How much debt do you have?

United States
March 4, 2007 6:51am CST
My husband and I are aiming hard to being debt-free by the end of this year. It's hard cos' we started off with approx. 15K debts and we've worked it down to just 5K in 2 years! It took a lot of sacrifices but we're glad we managed to do it. I know of many people who continue to stay in debt and do not want to do anything to try and eliminate it. I was just speaking to a friend and she told me they have 40K debt but yet, when I look at their lifestyles, they are still buying stuff, spending on vacation, etc!! I would be so stressed out if I had that much debt in my hands. I can't wait for us to be debt free so we can start saving more. What about you? How much do you have in debts? Do you worry and get stressed out over it? Are you doing anything to try and eliminate these debts?
3 people like this
23 responses
@cutepenguin (6448)
• Canada
4 Mar 07
We are working very hard to eliminate our debt load. We hope that by being very frugal and finding as many ways as possible to bring in money, we can be out of debt as soon as possible. I think some people just don't want to face their debt, or feel that the sacrifices they would have to make are not worth it to get out of debt. So they continue going on vacations, etc.
1 person likes this
• United States
6 Mar 07
It's true. I think taking the 1st step is the hardest and making that lifestyle change is the hardest but once you get into it, it's really not that bad.
@creationhub (3070)
• Malaysia
4 Mar 07
I am alos working towards a debt free lifestyle. In fact, I am so determined that debt free is the only best way to live our life that I'd look for passive income to shorten this duration. I still have debts. By working to make sure they do not increase further I learn to budget pratical. I do hope that I'd be able to settle all my debts within 2 years from now.
• United States
6 Mar 07
That's the way I see it too. I grew up in a culture where debt is considered to be something very shameful. I was never in debt until I got married! But in the US, so many people are in debt and yet, carry on like they don't. My husband was like that too when I first met him but he has changed a lot now and I'm glad that he's on the wagon with me now to being debt free!
@bindishah (2062)
• India
5 Mar 07
I currently dont have any debts but I have a great debt phobia. I have a compelling urge to return whatever money i owe. Even when it comes to credit card bills i am always anxious to pay it off.
• United States
6 Mar 07
It's good to have that. That way you stay out of debt.
• Philippines
5 Mar 07
I am not very good with finances. I'm a compulsive buyer and I've gotten kinda used to receiving allowances from my parents. But now that I'm working I can't seem to make ends meet. Especially when I see shoes... I'm such a sucker for shoes. Congratulations! Working your debt from 15K to 5K is an accomplishment. You should be proud of yourself. I can only imagine the sacrifice you and your husband did for this.
• United States
6 Mar 07
haha! I'm a sucker for shoes too. And bags! But I've not bought any in the last year!!! Wow! That was a long dry spell for me. But I told my husband, when we get out of debts, he has to reward me with a nice bag to celebrate our achievements! :)
• Denmark
5 Mar 07
Getting out of debts is a tough one but definitely the best for you and your family. It is difficult to look forward to the future when you know that you still have to pay a lot of stuff. A lot of people are in debt at the moment, some realize it like you and try to get out of it and some others just keep building it up. I don t know how it is in the US but in Europe it is amazing what banks and other finance organizations can come up with to get you even more into debt ! I think it is not easy not to get caught in it nowadays with all the very attractive loans you can get as soon as you earn a little money or own a house... I would say just keep an eye on what you spnd and try to get out of it, but most importantly try to remain out of debt in the future... that will be the hardest part. Good luck to you and your husband
• United States
6 Mar 07
They make it too easy here to get credit cards and loans with high interest. A lot of people like to just live in the "now" and not worry about the future.
@bigfelah (73)
• New Zealand
5 Mar 07
My partner and I have maxed out our creditcard and have an overdraft which combined add to $5000.00. Other than 2/3rds of a mortgage that is the total of our debt. We hate those debts other than what comes with buying a home. We only acquired it as I now stay at home with the latest bub so only the 1 income comes in. While we both knew that this was going to happen, my partner now whats to separate because he can't see it reducing in the very short term. Whilst any debt is bad at what time should it be seen as a justifiable reason for couples breaking up? There is another reason but he apportions half to each reason. I personally think for better or worse. My partner says thats just for young newlyweds and does not apply to those in their second relationship with 2 sets of children. Whats your view about all or any of this?
• United States
6 Mar 07
Wow! That a toughie. I'm with you too...for better or worse whether you're married or not. As long as you're in a committed relationship, you should bear the responsibilities that come with it. Sounds like your partner just wants to cop out. I hope you don't end up with all the debts.
@Execom (7)
• Philippines
5 Mar 07
Me and my wife are in very deep dept right now 83K and we dont know how to solve this problem i lost my job and my wife is earning enough to suport our daily needs...I've been trying to look for a better job... unfortunately no luck, I'm into sideline right now selling 2nd hand cellphone and selling 2nd hand cars thru referals only coz I dont have enough budget to start my own business...what I wanted to to is find a better solution to settle our dept my mind is like a merry go round it keeps on thinking where on earth am gonna find a money to pay our dept unless I win a lottery...my head is in pain....I worry a lot I want to eliminate these depts.
• United States
6 Mar 07
Yeah, I know how you feel. It's not easy. I hope you get another job soon.
• United States
5 Mar 07
I've never been in debt but I've heard once you are in debt it's hard to get out of. Heck, I have a coworker that bought a new house while they were in debt on their previous one. They even are in the process of having one of their vehicles repossessed yet they think nothing of it and buy their kids nice gifts all the time (well, my coworked bought her stepdaught an Ipod for christmas that was personalized and then bought her husband a $500 watch.) I personally think staying dept free is easy to do. Do you really need that 50 inch plasma TV? Most likely not. Regular TVs for $500 get the same crappy cable signal so it's not like the image will be much better. Not to mention, is $2000 worth it for a TV? I live a pretty great lifestyle but I was also raised where if you don't need it don't buy it. I see so many people buy stupid stuff. I recently bought a home last summer and my parents were telling me I was spending too much on some items. I had the money and it wouldn't put me in debt so I told them that I wanted to buy slightly higher quality so that it would last longer. I don't need bottom of the line because it's cheaper. Another thing is most people don't shop around or use coupons. COUPONS SAVE THOUSANDS A YEAR. And if you shop around and don't impulse buy you can save even more. And don't say you can't shop around, you're on the Internet reading this so shopping around is extremely easy to do without leaving your own home.
• United States
6 Mar 07
That's how I see it too. Like my friend with all the debts, she just threw her 2 y.o. a lavish birthday party, bought her a whole new room stuff cos' her daughter said she wanted Dora so she got her Dora bed, Dora bedsheet, Dora tables and chairs, Dora toybox, etc. And we all know it's not cheap to completely decorate a room that way. And they just traded in an older vehicle for a brand new one! And to top it all off, her husband who is the sole breadwinner is going to lose his job soon. I don't know how they will ever get out of debt. Personally, I would not be able to live that way.
• United States
5 Mar 07
I have approx. 13K left in school loans, but other than that my husband and i have no credit card debt, car payments, etc. The only thing we have is "good debt", which is the mortgage on our house. That probably won't be paid off for at least 20-30 years so I am not worried abotu it. We try to live within our means, not beyond them, therefore we have fairly old cars= mine is 10 yrs old, his is 12) and we very rarely go on vacations now that we bought the new house. We also have no children, which helps a lot.
• United States
6 Mar 07
That's true. Kids are SO expensive. But I don't think I can live without them! We only have one and plan to have more but not before the end of the year when we're more financially stable.
• United States
5 Mar 07
What kinda debt are you talking about? Here is what I have *sigh* First off school debt (currently NOT paying any due to not enough $$ to do so) almost $30,000 total (not paid all at once of course!) Then credit cards. Up to my limit on my $2,500 one, my $2,000 one, and about $600. on my $1,500 one. I also have a sorta credit card for dental care its around $1,700 AND one for my dell that pays for my laptop about $1,500 left Not paying school loans currently. So each month I pay $80 for the dental, $60 on the 2,500 one, $60 on the $2,000 one, dont know about the one up to $600 cause its new, $37 for my dell. My parents have gone bankrupt TWICE already in my lifetime. I promised myself I'd never be like them but already 3 credit cards. THIS IS IT! I am NOT getting anymore I swear! :/
• United States
6 Mar 07
At the moment, it's all credit card bills. We've stopped using our credit cards until we can get them fully paid off. Then, I told my husband we should not spend beyond what we can afford and pay off our cards in full every month.
• United States
4 Mar 07
I so admire you for taking action to get out of debt! Most people just keep on keepin on! Day after day. I have read a few books on getting out of debt by Dave Ramsey have you seen any of them?
• United States
6 Mar 07
No, I have not read his books. I try to get tips and suggestions online. Live frugally. And we go to a financial counselor who gives us lots of good advice.
@cudamani (996)
• India
4 Mar 07
Having more debts is the order of the day and there is nothing to worry about it as long as you are calculative and careful. Rotation of the available money is a method by which you can gradually eliminate debt. Ofcourse you have to use your intelligence at every step!!!
• United States
6 Mar 07
That's what we try to do. See where the need is most and try to address that.
@webeishere (36351)
• United States
4 Mar 07
My wife & I are very in debt. I won't venture to guess but it's somewhere in the 30K range not counting the mortage of a house we just bought 3 yrs ago. We're both in our 50s. She is the stressful one worrying about every single bill every single month. Me I've learned to live "One day at a time". Let things be as you don't know nor never know what tomorrow will bring. That's about all I can say. I don't think I'll ever be debt free actually & it doesn't bother me in the least. Happy postings from Grandpa Bob.
• United States
6 Mar 07
Wow! I would be so stressed out if we have that much debts.
@Theresam (1180)
• United States
16 Aug 08
Congratulations! When we were paying off our 20k worth of debt, we did the snowball method. We put as much as possible toward the highest%, and then the minimum for the rest. Once we paid off the highest percentage credit card, we snowballed the payment to the next highest. We have been debt free since July 2004!
@usmcsgtwife (4997)
• United States
27 May 07
My husband and I are about 22k in debt but that is 2 cars and 1 credit card.. by 2009 it should be down to 10k and then by 2011 we should be debt free.. I stress about it all the time, I am just glad we live in base housing so we have no house payment or utilites to pay
• India
5 Mar 07
no debt at all
@c45hfl0w (77)
• Latvia
5 Mar 07
I hate debts, I hate credits and all that stuff. I can`t even burrow money from a friend, because I can`t live with the feeling that I have a debt. Im trying to work hard so I have no need for credit. But I have the feeling that I`ll need to take a debt so I can afford a flat. It's very annoying but I have no hopes to get 200 000$ in next few years. :D But still, I`m trying to find a way how to earn big money. I know that "working in the internet" won`t get me that money unless I start my own bussines. But Married2aMarine good luck, you`ll be debt-free soon. And after that you`ll save lot of money and when you`re friends will be stresed, you will go on vacation.
@DavidReedy (2411)
• United States
5 Mar 07
I'm working on about $60,000 in debt from just college loans. It promises to be a fun and eventful live as I go about trying pay that off.
• India
5 Mar 07
this is an amazing fact we must consuider that verymuch
• India
5 Mar 07
i think debts need more specification to concentrate on it. and so i am doing and enhacing the result.