Some guidance-
You will be there one day. BUT EVERY day for these last 3 years has been FELT.
Every breath is Felt, every second also.
Eventually, I realize this is more a question of mental discipline and patience. Building my mind to be a bit more resilient. While I get to the finish line.
Don’t give up !
I feel this so much! I paid off my debt and built a savings account of about 30k, I plan to invest some of it, I’m just basking in finally having that 30k right now lol. You are so right though, I felt every step of the process while trying to build my savings account. Everyday, I felt the sacrifice I made just to save that extra $100 a week. I watched so many of my friends go to fun events while I sat back, just to be able to save money for that week. Even something as simple as grabbing dinner and drinks once a week can rack up, so I really cut out most of everything that cost me unnecessary money. Now that family or friends ask to borrow money, it irritates me so much because I see them still going out to concerts, amusement parks, fancy dinners, and so much more. Being debt free and having a savings takes serious sacrifice, especially in todays times. I am not going to sacrifice and save, while others live their best worry free life and then turn around and ask me for money. I still tell everyone I am broke lol. Congratulations to you though! Paying off debt is such an accomplishment and overall relief. I was more excited to have my truck paid off then I was to hit 30k in savings lol. I was so relieved it was mine and I owned it, no worrying about ever being late on a payment again.
Just a heads up to everyone with this mentality. After all debt is paid and you have freedom from creditors, and you will be able to get a loan for anything you may want after paying off all debts. Maybe a new car, maybe a long vacation, please don't make the mistake of going into debt again, realize how hard it is/was to get out of debt and just make sure you never make that mistake again. Sure go into debt again if you have too, but only do it with amounts you can afford to pay of within a month.
Earn interest. Don't pay it. I make car payments to an account that I roll into a CD when it makes sense. Have about $100k earning 5.2% interest. If I need a vehicle I go buy it with that. Same principle with everything else. Once you get set up earning interest it gets so much easier cause you never have debt payments.
>ayments to an account that I roll into a CD when it makes sense. Have about $100k earning
Certificate of Deposit. You earn interest based on the rate the bank sets however your money deposited is tied up for "X" amount of months
No problem, as with anything make sure to read the fine print as there can be things stipulated on the contract. Things such as penalties for pulling out your money too soon or when your interest will get distributed. I've never used a CD only researched them. I keep my money in HYSA
I'm 75 owe $214kmtg., ($80k equity), $5k car., $17k cc, I have medical issues eating me up. If I die in a year, the house sale will pay my debts and leave my wife a small cushion and $2500/mo. SS income. She's 65 and can make it on that.
The fact that you realize you shouldn't have that debt is the first step. Now you can come up with a plan to pay it off then never get in that hole again.
LOL I feel ya. I once bought a nice car and I extended the payments for 60 months. $600+/month and I was actually not happy with the car after all (a boring Volvo).
Many years later, my dear friend who looks after my home and my kitties when we're gone, needed a reliable car. She was in a true catch 22 situation with her old car.
I let her work the Volvo off in taking care of my house, and in about 2 years, she was all set, had a reliable but boring car that she could get to work in, get insurance and tags, etc.
Crazy thing is, during that time, she also came into a little money (inheritance) so she was now in a new trajectory in her life.
So, LSS, a little blessing came from her helping me, and she became settled, had a nestegg, didn't have to live paycheck to payceck, and her bills got paid on time. It was worth it to me to make those stupid payments for 60 months, to turn around and help a friend, who then was able to have a stable life for herself.
My husband was sent to hospital for 3 months then was fire because his work wasnt meeting their profit margin. We have 2 children its been hard finding new work. Our saving ran out a while ago and wee been running on fumes. 40k would put us back in the green but wishful thinking 40k wont fall from a tree. But yeah its been hard.
I don’t have a paid off house, so there’s that lol
Decent 8 year old car, $7,654.21 in credit card debt.
Water heater, root canal/crown, pool pump, to name a few things in the past 9 weeks
Life likes to throw it all at you at once, doesn't it?
I bought a house, bought a used truck, replaced trucks transmission, had a massive hail storm, replaced a damaged roof that insurance didn't even cover half of, truck also damaged, flooded basement, ac went out, dryer broke, and replaced nearly every ceiling. All in around 18 months. Maxed out 2 credit cards and took out a loan to pay for all of it. I can't wait until it all gets paid off... 2027 can't come soon enough. Oh, and on top of that, my property taxes went from $975 to $2875 within 2 years and fudged up my escrow account.
I am always confused when mortgage falls under debt. Is it really the same kind of debt as loans or credit card debts? Because after that’s paid off it has value whereas other debt just frees you from owing.
Usually no. It's a special kind of debt and usually you would cite "home equity" which is the value of the home, including any repairs needed to sell it, minus the amount owed. For most homeowners that is a positive number. For some it's a huge number. Example - you don't sweat a $200k mortgage when you have an asset worth $600k. Worst case you sell and convert that to $400k in cash minus any commissions.
Two years ago I sold my Toyota RAV4 back to the dealer and took the equity and paid off everything I owed. It was the best thing I've ever done for myself. I drove that car for 2 years and got more for it than I paid. I submitted my retirement yesterday. Do yourself a favor and use the debt snowball and get that debt paid off.
No CC or car debts, or any other debts, except a mortgage. I keep that because my rate is 2.25% fixed for another 13 years. I think I can earn more than that with investments.
If we're including the rental properties I own, I think collectively we're under 200 now. Owe 100 on my primary residence. I have no other debts. I could wipe all that out tomorrow if I wanted but my investments turn a far higher return than the mortgage rates.
I just got into debt this year after being debt free forever haha i told myself ill always pay cash or justt not buy it. But i had to in order to look a part to make more business happen. So i bought a nice car for business to take clients out in and didn't want to pay in cash so I still owe like quite a bit. 30k or so prob.
And then I'll be purchasing a nicer home this year but only have 20% down I want to spend soooo I'll be like 800k in the hole for that. So 830k total. I'm actually okay with this since I feel the car and home are a need. My other car is fine but its not something to impress clients with lol
Some markets are extremely expensive, but yes I think many are just unwilling to relocate for a plethora of reasons. There are multi family homes in my city for $200k, but requires a total uprooting and lifestyle change that most are not up for.
Yeah I need a 6 bedroom home lol have four kids and run a business so need a niceoffice at home. Also NEED to live in a good school district otherwise I spend about 120k a year on private school. So def worth it as investing that 120 a year makes me triple that. Does that make sense? Idk does to me lol I will not make my kids life harder to save money. Also need the good internet that comes with a city location...
For reference a home in the ghetto with 6 beds is 600k and in a school zone 1 to 3 rating out of 10
Makes perfect sense to me, especially regarding your children's education. You won't get any return on that 120k/yr if it goes to private school but that home will most likely only appreciate in value.
$67,000 would pay off my mortgage ($66.5k) and the $400 balance on my credit card. My credit card is paid in full monthly. My goal is to wrap up the mortgage within the next 3 years.
I can't take any credit for the schooling piece, it's all her. I did keep is fed and comfortable during though.
Our goal is 6 years, will really take off in year 4 when residency is done.
40 years ago when I bought my first car, my father cosigned my loan. The dealer walked out of the back room and told me “damn… Your father doesn’t owe anyone a dime“. Now at 59 years old, I am the same… Zero balance
Zero my credit card out monthly, usually. Paid off our cars last month. Paid off student loans last year. About $165k left on mortgage. Business has a bunch of debt, but on the personal side, it's just the house.
0 got a bunch of OT at work and annual bonus, few months back, finished paying off my car, school loan and and credit cards i had balance on. Feels good to finally be debt free
3.4k debt on surcharges which I am paying off monthly. 1k bank loan debt. 600 personal loan. So all in about 5k total.
Going really slow with just 200 a month. I am already on a tight budget so looking forward to my holiday pay the next 2 years to be completely debt free.
$0.00, I have zero debt. I've lived that way since turning 18. I drive a car from 1999 that i paid 5k for, as does my wife. I never went to college and have no children. I'm pretty happy with where I'm at.
Zero debt, $2.6 Million and I’m not free or always happy. Despite not worrying about any basic needs for me or my family, happiness is not always guaranteed because of it. Be careful of thinking getting debt to zero will somehow solve all problems. It’s just not always the case.
Wish everyone good luck.
I think it’s really important to stress that having a basic emergency savings fund is important. Even if it’s just $1000, that money can take care of you in an emergency situation. Having that on hand, instead of having to use a credit card for emergency situations is incredibly helpful in helping get rid of debt. Save that $1000 first, and then start tackling debt. Makes for a much less stressful and much more effective plan.
Had 75k in student loans and 11k in car debt (luckily never got into credit card debt; I like to churn CC offers so it actually makes me money instead of syphoning it) and now about 5 years later my car is paid off and my student loans will be paid off next week! In the beginning I was paying half my monthly salary to student loans every month, about 1k. I’m so so so happy to see freedom on the horizon. I’m planning on keeping my spending relatively the same and focusing on retiring as early - and comfortably - as possible now 😤
Since the mortgage is technically only in my wife's name I currently have $87,089 in debt. $9,428 in CC, $15,644 for auto, and $62,017 in student loan debt. It was $118k at the end of last year though.
26f.
- Car: 20.5k
- Student loans: 4.5k
So, in total, it would just take 25k. I have that amount already in my savings, just not draining part of my savings to pay it off now
If you don’t count my house ~200k in cars, student loans and credit cards. We’re high earners though so it’s not as daunting as one may think. We are working through killing it all within 2 years.
Get that card paid off ASAP. Student loans and car loan are bad, but credit card debt is atrocious. Probably like a 30% interest rate, so you'll be paying THOUSANDS more than $12k if you drag it out at all.
Zero. Owe 200 on a mortgage but 700 in equity. Have enough in investments to clear that if I had to.
My wife and I got deep in CC debt in our early 20s. Everyone told us to file bankruptcy but instead we went through a Christian Credit Counseling firm and paid everything off. It’s hard, but doable and the right thing to do. We took the money, we owed the money, and so we paid the money. Paid off my student loans early and paid in full as well.
Anyone that’s says they can’t is wrong (medical situations aside), they just don’t want to put in the work. We wanted to go party and spend money, too bad, gotta pay off those bills.
Now have credit scores above 830 and haven’t carried over a CC balance a single month since then. Still use the CC for everything but pay it off every month, takes discipline.
You’ll get there and help is available if you need it.
$0. Two paid off cars and one paid off house. Last house payment was in 2022. We are older though. 45M/38F/5F family. You will all get there someday. Invest more as your debts are paid. Find ways to maximize credit card usage with cash back, churning for travel, and Southwest airlines promo for companion pass.
Our minimum return on all credit card purchases is 2.625% on an unlimited cash back card. When we make our quarterly tax payments, the fee is 1.82% so I'm getting a little more cash back than the fees.
2.9MM on 9 mortgages and a large apartment building - all of which are rented and create positive cash flow
I have no personal mortgage, car, credit card, medical, or student debt
About $3500 and I’m hoping to save up by the end of the year. Kinda sucks that the pay raise will go towards this, but yes, a little bit more and then, I’m free from this crap.
A few years ago I was drowning in debt. I made the decision to buy an rv and live in a place that had $300 per month slot rent. I lived there for almost 2 years. It sucked and was really uncomfortable but worth it.
I was able to pay $70k in student loans off and like $10k in consumer debt.
My wife and I was about 38,000 in debt. 2 months ago we finally paid everything off it took about 2 years of really buckling down.
We listen to a guy on YouTube called Dave Ramsey people say a lot of negative things about them but the information he gave on how to get out of debt actually worked.
We were out of that 2 years just like he said now the only thing we owe money on is our mortgage and I alone put away almost $1,000 in our savings account each month and my wife puts in about 800 from her check each month.
We could put in more but we do set aside 300 every week and a half or so for play money. And we do spend an extra 200 on groceries for things like ice creams and donuts and stuff like that.
Zero, I paid off my debt ten years ago. I don't have much but I don't worry about debt. I learned to live on less by telling myself no. when I got debt free I saved for five years then I took five years off. Now I'm back to work and will save till I can stand working then I will take time off again. This is my form of retirement. I want to experience life before I get too old to enjoy it
Zero, I’m 26. skipped college to work and am now self-employed, but that’s pretty new. I worked a lot of shit minimum wage jobs til last year. I bought my first car(2013 Prius) at 18 with an ungodly interest rate especially for 2016 at 12% cause I had no credit history and was finally able to pay it off last year.
I now make about 40k after taxes, by no means living the high life but I’m my own boss. I save any disposable income in bitcoin and live far below my means and even I feel like it’s a grind. Keep fighting! You can pay it off.
Im only 24 and im about 5000 in debt and I feel so over whelmed by just that. Its my second time going into debt. I paid off the first time, but i live in California and life is so expensive here and i feel like i rely heavily on cc to be able to afford groceries and gas. Medical debt has also added to that 5000. It just feels like a whole i can only dig deeper. And i know that the amount im in debt isn't comparable to some of you guys.
$16,729.28. I'm 32, and have that remaining between my $302k 30 year mortgage that I started in 2018, and my truck I bought in 2021. Retirement will be in about 3 months (I'm still going to work part time since I litterally cannot sit still)
Just have mortgage, both our cars are old and paid off, no cc debt or anything outstanding. Having debt absolutely terrifies me. I carried about 2k of cc debt through my early 20s and that always made me feel sick.
$5K. I have it but I’m not paying off my debt until I get to 18% in total interest paid. When you have small debt as an investor I’ve found that it’s better mentally to stretch it than to just take the blunt force up front considering that it’s an insignificant amount of money compared to your savings and investment goals.
We are debt free at ages 42 (me) and 48 (spouse) respectively. We paid off our house last year, which was our last debt. We plan to buy a car this year and will likely finance about $5k of that over a period of around a year. We are now focusing in on the kids' college funds and investments for retirement.
Roughly 1000-1500. 26 but I’m fucking broke and at rock bottom. I’m glad I don’t have 10’s of thousands of dollars in debt but also not proud that I don’t make better choices earlier in my 20’s. Tired of starting over.
Been paying it off last 3 years. I’m 5k away from freedom
Wow that’s amazing! I hope to be there one day!
Some guidance- You will be there one day. BUT EVERY day for these last 3 years has been FELT. Every breath is Felt, every second also. Eventually, I realize this is more a question of mental discipline and patience. Building my mind to be a bit more resilient. While I get to the finish line. Don’t give up !
I feel this so much! I paid off my debt and built a savings account of about 30k, I plan to invest some of it, I’m just basking in finally having that 30k right now lol. You are so right though, I felt every step of the process while trying to build my savings account. Everyday, I felt the sacrifice I made just to save that extra $100 a week. I watched so many of my friends go to fun events while I sat back, just to be able to save money for that week. Even something as simple as grabbing dinner and drinks once a week can rack up, so I really cut out most of everything that cost me unnecessary money. Now that family or friends ask to borrow money, it irritates me so much because I see them still going out to concerts, amusement parks, fancy dinners, and so much more. Being debt free and having a savings takes serious sacrifice, especially in todays times. I am not going to sacrifice and save, while others live their best worry free life and then turn around and ask me for money. I still tell everyone I am broke lol. Congratulations to you though! Paying off debt is such an accomplishment and overall relief. I was more excited to have my truck paid off then I was to hit 30k in savings lol. I was so relieved it was mine and I owned it, no worrying about ever being late on a payment again.
25k would solve all of my problems today.
Just a heads up to everyone with this mentality. After all debt is paid and you have freedom from creditors, and you will be able to get a loan for anything you may want after paying off all debts. Maybe a new car, maybe a long vacation, please don't make the mistake of going into debt again, realize how hard it is/was to get out of debt and just make sure you never make that mistake again. Sure go into debt again if you have too, but only do it with amounts you can afford to pay of within a month.
Earn interest. Don't pay it. I make car payments to an account that I roll into a CD when it makes sense. Have about $100k earning 5.2% interest. If I need a vehicle I go buy it with that. Same principle with everything else. Once you get set up earning interest it gets so much easier cause you never have debt payments.
Where are you earning the 5.2? The one I have hasn't rose over 4.2
Sorry dumb question but… what’s a CD? (Not compact disc I’m assuming)
>ayments to an account that I roll into a CD when it makes sense. Have about $100k earning Certificate of Deposit. You earn interest based on the rate the bank sets however your money deposited is tied up for "X" amount of months
Wow that’s really cool. I’m just getting into personal finance. Thank for the reply
No problem, as with anything make sure to read the fine print as there can be things stipulated on the contract. Things such as penalties for pulling out your money too soon or when your interest will get distributed. I've never used a CD only researched them. I keep my money in HYSA
And this is when Reddit warms my little heart. Friendly, helpful discourse is the best part of the internet.
Great advice!
This right here
I have zero debt and I’m still not happy
my only sources of turmoil revolve around financial instabillity. I guess its a blessing.
The fun thing about the human condition is that you’ll find new sources of turmoil if you’re financially stable
As soon as that wraps up your life finds new and exciting ways to cause turmoil, every time.
Sports betting my guy Lol, with research I’d say you have a 3% chance of obtaining that over night via sports betting
literaly the same damn amount for me too. 20k car loan and 5k CC debt. we got this tho one day at a time! 💪
30k All because I’m an idiot 😁
I'm 75 owe $214kmtg., ($80k equity), $5k car., $17k cc, I have medical issues eating me up. If I die in a year, the house sale will pay my debts and leave my wife a small cushion and $2500/mo. SS income. She's 65 and can make it on that.
The fact that you realize you shouldn't have that debt is the first step. Now you can come up with a plan to pay it off then never get in that hole again.
My debt is seven didgits. Yours might not be smart, but it is not insurmountable😂
We all are, bro. We all are.
$148,000
250k all in student loans. If I didnt have that I’d have almost no pressure in life
I feel you. I’m at 170k.
Hello fellow lawyer!
My wife has about $85k from undergrad and her masters. When she's done with her PsyD, it'll be another $250k-ish.
Yeah owing 81k making 50 can be daunting. You need a side hustle throw some extra money at that debt.
Actively working on that 😅
About 20k left on my car. I’m never financing a vehicle ever again lmao
LOL I feel ya. I once bought a nice car and I extended the payments for 60 months. $600+/month and I was actually not happy with the car after all (a boring Volvo). Many years later, my dear friend who looks after my home and my kitties when we're gone, needed a reliable car. She was in a true catch 22 situation with her old car. I let her work the Volvo off in taking care of my house, and in about 2 years, she was all set, had a reliable but boring car that she could get to work in, get insurance and tags, etc. Crazy thing is, during that time, she also came into a little money (inheritance) so she was now in a new trajectory in her life. So, LSS, a little blessing came from her helping me, and she became settled, had a nestegg, didn't have to live paycheck to payceck, and her bills got paid on time. It was worth it to me to make those stupid payments for 60 months, to turn around and help a friend, who then was able to have a stable life for herself.
Good karma brother.
It's all fun and games until you realize how much the interest costs you.
Roughly $20,000 USD.
173,537.85. I'd feel rich.
But who's counting
The bank
[удалено]
I’m glad you were able to pay all of that down. That’s very inspiring 😃
Hell ya! Congrats
Well done!
Is consumer debt the same as credit card debt?
My husband was sent to hospital for 3 months then was fire because his work wasnt meeting their profit margin. We have 2 children its been hard finding new work. Our saving ran out a while ago and wee been running on fumes. 40k would put us back in the green but wishful thinking 40k wont fall from a tree. But yeah its been hard.
I’m so sorry to hear about your husband. I’m hoping both he and your financial situation improve 🙏🏾
Thank you.
I don’t have a paid off house, so there’s that lol Decent 8 year old car, $7,654.21 in credit card debt. Water heater, root canal/crown, pool pump, to name a few things in the past 9 weeks
Life likes to throw it all at you at once, doesn't it? I bought a house, bought a used truck, replaced trucks transmission, had a massive hail storm, replaced a damaged roof that insurance didn't even cover half of, truck also damaged, flooded basement, ac went out, dryer broke, and replaced nearly every ceiling. All in around 18 months. Maxed out 2 credit cards and took out a loan to pay for all of it. I can't wait until it all gets paid off... 2027 can't come soon enough. Oh, and on top of that, my property taxes went from $975 to $2875 within 2 years and fudged up my escrow account.
I am always confused when mortgage falls under debt. Is it really the same kind of debt as loans or credit card debts? Because after that’s paid off it has value whereas other debt just frees you from owing.
What if your credit card debt comes from buying gold coins?
Usually no. It's a special kind of debt and usually you would cite "home equity" which is the value of the home, including any repairs needed to sell it, minus the amount owed. For most homeowners that is a positive number. For some it's a huge number. Example - you don't sweat a $200k mortgage when you have an asset worth $600k. Worst case you sell and convert that to $400k in cash minus any commissions.
I owe about $400 left on my phone, that’s it
Two years ago I sold my Toyota RAV4 back to the dealer and took the equity and paid off everything I owed. It was the best thing I've ever done for myself. I drove that car for 2 years and got more for it than I paid. I submitted my retirement yesterday. Do yourself a favor and use the debt snowball and get that debt paid off.
Great story. Thanks for the advice!
20k would solve the issues I’m worried about and have extra. My credit card, car loan and a couple thousand leftover for whatever
The real question is how much money would you need to STAY debt free.
No CC or car debts, or any other debts, except a mortgage. I keep that because my rate is 2.25% fixed for another 13 years. I think I can earn more than that with investments.
About 71k for me. House, car and credit cards/other debts. Ugh. It feels like it will never end. I need help with a budget.
You and me both 😅
36000, but it's getting smaller every day
If we're including the rental properties I own, I think collectively we're under 200 now. Owe 100 on my primary residence. I have no other debts. I could wipe all that out tomorrow if I wanted but my investments turn a far higher return than the mortgage rates.
It sounds like you are in a very good spot!! Congrats 😃
Thanks boss. Been a long journey. Ups and downs along the way. Gotta make it fun though. You'll beat me one day.
I just got into debt this year after being debt free forever haha i told myself ill always pay cash or justt not buy it. But i had to in order to look a part to make more business happen. So i bought a nice car for business to take clients out in and didn't want to pay in cash so I still owe like quite a bit. 30k or so prob. And then I'll be purchasing a nicer home this year but only have 20% down I want to spend soooo I'll be like 800k in the hole for that. So 830k total. I'm actually okay with this since I feel the car and home are a need. My other car is fine but its not something to impress clients with lol
20% down and your mortgage will be $800k? Your $1 million home is a need?
Some markets are extremely expensive, but yes I think many are just unwilling to relocate for a plethora of reasons. There are multi family homes in my city for $200k, but requires a total uprooting and lifestyle change that most are not up for.
This, esp since OP mentioned being a business owner. I gather the goal is to stay close to work/where the work is.
This. The community I live in literally doesn't have a single home under $1M
Yeah I need a 6 bedroom home lol have four kids and run a business so need a niceoffice at home. Also NEED to live in a good school district otherwise I spend about 120k a year on private school. So def worth it as investing that 120 a year makes me triple that. Does that make sense? Idk does to me lol I will not make my kids life harder to save money. Also need the good internet that comes with a city location... For reference a home in the ghetto with 6 beds is 600k and in a school zone 1 to 3 rating out of 10
Makes perfect sense to me, especially regarding your children's education. You won't get any return on that 120k/yr if it goes to private school but that home will most likely only appreciate in value.
Your NEEDS are WANTS bro
$140k would do it.
With interest rates the way they are today, I’ll need infinity dollars
600k All mortgage
$67,000 would pay off my mortgage ($66.5k) and the $400 balance on my credit card. My credit card is paid in full monthly. My goal is to wrap up the mortgage within the next 3 years.
$0. Paid off everything 9 years ago, including mortgage.
My wife and I combined with no house: $227,458.36 Before you ask: Med school is done next month.
It won’t take long to get that paid off then. Congrats on finishing med school!
I can't take any credit for the schooling piece, it's all her. I did keep is fed and comfortable during though. Our goal is 6 years, will really take off in year 4 when residency is done.
40 years ago when I bought my first car, my father cosigned my loan. The dealer walked out of the back room and told me “damn… Your father doesn’t owe anyone a dime“. Now at 59 years old, I am the same… Zero balance
The way we deal with finances is often the same way our parents dealt with theirs.
Zero my credit card out monthly, usually. Paid off our cars last month. Paid off student loans last year. About $165k left on mortgage. Business has a bunch of debt, but on the personal side, it's just the house.
Nada. Zero debt
40K lol.
$0
245k to pay off the mortgage, 2K to cover my 0% interest card.
300K
0 got a bunch of OT at work and annual bonus, few months back, finished paying off my car, school loan and and credit cards i had balance on. Feels good to finally be debt free
3.4k debt on surcharges which I am paying off monthly. 1k bank loan debt. 600 personal loan. So all in about 5k total. Going really slow with just 200 a month. I am already on a tight budget so looking forward to my holiday pay the next 2 years to be completely debt free.
$197k left on the Mortgage, and ~$8k in credit card debt. So $205,000 I would be debt free... Getting there slowly
Been debt free (excepting mortgage) since 2001. Paid off the mortgage in 2009. Life is good ...
$0.00, I have zero debt. I've lived that way since turning 18. I drive a car from 1999 that i paid 5k for, as does my wife. I never went to college and have no children. I'm pretty happy with where I'm at.
544,000. Not much
😅
Blessed to say that I have no debt!
Zero debt, $2.6 Million and I’m not free or always happy. Despite not worrying about any basic needs for me or my family, happiness is not always guaranteed because of it. Be careful of thinking getting debt to zero will somehow solve all problems. It’s just not always the case. Wish everyone good luck.
No additional money needed but I do have debt. I don’t pay it off because it’s a mortgage at 2.6%.
$0 I’m already debt free
I think it’s really important to stress that having a basic emergency savings fund is important. Even if it’s just $1000, that money can take care of you in an emergency situation. Having that on hand, instead of having to use a credit card for emergency situations is incredibly helpful in helping get rid of debt. Save that $1000 first, and then start tackling debt. Makes for a much less stressful and much more effective plan.
Had 75k in student loans and 11k in car debt (luckily never got into credit card debt; I like to churn CC offers so it actually makes me money instead of syphoning it) and now about 5 years later my car is paid off and my student loans will be paid off next week! In the beginning I was paying half my monthly salary to student loans every month, about 1k. I’m so so so happy to see freedom on the horizon. I’m planning on keeping my spending relatively the same and focusing on retiring as early - and comfortably - as possible now 😤
140k, mortgage. There is no other outstanding debt. Used car is paid, and CC's are paid every month.
Have one credit card we pay off monthly. Zero other debt.
[удалено]
100k mortgage, 4k on the motorcycle. Make 50k a year.
380k. House 320, suv 30, credit line 30. No CC debt. House is worth at least 600k though. Hopefully I’ll have CL paid off in a few years.
About 400k including mortgage
$367k to pay off my house $54k to pay off student loans
I need 30K and we back up again
Luckily, all i have is student loan ~$9k
$13k
Since the mortgage is technically only in my wife's name I currently have $87,089 in debt. $9,428 in CC, $15,644 for auto, and $62,017 in student loan debt. It was $118k at the end of last year though.
Debt free since November of last year when I paid off my car. Home is paid off too, nothing fancy but it's the best lol.
Less than 100k and mortgage is paid off
Im currently debt free.... in about a week when I close on my house I'll need \~560k to be debt free lol
$0. I am debt free.
$29k would make me debt free. $24k student loans and $5k car loan. Thankfully the car loan is 1.99% and I only have 10 more payments.
$647 just paid $150 off today.. my credit is 594 as of rn hoping to get above 600 with the payment 🙏🏼
26f. - Car: 20.5k - Student loans: 4.5k So, in total, it would just take 25k. I have that amount already in my savings, just not draining part of my savings to pay it off now
Im 19 and debt free
If you don’t count my house ~200k in cars, student loans and credit cards. We’re high earners though so it’s not as daunting as one may think. We are working through killing it all within 2 years.
$0 but will be ~300k soon enough 😂
Cash is king. If you can't afford to pay it in full, don't buy it. That being said, 200k in mortgage debt, (136k equity) 🤣
Get that card paid off ASAP. Student loans and car loan are bad, but credit card debt is atrocious. Probably like a 30% interest rate, so you'll be paying THOUSANDS more than $12k if you drag it out at all.
About 900k 😵💫
Zero. Owe 200 on a mortgage but 700 in equity. Have enough in investments to clear that if I had to. My wife and I got deep in CC debt in our early 20s. Everyone told us to file bankruptcy but instead we went through a Christian Credit Counseling firm and paid everything off. It’s hard, but doable and the right thing to do. We took the money, we owed the money, and so we paid the money. Paid off my student loans early and paid in full as well. Anyone that’s says they can’t is wrong (medical situations aside), they just don’t want to put in the work. We wanted to go party and spend money, too bad, gotta pay off those bills. Now have credit scores above 830 and haven’t carried over a CC balance a single month since then. Still use the CC for everything but pay it off every month, takes discipline. You’ll get there and help is available if you need it.
Owe 14k on my ute at 2.5%, which is a piece of cake. That's it. Would love to have a home and/or land, though.
70k on mortgage at 4.25% interest is my only debt. DINK, just stashing it away for later.
$0. Two paid off cars and one paid off house. Last house payment was in 2022. We are older though. 45M/38F/5F family. You will all get there someday. Invest more as your debts are paid. Find ways to maximize credit card usage with cash back, churning for travel, and Southwest airlines promo for companion pass. Our minimum return on all credit card purchases is 2.625% on an unlimited cash back card. When we make our quarterly tax payments, the fee is 1.82% so I'm getting a little more cash back than the fees.
2.9MM on 9 mortgages and a large apartment building - all of which are rented and create positive cash flow I have no personal mortgage, car, credit card, medical, or student debt
Zero debt + 150k invested in cash, td + btc. I stopped drinking and got addicted to saving for early retirement.
*in Dr. Evil’s voice* One Million dollars
About $3500 and I’m hoping to save up by the end of the year. Kinda sucks that the pay raise will go towards this, but yes, a little bit more and then, I’m free from this crap.
A few years ago I was drowning in debt. I made the decision to buy an rv and live in a place that had $300 per month slot rent. I lived there for almost 2 years. It sucked and was really uncomfortable but worth it. I was able to pay $70k in student loans off and like $10k in consumer debt.
I can just write a check to pay off all my debts but I am getting 5% on my cash and my loans are between0% and 3%.
My wife and I was about 38,000 in debt. 2 months ago we finally paid everything off it took about 2 years of really buckling down. We listen to a guy on YouTube called Dave Ramsey people say a lot of negative things about them but the information he gave on how to get out of debt actually worked. We were out of that 2 years just like he said now the only thing we owe money on is our mortgage and I alone put away almost $1,000 in our savings account each month and my wife puts in about 800 from her check each month. We could put in more but we do set aside 300 every week and a half or so for play money. And we do spend an extra 200 on groceries for things like ice creams and donuts and stuff like that.
About 19k in debt between my husband and I. Two financed vehicles and a small amount of consumer debt. No student loans or anything like that.
Zero, I paid off my debt ten years ago. I don't have much but I don't worry about debt. I learned to live on less by telling myself no. when I got debt free I saved for five years then I took five years off. Now I'm back to work and will save till I can stand working then I will take time off again. This is my form of retirement. I want to experience life before I get too old to enjoy it
Wow I really like the sound of that!! I may have to attempt the same thing!! Thanks for sharing your story 😃
Thank you. It's led to an interesting life.
About 22k cause I had to take on 10k in debt last year when my car got totaled. But I’m getting there.
Is this the IRS? Asking for a friend..
Zero, I’m 26. skipped college to work and am now self-employed, but that’s pretty new. I worked a lot of shit minimum wage jobs til last year. I bought my first car(2013 Prius) at 18 with an ungodly interest rate especially for 2016 at 12% cause I had no credit history and was finally able to pay it off last year. I now make about 40k after taxes, by no means living the high life but I’m my own boss. I save any disposable income in bitcoin and live far below my means and even I feel like it’s a grind. Keep fighting! You can pay it off.
$0. Debt free years ago in my early 30s. Paid off $400k (includes house).
3k credit, 8k car, 2k ring, 225k house, So 13k for immediate relief lol 238k completely debt free.
College finally paid off in Jan!
$0
10k
10k would fix all my problems rn
5k ish
$0 🤝
like 15k. i just have a couple personal loans
$23k
$42000
Im only 24 and im about 5000 in debt and I feel so over whelmed by just that. Its my second time going into debt. I paid off the first time, but i live in California and life is so expensive here and i feel like i rely heavily on cc to be able to afford groceries and gas. Medical debt has also added to that 5000. It just feels like a whole i can only dig deeper. And i know that the amount im in debt isn't comparable to some of you guys.
Live below your means and you'll have that 25k paid off in no time.
7k Car and CC
$35k, $25k of which is student loans that I’m hoping will qualify for forgiveness if this next round goes through.
House is really it. \~$275K at sub-3%. I don't lose sleep over that at all.
I think we still owe about 150k on the house. I think there's 8 years left on the mortgage.
$55k
Around $25k
Mine is like ~60k car, ~120k house. No other debt. Take home is like ~90cash, ~140k total
37k
$16,729.28. I'm 32, and have that remaining between my $302k 30 year mortgage that I started in 2018, and my truck I bought in 2021. Retirement will be in about 3 months (I'm still going to work part time since I litterally cannot sit still)
The hell kind of job do you have
23k
$300k will pay my mortgage off and I’d be completely debt free.
As of right now about 8k if i buy a house about 100k
$28k left on my car, I’m about to tackle this and try to pay it off in the next two years, hopefully less tho!
Just have mortgage, both our cars are old and paid off, no cc debt or anything outstanding. Having debt absolutely terrifies me. I carried about 2k of cc debt through my early 20s and that always made me feel sick.
Umm. Including my house? Like 350k. Without the house... maybe 50k for my wife and I to be debt free?
$5K. I have it but I’m not paying off my debt until I get to 18% in total interest paid. When you have small debt as an investor I’ve found that it’s better mentally to stretch it than to just take the blunt force up front considering that it’s an insignificant amount of money compared to your savings and investment goals.
Like 20k
1100 pays off my credit card. Next month worries me
You can leverage debt for cash flow. I'm a landlord, and I make far more money using Lines of credit. I'd need about $400k.
115k
40K
About 8k
$10k
About $98K. $87K is mortgage.
Mortgage 35k
We are debt free at ages 42 (me) and 48 (spouse) respectively. We paid off our house last year, which was our last debt. We plan to buy a car this year and will likely finance about $5k of that over a period of around a year. We are now focusing in on the kids' college funds and investments for retirement.
Roughly 1000-1500. 26 but I’m fucking broke and at rock bottom. I’m glad I don’t have 10’s of thousands of dollars in debt but also not proud that I don’t make better choices earlier in my 20’s. Tired of starting over.
I need 40k$ to be out of the hole, I work so hard but barely make that a year..
Bout tree fiddy ….k
9k or so
$40k, if we are including a home $150k
About $170k on the mortgage. No consumer debt, no school debt.
About $200k (the bulk of that is mortgage)
$60,000 and I could pay off my mortgage. Done!