How much do you owe?
By newtondak
@newtondak (3946)
United States
July 7, 2008 5:29pm CST
Mortgage debt, home equity debt, automobile loans, credit card debt - Americans are in debt to a greater extent than ever before.
Having a good credit rating has enabled many to rack up a monumental amount of debt - will they be able to pay it back with the continuing decline in our economy?
Do you consider yourself to be too much in debt?
3 responses
@deemazing (395)
• United States
9 Jul 08
My credit rating isn't bad, but it's not good. I've been working on fixing a stolen identity issue. However, a lot of the stuff on there now is because of me. I'm too much in debt, and that is because I was stupid when I was 18-21 and now I'm paying for it. I seemed to have thought I was never going to have to pay people but I learned my lesson, lol.
@newtondak (3946)
• United States
9 Jul 08
I think that there should be classes in our schools to teach teens about money management. There are economics classes and practical living classes that touch on it, but never enough to actually make a difference. My daughter is a special education teacher and she actually teaches more about finances and money management to her students that is taught to the students in the regular student body.
@soooobored (1184)
• United States
10 Jul 08
I agree that high schools (or even as early as grammar school) should teach practical money management skills. It wasn't until college, when I was taking pre-calc, that I could actually see and understand how interest works.
Its a shame, because I am in debt now, and working to get myself out. I've started getting into Suze Orman, and I highly recommend her books and TV show. I feel like when you start to think about your finances as a tool that can empower you, you can start to make good decisions about how to save and manage your money.
Or at least I hope!!
@dizzblnd (3073)
• United States
9 Jul 08
My husband and I are among the few who have very little debt. We probably have a total of $5000 of credit card debt and the normal mortgage.. approx S100,000. I am glad we never rack up a bunch of credit or bought into the mortgage frenzy when we refinanced. As for the rest of the country.. if things continue they way they are... I don't know how ANY of us are going to survive. As prices for everything keep climbing.. the creditors are less and less forgiving.. power companies are shutting off power in this midsummer heat... no sympathy..
I hope something gives soon for the sake of us all!
1 person likes this
@newtondak (3946)
• United States
9 Jul 08
We live in ND and last weekend Obama was speaking in Fargo. One gentleman asked him what he intends to to about the state of the economy - he responded that he wasn't really familiar with such things and he'd look into it! Scarrrrrrrry!
@penny64 (1106)
• Australia
13 Jul 08
I think how much you REALLY owe depends on what you have to offset it. You might have a mortgage, but you have a home to offset that debt (or in this economic climate, at least part of it!).
If I had to come up with the cash today for all I owe, it would be in the hundreds of thousands, but that's only because homes in Sydney are very expensive and you have to borrow A LOT to buy one.
However, if I sold everything I wouldn't owe a cent.
1 person likes this
