Are You In Debt?

Discussion in 'Miscellaneous' started by All Seeing Eye, Sep 20, 2010.

?

R U IN DEBT?

  1. YES

    38 vote(s)
    53.5%
  2. NO

    33 vote(s)
    46.5%
  1. Captain Ice

    Captain Ice Cookie Constructor Admiral

    Joined:
    Dec 30, 2002
    Location:
    Getting Captain Ice on to the naughty list
    Sounds like somebody has been listening to Dave Ramsey. Sorry about the house though - that sucks. Any chance of buying another in the neighborhood?
     
  2. Holdfast

    Holdfast Fleet Admiral Admiral

    Joined:
    Feb 19, 2000
    Location:
    17 Cherry Tree Lane
    Talking of paying off vs not paying off the mortgage, I plan on not quite paying off my home mortgage. Nothing to do with deductions; that argument is spurious economic illiteracy.

    Rather that the deal I have is remarkably good and I can't see myself ever getting those terms again, at least until the next major credit bubble! I want to be able to transfer these terms across as and when I borrow more to buy a new place in 5 or so years time. That means I can't let it pay off completely on my current home, because the terms would expire and the a new mortgage would not be as competitive.

    Bizarrely, therefore, I'm actually in a position where I'm paying off capital on the mortgage at a faster rate than I ideally want to, even though there's no any interest at all on the loan (it's an offset mortgage, and the net amount of the loan is negative).
     
  3. GMac

    GMac Rear Admiral Rear Admiral

    Joined:
    Jul 29, 2002
    Location:
    The Dales
    Nope - just paid off my credit card bill for this month.

    GM
     
  4. MetalPants

    MetalPants Rear Admiral Rear Admiral

    Joined:
    Jan 12, 2007
    Location:
    Beyond the Rim
    Yes, I am in debt. This past year having bought my new home, I had to buy certain things, and also I let myself slip in financial discipline. Back on track now to pay off the debts, and pay off the mortgage.

    All the same, it is nice to know that with my payment schedules, my 30yr mortgage ought to be payed off in 10 years or less.
     
  5. Wynterhawk

    Wynterhawk Fleet Captain Fleet Captain

    No, thank God. I learned early on in my credit card days that I needed to pay off whatever debt right at the end of the month. None of this paying off bits here and there. Fortunately, I haven't run into any catastrophic events where I couldn't afford to do that.
     
  6. propita

    propita Rear Admiral Rear Admiral

    Joined:
    Mar 9, 2001
    Location:
    fresno, ca, us
    We found out that Hubby's changing jobs, or working two jobs, results in our either owing around $4K or getting refunded around $4K. Since his second jobs are per diem, they don't always take taxes--or they take FULL taxes (every tax imaginable).

    We learned to play it safe and make sure enough is taken. We hate being surprised and owing thousands--much rather GET the money.

    One thing we learned when Hubby was in school for 7 years: Being really careful with money at the start REALLY pays off later. Now, we can enjoy and even be a bit wasteful. A bit. We're still pretty careful.
     
  7. Amaris

    Amaris Fleet Admiral Admiral

    Joined:
    Dec 25, 2002
    Location:
    Amaris
    Then again, you're bargaining your income against the future, in a time when economic uncertainty is rampant, and purchasing power is fluctuating from one day to the next. Being in debt should not be desirable, but the whole system is gamed to make it that way because you get to be a money factory constantly supplying income to your lender. It's a sunshine system, and it hurts you more than it helps you.
     
  8. cultcross

    cultcross State the nature of the moderating emergency Moderator

    Joined:
    Jul 27, 2001
    Location:
    UK
    Oh the interest rate shoots up all the time, it nearly quadrupled not long ago. It's supposed to change with inflation but I can't help but notice it never drops with inflation.
    But that doesn't affect the amount I pay every month and it's hardly a huge sum. If I were to lose my job or be otherwise unable to pay through disability or long term sickness, payments stop, so it's not hanging over my head in that way. As it is, I will likely be paying it until write-off day anyway - especially as I intend to have a career break for sprog rearing - so the total amount might as well be a gazillion pounds for all the difference it will make.
     
  9. Tribbles

    Tribbles Commander Red Shirt


    Same for me when it comes to my credit card. My parents didn't have any credit cards until I was an older teen, and I didn't get one until I was 21 or 22. I've always paid the balance in full at the end of each month. My husband does carry a small balance on one of his cards, but we are both very careful not to get in over our heads in that regard. We have friends with nicer televisions and furniture and homes, but neither of us are comfortable spending a bunch of money we don't actually have!

    We do have a mortgage and car payments, and I have student loans, unfortunately. Congratulations to those of you with no debt; I maybe know two older couples who are debt-free, and that's it.