tv no interest for 18M. I could have paid but I put the 2K in cd for 18 mths earning 5%. I tried to explain this to the kid who sold it to me but he had no clue.

Anonymous said...

1) Mortgage
- None, I rent. Previous mortgage was $290K for a house I sold for $588K. Thank you housing bubble!!

2) Cars

- None. Own all three of our cars in the clear.

3) Credit cards
$18,000 at 0%. I have been doing this for the last few years. CC sends me 0% check offer for 6 or 9 months. I take the offer, put the money in a 5.25% MM account and pay it back after 6 months. Even after paying for transaction fees I end up with a few hundred dollars profit.If someone wants to give me money for free, I will take it every time.

4) Student loans
Wife has about $20K, fixed at 2.9% for the next 28 years. Inflation will eat through that in no time. I have no loans myself.

5) Other debt
None.

Anonymous said...

1) $0 (i rent)
2) No car payment, paid off
3) I pay it off every month
4) about $6000
5) None

I'm a 30 year old in the Boston area, excellent credit, I want to buy a house but prices are still too high in the Boston area.

Anon in Orlando said...

1) $120,000 left of an original $162,000 30 year fixed mortgage @ 6.625%

2) $0

3) $0

4) $0

5) No other debt.

Anonymous said...

1) $217,000, at 4.5% fixed. Family income of $140,000, so we can easily make payments.

2) $0.

3) Just got back from vacation, so a couple of hundred dollars, to be paid off in the next two weeks.

4) $0.

5) $0.

Anonymous said...

(1) Mortgage: Balance = $325,000 @ 5.625% 30-year FRM on home in non-bubble area appraised at $530,000 (four-year old 6,020 sq. ft., 7 BR/6 BA, 3-car garage on 11 acres).

(2) Auto debt: $400/mo.

(3) Credit cards: $0

(4) Student loans: $0

(5) Other Debt: $0

DTI ratio = 25.4%

Anonymous said...

I'm 24, my husband is 25. Between the two of us we have $0 in debt.

1) Mortgage-- Almost had one. We were the highest bidders in a short sale at 74% of what it had been purchased for in 2005. The bank countered that they wouldn't take a penny less than 82%. I refused.

2) Cars-- paid his off early this year, it feels great!

3) Credit cards-- We never carry a balance.

4) Student loans-- None for either of us thanks to generous benefactors who gave us both full tuition scholarships (and then some).

5) Other debt--nope (Despite what the wedding industrial complex and De Beers would have people believe; a nice wedding doesn't have to cost a small fortune.)

Anonymous said...

1) $0

2) $0

3) $0

4) $0

5) $0

No debt, but sure been whacked in the market the last 3 weeks!

Anonymous said...

1) Mortgage $0
2) Cars $0
3) Credit cards $0
4) Student loans $0
5) Other debt $0

Deflationary Dan said...

Mortgage - $0 I rent for 25% of the equivalent cost of owning the same space in the same neighborhood.

Car - $2000 Will be paid off soon

Credit Cards - 0$ Pay balance in full every month

Student Loans - $0 Also paying cash for children's college tuition. 1 in PhD program (scholoarship), 1 in Senior Yr Bio-Medical Engineering, and 1 8yr old that we have about $25k saved for.

Other Debt - $0

Like many of you, I saw this coming quite some time ago and acted appropriately. I try but cannot feel sorry for the fiscal irresponsibility of the majority of Americans and our government.

Anonymous said...

Five years ago, I took out a 3-year ARM re-finance at 3.65%, but not for the reasons most Joe Americans do it. I did it as a way to reduce my interest rate, setting the goal of having my house paid off within those three years. Mission accomplished, house has now been paid off for almost two years.

People called me stupid, they said I could have put my money elsewhere and made more. Maybe. But the security of knowing that I own my house free and clear is liberating.

I also own both of my cars.

I do have about 10K in credit card debt on one of those 0% interest, no payments for 12 months deals. Every twelve months I get one of those credit cards, make sure I pay it off by the end, then rip it up and get another one. But I have the feeling this time around, those cards are going to be hard to come by! :)

baddriver said...

Good guess Keith, proud to say i have $0 in debt.

1) $0 I rent
2) $0 No car
3) $0 CC's paid off every month
4) $0 No student debt
5) zero, zilch, nada

I have $50k split between the savings/money markets and US short positions and gold.

Anonymous said...

31 years old
mortgage - none (renter)
cars - 1 paid off, still paying on saturn
credit cards - paid off
student loans- never got any, paid out of pocket
other debt - CHILDCARE ..in orange county 2 kids runs about 1300 a month!!

Anonymous said...

$93,000 Mortgage 15year 4.25% FIXED
Pay CCs off in full every month.
No Other Debt.
I refinanced in the summer 2005, saw the teasers, ARMs etc,
and wondered why anyone would take the risk when you could get 4.25% fixed.

Anonymous said...

no debt, I go to heaven, amen

Anonymous said...

I personally have $0 debt. No CC's, Student loans, cars, nothing. My wife has about 20k in auto loans but that's it.

I've asked if she would just let me pay it off. She says the payments are low and we're using it for to gain credit.

Credit is such a stupid thing. Maybe I'm just a gold in the safe type of person. But, all I own are a couple of mildly depreciating assets. The rest is cash that I have in government backed 5% cd's. I know I could get better returns on the stock market. But I don't like all the stress.

Oh, and we're both putting the max amount in our 401k's.

I'm renting about a block and a half from the beach in San Diego very cheaply. Waiting with cash for the housing market to fall apart.

Anonymous said...

I have no debt. Paid cash for my 2006 car. Rent for 1/4 the price of a house and I'm sitting on enough money to last 20 years.

(That's based on the assumption that the USD will still be worth something.)

Anonymous said...

900k morgage on a 1.5 million house

20k debt on new car - A6

nothing else.

600k income,

Joe B. said...

On the debt side, we've got a note on my car for about $25K at 3.9% fixed, and that's it.

On the asset side, we've got about $200K all told in various retirement savings, about $30K in college accounts for the two kids, plus a little over $60K in cash - which we're saving up for (believe it or not) a 20% downpayment.

Anonymous said...

1) None.
2) $20,000 because the 3.9% interest is less than I can earn on the $ elsewhere.
3) None, pay it off monthly.
4) None.
5) None.

Anonymous said...

1: Rent , 1400.00/mo
2: car paym, 388.00/mo 15k bal.
3: credit card : 1k bal.
4: No student loans
5: Other Debt: Owe the damn fed 12k, 250.00/mo payment.
no other debt, 100k yr earnings

Anonymous said...

$0.00 and I am not going to lie to you. I spent from 2001 to 2003 working to get there. Now I use credit cards just for the airline miles and pay them off in full at the end of the month. Of course, I take sh*t from my friends for having a small house and un-hip car... but I can live with this.

ex-pat said...

1) No mortgage.

2) No car.

3) I owe $3k or so on credit cards, but it's just the maximum monthly balance. It goes to zero when I pay it each month and goes up as I pay for things with the card. I could chop it up tomorrow without any problems - aside from the inconvenience of collecting change...

4) I owe $12k or so in HECS. Which is the Australian version of student loans - except they are directly from the government and are paid back by a tax levy when your income is above a tiny minimum. And since I live the US I don't pay Australian taxes and hence don't have to pay them currently. They are indexed with inflation, so there's no huge benefit to paying them when I'm not forced to

Note I was at Unversity for 11 years (changed degrees, and did a phd) - I had a scholarship for 3 of those years. I'd hate to see what the student loans would be for the equivalent over here...

5) none

Anonymous said...

i have €4000 in cc debt right now, due to the costs of having a baby here in my country ( you get about 25% reimbursed) and a recent vacation. house, car, none.
i used to think that not owning home was being like dust in the wind, but now i realise it is like not being a slave to a bank.

kilgore said...

ZERO!

But one thing I think about as someone who owns a condo outright is that between taxes and HOA dues I'm obligated to pay about $9,600 a year or else I'll lose my place. That feels a lot like debt to me. Which makes me think that unless you live on a farm where the farm pays all the bills (and you can hire someone to be the farmer and still be profitable every year), then no one in America really owns a house at all.

Anonymous said...

Just $8,000 on a student loan (with 2.5% interest rate). It should be paid off in about 7 months.

Anonymous said...

HP'ers - how much debt do you have?

1) Mortgage
$99,000.oo

2) Cars
Zero/ Audi A4 paid for

3) Credit cards
pay off every month

4) Student loans
Zero

5) Other debt
Zero

Anonymous said...

$350K mortgage on house "worth" 3X that. No other debt.

Anonymous said...

1) Mortgage - $68K

2) Cars - $0

3) Credit cards - $0

4) Student loans - $0

5) Other debt - $0

Anonymous said...

I bet if you asked this question on pro-real estate blogs they'd be loaded up with debt to the eyeballs!

L'etranger said...

1) Mortgage = 0
2) Cars = 5000 (loan is at 3.5%, why pay it off?
3) Credit cards = 0
4) Student loans = 3000 (in another country, serviced by income property there)
5) Other debt = 0

total= 8k against assets in mid 6 figures.

Anonymous said...

Mortgage about $70k on a condo bought for $212k in 1993. Recent comps are about $450k, but who knows what they'll be next year? In reality, I don't care, since I'm not planning on selling.

Otherwise zero.

Anonymous said...

401K 180
Cash in MMA 100
Investment accounts 40

Student Loans 140
No mortgage

Income for wife and me is 210, extremely recession proof jobs.

Anonymous said...

$0, Keith. About 3 years ago I saw the writing on the wall, and it said "Get out of debt now." So I paid off my car early and paid down my credit cards, and I've been delaying gratification ever since by only buying things when (gasp) I have the money to pay for them!

I imagine the feeling I had was much like the feeling prisoners get when they put on their streetclothes and walk through gate after a two year stint in the big house.

Anonymous said...

I used to be the "average" American with loads of credit card debt and whatnot. Then a few years back, I listened to a guy on the radio named Dave Ramsey (yes, I know he missed the boat on real estate). My wife and I then got our act together and today we owe about $58,000 on our house and that`s it. No credit card debt, no car debt, nothing but the house, plus we have a couple of bucks put back for a rainy day (not that we`ll need it...yeah right). Good luck to everybody out there, I`m afraid this is not going to end well.

Anonymous said...

I can't read this site anymore. Too much negative energy. It is not as bad as you make it seem. Those who save will be ok, those who don't will be slaughtered. It's always been that way....

Anonymous said...

$0 across the board

Anonymous said...

Debt : $0
Assets : $800k
Status : renter
Married, 2 small kids
Age : 40
Mood : pissed off, at the Fed
Goal : move everything to Roth IRA and live tax-free for life

Anonymous said...

New to the site. I have excellent credit, but being young I bought into some of the credit game. I'm looking to pay off as much as I can as quickly as I can.

1) Mortgage - 108K, left of orig 119k house at 6.75% fixed.

2) Cars - 35K, two cars.

3) Credit cards - 3K, paying off quickly.

4) Student loans - 9k at 3.5% fixed.

5) Other debt - 15K for raw land purchase a few years ago. (7.75% fixed, 15 year)

family income is 120K in a really low cost of living area.

Any suggestions on what to pay off first? Obviously credit card first which i'm doing......

Anonymous said...

Love how everyone on this list is rich...but then again, it's the internet! :) Guess I'm the only one here who's only top-5% instead of top-0.1%. :P

1) Mortgage: 505k (531k independent appraisal recently, bought in March for 506K), fixed rate 5.75%
2) Cars: $750/mo for '05 and '07 for wife and I
3) Credit cards: $0 in December when the 0% expires
4) Student loans: $5k for my wife @ 2.9% - paying that off would be stupid.
5) Other debt: None

Anonymous said...

1) Meh..$128K

2) 2 cars - one paid off, the other at $9000 (worth more since its a Hybrid...lol)

3) Not bad...at $4K

4) Zip

5) $3K - dental work...sigh...

david in norcal said...

Zero debt for its own sake seems as much a logical fallacy as thinking that the market will always go up.

my debt
321k mortgage on 485k condo (5.5/30yr)
8k on a 16k car
(5.6%)

Secured debt that you can afford is ok. I have secured debt in order to have a substantial emergency cushion to pay for house, health insurance, car and food in case of unemployment or other problems. I also contribute to 401k obtaining the max match which on balance is more advantageous than paying off mortgage.

Furthermore, fellow panickers, if you are worried about the markets, certainly there is the risk of devalued currency and inflation which means that assets in the form of cash AND real property are a way of insuring against both deflation and inflation.

Besides, in the case of massive inflation, I can live in my house, even if it loses/gains value and I have to live somewhere.

This place just seems a little over the top. I see the turmoil, but selling everything and putting it in the bank? A lot of things you hold dear will have to fall apart to make that a good idea and it won't do you much good to have some $$ saved when everything else goes to hell.

Anonymous said...

10 years left on a 15 year mortgage at 4.9% fixed. Balance is around $84,000

No other debt.

Anonymous said...

~$20K across 2 cars, both projected to be paid off at least a year early.

I use credit cards to get free hotel room points and the like, but they get paid off every month.

That's it.

kungpaochicken said...

1) Mortgage - 0 (Dont have one...I read HP and resist being suzeanned by my wife daily)

2) Cars - 0k

3) Credit cards - 0

4) Student loans - 26k @ 2.8%, subisidized, interest set to begin in a year an a half

5) Other debt - 0

The only reason i have the student loans was to buy the cars, which are both paid for, an 07 civic, and 04 tacoma. So basically my student loans are my car loans...but with subsidized interest!!!

Anonymous said...

riiiiight everyone here now makes $600K a year. Wow some raise. A month ago it was only $300K.

At this rate od 100% increases in income, the average HPer will overtake Bill Gates as the richest American sometime in 2009.

I suppose $600K income and $400K savings sound cooler than $9 an hour and $15.89 in a checking account.

Anonymous said...

0,0,0,0,0 Fico score 834.

Anonymous said...

no debt at all since 1993 when i paid off the mortgage seven years early.

Anonymous said...

We rent, sold our home in late 04'. We just bought a brand new 07'Santa Fe Limited, paid cash, have a 99' Celica that was bought with cash too....

No credit card debt! pay it off every month.

Sold 90% of all our stocks and now have everything in CD's, or FDIC MM accounts.

We love our new lifestyle! We can spend money pretty freely-dont have to worry about paying property taxes or house insurance(it's all skyrocketing)

We live in a very nice- huge, 2/2 one story condo, with a big enclosed & private patio with 2 car garage. We have very low PG&E bills and this complex is well kept by the HOA gardners and maintance crew. We are walking distance to the Safeway, oh, and the best part...we have a olympic size pool to enjoy as we wish...

No need to struggle in life, it's no fun paying 50% of income on a mortgage, that's just crazy!

Anonymous said...

Zero.

Out of debt, out of danger.

Anonymous said...

HP'ers - how much debt do you have? (Post as anon)

1) Mortgage: $150K

2) Cars: $0

3) Credit cards: $0

4) Student loans: $0

5) Other debt: $0

Anonymous said...

No debt, none. Pay all bills at end of the month. Feels real goooood!

Anonymous said...

) Mortgage - $210,000

2) Cars - 0$

3) Credit cards - $500

4) Student loans - 0$

5) Other debt (HELOC) - $3500

If I hadn't bought a house 10 years ago my mortgage would be $450,000, which I would never be able to afford.

Anonymous said...

Mortgage - $180K
Student Loans - $8K
Cars - $0K
Credit Cards - $0K

fatamelican said...

"And I own few assets on purpose as assets are poisonous in times like this.

Things are going to get much cheaper going forward ..."


??? Still waiting for the big deflationary bust? Worldwide money supplies are growing at 14%. Look up the definition of inflation and see events in the real world still jibe with your outlook.

The same goes for all you HPers waiting to snag that McMansion for 20 cents on the dollar. The fed and Treasury are signalling that they intend to inflate away their problems. Why won't you listen?

er, Dopes!

Anonymous said...

Mortgage - $135k
Student Loans - 15K
Car - 2K
Credit Cards - 0K

Tom said...

1) Mortgage
- $0. I rent.

2) Cars
- $0. I own one car and its paid for.

3) Credit cards
- Pay them off every month; current balance is $173.

4) Student loans
- $0. I had a summer job and a scholarship. Didn't need loans.

5) Other debt
- $0.

On the flip side, here are my assets:

401k: $175,000 distributed across mostly conservative funds with the majority in a money market fund.

IRA: $11,000 in a vanguard fund.

Stocks: $33,000 across various equities with a few PUTs against some of those in the lending industry. :-)

CDs: $57,000.

Cash savings: $26,000

Oh, and current salary is $120,000.


But hey, I'm just a "dope". Or a bitter renter if you will. ;-)

Anonymous said...

1) Mortgage = 0

2) Cars = 0

3) Credit cards = pay off every month

4) Student loans= 0, paid cash as I went

5) Other debt = 0 Paid off small second when sold house. Banked all the profit from house sale.

Guns, gold, gasoline said...

Put me in the "zero" camp.

However I do have assets which I know will decrease in value. Small airplane, tractors, 20 acres, many guns, lotsa ammo, small denomination dollar bills, silver and gold coins and a modest strategic patroleum reserve of gas and deisel.

Stuck in So Pa said...

Month to month normal living expenses, otherwise no mortgage, car payments, or any installment debt. Pay off credit card balances (only use cards with rebates) every month. Visa/MC/Disc don't like me!

Anonymous said...

My husband and I have:

1) Mortgage: 0 (rent is $1600, rent controlled building in SF)

2) Cars: 15k (had to buy one after my old 1992 Honda was stolen last year)

3) Credit Cards: 0

4) Student Loan: 5k (will be paid off in about 18 months)

5) Other Debt: 0

Retirement: 150k
Savings: 70k (for a house, one day...)
Age: 30
Income (joint): 130k

Anonymous said...

1) Mortgage - $0 - I had a $225K loan, sold my home 11/2005 for $475K, and paid off everything. Have $200K in bank for down payment when homes get cheaper.

2) Cars - $0 - Drive a '96 Geo Prizm, wife drives a '98 Toyota Sienna. We paid cash, and bought them when they were 4 years old.

3) Credit cards - $0

4) Student loans - $0 - Paid off

5) Other debt - $0

I've got $200K from the sale of my home waiting for another one. Got another $175k in retirement. I'm a 32 year old Engineer working for the goverment.

Anonymous said...

Inflation is here folks, and debt is your friend! Why not be like the Wall Street blood suckers and let the taxpayers bail you out? I'm loading up on debt and credit lines, along with gold ETFs and junk silver. When politicians start talking about wage and price controls, I'm going to be just like Countrywide and borrow to the hilt. I'll pay it all back with inflated dollars and retire on the capital gains in the metals.

Anonymous said...

Only debt we have is $100,000 left in mtg on a 4800 Sq. ft. house. Life is good. No car payments, no credit card interest...ever. I have NEVER paid a penny in credit card interest.

Anonymous said...

Interesting, student loan debt is poorly represented.
mort: 0 (renter)
car: 0 (paid off)
SL: $80k (law school)
CC: 0

Sallie Mae is one mean Dom.

Anonymous said...

mortgage-575K=3500/month (with escrow)
car-10K=635/month
Stud. Loans-15K=185/month
CC-0
Income=14K/month

I bought my 4BR/3BA house in 2003 for around $650K. I can walk to the metro in DC. It was a lot but I bought as my home rather than an investment and it was about my half my take home at the time. It was definitely worth it. The only problem is that it was a 7/1 loan. I'm not sure whether I should move or refinance when it's up. I have a couple of kids now but the thought of buying an ordinary house for a million dollars makes me sick.

Anonymous said...

A more interesting question to post might be the AGES of the readers. A 55 year old who's paid off his mortgage and makes 100K/year isn't very impressive, while a 30 year old who's done that is a far far different thing.

But of course, noone here makes 100K a year - they haven't had that *low* an income since that lemonade stand before puberty hit, which was sold to Warren Buffett for $750K when they were 11, amirite?

Anonymous said...

1) $O (renting)

2) $0

3) $110.-

4) $0 I'm 48

5) wife has about $3000.- all write-offs!

6) married, no kids,


7) Priceless!

Anonymous said...

1) Mortgage - $295K
2) Cars - $0 (bought for cash)
3) Credit cards - $0 (only use Amex charge card)
4) Student loans - $0 (paid off)
5) Other debt - $0 (zero, zilch, zip, nada)

Anonymous said...

Keith,

You are correct ZERO. No student loan debt, no mortgage, no car loan (a 06 model not a beater) and I pay my CCs of each month to realize a gain from the CC rewards incentives. Retirement is fully funded and I am in a significant cash position.

I achieved this by dumping my overpriced cr@pbox at the penultimate height of the bubble in the fall of 04 and I now rent a better quality space for 2/3s of what it would cost to "own" my old place.

Illegal Everywhere said...

zero debt for years, don't plan on ever using credit again.. Did I mention I sold my personal RE holding mid 05..

Illegals Everywhere said...

Oh! I forgot to mention that I do rent but my interest covers that as well as my utilities.

Anonymous said...

1. 0
2. 11K (long story)
3. In 2002 - put 44K on a 3.99% for the life of the loan offer from a credit card so I could get 6000 ounces of silver. Income was stronger then so thought I would have paid it off by now - but things don't always work out the way you want them to. Thought I was pretty smart till the sell off in 2005 - but I'm still holding. Net gain on that silver now is about 24K.
4. 0
5. 0

Holding onto 66K of debt now - didn't want to be here, but the income stream hit a bump the last couple of years. Most of the debt is at or below 4%. Car is 6%.

Assett side, Gold and Silver still have me in the plus column (235K net worth), but not where I thought I would be at the end of the summer in 2007.

The Tim said...

$0

Feels so good to be free.

Anonymous said...

$0

SirLancelot said...


I expect "$0" to be quite common here.


You got it Keitherino, this by the way, IS old school personal finance. A mortgage is an evil dragon to be tolerated only as long as it takes you to kill it!

The Thinker said...

There is a subtle distinction between good debt and bad debt, however, if you are not sophisticated enough to appreciate the difference, perhaps it is better to simply say all debt is bad.

However, I would say that good debt is debt that will likely increase your wealth while bad debt is debt that will likely deplete it.

Borrowing money to attend college may be good debt if you have no other way of paying for college and you are not going to an overly expensive school. Of course, not all debt racked up in attending college is good debt, only that amount that is absolutely necessary to obtaining a quality education.

Borrowing money to buy a car can be good debt if it gets you to work. But again, only to the extent that it is necessary to get you to work. This means that borrowing $2,000 to buy that old Civic may be good debt if your job starts tomorrow and you don't have time to save money. However, if you are already employed and your car is still drivable, you have time to SAVE UP for a replacement car and thus a car loan is bad debt. Under most situations, financing a $30,000 car is not good debt. Of course, there are times when portraying a certain image is necessary to your business sucess, so perhaps leasing that Lexus could possibly be considered good debt.

But in the end, good debt is debt that makes you money, and bad debt is debt that costs you money.

devestment said...

ZERO

Anonymous said...

1) Mortgage - $0.00
2) Cars - $30k (splurged on something fast, black, and German.)
3) Credit cards - $0
4) Student loans - $0
5) Other debt - $0

i am anonymous said...

1) Mortgage
$0

2) Cars
$0

3) Credit cards
$0

4) Student loans
$0

5) Other debt
$0

Anonymous said...

I listened to your advice keith and bought gold and silver on margin...now I'm in deep shit!

Anonymous said...

1) I rent at half price, no mortgage

2) I own both my cars, so no car loans

3) I have roughly $3,500 of CC debt. I could pay it off within 6 months, I just don't care; 0% APR on both cards until 2008.

4) I have about $8,000 in student loans. Very low interest, so again, I don't care.

5) No other debt.

I'm so glad I rented, and didn't get suckered in!

Anonymous said...

28 year old professional.

Renting.
No student loan.
Car paid for in cash.
Never keep a balance on my credit card or credit line (for emergencies/short term investing, etc)

Anonymous said...

1) mortgage debt 185k on a 315k house(soon to be 250k), and about 1.5 million on a bunch of rentals valued at about 3.5 million(soon to be 2.5 million)
2) cars, 3 cars, a box truck, and a motorhome with no payments, all owned for cash
3) credit cards, around 15k, most on my home depot card interest free for a year. working on paying down with rental cash flow. should be paid off before Christmas.
4) student loans 0 did 2 years at community college and paid for 2 years Temple in cash.
5) other debt, some service fees on a few hundred grand of credit lines, set up to buy depressed RE when there is blood in the streets in a few years.

Anonymous said...

ok, so our house was appraised in March at over $500,000, and now as homes begin to foreclose in our neighborhood, the asking price has dropped on a comparable home on our street to $360,000. We're not even seeing people walking through their house-not even realtors. So, I'm amazed when I hear people saying we'll see a 10% price drop. What world are they looking at? People here are So upside-down in their homes, I'm just waiting for the mass exodus. They've used their equity to buy all these toys-boats, rv's, new cars, etc. There is not only no equity left, but they can't sell now at all for what they owe. I figure they are living on their credit cards now, and once they're maxed out, they will just have to walk away from all of it. I am wondering if I will be left in this neighborhood with only empty houses surrounding me.

Anonymous said...

I'm a lurker here, but this caused me to post (I had started to think I was the only person left that avoided debt!)

1) Mortgage: $0

2) Cars: $0

3) Credit card: $0

4) Student loans: $28,000 at 5.28% fixed through DirectLoan (this is for both my Bachelor's and Master's). If the current bill in Congress passes, I believe this will be cut to 3.3%. I currently could pay this off, but I'm waiting to see what happens.

5) Other: $0

Anonymous said...

1) Mortgage = 0 (rent = 0 also)

2) Cars = 0

3) Credit cards = 0

4) Student loans = 0

5) Other debt = 0

I'm a ready as you can get. Pass the popcorn

Anonymous said...

Student loan: $55k at 2.85% fixed

Credit card: $20k at 4% fixed
$7k at 0% promotional

I'm happy with this kind of debt, borrowing at a lower rate than Uncle Sam does.

Anonymous said...

$90k mortgage
$0 Credit
$0 cars
$0 student loans

over $300k in savings.

If hyperinflation hits I can pay off the mortgage and live virtually free since the taxes are very cheap.

Anonymous said...

15K car
55 house
5 misc
-------
75K total

Anonymous said...

$0
Debt is for dummies.

The only debt I plan to have is a moderate mortgage in the future.

Anonymous said...

None!

And proud to write that I've always been "frugal" (i.e. cheap, thrifty, prudent).

Where else can I brag about this trait where I'll get the recognition I deserve? Thanks for the forum, Keef!

Car: own outright (for nine years) and still under 100k (I strive to live close to work).

Home: None (sold in 2005 at top) and live with g/f where I pay half of all expenses.

Credit cards: several, but I never carry a balance foward. Nevah! (I use them at least every other month, and I've been told that the difference between the balance paid - $100 - and the credit limit - 30k - can result in a favorable credit score. Must be true, cos Fair Isaac tells me mine is over 780)

Motorcycles (3): All paid for in cash.

Living in SoCal my entire life, thinking about moving and buying somewhere else, but nowhere else is as nice! Texas, Tennesee, So Carolina, checked em all out, and they have their strengths. But I like the boring and predictable climate here SO MUCH I think I'll stay around here awhile longer and see how cheap property gets.

Anonymous said...

"Love how everyone on this list is rich...but then again, it's the internet! :) Guess I'm the only one here who's only top-5% instead of top-0.1%. :P"

Why so grumpy? Could it have anything to do with the following?

"1) Mortgage: 505k (531k independent appraisal recently, bought in March for 506K), fixed rate 5.75%"

Buying at the peak sucks, but please don't let it ruin your whole life.

Anonymous said...

1) 90k ON 260k property
2) 24k
3) 4k
4) 0
5) 0

Anonymous said...

If I hadn't bought a house 10 years ago my mortgage would be $450,000, which I would never be able to afford.

August 22, 2007 4:44 PM


-------------------------------

WHAT? But you make $500K a year, how could you not afford $450,000?

j/k

Finally an HPers who is honest. And when it comes down to it, this is why the majority of you are here. You are pissed that 10 years ago you could afford a house but now you can't and thanks to the bailout that's coming youn ever will.

GT said...

1) Mortgage - 0
2) Cars - 0
3) Credit cards - 0
4) Student loans - 14k (wife's)
5) Other debt - 0

Anonymous said...

Debt? Zip, nada, squat...and I prefer to remain that way.

Anonymous said...

37,500 + interest on graduate student loans.
0 mortgage
0 credit cards
0 car payments

Anonymous said...

4:19,

pay off the highest interest loans first, not too hard to figure out

Anonymous said...

ditto.. kilgore.. and its dam aggravating.....

Anonymous said...

"riiiiight everyone here now makes $600K a year. Wow some raise. A month ago it was only $300K."

How many of the approx. 70 posters claimed to make 600K? One?

I for one STILL only make 300K.

Anonymous said...

31 years old, no debt, quite a bit of savings (net worth around $500K)

Anonymous said...

Mortgage: $0
Cars $15K between 2 cars
Credit Cards: $1K
Student Loans: 250$K @ ~2%

Anonymous said...

1) Mortgage - 106K 5.3% 30 Yr Fixed

2) Cars - 0

3) Credit cards - 0

4) Student loans - 0

5) Other debt - 0

Anonymous said...

House in FL for Sale.

LOL

He is a desperate seller in Sarasota.

Anyone want to buy?

http://condosaleinflorida.com/

Anonymous said...

1) Mortgage - Zero.
2) Student Loans - Zero.
3) Cars - Zero. (I did a prepaid business lease on my car which I will need to either renew or trade in 2 years.)
4) Credit Cards - Zero.
5) Other - Zero other than taxes.

Anonymous said...

Mortgage - $48K (paid $150 in '96 in DC)
Wife's Student Loans - $47K
Cars - $0
Credit Cards - $0 (full payoff monthly)

I'm waiting out the storm and saving cash!

bought_high said...

Mortgage - $578,000
Credit Cards - $0
Cars - $0
Student Loans - $0
Other - $0

Anonymous said...

8500 Car Loan 900 CC debt rent 710.00 Per /Mo will not buy untill late 08-09 ? getting ready to work another business for cash and
hope to do storm claims duty and buy an Insurance agency in 09 when every one else is flat on their back.. I have saving to settle the cc debt I clear it off every 2-3 months ... buying sivler and gold coins bullion when the fed manupulateds the dollar down

menlobear said...

$0 debt

36 yrs old, married, 2 kids. Could buy house in bubbly Silicon Valley, but determined not to until prices come back to earth.

Investments are in gold/PMs, weakening dollar & short funds, and am short the mortgage insurers.

Expect price drops in home prices and the markets to accelerate over next 12 months, and hyperinflation to kick in. Once dust settles (in 2-5 yrs), hopefully the world will be a much saner place and I can buy a house (15-yr fixed, 20%+ down) and limit the brain-cycles I dedicate to investments to dollar-cost averaging into the general market index.

Anonymous said...

I have about $10k in student loans, which I haven't bothered to pay off, given that the interest rate is 4% and that that interest is tax deductible.

This $10k does not keep me up at night, given that I have more than $100k in cash in various accounts, and nearly $1M in total liquid assets.

Anonymous said...

I have a 17k on HELOC.
(My parents CO-OP, other than HELOC free and clear).
That's the only dept a have.
I bougth my car cash.
I sold all my investment properties
in (FL)(11/05-06/06)(GOOD Pofit),my prime residence(HUGE Profit).Renting now.
Invest my money into GOLD.
Now I am watching the "RE meltdown"
show.
P.S. UBS today layoff about 25% their IT workforce in NJ (my wife working there), and there is NO NEWS ANYWHERE !!!!!
A sneaky bustards !!!!!!

Dan said...

Mortgage: $439K on a $1.4M house.
Car: $325/mo.

Income: $210K

Bubblewatcher said...

15 year fixed mortgage at 4.75%, with a balance of about $128,000. Other than that, nada.

Anonymous said...

1) Mortgage
0
2) Cars
0
3) Credit cards
$85,000 (all zero percent interest and all of the cash in the bank earning interest) The funny thing is the more debt I accumulate, the more zero-percent credit card deals I get.
4) Student loans
0
5) Other debt
0

Anonymous said...

1. $0
2. $0
3. $0
4. $0
5. $0

bought_high said...

mortgage : 578,000
all other : $0

looks like i am the big winner of highest mortgage. well except for the guy making 600K a year... YEAH RIGHT!

let's see, i make $600K per year, but let me go over and post a housing panic... PUH-LEEZE

Anonymous said...

I've got about $4 k on my credit card and $12k in student loans. No other debt and my wife and I make $250k a year.

Anonymous said...

mort = 178

car = 13

cc = 42

income = 37

d'oh!

Anonymous said...

Mortgage: $160k
Cars: $0
Student loans: $25k
Credit Cards: $12k

The overwhelming majority of my assets are much less sensitive to inflation than these explicitly dollar-denominated debts.

If we continue to enjoy low inflation (by modern standards, anyway) then I'll continue to invest in higher-yielding options and keep this cheap debt.

If Bernake's wet dream comes true and he gets to inflate away to his heart's desire, then these liabilities evaporate away with the value of the dollar.

Anonymous said...

Mortgage - $0
Cars - $0 (recently paid off)
Student Loans - $20K
Credit Cards - $10K (0% apr)
No other debt

Anonymous said...

1) Mortgage: 130k left to pay on a house bought in 1995 for 255k now valued by retarded Zillow at 850k.

2) Cars: Zero, paid off current car in 1993. Car is 18 years old, runs great.

3) Credit cards: Zero, paid all of it off in 1995. Have not used a credit card since.

4) Student loans: Zero, paid these off in 1993.

5) Other debt: Hmmmm, the Federal Reserve keeps stealing from me via inflation. I will owe Income Tax and Property Tax for most of the rest of my life.

KaliExPat said...

-0- Debt across the board, why would I want to be a debt-slave? ;-)

P.S. I have a gut-feeling that debt zombies are too busy being good lil' consumers for the fraudsters on Wall St. & @ the FED to even give blogs like this a second thought...

Anonymous said...

This is worthless. Even if hiding behind a handle. most folks will LIE and say they have very little to no debt. Most Americans are in debt BIG TIME.

Anonymous said...

Mortgage - None, I rent.
Student Loans - $13K
Cars - $16K
Credut Cards - $2K

Not bad. My salary is 45K; which is slightly above median household income for Polk County, FL.

When house prices become reasonable again I will buy in the $ 100-120K range. Used to be able to get a nice home down here for that figure before The Housing Bubble and the Money Men Asshats came into the picture.

This thing will end badly, I am afraid.

Quentin Daniel said...

mortgage $400,000

$210,000 on house I bought 13 years ago which would bring $450,000 right now if I sold *now

$190,000 on a vacation property that is CASH FLOW POSITIVE)

* there are no homes in my neighborhood for sale - the only two put on the market this year sold within 2 weeks ... my area did not participate in the BOOM and so far is not participating in the BUST

cars = $0
credit card = $0
student loans = $0
other = $0

Anonymous said...

NONE!

No mortgage. Rent for now.

No car payments, own three vehicles, all of which serve different purposes.

No credit card balances. They're strictly a convenience and free money source for me (cash rewards).

Escaped college with a degree and no loans. Worked my way through.

Why would anyone want to be a debt slave? "But they said it was good to be in debt when there's inflation." Ha! Debtor's prison my ass...I say we call it stupid prison.

Anonymous said...

No debt whatsoever; and I don't own a house. Imagine that!! You could probably tell I'm a non-conformist. ;-)

Anonymous said...

1) Mortgage = $0 ... renting

2) Cars = $12,000
(only got this to increase FICO score ... would have paid cash)

3) Credit cards = $0

4) Student loans = $0
Thanks Mom & Dad!!

5) Other debt = $0
(debt is a four letter word)

I own Money Market Funds ... thats based on other's debt ... does that count??LOL!

Anonymous said...

1) Mortgage $0
Paid off in 2000 after selling all stocks as the market began the free fall.

2) Cars $0
We pay cash for all new cars.

3) Credit cards $0
Wife and I run up a monthly tab of $1000, pay off end of month. Free short term loan!

4) Student loans $0
Paid off in 1985

5) Other debt $0
None AND $225,000 in 4.8% to 5.1% CDs and monthly saving rate of $2000.00

Out at the peak said...

1) Mortgage - $0
2) Cars - $935
3) Credit cards - $0
4) Student loans - $0
5) Other debt - $0 (sometimes I trade on margin, but not now)

The car loan is 0.9% APR (so why pay it off while I get 5%+ on savings?) and it will be paid off in October.

Anonymous said...

Mortgage: $275k (on 3 houses currently worth $1.3M)
Student loans: $0 (20 years out of school)
Cars: $0
Credit cards: $0

Feeling OK about the above.

Be careful out there!

Tom said...

This is worthless. Even if hiding behind a handle. most folks will LIE and say they have very little to no debt. Most Americans are in debt BIG TIME.

The keyword there is "most". Not "all".

The fact that most here do not carry much debt is conducive with the reason they visit this site in the first place. Obviously you will not get a fair representation of the average debt load of the nation by visiting housing panic. The vast majority here are frugal by nature and good savers. So why is it surprising that they carry little to no debt?

I also noticed that the average HPer seems to have a bizarre tendency of being able to perform elementary math. Which, needless to say, appears to be a quality not common amongst the general population.

"Oh boo hoo! I make $50k a year and I can't afford my $650k house! Those evil mortgage lenders are to blame! Oh boo hoo! Save me Hillary! Save me Senator Dodd!"

alexis karrington said...

$1.1 mil mortgage- 2 houses, one in la bought 1998 one in vegas bought 2003. I know i should sell one but who cares, i own a business and i work my ass off so the cash comes in spades. Besides it'll make my move up house cheaper so it all evens out in the end. Plus I enjoy spending time in both, and have always realized a house is just something you live in, a depreciating asset. Never once took a dime out in equity, so even as stands I could cash out with 2 Mil in my pocket. Then what????? No thanks, I'll stay put thank you.


own 4 cars paid for:
ferrari 360
mercedes e55
range rover
65 mustang fastback
$500K in 5 accounts at 5%
$100K in metals
$120K in retirement accounts
acess to $800K in HELOC if I need it
ZERO debt

Starting another business venture soon to bump it up to another level.

Anonymous said...

Mortgage debt: $0
Car loans: $0
Credit Cards: $0
Student loans: $54K at 2.04f%
$24K at 9.38f% (yikes)

Anonymous said...

$5K on 0% APR credit card. I can pay it off any moment from my savings, but why bother? It's free money. ;)

Anonymous said...

Mortage - $0k
Student Loans - $0k
Cars - $0k
Credit Cards - $0k

I'd like to buy something soon and I have a war chest assembled for a down payment - I'm just waiting to see where a round of job searches takes me.

borkafatty said...

Mortgage: 140,000 @ 5.75 for 30 years

car: 2007 ...own it.

credit cards: haven't owned one in 9 years.

Other than the mortgage I owe no one nothing.

Anonymous said...

Mortgage and taxes 995 a month...rental value is about 2,000. so that's a win.

Car 340.00

credit cards...Zip

Household income 150K, but when the depression hits it could go to zero, so we keep a few years living expenses liquid.

Ann O. Nomis said...

mortgage: zero! i rent.

cars: i bicycle! i love it! no mandatory insurance, no gasoline, cheap repairs (if i had tools, just the cost of parts). not only that, my current bike is an abandoned junker. i have friends with cars for those few occasions - and i fill their tanks.

credit cards: avoid like the plague! debit card to buy lunches out, gas, etc. i keep a small but adequate pile of money in that account.

student loan: zero, had one in 1990, long ago paid off.

other debts: IRS for over $2000. a couple lower-four-digit debts from 2001/2002 when i was unemployed about a year and a half. these are being paid down steadily.

All my life, i thought it wise to avoid debt of any form. My unsteady employment lead to some backtracking on that ideal, but i fight hard to get out of debt asap.

Anonymous said...

ZIPPO, cero, nada

Anonymous said...

No Debt period! Thanks Keith! I've been a HPer since 2004!
I sold my San Diego house in 2005 which I bought in 1999. I then rented a room and used the interest to pay the rent.
I just paid cash for a remodeled manufactured home across from the beach in OC. I just pay 1400/mo space rent and I have resort ammenities too. I live alone with my dog
07 Prius paid for, 03 4runner paid for, 05 boat paid for.
I have all the toys all paid for too.
75K in a Interest earning account at 5.5%
Self employed make about 5K/mo and surf i the ocean daily!
THANKS ALAN GREENSPAN AND W!!!! for making me wealthy and living at the beach!

Anonymous said...

1. Mortgage: $65,000

Zero on everything else, Dave Ramsey fan as well.

Anonymous said...

Anonymous said...
I have about $10k in student loans, which I haven't bothered to pay off, given that the interest rate is 4% and that that interest is tax deductible.

This $10k does not keep me up at night, given that I have more than $100k in cash in various accounts, and nearly $1M in total liquid assets.

August 22, 2007 6:50 PM


===================================

I call BULLSHIT on you friend.

Student loans are only tax deductible if you make less than $65K a year. If you have $1M in total liquid assets you make more than $65K. If you make less than $65K and have $1M in liquid assets you are either full of shit or you won the lottery or inherited the $1M when Uncle Sammy died.

Either way I call BULLSHIT on you.

Anonymous said...

"But in the end, good debt is debt that makes you money, and bad debt is debt that costs you money."

Robert Kiyosaki is in da house! He's been bullish on gold since 1996, just ask him!

Anonymous said...

"You are pissed that 10 years ago you could afford a house but now you can't and thanks to the bailout that's coming youn ever will."

If reading comprehension was a strength of yours, you would have noticed that a large number of posters sold circa 2005 (I'll connect the dots for you, that means they BOUGHT a house prior to 2005).

Anonymous said...

) Mortgage: Paid off with proceeds from flipping multiple houses in Phoenix which are now all sold as of Feb 2007. Holding 65K in CDs(5.37%) for capitol gains taxes I will incur for 2007.

2) Cars:4/$0

3) Credit cards:6/ pay off at end of month $0 (approx 4500/MO)

4) Student loans: $0

5) Other debt: $0

I max out 401K and flow most of my income into various investments.


Now.. My sister in law.


Recently separated.
Her husband should be committed and spends most of his time curled up in the fetal position and suffers from acute depression. Moved out of the house and is living with his brother in another state.

She owes 59K in Student loans.

She is 3 months behind on her mortgage.

Owes 25 more years on a 220K mortgage/ 30yr fixed.
Her roof leaks and a badly started room addition is in disrepair and needing completion.

Her 2 used cars are paid for but need about 8K in repairs.

She has maxed out 3 credit cards and owes approx 18K on them.

She has a credit line home equity loan maxed out at 32K.

Her 3 children are basically fatherless and in need of dental work, clothing and basics.

They have no health care coverage.

She is a teacher in AZ and makes about 41K a year.

The state regards her has having too high of an income for assistance.

There are 6 homes for sale on her block that have been on the market for over 8 months so selling in not a good option. The neighborhood has deteriorated with blight and 2 streets over, an infestation of termites rendered one home useless and was torn down where an empty gap now remains.

Her kids are beginning to have social interaction problems.

It goes on and on.


My wife takes her paycheck and is basically giving it to her sister where ever there is a shortfall. We are floating them but I fear the tension being created and the possibility of any number of medical situations would force a worse situation which I am not prepared to pay for out of my pocket.

The TV went on the fritz, I gave them one of mine. Refrigerator needed replacing, I bought them one, garage door opener broke, I paid for and installed the replacement.
Her dryer broke, I took it apart and replaced worn parts.


What’s a brother in law to do?
I didn’t sign up for this, but I am paying the price.

Anonymous said...

"3) Credit cards - 0$ (I am a Dave Ransey fan and do not use them)"

I am not a Dave Ramsey fan. I listened to him for awhile but in my opinion he is somewhat in denial about how bad this bust will be.

Zero debt.
I fix my cars, put in synthetic oil, and run them into the ground.
I use credit cards for MOST of my purchases. Have not carried a balance in 20 years. You have to use your own thinking. You know another "guru" Clark Howard is totally against ATM cards and for credit cards, used responsibly. If you have no self control, of course, then cut them up.

Anonymous said...

1) Mortgage
$ 73,000 on the rental house
+ $148,000 on residence
_____________________
= $ 221,000

2) Cars
$0

3) Credit cards
$1,800 on 12 mo/no-interest Home Depot (for new carpet)

4) Student loans
$0 (Finally paid off last year, after 10 years of paying)

5) Other debt
$0

Life is good!

Anonymous said...

3) $6K

A little debt on the books isn't necessarily bad.

FICA: 780

Anonymous said...

1) mortgage - 250,000 Euro 30yr fixed(I'm an expat and currently earn in Euros)

2) no car debt

3) no credit card debt (I pay in full - like religion - on a cash back card. I make them pay me, as measly as it is.)

4) no student loans

5) no other debt

My intention is to pay off the mortgage early and live debt free. BTW, in my new European home, the culture is way less "show-offy" and most people don't use credit on a daily basis. There is good commerce but their lives don't revolve around shopping and consuming.

Anonymous said...

212 K on mortgage 15 yr fixed - 12 to go.
0 CC
0 Car
0 Fed/State/student/ etc.

451 K income FY 06
6 mos cash in bank on personal
3 mos cash for bus. operating exp.

Debt Free except the house and that's next.

Anonymous said...

1) $0
2) $15K
3) $0
4) $0
5) $0

sold at the top, making interest off the principal. renting a brand new 2,300 sq. ft. condo for $1,800 per month. much less when you consider the interest we are making on the home we sold.

The owner paid $500K last year on the place we are renting, plus owner is paying property taxes ($8K per year) and homeowner fees ($200+ per month). Nice guy. ;-)

Anonymous said...

HP'ers - how much debt do you have?

1) Mortgage: $0 (Rent an adequate little apartment in San Diego. It's not great, but I'm not screwed.)

2) Cars: $0 (Paid for 6 year old low mileage vehicle from Honda Motor Company)

3) Credit cards: $0 (Use sparingly and pay balance every month. Ironically, I am referred to as a DEADBEAT by the credit card industry.)

4) Student loans: $0 (I am just a dumb ass high school grad with a 6 figure income)

5) Other debt: $0

Anonymous said...

Mortgage debt: $0
Car loans: Public Transit
Credit Cards: $0
Student loans: $0

Anonymous said...

$9k on the credit card, to be paid off as soon as the irs gets me my money ($9k tax return). I just couldn't wait for a new home theater system and some other stuff so I charged it. Better than an equity line of credit I suppose.

$1k student loan

no mortgage

car paid off

zero other debt

-genius

Anonymous said...

as of this afternoon completely debt free and loving it, my neighbors all borrowed on their inflated home price and owe more than they are worth. Me living Free and easy, sleeping good at night also.

Anonymous said...

living in hawaii and unlike the rest of the state- pretty much zero debt. i could pay off the $3K left on my truck, but at 3% interest, I just don't care to, rather make 6% on it and drive it into the ground.otherwise none!

Anonymous said...

No mortgage, credit card, student loans or consumer debt. $10k left on our used Toyota Matrix, which we're about to sell anyway (we don't use it enough to justify the payment).

...depending on how the economy goes, I might rack up a little student loan debt for B-school. My company just RIF'ed 8% of us...

Anonymous said...

1. $0
2. $13k @ 9%
3. $1k @ 9% that gets paid off every month
4. $0
5. $0

Ben Dover said...

1) Mortgage - 0 ($1350 rent)

2) Cars - 0 (company car with free gas)

3) Credit cards - 0 (no credit card for over 20 years)

4) Student loans - 0

5) Other debt - 0

Anonymous said...

1) 130K @ 5.375% on a 300K house
2) 0
3) 0
4) 0
5) 0

Anything extra goes against the mortgage. It's like a savings account. Stock market is too risky right now.

Anonymous said...

You're right! $0. And lot's of gold!

Anonymous said...

Living in LA making 120K/yr, and cannot afford to buy a house. Here's my debt:

Mortgage - 0
Student Loans - 0
Cars - 0
Credit Cards - 0

billy the kid said...

I expect "$0" to be quite common here.

Yep. Zero debt.

Arlene said...

$0

Plus a temporary credit card liability (about 1K) that I pay off in full every month, so it's not really debt.

I'm happily renting, wearing last year's jeans, and driving a five-year-old Toyota.

Not exactly your dream American consumer, for which I am grateful daily.

Anonymous said...

1) Mortgage = 0 (rent)

2) Cars = $350/month lease

3) Credit cards = Was $48k 5 years ago and now down to $4000 @ 3%.

4) Student loans = $2000 @ 6%

5) Other debt = 0

Anonymous said...

$0

Your next question should be how much do you have saved for when housing bottoms out....

turdly said...

Gee Kieth, most boring post ever.
It has no relevance unless you know what they make. All these pople saying zero could live under a bridge. Those guys also have zero.
If I make $900 a month and owe nothing, there's a reason for it, dude, ya got nothing.
If I make 100k and owe 35K on a house, now we're getting a picture.

AC said...

I owe my eye doctor about $20, but I plan to pay that off next Wednesday when I go in. That's about it right now.

Anonymous said...

Zip. I would never let the credit card company carry my balance to the next month (how stupid do they think we are?); I paid off my student debt five years after college; I pay cash for my car, and I'll keep renting until housing prices fall another twenty percent or so. And no, I'm not rich. Quite the opposite. I just don't like making banks rich.

Anonymous said...

1) Mortgage - Zero. Sold over a year ago for 100% more than I paid for the house in 2003 ($270K in profit) No rent either (see below)

2) Cars (none, no longer own one)

3) Credit cards (Zero balance on all)

4) Student loans (Zero, I'm 52 Y.O.)

5) Other debt (None, Zero)

Just north of $1M in assets including my IRA. Income from this about $4K/Mo. Not working, retired now :) Living off and on with friends until this sorts itself out. Then will buy on the cheap.

Anonymous said...

You are pissed that 10 years ago you could afford a house but now you can't and thanks to the bailout that's coming youn ever will.

In that case, I am curious: exactly "who" will be buying these homes in the future? So you are saying that the bailout will prevent housing prices from dropping but keep everyone, especially the younger generation, priced out forever? And that seems feasible to you?

I think we have a realtor in the house. Reminds me of the "buy now before its too late" cliches I had been hearing over the past few years.

oc bear said...

None. And its still tough to make it competing for goods and services with people who will never be able to pay back what they borrowed.

Anonymous said...

guys some of you fail to remember taxes.

OK you make 5% in your CD but after tax that's down to 3% or lower. So you have a 3% loan payment which you aren't paying off to make......3%.

What financial wizardry

Captain Ned said...

Mortgage - $98K
HELOC - $15K (used only for home improvements, a/k/a new septic system)
Car - $21K, other car owned outright
Card (no plural) - Paid in full every month
No other debt

Anonymous said...

Mortgage=======Zero
Credit Card====Zero
Student Loans==Zero
Rent ==========Zero
Car============Zero
(live/work)

Anonymous said...

1) Mortgage $0 - I rent, $595 monthly

2) Cars - 1 car $1200 left to pay

3) Credit cards 1 card $675

4) Student loans $0 Have paid off 2 of them over the years

5) Other debt $0

Anonymous said...

1) Mortgage = 0
Sold house last year because of divorce. Thanks HP. Glad I didn't buy her out. Split 550K in equity

2) Cars = 0
Paid cash for new mustang

3) Credit cards = 100.00
Nice dinner with girlfriend

4) Student loans = 0

5) Other debt = 0

Investing cash for a few years then buy a house Cheap Cheap !!!

Anonymous said...

Live in NJ.
Household income about 400K per annum.
Zero debt .... priceless

Anonymous said...

Mortgage: Little under 20k
Student Loans: about 15k
Cars: 6k
Credit Cards: 0

I'll have the car paid off by mid next year. Trying to accelerate payment on the student loan. Get it off my radar by end of next year.

Anonymous said...

1) Mortgage - 25K I own 85% equity based on the purchase price 5 years ago, I will be debt-free in 9-12 months

2) Cars - 0

3) Credit cards - 0

4) Student loans - 0

5) Other debt - 0

Anonymous said...

Mortgage 120K (15 yr, 5% fixed, 300K value)
Car 20K
Student Loan 90K
Credit Card 0
Income 290K
Liquid Net Worth: 110K

Anonymous said...

Mortgage = $0
Student loans = $0
Car Loans = $0
Credit Card = $2k (paid in full every single time for 26 years straight)

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